Halozyme Therapeutics (HALO) Q1 2026 earnings summary

Executive summary

• Q1 2026 total revenue rose 42% year-over-year to $376.7 million, driven by strong royalty and product sales growth, with net income up 27% to $150 million.

• Announced a new $1 billion share repurchase program, with at least $400 million planned for 2026.

• Signed new collaboration and licensing agreements with GSK, Vertex, and Oruka, expanding ENHANZE and Hypercon platforms.

• Multiple product and indication approvals, including VYVGART Hytrulo for all gMG serotypes and expanded indications for DARZALEX Faspro.

• Reaffirmed full-year 2026 guidance and multi-year growth projections through 2028.

Financial highlights

• Q1 2026 total revenue: $376.7 million, up 42% from $264.9 million in Q1 2025.

• Royalty revenue: $240.7 million, up 43% year-over-year; product sales rose 67% to $130.4 million.

• Adjusted EBITDA: $229.5 million, up from $162 million in prior year.

• GAAP diluted EPS: $1.22 (vs. $0.93 prior year); non-GAAP diluted EPS: $1.60 (vs. $1.11 prior year).

• Net income: $150.0 million, up from $118.1 million in Q1 2025.

• Cash, cash equivalents, and marketable securities: $320.9 million as of March 31, 2026.

Outlook and guidance

• 2026 revenue guidance reaffirmed at $1.71–$1.81 billion (22–30% growth), royalty revenue $1.13–$1.17 billion (30–35% growth).

• Adjusted EBITDA guidance: $1.125–$1.205 billion, including ~$60 million investment in Hypercon and Surf Bio.

• Non-GAAP EPS guidance: $7.75–$8.25, not including share repurchase impact.

• ENHANZE royalties projected to exceed $1 billion in 2026 for the first time.

• 2024–2028 CAGR for total revenue projected at 19–21%.