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 licensing agreements with GSK, Incyte, Vertex, Oruka, and an undisclosed partner.

• Adjusted EBITDA grew 46% year-over-year to $329 million, and net income reached $229.9 million, up from $165 million in Q2 2025.

• Expanded share repurchase program, completing $332.8 million in Q2 2026 and launching a new $1 billion authorization.

• Advanced ENHANZE and Hypercon platforms, with two new Phase I studies started and entry into new modality areas such as ADCs and nucleic acids.

Financial highlights

• Total revenue for Q2 2026 was $481 million, up 48% year-over-year; royalty revenue was $307.7 million, up 50%.

• Adjusted EBITDA reached $328.8 million with a margin above 65%; non-GAAP EPS was $2.28.

• Net income rose 39% to $229.9 million; GAAP diluted EPS was $1.90, up from $1.33 year-over-year.

• Product sales grew 59% to $129.6 million; collaboration revenues increased 13% to $43.7 million.

• Operating income rose 42% to $287.7 million.

Outlook and guidance

• Raised full-year 2026 revenue guidance to $1.835–$1.91 billion, up $110 million at midpoint; royalty revenue guidance increased to $1.22–$1.245 billion, representing 41%-43% year-over-year growth.

• Adjusted EBITDA expected between $1.225–$1.28 billion; non-GAAP EPS of $8.65–$9.00.

• Growth in H2 expected to be driven by newer product launches and continued momentum from established products, especially Darzalex SC and VYVGART Hytrulo.

• Product sales expected to remain consistent with 1H run-rate; collaboration revenue weighted toward 4Q.