Halozyme Therapeutics (HALO) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with total revenue up 48% year-over-year to $481 million and royalty revenue up 50% to $308 million, driven by strong uptake of ENHANZE partner products and new collaborations, including five new deals with GSK, Incyte, Vertex, Oruka, and an undisclosed partner.

• Diversified royalty streams now span six major products, reducing reliance on any single asset and supporting long-term revenue durability.

• Hypercon platform and Surf Bio acquisitions are advancing rapidly, expected to replicate ENHANZE's success and contribute significant future royalties.

• Completed $750M share repurchase program, launched a new $1B buyback authorization, and repurchased $332.8M in Q2 2026.

Financial highlights

• Q2 2026 total revenue: $481.0M, up 48% year-over-year; royalty revenue: $307.7M, up 50%; product sales up 59% to $129.6M.

• Adjusted EBITDA reached $329M, margin exceeding 65%; net income was $229.9M, up 39%; non-GAAP EPS was $2.28, up from $1.54.

• Operating income rose 42% to $287.7M; gross margin robust at $401.8M.

• Cash, cash equivalents, and marketable securities: $231.9M as of June 30, 2026.

Outlook and guidance

• Full-year 2026 guidance raised: total revenue $1.835–$1.91B, royalty revenue $1.22–$1.245B, adjusted EBITDA $1.225–$1.28B, non-GAAP EPS $8.65–$9.00.

• Growth in H2 2026 expected from new product launches and continued momentum from established products.

• Revenues under collaborative agreements expected to fluctuate based on milestone timing.