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Total Revenue: $354 million, a 22% increase year over year.

Royalty Revenue: $236 million, a 52% increase year over year.

Adjusted EBITDA: $248 million, a 35% increase year over year.

Cash and Equivalents: $702 million as of September 30, 2025.

Net Debt to EBITDA Ratio: 0.9 times at the end of the third quarter.

GAAP Diluted EPS: $1.43.

Non-GAAP Diluted EPS: $1.72.

Full Year Revenue Guidance: $1.3 billion to $1.375 billion, representing 28% to 35% growth.

Full Year Royalty Revenue Guidance: $850 million to $880 million, representing 49% to 54% growth.

Full Year Adjusted EBITDA Guidance: $885 million to $935 million, representing 40% to 48% growth.

Full Year Non-GAAP EPS Guidance: $6.10 to $6.50, representing 44% to 54% growth.

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Release Date: November 03, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Record royalty revenue of $236 million, a 52% increase year over year, driven by blockbuster subcutaneous therapies.

Total revenue of $354 million, representing 22% growth year over year.

Adjusted EBITDA growth of 35% over the prior year, showcasing the strength of the royalty-based business model.

Successful expansion of ENHANZE technology, enabling more convenient subcutaneous delivery of treatments.

Strategic acquisition of Elektrofi to enhance at-home administration of biologic therapies and expand drug delivery technology portfolio.

Collaboration revenues decreased to $24 million from $48.4 million in the prior year period, primarily due to the timing of milestones achieved.

Increased selling, general, and administrative expenses to $46.1 million, up from $41.2 million in the prior year period.

Potential dilution from the Elektrofi acquisition, expected to be less than 5% dilutive to non-GAAP diluted EPS over the medium term.

Uncertainty regarding the full impact of the Elektrofi acquisition on future financial performance.

Challenges in maintaining growth momentum as key product contracts may terminate in the early 2030s.

Q: How does Halozyme plan to manage its capital allocation, particularly in terms of debt reduction and potential buybacks, following the Elektrofi acquisition? A: Helen Torley, CEO, mentioned that Halozyme is actively seeking opportunities similar to Elektrofi to optimize patient treatment experiences. Nicole Labrosse, CFO, added that the company expects to pay down debt quickly due to robust cash flows, while maintaining a balanced approach to capital allocation, including share repurchases and funding acquisitions.

Q: What is the awareness level of Elektrofi's technology among Halozyme's current ENHANZE partners, and what feedback has been received? A: Helen Torley, CEO, stated that while the deal hasn't closed, there is a good awareness of Elektrofi's Hypercon technology among partners. Feedback has been positive, especially from partners working with both companies, indicating strong support for potential collaborative opportunities.

Q: Could you elaborate on the potential for new ENHANZE deals and the products contributing to the guidance upside? A: Helen Torley, CEO, expressed confidence in securing a new ENHANZE deal this year, driven by ongoing discussions. Nicole Labrosse, CFO, highlighted that the guidance upside is primarily due to strong royalty revenues from VYVGART Hytrulo, PHESGO, and DARZALEX, with new indications for DARZALEX and VYVGART Hytrulo contributing significantly.

Q: How is Halozyme planning to maintain growth momentum into 2026, and could the current trajectory suggest exceeding previous 2026 guidance ranges? A: Nicole Labrosse, CFO, indicated that while detailed guidance for 2026 will be provided early next year, the company is tracking to exceed 2025 expectations. The strong momentum and subsequent guidance raises suggest a positive trajectory for 2026.

Q: How does Halozyme conduct outreach for prospective partners between ENHANZE and Hypercon, and are these efforts parallel? A: Helen Torley, CEO, explained that until the HSR review period is completed, Halozyme and Elektrofi operate separately. Each company is pursuing its own conversations and targeted outreach, with ENHANZE focusing on larger volume subcutaneous delivery and Elektrofi on at-home auto-injector delivery.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.