Halozyme Therapeutics (HALO) FY2025 results: revenue $1.4 billion, up 37.6% on the year

Halozyme Therapeutics is a biopharmaceutical company that licenses its drug delivery technology to other drug makers and sells a few products of its own. Its ENHANZE technology uses rHuPH20, its patented recombinant human hyaluronidase enzyme, to let drugs that would otherwise be given intravenously, or in larger or more frequent shots, be injected under the skin. Its principal offices and research facilities are in San Diego, California.

How ENHANZE works

rHuPH20 temporarily breaks down hyaluronan, a carbohydrate in the tissue under the skin, so that large volumes of injected drugs such as monoclonal antibodies can spread and be absorbed faster. The enzyme acts locally, with a tissue half-life of less than 30 minutes, and the hyaluronan rebuilds to its normal density within two days. Partners use it to turn intravenous drugs into subcutaneous injections, to allow fixed-dose rather than weight-based dosing and to extend the time between doses.

The partners

It has ENHANZE collaboration and licensing agreements with Roche, Takeda, Pfizer, Janssen, AbbVie, Eli Lilly and Company, Bristol-Myers Squibb Company, argenx, ViiV Healthcare, Chugai, Acumen, Merus and Skye Bioscience. It receives upfront licensing fees, milestone payments, payments for bulk rHuPH20 and royalties on partner products. It earns royalties on ten commercial products: five from Roche, two from Janssen and one each from Takeda, argenx and BMS. Roche's include Herceptin SC, launched in Europe in September 2013, which is given in two to five minutes rather than 30 to 90 minutes intravenously, and Phesgo, approved by the FDA in June 2020. Janssen's include DARZALEX FASPRO, launched in the U.S. in May 2020 for multiple myeloma.

Newer technologies

In November 2025 Halozyme acquired Elektrofi, now Halozyme Hypercon, whose microparticle technology concentrates antibodies and other biologics to about 500 mg/ml so the same dose needs a smaller injection; it has Hypercon agreements with Janssen, Lilly and argenx. In December 2025 it acquired Surf Bio, now Halozyme Surf Bio, a polymer-based approach that also reaches concentrations of up to 500 mg/mL.

Its own products and devices

It sells Hylenex recombinant, a formulation of rHuPH20 used for hydration and to help other injected drugs disperse, and XYOSTED, a once-weekly testosterone replacement self-injected at home in 50 mg, 75 mg and 100 mg doses. It also designs pressure-assisted auto-injectors, including VIBEX, VIBEX QuickShot and Vai, with dose capacity from 0.5 mL to 2.25 mL and a high-volume version reaching at least 10mL. It supplies auto-injector products with Teva and has development programs with an affiliate of Viatris. In December 2025 it discontinued development of ATRS-1902, a hydrocortisone product.

Manufacturing and people

Contract manufacturers Avid Bioservices and Catalent make bulk rHuPH20, and the company states that it anticipates Lonza will eventually produce it too. Patheon does final fill and finish for Hylenex. A facility in Minnetonka, Minnesota supports administration, product development and quality, and assembles and warehouses XYOSTED. At February 10, 2026 it had 423 full-time employees, none of them unionized.

From Halozyme's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.