Halozyme Therapeutics reported record full year 2025 revenue of $1.397 billion, a 38% year-over-year increase, and reiterated its 2026 financial guidance. The company completed acquisitions of Elektrofi and Surf Bio, and issued $1.5 billion in convertible notes.
Key takeaways
Full year 2025 total revenue was $1.397 billion, a 38% increase compared to $1.015 billion in 2024.
Full year 2025 royalty revenue increased 52% to a record $868 million, driven by DARZALEX SC, Phesgo, and VYVGART Hytrulo.
The company completed the acquisition of Elektrofi Inc. in November 2025 and Surf Bio, Inc. in December 2025.
In November 2025, the company issued $750.0 million of 2031 Convertible Notes and $750.0 million of 2032 Convertible Notes.
The company reiterated 2026 financial guidance for total revenue of $1.710 billion to $1.810 billion and Non-GAAP diluted EPS of $7.75 to $8.25.
Cash, cash equivalents, restricted cash and marketable securities were $145.4 million on December 31, 2025, down from $596.1 million on December 31, 2024.