HALOZYME THERAPEUTICS (HALO) Company Report

Halozyme provided 2026 guidance for total revenue between $1.7 billion and $1.8 billion, representing 22%-30% year-over-year growth, and Adjusted EBITDA in the $1.1 billion to $1.2 billion range.
Growth is primarily driven by royalties from partnered ENHANZE products, including DARZALEX FASPRO, VYVGART HYTRULO, and Perjeta, with four additional recently launched products expected to increase contributions in 2026.
The company signed three new ENHANZE deals in late 2025 and anticipates at least three new deals in 2026, including 1-2 from its newly acquired Hypercon technology. Hypercon is projected to generate $1 billion in royalty revenues by the mid-2030s.
Halozyme is pursuing litigation against Merck for infringing MDASE patents, having secured a preliminary injunction in Germany, and expects a U.S. court scheduling order in June.

1 day ago

Transcript

Halozyme Therapeutics Provides 2026 Guidance and Strategic Updates

HALO

Guidance Update

New Projects/Investments

M&A

Halozyme Therapeutics projects total revenue of $1.7-$1.8 billion for 2026, reflecting 22%-30% year-over-year growth, with royalties estimated at $1.1-$1.2 billion and Adjusted EBITDA also in the $1.1-$1.2 billion range.
Key growth drivers for 2026 include established products like DARZALEX FASPRO, VYVGART Hytrulo, and Perjeta, alongside increasing contributions from recently launched subcutaneous versions of Opdivo, OCREVUS, RYBREVANT, and Tecentriq. Notably, Roche anticipates a $2 billion increase in OCREVUS sales due to the SubQ version.
The company is expanding its pipeline, having signed three new ENHANZE deals in late 2025 and projecting at least 3 new ENHANZE deals and 1-2 new Hypercon deals in 2026, with a goal of 40 approved or in-development drugs by 2028.
Strategic acquisitions of Elektrofi (Hypercon technology) and Surf Bio in late 2025 are expected to broaden market opportunities, with Hypercon alone projected to generate $1 billion in royalty revenues by the mid-2030s.
Halozyme is actively defending its intellectual property through litigation against Merck for MDASE patent infringement, having already secured a preliminary injunction in Germany against the launch of SubQ Keytruda.

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Transcript

Halozyme Therapeutics Provides 2026 Financial Guidance and Outlines Growth Strategy

HALO

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Halozyme expects total revenue of $1.7-$1.8 billion in 2026, representing 22%-30% year-over-year growth, with royalty revenue of $1.1-$1.2 billion (30%-35% growth) and Adjusted EBITDA in the $1.1-$1.2 billion range.
This growth is primarily driven by royalties from key partnered products such as DARZALEX FASPRO, VYVGART HYTRULO, and Roche's Perjeta, with newer subcutaneous products like Opdivo, OCREVUS, RYBREVANT, and Tecentriq beginning to contribute significantly in 2026.
The company signed three new ENHANZE deals at the end of 2025 and anticipates at least three more new deals in 2026 (1-3 ENHANZE, 1-2 Hypercon).
Strategic acquisitions of Hypercon (Elektrofi) and Surf Bio technologies aim to broaden subcutaneous delivery capabilities, with Hypercon alone projected to generate $1 billion in royalty revenues by the mid-2030s. Halozyme expects to have 40 approved or in-development drugs by 2028.

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Transcript

Halozyme Discusses Strategic Acquisitions, ENHANZE Growth, and Future Outlook at Leerink Conference

HALO

M&A

New Projects/Investments

Legal Proceedings

Halozyme expanded its subcutaneous drug delivery offerings in 2025 through the acquisitions of Elektrofi and Surf Bio, introducing Hypercon and Surf Bio technologies.
The company expects to achieve $1 billion in ENHANZE royalty revenue in 2026, a year ahead of schedule, and projects 1-3 new ENHANZE deals this year. Hypercon is anticipated to enter the clinic with two partners in 2026, with a long-term goal of $1 billion in royalty revenue by mid-2030s.
Halozyme reported strong 2025 performance, with revenue growing 38% to $1.4 billion and royalties up 52%, despite a one-time charge in Q4 2025 from the Surf Bio acquisition. The company also expects no significant impact from the IRA through at least 2035 and is pursuing litigation against Merck for patent infringement.

2 days ago

Transcript

Halozyme Discusses Strategic Acquisitions, Growth Projections, and Litigation at Leerink Conference

HALO

M&A

New Projects/Investments

Legal Proceedings

Halozyme completed two strategic acquisitions in late 2025, Elektrofi and Surf Bio, to expand its subcutaneous drug delivery offerings, aiming for smaller volume, at-home patient injections.
The company anticipates achieving $1 billion in ENHANZE royalty revenue in 2026, a year ahead of schedule, and projects $1 billion in Hypercon royalty revenue by the mid-2030s.
For 2026, Halozyme targets one to three new ENHANZE deals, six new ENHANZE Phase I clinical study starts, and two new Hypercon Phase I clinical study starts.
Halozyme expects no material impact from IRA changes on its products in the coming years, with minimal exposure projected until at least 2035.
The company is pursuing litigation against Merck for infringement of MDASE patents, seeking damages and injunctive relief, and has secured a preliminary injunction in Germany against the launch of subcutaneous KEYTRUDA.

