Full Press Release Details
Total Revenue Increased 41% YOY to$326 millionand Royalty Revenue Increased 65% YOY to$206 million
Net Income Increased 77% YOY to$165 million; Adjusted EBITDA Increased 65% YOY to$226 million; GAAP Diluted EPS Increased 85% YOY to$1.33; Non-GAAP Diluted EPS Increased 69% YOY to$1.541
Raising 2025 Financial Guidance Ranges for Total Revenue to$1,275-$1,355 million, Representing YOY Growth of 26% - 33%, Adjusted EBITDA to$865-$915 million, Representing YOY Growth of 37% - 45% and Non-GAAP Diluted EPS to$6.00-$6.40, Representing YOY Growth of 42% - 51%1
Announcing Third$250 millionShare Repurchase Tranche Under$750 millionAuthorized Plan
SAN DIEGO,Aug. 5, 2025/PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ:HALO) ("Halozyme" or the "Company") today reported its financial and operating results for the second quarter ended June 30, 2025, provided an update on its recent corporate activities and raised its 2025 financial guidance.
"We are very excited to report another quarter of exceptional growth with a 65% increase in royalty revenue driven by our current three blockbuster therapies, DARZALEX SC, Phesgo, and VYVGART Hytrulo. In the second quarter, four notable approvals include RYBREVANT SC inEurope, VYVGART Hytrulo for Chronic Inflammatory Demyelinating Polyneuropathy inEuropeand the VYVGART Hytrulo pre-filled syringe for gMG and CIDP in the U.S andEurope. Additional regulatory milestones were achieved with ENHANZE, including new indications and geographic expansion for DARZALEX SC, Opdivo SC, HYQVIA and Phesgo, which will further accelerate our future growth trajectory and enhance patient access. Based on the strong performance and growth trends, we are pleased to increase our full-year 2025 financial guidance ranges for the second time this year," said Dr.Helen Torley, President and CEO, Halozyme.
"The strong results highlight the momentum and durability across our business, powered by high-margin royalty streams and increasing global demand for our industry-leading ENHANZE drug delivery technology. In the quarter, we completed a total of$303 millionin share repurchases, including the$250 millionprogram that we announced in May. Our outperformance and strong cash generation supports a balanced capital allocation strategy, including investing in growth through M&A and returning capital to shareholders," concluded Dr. Torley.
Second Quarter and Recent Corporate Highlights:
Second Quarterand Recent Partner Highlights:
Second Quarter2025 Financial Highlights:
Financial Outlook for 2025
The Company is raising its financial guidance for 2025. Note that the guidance reflects tariffs that are currently implemented.
For the full year 2025, the Company expects:
Table 1. 2025 Financial Guidance
Webcast and Conference Call
Halozyme will host its Quarterly Update Conference Call for the second quarter ended June 30, 2025 today, Tuesday, August 5, 2025, at1:30 p.m. PT/4:30 p.m. ET. The conference call may be accessed live with pre-registration via link: https://registrations.events/direct/Q4I78137779. The call will also be webcast live through the "Investors" section of Halozyme's corporate website and a recording will be made available following the close of the call. To access the webcast and additional documents related to the call, please visit Halozyme.com.
About Halozyme
Halozyme is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies. As the innovators of ENHANZE®drug delivery technology with the proprietary enzyme rHuPH20, Halozyme's commercially-validated solution is used to facilitate the subcutaneous delivery of injected drugs and fluids, with the goal of improving the patient experience with rapid subcutaneous delivery and reduced treatment burden. Having touched one million patient lives in post-marketing use in ten commercialized products in at least one major region and across more than 100 global markets, Halozyme has licensed its ENHANZE®technology to leading pharmaceutical and biotechnology companies including Roche, Takeda, Pfizer, Janssen, AbbVie, Eli Lilly, Bristol-Myers Squibb, argenx, ViiV Healthcare, Chugai Pharmaceutical and Acumen Pharmaceuticals.
Halozyme also develops, manufactures and commercializes, for itself or with partners, drug-device combination products using its advanced auto-injector technologies that are designed to provide commercial or functional advantages such as improved convenience, reliability and tolerability, and enhanced patient comfort and adherence. The Company has two commercial proprietary products, Hylenex®and XYOSTED®, partnered commercial products and ongoing product development programs with Teva Pharmaceuticals and McDermott Laboratories Limited, an affiliate of Viatris Inc.
