Halozyme reported preliminary fiscal 2025 sales of $1.385 billion to $1.4 billion, representing year-over-year growth of 36% to 38%. Royalty revenues climbed even more sharply, reaching $865 million to $870 million, up 51% to 52% versus the prior year. These unaudited figures mark the strongest revenue performance in the company’s history and reflect accelerating demand for ENHANZE-enabled products globally.

Management raised full-year 2026 total revenue guidance to a range of $1.71 billion to $1.81 billion, up from a prior range of $1.43 billion to $1.53 billion, implying 23% to 30% year-over-year growth. Royalty revenue alone is now projected at $1.13 billion to $1.17 billion, a 30% to 35% increase that reaches the $1 billion milestone one year ahead of schedule. Adjusted EBITDA guidance was lifted to $1.125 billion to $1.205 billion, and non-GAAP diluted EPS is expected to be $7.75 to $8.25, compared with prior guidance of $6.50 to $7.00.

In December 2025, Halozyme acquired Surf Bio for an upfront payment of $300 million, with up to $100 million in milestone payments contingent on development and regulatory achievements. Surf Bio’s hyperconcentration technology enables formulations up to 500 mg/mL for subcutaneous delivery in a single auto-injector dose. The investment is expected to strengthen Halozyme’s drug delivery portfolio and contribute approximately $60 million of new investment in 2026 guidance.

Building on recent partnerships and acquisitions, Halozyme projects sustained revenue growth well into the 2040s. The company forecasts that by the end of 2026 it will have 15 partner programs in development and will have signed at least three new drug delivery licensing agreements. Executives highlight robust intellectual property protection for both ENHANZE and hyperconcentration technologies extending into the mid-2040s, underpinning durable royalty streams and diversified value creation pathways.