Halozyme Therapeutics Stock Earnings Reports

Halozyme reported a strong Q3 2025 driven by its ENHANZE-enabled subcutaneous franchises. Royalty revenue reached a record $236M (up 52% YoY), total revenue was $354M (up 22% YoY), and adjusted EBITDA rose 35% to $248M. Management raised full-year 2025 guidance: total revenue $1.30B–$1.375B, royalty revenue $850M–$880M, adjusted EBITDA $885M–$935M, and non-GAAP EPS $6.10–$6.50. Growth is driven primarily by three blockbusters—DARZALEX SC, Phesgo, and VYVGART Hytrulo—with multiple recent indication approvals and global rollouts adding runway. Halozyme announced the Elektrofi acquisition (Hypercon technology) to expand at‑home auto‑injector/high-concentration capabilities and expects two partner first-in-human starts by end‑2026. The company expects modest incremental leverage at close (~2x net debt/EBITDA) with a plan to delever quickly; management said they have capacity to lever up to ~3x for the right M&A. Cash/marketable securities were $702M (9/30/25), year-to-date share repurchases totaled $342M, and management reiterated a balanced capital allocation approach. Other notes: several new U.S./EU approvals and launches are catalysts (including anticipated U.S. approval for DARZALEX SC in smoldering myeloma and RYBREVANT SC), ENHANZE continues to enable conversions from IV to SC across multiple partners, and CFO Nicole LaBrosse will transition in 2026. Risks/uncertainties highlighted include the pending Elektrofi close (HSR review), final accounting treatment of that transaction, and normal development/regulatory execution risks.