On January 28, 2026 Halozyme Therapeutics, Inc. (Nasdaq: HALO) ("Halozyme" or the "Company") reported a business update, including providing preliminary unaudited 2025 revenue estimates and raising full year 2026 and multi-year financial guidance. The Company also announced it acquired Surf Bio, Inc. ("Surf Bio"), a biopharmaceutical company with an innovative, biologic hyperconcentration technology seeking to transform the delivery of antibodies and biologics, in December 2025.
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"Our increased multi-year guidance reflects both the strength of our core ENHANZE business and the exceptional momentum we built in 2025. In 2025, we expect royalty revenue growth to exceed 50% year‑over‑year, a clear demonstration of the strength of our business model and the durable demand for ENHANZE‑enabled products globally. In parallel, we significantly expanded new partnerships, signing three new ENHANZE collaboration and licensing agreements, one new auto-injector commercial licensing and supply agreement and two auto-injector development agreements. In addition, our partner Janssen gained global approvals for Rybrevant Faspro, the tenth ENHANZE-approved product. During 2025, we advanced our strategic growth roadmap with the acquisitions of Elektrofi and their Hypercon technology and of Surf Bio and their hyperconcentration technology. Both hyperconcentration technologies have long-duration IP into the mid-2040s. Our operational accomplishments and acquisitions broaden our drug delivery portfolio and opportunity, amplify and extend our royalty horizons, and diversify the pathways through which we create value," said Dr. Helen Torley, President and Chief Executive Officer.
Dr. Torley added, "In the near-term, our strong 2026 total revenue expectations of 23% to 30% year‑over‑year growth underscore the strength of our royalty revenue, which is projected to exceed $1 billion in 2026, growing at 30% to 35% versus prior year. This is one year earlier than previously projected. By the end of 2026, we project we will have 15 partner programs in development and have signed three or more new drug delivery licensing agreements, expanding the reach and growing our opportunity through our diversified drug delivery portfolio. Taken together, these drivers reinforce our confidence in delivering durable revenue growth well into the 2040s and support our conviction in Halozyme’s long‑term growth profile which will deliver sustained value for shareholders."
The Company acquired Surf Bio for an upfront payment of $300 million, subject to customary purchase price adjustments, and up to $100 million milestone payments contingent on product development and regulatory approval milestones, for a total consideration of up to $400 million.
The Surf Bio hyperconcentration technology is being developed to enable high concentrations of up to 500 mg/mL across a wide range of therapeutics, including monoclonal antibodies and small molecules, for delivery in a single auto-injector shot for at-home or in-HCP office use. These high concentration formulations are achievable using Surf Bio’s proprietary, protective excipient and spray dry approach, enabling accessible and patient-friendly subcutaneous delivery of antibodies and biologics.
Table 1. 2025 Unaudited Preliminary Revenue Estimates for the Twelve Months Ended December 31, 2025
2025 Estimate
Expected YoY Growth1
Total Revenue $1,385 to $1,400 million 36% to 38%
Royalty Revenue $865 to $870 million 51% to 52%
Financial Outlook for 2026
The Company is raising its financial guidance for 2026. For the full year 2026, the Company expects:
•Total revenue of $1,710 million to $1,810 million, representing growth of 23% to 30% over projected 2025 total revenue, primarily driven by increases in royalty revenue and product sales from API.
•Revenue from royalties of $1,130 million to $1,170 million, representing growth of 30% to 35% over 2025.
•Adjusted EBITDA of $1,125 million to $1,205 million, including new Hypercon and Surf Bio investment of approximately $60 million, which was not included in prior 2026 guidance.
•Non-GAAP diluted earnings per share of $7.75 to $8.25. The Company’s earnings per share guidance includes new Hypercon and Surf Bio investment of approximately $60 million not included in prior 2026 guidance and does not consider the impact of potential future share repurchases.
Table 2. 2026 Financial Guidance
Previous Guidance Range New Guidance Range
Expected YoY Growth2
Total Revenue $1,430 to $1,530 million
$1,710 to $1,810 million
23% to 30%
Royalty Revenue $900 to $940 million $1,130 to $1,170 million 30% to 35%
Adjusted EBITDA $1,000 to $1,080 million $1,125 to $1,205 million ——
Non-GAAP Diluted EPS $6.50 to $7.00 $7.75 to $8.25 ——
Footnotes:
1 Growth rates calculated from 2024 actual to low end of 2025 range and high-end of 2025 range.
2 Growth rates calculated from 2025 midpoint to low end of 2026 range and high-end of 2026 range.
3 Adjusted EBITDA and Non-GAAP Diluted EPS are Non-GAAP financial measures. See "Note Regarding Use of Non-GAAP Financial Measures" below for an explanation of these measures.
4 Including investment of approximately $60 million for Hypercon and Surf Bio not included in prior 2026 guidance.
Webcast and Conference Call
Halozyme will host an Investor Conference Call today, Wednesday, January 28 at 5:30am PT/8:30am ET. Pre-registration of the live call can be accessed via link here: View Source A webcast of the live call and presentation materials will be available through the "Investors" section of Halozyme’s corporate website at ir.halozyme.com.
(Press release, Halozyme, JAN 28, 2026, View Source [SID1234662325])