HALO

Incyte Corporation INCY is scheduled to report third-quarter 2026 earnings on Oct. 29, before the opening bell. The Zacks Consensus Estimate for the to-be-reported quarter's revenues is pegged at $1.48 billion, while the same for the bottom line is pinned at a loss of $3.50 per share. Let us look at how things are likely to have shaped up for INCY in the to-be-reported quarter. Incyte primarily derives product revenues from the sales of its lead drug, Jakafi (ruxolitinib), in the United States, as well as from the sales of other marketed drugs. Its momentum is likely to have continued on the back of strong Jakafi sales, a first-in-class, selective JAK1/JAK2 inhibitor, across all approved indications (polycythemia vera, myelofibrosis and refractory acute graft-versus-host disease [GvHD]). The Zacks Consensus Estimate for Jakafi's third-quarter sales is pegged at $827 million. Incyte also earns product royalty revenues from Novartis NVS for the commercialization of Jakafi in ex-U.S. markets. While Incyte markets Jakafi in the United States, Novartis markets the same drug as Jakavi outside the United States. INCY is expected to have received higher royalties from NVS in the to-be-reported quarter due to potentially higher Jakavi sales. Year to date, Incyte shares have gained 18.4% compared with the industry's 6.7% growth. Image Source: Zacks Investment Research Incyte also receives royalties from the sales of Tabrecta (capmatinib), which is approved for treating adult patients with metastatic non-small cell lung cancer. Novartis has exclusive worldwide development and commercialization rights to Tabrecta. In the to-be-reported quarter, Opzelura (ruxolitinib cream) sales are expected to have been driven by continued growth in patient starts and refills in the United States for its two approved indications: atopic dermatitis and vitiligo. The European Union (EU) approval of Opzelura for moderate atopic dermatitis is expected to support Incyte's sales growth in the coming quarters by expanding the drug's addressable market beyond its existing European vitiligo indication. The CMS settlement is expected to support Opzelura's net sales in the second half of 2026, with Incyte estimating a combined $40-$50 million benefit in the third and fourth quarters from improved gross-to-net performance. The Zacks Consensus Estimate for Opzelura's third-quarter sales is pegged at $230 million. While Jakafi's sales and royalties are the key catalysts for Incyte's revenue growth, sales of other drugs like Minjuvi, Pemazyre and Iclusig, and Olumiant's royalties from Eli Lilly LLY are also likely to have contributed to Incyte's top line. INCY has a collaboration agreement with LLY for Olumiant. The drug is a once-daily oral JAK inhibitor discovered by Incyte and licensed to LLY. It is approved for several types of autoimmune diseases. Incyte acquired exclusive global rights to Monjuvi/Minjuvi (tafasitamab), initially approved for the treatment of relapsed or refractory diffuse large B-cell lymphoma, from MorphoSys in 2024. Last year, the FDA approved Monjuvi for relapsed or refractory follicular lymphoma, expanding its label and boosting sales. Minjuvi also secured approvals for this indication in the EU and Japan in 2025. The Zacks Consensus Estimate for Iclusig, Minjuvi/Monjuvi and Pemazyre's third-quarter sales is pegged at $35.2 million, $55 million and $23.5 million, respectively. Incremental sales from Zynyz are also expected to have contributed to Incyte's revenues in the to-be-reported quarter. Incyte and partner Syndax launched Niktimvo (axatilimab-csfr) in the United States in early 2025 after FDA approval for chronic graft-versus-host disease (cGvHD) patients who have failed at least two prior systemic therapies. Niktimvo is Incyte's second approved treatment for cGvHD (third-line). The Zacks Consensus Estimate for Niktimvo's third-quarter sales is pegged at $64 million. Incyte granted Mirum Pharmaceuticals worldwide rights to Atebrioz (zilurgisertib) in April 2026. Following its FDA approval for fibrodysplasia ossificans progressiva, the drug is expected to launch this month. Incyte is eligible for milestone payments and royalties on global sales. Investors will look for updates on the launch and potential revenue contribution during the upcoming earnings call. Higher research and development (R&D) expenses, as well as increased selling, general and administrative (SG&A) costs, are likely to have escalated operating expenses in the third quarter of 2026. Incyte Corporation price-consensus-chart | Incyte Corporation Quote Incyte has a mixed history of earnings surprises. The company beat earnings estimates in three of the trailing four quarters and missed in the remaining one, delivering an average surprise of 28.65%. In the last reported quarter, INCY posted an earnings surprise of 54.50%. Our proven model does not conclusively predict an earnings beat for INCY this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter. INCY's Earnings ESP: Incyte's Earnings ESP is -11.02% as the Most Accurate Estimate stands at a loss of $3.89, higher than the Zacks Consensus Estimate for a loss of $3.50. