Halozyme Raises 2025 Revenue Estimates, Raises 2026 and Multi-Year Financial Guidance

Expands Drug Delivery Opportunity with Acquisition of Surf Bio and its Hyperconcentration Technology

Jan. 28, 2026 at 6:47am

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Halozyme Therapeutics, Inc. (Nasdaq: HALO) today provided a business update, including preliminary unaudited 2025 revenue estimates and raising full year 2026 and multi-year financial guidance. The company also announced it acquired Surf Bio, Inc., a biopharmaceutical company with an innovative, biologic hyperconcentration technology, in December 2025.

Why it matters

Halozyme's increased multi-year guidance reflects the strength of its core ENHANZE business and exceptional momentum built in 2025, with royalty revenue growth expected to exceed 50% year-over-year. The acquisitions of Elektrofi and Surf Bio have broadened Halozyme's drug delivery portfolio and opportunity, amplifying and extending its royalty horizons and diversifying the pathways through which it creates value.

The details

Halozyme raised its 2026 financial guidance, expecting total revenue of $1,710 million to $1,810 million, representing growth of 23% to 30% over projected 2025 total revenue, primarily driven by increases in royalty revenue and product sales from API. Revenue from royalties is expected to be $1,130 million to $1,170 million, representing growth of 30% to 35% over 2025. The company also acquired Surf Bio for an upfront payment of $300 million, subject to customary purchase price adjustments, and up to $100 million milestone payments contingent on product development and regulatory approval milestones, for a total consideration of up to $400 million. Surf Bio's hyperconcentration technology is being developed to enable high concentrations of up to 500 mg/mL across a wide range of therapeutics, including monoclonal antibodies and small molecules, for delivery in a single auto-injector shot for at-home or in-HCP office use.

  • In 2025, Halozyme expects royalty revenue growth to exceed 50% year-over-year.
  • Halozyme acquired Surf Bio in December 2025.

The players

Halozyme Therapeutics, Inc.

A biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies.

Surf Bio, Inc.

A biopharmaceutical company with an innovative, biologic hyperconcentration technology seeking to transform the delivery of antibodies and biologics.

Dr. Helen Torley

President and Chief Executive Officer of Halozyme Therapeutics, Inc.

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What they’re saying

“Our increased multi-year guidance reflects both the strength of our core ENHANZE business and the exceptional momentum we built in 2025. In 2025, we expect royalty revenue growth to exceed 50% year‑over‑year, a clear demonstration of the strength of our business model and the durable demand for ENHANZE‑enabled products globally.”

— Dr. Helen Torley, President and Chief Executive Officer (Halozyme Therapeutics, Inc.)

“In the near-term, our strong 2026 total revenue expectations of 23% to 30% year‑over‑year growth underscore the strength of our royalty revenue, which is projected to exceed $1 billion in 2026, growing at 30% to 35% versus prior year. This is one year earlier than previously projected.”

— Dr. Helen Torley, President and Chief Executive Officer (Halozyme Therapeutics, Inc.)

What’s next

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The takeaway

Halozyme's operational accomplishments and acquisitions have broadened its drug delivery portfolio and opportunity, amplifying and extending its royalty horizons, and diversifying the pathways through which it creates value, reinforcing its confidence in delivering durable revenue growth well into the 2040s.