Halozyme is headquartered inSan Diego, CAand has offices inEwing, NJandMinnetonka, MN.Minnetonkais also the site of its operations facility.
For more information visitwww.halozyme.comand connect with us on LinkedIn and Twitter.
Note Regarding Use of Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release and the accompanying tables contain certain Non-GAAP financial measures. The Company reports earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, Non-GAAP diluted earnings per share, Non-GAAP diluted shares, and guidance with respect to those measures, in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company calculates Non-GAAP diluted earnings per share excluding share-based compensation expense, amortization of debt discounts, intangible asset amortization, one-time items, if any, such as changes in contingent liabilities, inventory adjustments, impairment charges and intellectual property litigation costs, and certain adjustments to income tax expense. The Company calculates Non-GAAP diluted shares excluding the dilutive impact of convertible notes which is used in calculating Non-GAAP diluted earnings. The Company calculates EBITDA excluding interest, taxes, depreciation and amortization. The Company calculates adjusted EBITDA excluding one-time items, if any, such as changes in contingent liabilities, inventory adjustments, impairment charges, transaction costs for business combinations and intellectual property litigation costs. Reconciliations between GAAP and Non-GAAP financial measures are included at the end of this press release. The Company does not provide reconciliations of forward-looking adjusted measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for changes in share-based compensation expense and the effects of any discrete income tax items. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides Non-GAAP financial measures that it believes will be achieved; however, it cannot accurately predict all of the components of the adjusted calculations and the GAAP measures may be materially different than the Non-GAAP measures.
The Company evaluates other items of income and expense on an individual basis for potential inclusion in the calculation of Non-GAAP financial measures and considers both the quantitative and qualitative aspects of the item, including (i) its size and nature, (ii) whether or not it relates to the Company's ongoing business operations and (iii) whether or not the Company expects it to occur as part of the Company's normal business on a regular basis. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. These Non-GAAP financial measures are not meant to be considered in isolation and should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP, and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future there may be other items that the Company may exclude for purposes of its Non-GAAP financial measures, and the Company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures.
The Company considers these Non-GAAP financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what the Company considers to be its core operating performance, as well as unusual events. The Non-GAAP measures also allow investors and analysts to make additional comparisons of the operating activities of the Company's core business over time and with respect to other companies, as well as assessing trends and future expectations. The Company uses Non-GAAP financial information in assessing what it believes is a meaningful and comparable set of financial performance measures to evaluate operating trends, as well as in establishing portions of our performance-based incentive compensation programs.
Safe Harbor Statement
In addition to historical information, the statements set forth in this press release include forward-looking statements including, without limitation, statements concerning the Company's financial performance (including the Company's expected financial outlook for 2025) and expectations for future growth, profitability, total revenue, royalty revenue, EBITDA, Adjusted EBITDA, and Non-GAAP diluted earnings-per-share, potential share repurchases under its share repurchase program and potential expansion of the Company's platform through acquisitions. Forward-looking statements regarding the Company's ENHANZE®drug delivery technology may include the possible benefits and attributes of ENHANZE®and its potential application to aid in the dispersion and absorption of other injected therapeutic drugs and facilitating more rapid delivery and administration of higher volumes of injectable medications through subcutaneous delivery. Forward-looking statements regarding the Company's business may include potential growth and receipt of royalty and milestone payments driven by our partners' development and commercialization efforts, potential new clinical trial study starts and clinical data, regulatory submissions and product launches, the size, demand and growth prospects of our partners' drug franchises, potential new or expanded collaborations (including potential HVAI and SVAI collaborations) and collaborative targets and regulatory review, and potential approvals of new partnered or proprietary products, and the potential timing of these events. These forward-looking statements are typically, but not always, identified through use of the words "expect," "believe," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning and involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results could differ materially from the expectations contained in these forward-looking statements as a result of several factors, including unexpected levels of revenues, expenditures and costs, unexpected delays in the execution of the Company's share repurchase program or planned platform expansion through acquisitions, unexpected results or delays in the growth of the Company's business, or in the development, regulatory review or commercialization of the Company's partnered or proprietary products, regulatory approval requirements, uncertainties related to tariff, trade and pharmaceutical pricing policies and tax legislation, unexpected adverse events or patient outcomes and competitive conditions. In addition, there can be no assurance as to developments related to the litigation referred to in this press release, the outcome of the litigation or any remedies that could be awarded in connection with the litigation. These and other factors that may result in differences are discussed in greater detail in the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. Except as required by law, the Company undertakes no duty to update forward-looking statements to reflect events after the date of this release.
