Halozyme (HALO) · Q2 2026 results and valuation

At 20.0% growth a year (3-year revenue growth), the model's fair value is $263.93 a share — the stock trades 61% below it. Today's price assumes 8.2% growth a year.

1. Guidance

   The company expects growing contributions from recently launched ENHANZE products while DARZALEX subcu, VYVGART Hytrulo, and Phesgo remain the largest revenue contributors.

   Source quote

   “We expect growing contributions from the recently launched ENHANZE products, while DARZALEX subcu, VYVGART Hytrulo and Phesgo remain the largest revenue contributors.”

2. Figure

   A broadened launch portfolio led to record total royalty revenue growth of 50% year-over-year to $308 million, providing strong support for the company.

   Source quote

   “This broadened launch portfolio resulted in record total royalty revenue growth of 50% year-over-year to $308 million, providing strong support...”

3. Last period

   Business momentum is resulting in strong free cash flow, while new agreements and upcoming launches in 2029, 2030, and 2031 create long-term durable revenue streams for shareholders.

   Source quote

   “The business momentum is resulting in strong free cash flow. ...ENHANZE beginning in 2029, the 2 projected Hypercon launches in 2030 and 2031, and the additional launches arising from currently signed agreement new nominations and new CLAs for ENHANZE, Hypercon and Surf Bio, all add long-term durable revenue streams. I shared that we have clear priorities for disciplined capital allocations, and we're deploying this great new value and return value to our shareholders.”

4. Last period

   HALO announced a new $1 billion share repurchase program based on confidence in its 10 approved products, which have realized only 25% of projected revenue to date.

   Source quote

   “The continued strong performance of our currently approved products and the increasing number of indications gives us strong confidence in the 2026 to 2028 financial... We demonstrated our conviction today with our new $1 billion share repurchase program. And we plan to stand skeptics and bend the curve in the 2029 plus period, building on top of the durable substantial revenue of our 10 approved product, where we have realized only 25% of the revenue to date and project...”

Management sounded noticeably less positive answering analysts than in its prepared script — one of the biggest drops of any company call. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.

Sentences that drove the tone

“Halozyme's combination of strong growth, exceptional profitability and robust free cash flow, coupled with disciplined capital allocation, positions the company well as we continue to accelerate innovation and provide significant...”

“The strong second quarter results reinforce that view as the company delivered another record quarter, exceeding expectations for royalty revenue, driving strong EBITDA growth and, at the same time, investing...”

“And I will add, not only did we broadly expand the number of partners, we also expand in use areas to beyond monoclonal antibodies into two new expanding and leading-edge...”