HALO Rises Nearly 4% on Strong 2025 Preliminary Data and 2026 Guidance

Core Insights - Halozyme Therapeutics (HALO) shares increased nearly 4% after the release of preliminary full-year 2025 results that exceeded expectations, along with an upward revision of sales and EPS guidance for 2026 [1][6]. Financial Performance - Preliminary revenues for full-year 2025 are projected to be between $1.39 billion and $1.40 billion, reflecting a year-over-year growth of 36% to 38%, surpassing previous guidance of $1.30 billion to $1.38 billion and the Zacks Consensus Estimate of $1.35 billion [4]. - Anticipated royalty revenues for 2025 are expected to be in the range of $865 million to $870 million, indicating a year-over-year growth of 51% to 52% [5]. 2026 Guidance - For 2026, total revenues are expected to be between $1.71 billion and $1.81 billion, representing a growth of 23% to 30% over projected 2025 revenues [6]. - Royalty revenues for 2026 are now anticipated to be between $1.13 billion and $1.17 billion, implying a year-over-year growth of 30% to 35%, ahead of previous expectations of $900 million to $940 million [7]. - Adjusted earnings per share for 2026 are projected to be between $7.75 and $8.25, an increase from earlier projections of $6.50 to $7.00 [8]. Strategic Developments - The raised guidance for adjusted EBITDA and earnings per share includes a financial impact of approximately $60 million from the acquisition of Hypercon and Surf Bio technologies, which were not included in earlier guidance [9]. - By the end of 2026, the company expects to have 15 partner programs in development and aims to sign three or more new drug-delivery licensing agreements [10]. Market Performance - Over the past year, shares of Halozyme have increased by 29.1%, compared to the industry growth of 15.6% [2].