Halozyme Reports 52% Q4 Revenue Rise to $451.8M but Posts $0.24 EPS Loss
Halozyme posted an adjusted Q4 2025 loss of $0.24 per share due to a $2.42-per-share IPR&D charge, down from $1.26 in Q4 2024. Total Q4 revenues rose 52% year over year to $451.8 million, driven by $258 million in royalties and $122.7 million in product sales.
1. Q4 Loss Driven by Acquisition Costs
Halozyme posted an adjusted Q4 2025 loss of $0.24 per share, driven by a $2.42-per-share IPR&D charge related to the Surf Bio acquisition, compared with adjusted earnings of $1.26 per share in the year-ago quarter.
2. Revenue Composition and Growth
Total Q4 revenues increased 52% year over year to $451.8 million, led by $258 million in royalty payments on Phesgo, Darzalex SC and Vyvgart Hytrulo, while product sales rose 54.5% to $122.7 million and collaborative agreement revenues climbed 47.5% to $71.1 million.
3. Cash Position and 2025 Full-Year Performance
Halozyme ended 2025 with $145.4 million in cash and marketable securities, down from $702 million at September 30, while full-year revenues grew 38% to $1.397 billion and adjusted EPS fell to $4.15 per share.
4. 2026 Guidance and Q1 Outlook
The company maintained its 2026 revenue guidance of $1.71–$1.81 billion with 30–35% royalty growth, targeting $7.75–$8.25 in adjusted EPS, and projects a 5–10% sequential revenue decline in Q1 2026 due to contract rate adjustments and absence of milestone payments.