Contacts:Tram BuiVP, Investor Relations and Corporate Communications609-333-7668[email protected]
Sydney CharltonTeneo917-972-8407[email protected]
SOURCE Halozyme Therapeutics, Inc.
| Previous Guidance Range | New Guidance Range | |||
| Total Revenue | $1,200 to $1,280 million | $1,275 to $1,355 million | ||
| Royalty Revenue | $750 to $785 million | $825 to $860 million | ||
| Adjusted EBITDA | $790 to $840 million | $865 to $915 million | ||
| Non-GAAP Diluted EPS | $5.30 to $5.70 | $6.00 to $6.40 |
| 1 | Adjusted EBITDA and Non-GAAP Diluted EPS are Non-GAAP financial measures. See "Note Regarding Use of Non-GAAP Financial Measures" below for an explanation of these measures. Reconciliations between GAAP reported and Non-GAAP financial information for actual results are provided at the end of this earnings release. |
| Halozyme Therapeutics, Inc. | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (Unaudited) | ||||||||
| (In thousands, except per share amounts) | ||||||||
| Three Months Ended | Six Months Ended | |||||||
| June 30, | June 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Revenues | ||||||||
| Royalties | $ 205,639 | $ 124,918 | $ 373,831 | $ 245,511 | ||||
| Product sales, net | 81,510 | 78,886 | 159,551 | 137,469 | ||||
| Revenues under collaborative agreements | 38,570 | 27,549 | 57,198 | 44,252 | ||||
| Total revenues | 325,719 | 231,353 | 590,580 | 427,232 | ||||
| Operating expenses | ||||||||
| Cost of sales | 46,359 | 39,607 | 94,762 | 67,936 | ||||
| Amortization of intangibles | 17,762 | 17,762 | 35,524 | 35,525 | ||||
| Research and development | 17,543 | 21,038 | 32,342 | 40,149 | ||||
| Selling, general and administrative | 41,614 | 35,711 | 83,976 | 70,845 | ||||
| Total operating expenses | 123,278 | 114,118 | 246,604 | 214,455 | ||||
| Operating income | 202,441 | 117,235 | 343,976 | 212,777 | ||||
| Other income (expense) | ||||||||
| Investment and other income, net | 6,891 | 5,032 | 13,709 | 10,025 | ||||
| Interest expense | (4,394) | (4,524) | (8,919) | (9,031) | ||||
| Income before income tax expense | 204,938 | 117,743 | 348,766 | 213,771 | ||||
| Income tax expense | 39,778 | 24,498 | 65,511 | 43,703 | ||||
| Net income | $ 165,160 | $ 93,245 | $ 283,255 | $ 170,068 | ||||
| Earnings per share | ||||||||
| Basic | $ 1.36 | $ 0.73 | $ 2.32 | $ 1.34 | ||||
| Diluted | $ 1.33 | $ 0.72 | $ 2.26 | $ 1.32 | ||||
| Weighted average common shares outstanding | ||||||||
| Basic | 121,343 | 127,116 | 122,274 | 127,029 | ||||
| Diluted | 124,158 | 129,222 | 125,452 | 129,097 |
| Halozyme Therapeutics, Inc. | ||||
| Condensed Consolidated Balance Sheets | ||||
| (Unaudited) | ||||
| (In thousands) | ||||
| June 30,2025 | December 31,2024 | |||
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | $ 61,861 | $ 115,850 | ||
| Marketable securities, available-for-sale | 486,316 | 480,224 | ||
| Accounts receivable, net and contract assets | 316,339 | 308,455 | ||
| Inventories | 181,505 | 141,860 | ||
| Prepaid expenses and other current assets | 76,652 | 38,951 | ||
| Total current assets | 1,122,673 | 1,085,340 | ||
| Property and equipment, net | 71,520 | 75,035 | ||
| Prepaid expenses and other assets | 56,371 | 80,596 | ||
| Goodwill | 416,821 | 416,821 | ||
| Intangible assets, net | 366,306 | 401,830 | ||
