Halozyme Therapeutics Reports 41% Revenue Growth to $325.7 Million in Q2 2025

Halozyme Therapeutics, Inc. reported significant financial growth in its second quarter of 2025, with total revenues reaching $325.7 million, a 41% increase from $231.4 million in the same period last year. The company's net income for the quarter was $165.2 million, translating to earnings per share of $1.36, compared to $93.2 million and $0.73 per share in the prior year. For the first half of 2025, total revenues were $590.6 million, up 38% from $427.2 million in the first half of 2024, with net income of $283.3 million, compared to $170.1 million in the previous year.

The increase in revenue was primarily driven by a substantial rise in royalties, which surged by 65% to $205.6 million, largely due to strong sales of partner products such as Janssen's DARZALEX SC and Roche's VYVGART. Product sales also saw a modest increase, with net sales totaling $81.5 million, up 3% year-over-year. However, sales of bulk rHuPH20 decreased by 6% to $23.3 million, reflecting fluctuations in partner demand. Revenues from collaborative agreements rose 40% to $38.6 million, bolstered by milestone payments and increased device licensing revenue.

Operating expenses for the quarter increased to $123.3 million, up from $114.1 million a year earlier, driven by higher costs of sales and selling, general, and administrative expenses. Research and development expenses decreased by 17% to $17.5 million, attributed to resource optimization and timing of investments in ENHANZE technology. The company reported a slight increase in interest expense, totaling $4.4 million, while investment income rose to $6.9 million, reflecting a higher average invested balance.

Halozyme's balance sheet as of June 30, 2025, showed total assets of $2.05 billion, slightly down from $2.06 billion at the end of 2024. Cash and cash equivalents decreased to $61.9 million from $115.9 million, while marketable securities increased to $486.3 million. The company’s long-term debt remained stable at approximately $1.51 billion. Notably, Halozyme has been actively repurchasing shares, completing $303.4 million in buybacks during the second quarter as part of its ongoing capital return program.

Looking ahead, Halozyme anticipates continued growth in royalty revenues driven by the increasing uptake of ENHANZE partner products and the expansion of its product portfolio. The company remains focused on advancing its proprietary drug delivery technology and expanding its collaborations with biopharmaceutical partners.