Halozyme Therapeutics (HALO) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $326 million, up 41% year-over-year, with net income rising 77% to $165 million, driven by strong royalty growth from blockbuster subcutaneous therapies using ENHANZE technology.

• Royalty revenue reached $206 million, up 65% year-over-year, with adjusted EBITDA up 65% to $226 million.

• GAAP diluted EPS was $1.33 (+85%); non-GAAP diluted EPS was $1.54 (+69%).

• Multiple new product and indication approvals, especially for ENHANZE-enabled therapies, expanded indications and geographies.

• Completed $303 million in share repurchases in Q2, including a $250 million tranche under the $750 million plan.

Financial highlights

• Q2 2025 total revenue was $325.7 million, up from $231.4 million in Q2 2024.

• Royalty revenue was $205.6 million, up from $124.9 million year-over-year, mainly from DARZALEX SC, VYVGART Hytrulo, and Phesgo.

• Product sales were $81.5 million, a 3% increase year-over-year.

• Operating income for Q2 2025 was $202.4 million, up from $117.2 million in Q2 2024.

• Adjusted EBITDA was $225.5 million, up from $137 million last year.

Outlook and guidance

• 2025 revenue guidance raised to $1.275–$1.355 billion, representing 26%–33% growth over 2024.

• Royalty revenue guidance increased to $825–$860 million, up 44%–51% year-over-year.

• Adjusted EBITDA guidance set at $865–$915 million, up 37%–45% year-over-year.

• Non-GAAP diluted EPS guidance raised to $6–$6.40, up 42%–51% year-over-year.

• Multi-year guidance projects doubling of key metrics by 2028, with total revenue reaching $1.7–$1.86 billion and non-GAAP EPS $8.25–$8.85.