Halozyme Therapeutics Raises 2026 Guidance After Hypercon, Surf Bio Deals Extend Platform Into 2040s

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Wed, January 28, 2026 astatine 11:02 AM CST 7 min read

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Strategic acquisitions: Halozyme bought Elektrofi (Hypercon) and Surf Bio successful precocious 2025, expanding from 1 to 3 royalty-bearing SC transportation technologies with IP into the mid-2040s and adding hyperconcentration capabilities (up to ~500 mg/mL) to chopped injection volumes and alteration autoinjector use; Hypercon is expected to beryllium clinic-ready successful 2026 and Surf Bio by end-2027/early-2028, with 2 Hypercon Phase I starts targeted by end-2026.
Raised 2026 guidance and beardown 2025 results: Preliminary 2025 gross came successful astatine $1.385–$1.40 cardinal (royalties $865–$870 million), and Halozyme raised 2026 guidance to $1.71–$1.81 cardinal full revenue, $1.13–$1.17 cardinal successful royalties, and non-GAAP diluted EPS of $7.75–$8.25, citing royalty maturation from cardinal partners arsenic the main driver.
Updated 2028 roadmap and nett targets: Management present expects 2028 full gross supra $2 billion, royalty gross of $1.46–$1.51 cardinal (26%–28% CAGR from 2024), non-GAAP EPS of $10.50–$11.10, and ambitious margin/FCF goals (gross borderline >80%, operating borderline >60%, and escaped currency travel >70% of EBITDA for 2026–2028).
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Halozyme Therapeutics (NASDAQ:HALO) utilized an capitalist league telephone to outline a bid of strategical and fiscal updates, highlighting what CEO Dr. Helen Torley described arsenic an unusually concentrated play of “value-creating events” successful precocious 2025. Management emphasized expanding beyond its halfway ENHANZE franchise into further subcutaneous (SC) transportation technologies, portion besides raising portions of its fiscal outlook for 2026 and updating longer-term targets done 2028.

Torley said the institution expanded from 1 to 3 royalty-bearing SC transportation technologies successful 2025, citing 2 acquisitions intended to widen the company’s accidental acceptable into the mid-2040s.

Elektrofi (Hypercon): Halozyme closed the acquisition successful November 2025, adding Hypercon, a “biologic hyperconcentration” exertion with intelligence spot (IP) into the mid-2040s. Management said Hypercon is expected to beryllium “clinic-ready” successful 2026.
Surf Bio: Halozyme acquired Surf Bio successful precocious December 2025, adding a 2nd hyperconcentration exertion with long-duration IP into the mid-2040s.

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Torley said the acquisitions broaden Halozyme’s quality to enactment “exclusively and non-exclusively” crossed a wider scope of targets and mechanisms, positioning the institution for “the adjacent waves of large SC innovation pursuing ENHANZE.”