Halozyme Therapeutics Lifts Financial Targets on Robust Licensing Outlook

Halozyme Therapeutics has significantly raised its financial guidance, signaling a faster growth trajectory than previously anticipated by the market. The biopharmaceutical company's updated forecast, driven by a stronger-than-expected performance in its high-margin licensing operations, has surpassed analyst consensus estimates.

The company now projects total revenue for 2026 to reach between $1.71 billion and $1.81 billion. This represents a potential increase of up to 30% over the prior year. In a key milestone, Halozyme anticipates its licensing revenue will surpass the $1 billion threshold in 2026—a full year ahead of its original schedule.

Earnings per share (EPS) guidance has also been revised upward. Management expects adjusted EPS for 2026 in the range of $7.75 to $8.25, exceeding the current analyst consensus estimate of $7.86.

Key Updated Forecasts:
* 2026 Revenue: $1.71 – $1.81 billion
* 2026 Adjusted EPS: $7.75 – $8.25
* Preliminary 2025 Revenue: $1.385 – $1.4 billion
* Surf Bio Acquisition: $300 million upfront payment

Should investors sell immediately? Or is it worth buying Halozyme Therapeutics?

Preliminary 2025 Results and Strategic Acquisition

Alongside its revised long-term outlook, Halozyme released preliminary figures for 2025. The company estimates revenue will land between $1.385 billion and $1.4 billion, equating to a growth rate of 36% to 38%. These projections fully incorporate the recent acquisition of Surf Bio, which was finalized in December. The deal involved an upfront payment of $300 million, with potential additional milestone payments that could bring the total consideration to $400 million.

Market and Analyst Reaction

The positive update was met with favor in the equity markets, with Halozyme shares trading near $72. Analysts moved quickly to adjust their financial models in response to the new guidance.

Morgan Stanley raised its price target on the stock from $75 to $78, reiterating its "Overweight" rating. The firm's analysts highlighted the scalability of Halozyme's proprietary ENHANZE drug delivery technology, which continues to generate substantial royalty streams through its expanding partnership network.