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter. INCY's Zacks Rank: INCY has a Zacks Rank #4 (Sell) at present. Here is a stock worth considering from the healthcare space, as our model shows that this has the right combination of elements to beat on earnings this reporting cycle. Halozyme Therapeutics HALO has an Earnings ESP of +2.78% and currently flaunts a Zacks Rank #1 at present. You can see the complete list of today's Zacks #1 Rank stocks here. HALO shares have gained 85.1% year to date. The company's earnings beat estimates in three of the trailing four quarters and missed in the remaining one, delivering a negative average surprise of 19.12%. Halozyme is scheduled to report third-quarter results on Nov. 5. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Incyte Corporation (INCY) : Free Stock Analysis Report Novartis AG (NVS) : Free Stock Analysis Report Eli Lilly and Company (LLY) : Free Stock Analysis Report Halozyme Therapeutics, Inc. (HALO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

SAN DIEGO, Oct. 22, 2026 /PRNewswire/ -- Halozyme Therapeutics, Inc. (Nasdaq: HALO) ("Halozyme") today announced it will release its third quarter 2026 financial and operating results on Thursday, November 5, 2026, following the close of trading. Halozyme will host a conference call on Thursday, November 5, 2026 at 1:30pm PT/4:30pm ET to discuss the results. The conference call may be accessed live with pre-registration via this link: https://events.q4inc.com/analyst/811361061?pwd=qhqAVQ9L A live webcast and replay of the conference call will also be available through the "Investors" section of Halozyme's corporate website at www.halozyme.com. About Halozyme Halozyme is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies. As the innovators of ENHANZE® drug delivery technology with the proprietary enzyme rHuPH20, Halozyme's commercially-validated solution facilitates the subcutaneous delivery of injected drugs and fluids, reducing treatment burden and improving convenience. ENHANZE® has touched more than one million patient lives through ten commercialized products across over 100 global markets and is licensed to leading pharmaceutical and biotechnology companies including Roche, Takeda, Pfizer, Janssen, AbbVie, Eli Lilly, Bristol-Myers Squibb, argenx, ViiV Healthcare, Chugai Pharmaceutical, Acumen Pharmaceuticals, Merus N.V., GSK, and Incyte. Halozyme expanded its drug delivery technology portfolio to develop partner products using Hypercon™ and Surf Bio's hyperconcentration technology, recently renamed as Aerocon™. Hypercon™ is an innovative microparticle technology expected to set a new standard in hyperconcentration of drugs and biologics by reducing injection volume for the same dosage and enabling administration in at‑home and healthcare‑provider settings. Aerocon's polymer‑based hyperconcentration technology further broadens the range of biologics that can be delivered subcutaneously, meaningfully expanding the scope of opportunities across therapeutic modalities. Together, Hypercon™ and Aerocon™ complement ENHANZE® by enabling creation and delivery of highly concentrated biologics. The Hypercon™ technology has been licensed to leading biopharmaceutical partners, including Janssen, Eli Lilly, argenx, Vertex Pharmaceuticals and Oruka Therapeutics. Halozyme also develops, manufactures and commercializes drug-device combination products using advanced auto-injector technologies designed to improve convenience, reliability and tolerability, enhancing patient comfort and adherence. The Company has two proprietary commercial products, Hylenex® and XYOSTED®, partnered commercial products and ongoing development programs with Teva Pharmaceuticals and McDermott Laboratories Limited, an affiliate of Viatris Inc. Halozyme is headquartered in San Diego, CA, with offices in Ewing, NJ; Minnetonka, MN; and Boston, MA. Minnetonka is also the site of its operations facility. For more information, visit www.halozyme.com and connect with us on LinkedIn. Contact: Tram Bui VP, Investor Relations and Corporate Communications 609-333-7668 [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/halozyme-to-report-third-quarter-2026-financial-and-operating-results-302916279.html

Elevance Health, Inc. ELV reported third-quarter 2026 adjusted earnings per share (EPS) of $6.99, which surpassed the Zacks Consensus Estimate by 50%. However, the bottom line increased 15.9% year over year. Operating revenues advanced 0.7% year over year to $50.4 billion. The top line beat the consensus mark by 4%. The quarterly results benefited from higher premium yields in the Health Benefits segment and increased CarelonRx product revenues. However, lower medical membership and elevated operating expenses partly offset the gains. Elevance Health, Inc. price-consensus-eps-surprise-chart | Elevance Health, Inc. Quote As of Sept. 30, 2026, Elevance Health's Medical membership was around 44.9 million, which dipped 1.1% year over year. The decline was driven by reduced enrollment across the Medicaid, Medicare Advantage and Employer Group risk-based businesses. The reported figure beat the Zacks Consensus Estimate of 44.3 million and our estimate of 44 million. Premiums totaled $41.7 billion in the quarter under review, which decreased 0.2% year over year and surpassed