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Halozyme Therapeutics’ $1 Billion Royalty Milestone — Is The Market Missing ENHANZE?

Halozyme Therapeutics reported a strong start to 2026, driven by the increasing adoption of its ENHANZE technology enabling subcutaneous drug delivery. The company’s first-quarter revenue grew 42% year-over-year to $377 million, primarily fueled by a 43% rise in royalty revenues to $241 million. These royalties stem from a portfolio of 10 approved ENHANZE-enabled products, including DARZALEX subcutaneous, VYVGART Hytrulo, and PHESGO, which collectively continue to demonstrate robust growth. Adjusted EBITDA rose 42% to $230 million, and non-GAAP earnings per share increased from $1.11 to $1.60, reflecting strong operational leverage despite heightened investments in R&D and SG&A connected to the recent Hypercon and Surf Bio acquisitions. Halozyme reaffirmed its full-year 2026 guidance, anticipating total revenues between $1.71 billion and $1.81 billion and royalty revenues surpassing $1 billion for the first time, representing 30% to 35% growth over 2025.