Halozyme Therapeutics Inc. (NASDAQ: HALO) hit record revenue. Full-year 2025 revenue reached $1.4 billion. So this is 38% growth year-over-year. Also, royalty revenue hit $868 million. This is 52% up from last year.
Market Position
Halozyme leads the field, so investors trust the brand. The market shows investor faith. Plus, ENHANZE tech gives an edge. DARZALEX FASPRO drives core sales. Yet RYBREVANT SC got approval. Also, new deals began with key firms.
Q4 Results
Q4 sales hit $451.8 million. So this is 52% growth. Last year it was $298.0 million. So the pace kept up. Royalty sales hit $258.0 million. This is 51% more. Last year it was $170.4 million. Plus, product sales rose 55% to $122.7 million. So Q4 teamed sales rose 48%.
Full Year Results
Yearly sales hit $1.397 billion. The prior year was $1.015 billion. The 38% gain shows huge growth. In fact, all units did well. Royalty sales hit $867.8 million. The prior year was $571.0 million. So the 52% boost is key. Also, the user base grew a lot. Product sales rose 24% to $376.4 million. Also, team sales grew 8% to $152.3 million.
Revenue by quarter
How It Works
Cost of sales hit $228.8 million. So this is more product output. R&D costs went up just 3% to $81.5 million. So gains in speed happened. The firm made two big buys. Plus, Elektrofi came first. Then Surf Bio came next. So the mix got new tools.
Royalty sales by quarter
What’s Next
ENHANZE is the money maker. So new deals with Takeda, Merus, and Skye help. RYBREVANT FASPRO got world approval. Also, DARZALEX FASPRO got the OK. This opens new markets. Yet the firm signed 10 new ENHANZE deals. Plus, the plan has 15 products in work. So growth odds remain good.
Path Ahead
The 2026 guide says sales of $1.710-$1.810 billion. So this is 22%-30% new gains. So the path looks good. Also, EBITDA will hit $1.125-$1.205 billion. So this is a 71%-83% boost for profit. Plus, cash flow will grow more.
Key Points
Q4 beat hopes with 52% gains.
Yearly royalty sales hit $868 million record.
Sales were up 52% from one year ago.
Two key buys expanded the brand.
ENHANZE drives 25+ year sales odds.
The 2026 path shows 22%-30% sales growth.
15 goods are now in work.
