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The company exceeded quarterly expectations, lifted full-year guidance meaningfully, and expanded its ENHANZE deal flow with high-profile partners. This creates a clearer path to higher royalty contributions and longer-term revenue durability, which historically supports multiple expansion when guidance beats consensus and buybacks bolster EPS.
What happened, with direct paths to the underlying reporting
Halozyme reported a record Q2 2026 with total revenue of $481M (up 48% YoY) and royalty revenue of $307.7M (up 50%). The company raised 2026 guidance to $1.835–$1.910B in total revenue and $1.220–$1.245B in royalties, while expanding ENHANZE collaborations with Vertex, GSK, Incyte and Oruka and executing a $333M share repurchase in 2Q. The mix of higher royalties and new partnerships supports durable revenue growth and upside optionality from Hypercon and Surf Bio investments.
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