Halozyme beats, raises guidance on surging ENHANZE royalties

 

Halozyme beats Q2 2026 estimates with non-GAAP EPS $2.28, revenue $481M, raises 2026 revenue, EBITDA and non-GAAP EPS guidance on surging ENHANZE royalties

• Record Q2 revenue $481M (+48% YoY) and royalties $308M (+50%), beating internal expectations.
• Non-GAAP EPS rose to $2.28 from $1.54, driven by high-margin royalty expansion.
• Raised 2026 revenue guidance midpoint by $112.5M; royalty outlook up to $1.22–$1.245B.
• ENHANZE royalties now diversified across six major drugs, reducing dependence on Darzalex SC.
• New SC launches Ocrevus Zunovo, Opdivo Qvantig, Rybrevant FASPRO grew ~80% sequentially, underpinning H2 acceleration.
• Signed four Q2 and one July licensing deals, including ADC and nucleic acid modalities.
• Hypercon platform progressing toward first clinical starts in 1H27 and ~$1B royalties mid-2030s.
• Aggressive capital returns with $333M Q2 buybacks toward $400M full-year target, while funding growth.
• Adjusted EBITDA margin exceeded 65% on asset-light model; gross and operating margins not disclosed.
• Main risks: patent litigation with Merck/Alteogen and sustaining outsized royalty growth beyond 2028 into next decade.

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