HALO News & Events

Sees FY26 revenue $1.71B-$1.81B, consensus $1.69B. Sees FY26 adjusted EBITDA $1.13B-$1.17B. Sees FY26 royalty revenue $1.13B-$1.17B. Torley added, "In the near-term, our strong 2026 total revenue expectations of 23% to 30% year-over-year growth underscore the strength of our royalty revenue, which is projected to exceed $1 billion in 2026, growing at 30% to 35% versus prior year. This is one year earlier than previously projected. By the end of 2026, we project we will have 15 partner programs in development and have signed three or more new drug delivery licensing agreements, expanding the reach and growing our opportunity through our diversified drug delivery portfolio. Taken together, these drivers reinforce our confidence in delivering durable revenue growth well into the 2040s and support our conviction in Halozyme's long-term growth profile which will deliver sustained value for shareholders."

Consensus $1.34B. "Our increased multi-year guidance reflects both the strength of our core ENHANZE business and the exceptional momentum we built in 2025. In 2025, we expect royalty revenue growth to exceed 50% year-over-year, a clear demonstration of the strength of our business model and the durable demand for ENHANZE-enabled products globally. In parallel, we significantly expanded new partnerships, signing three new ENHANZE collaboration and licensing agreements, one new auto-injector commercial licensing and supply agreement and two auto-injector development agreements. In addition, our partner Janssen gained global approvals for Rybrevant Faspro, the tenth ENHANZE-approved product. During 2025, we advanced our strategic growth roadmap with the acquisitions of Elektrofi and their Hypercon technology and of Surf Bio and their hyperconcentration technology. Both hyperconcentration technologies have long-duration IP into the mid-2040s. Our operational accomplishments and acquisitions broaden our drug delivery portfolio and opportunity, amplify and extend our royalty horizons, and diversify the pathways through which we create value," said Helen Torley, president and CEO.

Leerink notes Halozyme (HALO) issued a press release announcing that it entered into an exclusive license agreement with Takeda (TAK) in December 2025 to develop an ENHANZE version of Entyvio. Halozyme will receive an upfront payment and is entitled to up to low- to mid-single-digit royalties on sales. Leerink notes that the royalty rate on Entyvio is lower than the rates Halozyme historically achieved, which have been characterized as "mid-single digit," likely because ENHANZE goes off patent in 2029. It is unclear to the firm if payers will pay a premium for "the ENHANZE'd version" of Entyvio after it loses exclusivity in 2032 and the biosimilar price is a small fraction of the branded drug price. Nonetheless, Leerink views the announcement as positive, as management delivered on its commitment to secure an ENHANZE partnership with a major pharmaceutical company on a blockbuster asset. The firm has a Market Perform rating on Halozyme shares.