Description

Halozyme Therapeutics’ 50% Royalty Surge — Is ENHANZE Still Just Getting Started?

Halozyme Therapeutics reported strong second quarter 2026 financial and operating results, driven by significant growth in royalty revenues from its ENHANZE technology platform. Total revenues rose 48% year-over-year to $481 million, while royalty revenues increased 50% to $308 million. Results exceeded company expectations, supported by six ENHANZE-enabled products. Newer launches including Opdivo SC, Ocrevus SC, and Rybrevant SC grew 80% quarter-over-quarter, while DARZALEX subcutaneous, VYVGART Hytrulo, and Phesgo continued to deliver robust growth. Together, these products address a market expected to exceed $55 billion by 2028. Halozyme’s platform model enables multiple biologic products to be reformulated for subcutaneous administration, expanding patient access and potential sites of care. During the quarter, the company signed four new collaboration and licensing agreements across ENHANZE and its emerging Hypercon platform. These partnerships extend Halozyme into new modalities including antibody-drug conjugates and nucleic acids. Upfront collaboration revenues totaled $35.