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Halozyme Therapeutics (HALO) investor relations material
Halozyme Therapeutics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Achieved record Q3 2025 results with total revenue of $354.3 million, up 22% year-over-year, and royalty revenue of $236 million, up 52%, driven by blockbuster subcutaneous therapies and ENHANZE technology.
Net income rose 28% to $175.2 million; adjusted EBITDA increased 35% to $248 million; GAAP diluted EPS was $1.43, non-GAAP diluted EPS was $1.72.
Multiple new product and indication approvals, including for DARZALEX SC and VYVGART Hytrulo, expanded the ENHANZE platform's reach.
Announced acquisition of Elektrofi for $750 million upfront plus up to $150 million in milestones, expected to close in Q4 2025, expanding the drug delivery technology portfolio.
Continued execution of share repurchase program, with $92.3 million used to repurchase 1.7 million shares in Q3 2025; $342 million returned to shareholders YTD.
Financial highlights
Royalty revenue grew 52% year-over-year to $236 million; total revenue rose 22% to $354.3 million; product sales reached $94.2 million, up 9% year-over-year.
Operating income for Q3 2025 was $217.9 million, up from $163.2 million in Q3 2024; net income was $175.2 million, up from $137.0 million.
Adjusted EBITDA was $248 million, up 35% year-over-year; margin improved to 68% in 2025.
GAAP diluted EPS was $1.43; non-GAAP diluted EPS was $1.72, both up over 35% year-over-year.
Cash, cash equivalents, and marketable securities totaled $702 million as of September 30, 2025.
Outlook and guidance
Raised 2025 guidance: total revenue of $1.3–$1.375 billion (28–35% growth), royalty revenue of $850–$880 million (49–54% growth), adjusted EBITDA of $885–$935 million (40–48% growth), and non-GAAP diluted EPS of $6.10–$6.50 (44–54% growth).
Product sales expected at $340–$365 million (12–20% growth); collaboration revenues at $110–$130 million.
Multi-year guidance projects doubling of key metrics by 2028, with total revenue reaching $1.735–$1.86 billion and non-GAAP EPS $8.25–$8.85.
Elektrofi acquisition expected to be less than 5% dilutive to non-GAAP EPS over the medium term; 2026 incremental operating expense of ~$55 million.
Guidance excludes impact from Elektrofi acquisition accounting.
What near-term impact from Elektrofi acquisition?
CFO transition impact on M&A strategy?
Key ENHANZE products driving royalty growth?
How will Elektrofi acquisition reshape partner deals?
Future royalty streams beyond 2030-2040?
Capital allocation priorities post-Elektrofi close?
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Next Halozyme Therapeutics earnings date
Evercore ISI 8th Annual HealthCONx Conference2 Dec, 2025
Next Halozyme Therapeutics earnings date
Evercore ISI 8th Annual HealthCONx Conference2 Dec, 2025
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Frequently asked questions
Halozyme Therapeutics Inc is a biotechnology company that develops and licenses drug delivery technology and oncology therapeutics. Its ENHANZE drug delivery platform is used to facilitate the subcutaneous administration of biologics. The company also has proprietary oncology assets under development. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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