| Deferred tax assets, net | 20,208 | 3,855 | ||
| Total assets | $ 2,053,899 | $ 2,063,477 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Current liabilities | ||||
| Accounts payable | $ 18,691 | $ 10,249 | ||
| Accrued expenses | 115,591 | 128,851 | ||
| Total current liabilities | 134,282 | 139,100 | ||
| Long-term debt, net | 1,509,100 | 1,505,798 | ||
| Other long-term liabilities | 77,769 | 54,758 | ||
| Total liabilities | 1,721,151 | 1,699,656 | ||
| Stockholders' equity | ||||
| Common stock | 118 | 123 | ||
| Additional paid-in capital | — | — | ||
| Accumulated other comprehensive income (loss) | (28,403) | 3,829 | ||
| Retained earnings | 361,033 | 359,869 | ||
| Total stockholders' equity | 332,748 | 363,821 | ||
| Total liabilities and stockholders' equity | $ 2,053,899 | $ 2,063,477 |
| Halozyme Therapeutics, Inc. | ||||
| GAAP to Non-GAAP Reconciliations | ||||
| EBITDA | ||||
| (Unaudited) | ||||
| (In thousands) | ||||
| Three Months Ended | ||||
| June 30, | ||||
| 2025 | 2024 | |||
| GAAP Net Income | $ 165,160 | $ 93,245 | ||
| Adjustments | ||||
| Investment and other income, net | (6,891) | (5,568) | ||
| Interest expense | 4,394 | 4,524 | ||
| Income tax expense | 39,778 | 24,498 | ||
| Depreciation and amortization | 20,502 | 20,331 | ||
| EBITDA | 222,943 | 137,030 | ||
| Adjustments | ||||
| Intellectual property litigation costs(1) | 2,561 | — | ||
| Adjusted EBITDA | $ 225,504 | $ 137,030 |
| (1) | Adjustment relates to litigation costs incurred by Halozyme in connection with Halozyme's patent infringement litigation against Merck. These charges are excluded because the Company does not believe they are reflective of the Company's ongoing business and operating results. |
| Halozyme Therapeutics, Inc. | ||||
| GAAP to Non-GAAP Reconciliations | ||||
| Diluted EPS | ||||
| (Unaudited) | ||||
| (In thousands, except per share amounts) | ||||
| Three Months Ended | ||||
| June 30, | ||||
| 2025 | 2024 | |||
| GAAP Diluted EPS | $ 1.33 | $ 0.72 | ||
| Adjustments | ||||
| Share-based compensation | 0.10 | 0.07 | ||
| Amortization of debt discount | 0.01 | 0.01 | ||
| Amortization of intangible assets | 0.14 | 0.14 | ||
| Intellectual property litigation costs(1) | 0.02 | — | ||
| Income tax effect of above adjustments(2) | (0.07) | (0.04) | ||
| Non-GAAP Diluted EPS | $ 1.54 | $ 0.91 | ||
| GAAP Diluted Shares | 124,158 | 129,222 | ||
| Adjustments | ||||
| Adjustment for dilutive impact of Senior 2028 Convertible Notes(3) | (199) | — | ||
| Non-GAAP Diluted Shares | 123,959 | 129,222 |
| Dollar amounts, as presented, are rounded. Consequently, totals may not add up. | |
| (1) | Adjustment relates to litigation costs incurred by Halozyme in connection with Halozyme's patent infringement litigation against Merck. These charges are excluded because the Company does not believe they are reflective of the Company's ongoing business and operating results. |
| (2) | Adjustments relate to taxes for the reconciling items, as well as excess benefits or tax deficiencies from share-based compensation, and the quarterly impact of other discrete items. |
| (3) | Adjustment made for the dilutive effect of our Convertible Senior Notes due 2028 when the effect is not the same on a GAAP and Non-GAAP basis for the reporting period. |