2 days ago

Transcript

Halozyme Discusses 2025 Performance, Strategic Acquisitions, and Future Growth Drivers

HALO

M&A

New Projects/Investments

Legal Proceedings

Halozyme expanded its subcutaneous drug delivery offerings in 2025 through the acquisitions of Elektrofi (Hypercon technology) and Surf Bio, aiming to enable smaller volume injections for at-home use. The Hypercon technology is expected to enter the clinic in 2026 with two partners, while Surf Bio is projected for late 2027 or early 2028.
The ENHANZE platform achieved $1 billion in royalty revenue in 2025, a year earlier than predicted, and targets 1-3 new deals and 6 new clinical study starts in 2026. The company also projects Hypercon to reach $1 billion in royalty revenue by the mid-2030s.
Halozyme reported 38% revenue growth to $1.4 billion and 52% royalty growth in 2025, with a Q4 EPS miss attributed to a one-time expense from the Surf Bio acquisition. The company projects strong growth for 2026, driven by existing royalty revenues and new product developments, and expects to double its commercialized and development products from approximately 20 to 40 by 2028.
Halozyme is pursuing litigation against Merck for Mdase patent infringement, having secured a preliminary injunction in Germany against the launch of subcutaneous Keytruda, with the case expected to span several years. The company anticipates no impact from the IRA on its business in the coming years, with minimal exposure expected until at least 2035.

2 days ago

Transcript

Breakout Ventures Launches Fund III; Halozyme Acquires Portfolio Company Surf Bio

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M&A

New Projects/Investments

Breakout Ventures announced the close of its $114 million Fund III.
A portfolio company from Breakout Ventures' Fund II, Surf Bio, was acquired by Halozyme (HALO) for up to $400 million. This acquisition delivered a significant return for Breakout Ventures as the lead investor.

2 days ago

Press Release

Halozyme Therapeutics Announces FDA Approval for TECVAYLI® and DARZALEX FASPRO® Combination

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Product Launch

New Projects/Investments

Halozyme Therapeutics announced that Johnson & Johnson received U.S. FDA approval for TECVAYLI® in combination with DARZALEX FASPRO® for adults with relapsed or refractory multiple myeloma (RRMM) who have received at least one prior line of therapy.
The approval is based on Phase 3 MajesTEC-3 study data, demonstrating statistically significant improvements in progression-free survival and overall survival.
The study showed an 83% reduction in the risk of disease progression or death compared to standard regimens, with a three-year progression-free survival rate of 83%.
The newly approved regimen, which includes DARZALEX FASPRO® incorporating Halozyme's ENHANZE® technology, offers an effective subcutaneous treatment option for RRMM patients.

6 days ago

Press Release

Halozyme Discusses Growth Strategy, Patent Updates, and Product Outlook at TD Cowen Conference

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M&A

New Projects/Investments

Legal Proceedings

Halozyme acquired Elektrofi and Surf Bio for their HyperCon technology, expanding its subcutaneous drug delivery platform with durable IP into the mid-2040s and projecting $1 billion in royalty revenue by 2035 from 5-7 HyperCon products.
The company secured an EU patent extension for ENHANZE through 2029, maintaining the mid-single-digit royalty rate for Darzalex, and a similar U.S. patent filing is progressing which, if successful, would extend Darzalex and Rybrevant royalties from September 2027 to March 2029.
Halozyme expects 1 to 3 new ENHANZE agreements and 1 to 2 new HyperCon partnerships in 2026.
VYVGART Hytrulo sales are expected to more than double, driven by strong sub-Q uptake and new indications. Ocrevus sub-Q is expanding the market by $2 billion, with 50% of new starts from new patients. Opdivo sub-Q is projected to convert 30-40% of its $10+ billion opportunity over time.
Halozyme has minimal exposure to the IRA, with approximately 20% of sales exposed to Medicare, and anticipates no impact in 2028 and minimal to no impact from 2029 to 2035.

Mar 3, 2026, 4:10 PM

Transcript

Halozyme Outlines Future Growth Drivers and Patent Strategy

HALO

M&A

New Projects/Investments

Guidance Update

Halozyme expanded its subcutaneous drug delivery platform with 3 new ENHANZE deals and 2 acquisitions (Elektrofi and Surf Bio) at the end of 2025. The HyperCon technology is projected to generate $1 billion in royalty revenue by 2035 from 5-7 products, with 2 products entering the clinic this year.
For 2026, the company projects 1 to 3 new ENHANZE agreements and 1 to 2 new HyperCon partnerships.
Halozyme is pursuing a U.S. patent extension for ENHANZE that, if successful, would provide upside to current long-term guidance by maintaining mid-single-digit royalty rates for Darzalex and Rybrevant from September 2027 to March 2029.
Key ENHANZE products are performing strongly: VYVGART Hytrulo is expected to more than double total VYVGART revenues, Ocrevus sub-Q is projected to expand its market by $2 billion, and Opdivo sub-Q is expected to convert 30-40% of its $10+ billion brand to sub-Q.
The company has limited exposure to the IRA (approximately 20% of sales to Medicare), with minimal to no impact projected from 2028 to 2035.