our estimate of $39.7 billion. Product revenues grew 4.8% year over year to $6.5 billion, marginally missing the Zacks Consensus Estimate by 0.5% and our estimate by 0.1%. Net investment income rose 65.9% year over year to $1 billion. Adjusted operating margin remained flat at 2.7% year over year. Total expenses escalated 0.7% year over year to $49.6 billion in the third quarter, higher than our estimate of $46.6 billion. The year-over-year increase was due to higher costs of products sold, operating expenses and interest expenses. The operating expense ratio was 11.4%, which increased 90 bps year over year. The benefit expense ratio improved 70 basis points year over year to 90.6%, driven by better performance in Medicare Advantage and Individual ACA. The unit recorded operating revenues of $43.4 billion in the third quarter, which rose 2.6% year over year and beat the Zacks Consensus Estimate of $41.4 billion as well as our estimate of $40.8 billion. The segment benefited from increased premium yields and service fee revenue. The unit recorded an operating gain of $0.4 billion, which fell 27.5% year over year. It also missed the consensus mark of $0.5 billion. The operating margin deteriorated 40 basis points year over year to 1%. The segment's operating revenues rose 5.4% year over year to $19.3 billion in the quarter under review, beating the Zacks Consensus Estimate of $18.6 billion and our estimate of $17.9 billion. The year-over-year increase was driven by higher CarelonRx product revenues and the scaling of risk-based capabilities in Carelon Services. The unit's operating gain was $0.9 billion, up 17.2% year over year, reflecting strong performance in Carelon Services' risk-based solutions and improved profitability in specialty pharmacy. The operating margin increased 50 bps year over year to 4.7%. Operating revenues amounted to $6 million. The unit incurred an operating loss of $75 million, narrower than the prior-year quarter's $81 million loss. Elevance Health ended the third quarter with cash and cash equivalents of $10.3 billion, which advanced 9% from the 2025-end level. Total assets of $127.8 billion rose 5.2% from the 2025-end level. Long-term debt, less the current portion, amounted to $30.4 billion and fell 1.3% from the figure as of Dec. 31, 2025. There were no short-term borrowings at the end of the third quarter, while the current portion of the long-term debt amounted to $375 million. Total equity of $44.8 billion was up 1.7% from the 2025-end level. Elevance Health generated net cash flow from operations of $1.3 billion in the third quarter of 2026. The figure rose from the prior-year figure of $1.1 billion. Elevance Health repurchased 0.8 million shares for $330 million in the third quarter. It had approximately $5 billion remaining under its share repurchase authorization as of Sept. 30, 2026. Elevance Health paid a quarterly dividend of $1.72 per share, totaling $373 million in cash distributions. The company now expects adjusted EPS of at least $29 for 2026. Management raised its underlying 2026 earnings baseline to at least $26.75 from at least $26, reflecting stronger operating performance. The company remains confident in delivering at least 12% growth in adjusted diluted EPS in 2027 from the revised baseline. The operating margin for the Health Benefits segment was earlier estimated to witness a decrease of 50-25 bps from the 2025 reported figure. Also, the operating margin for CarelonRx was expected to see a 25-0 bps decline, while the same for Carelon Services was estimated to witness an increase of 0-25 bps. Management had earlier projected operating revenues to witness a low-single-digit decline in 2026 from the 2025 level. Premium revenues were estimated to witness a mid-single-digit decline from the 2025 level. Medical enrollment was forecasted to be between 43.2 million and 43.9 million in 2026. Net investment income was expected to be $1.9 billion. Interest expenses were forecasted to be $1.5 billion in 2026, while operating cash flow guidance was raised to at least $6.5 billion. Diluted shares are estimated to be 219-220 million. ELV currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the broader Medical space are Phibro Animal Health Corporation PAHC and Halozyme Therapeutics, Inc. HALO, each sporting a Zacks Rank #1 (Strong Buy) at present. Concentra Group Holdings Parent, Inc. CON currently carries a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here. The Zacks Consensus Estimate for Phibro Animal Health's third-quarter 2026 earnings is pegged at 79 cents per share, which has witnessed one downward revision in the past 60 days, with no movement in the opposite direction. It beat earnings estimates in each of the trailing four quarters, with the average surprise being 18.4%. The consensus estimate for PAHC's third-quarter2026 revenues is pinned at $378.5 million. The Zacks Consensus Estimate for Halozyme Therapeutics' third-quarter 2026 earnings is pegged at $2.28 per share, indicating 32.6% year-over-year growth. It has witnessed one upward revision in the past 60 days, with no movement in the opposite direction. The consensus estimates for HALO's third quarter 2026 revenues are pinned at $480.68 million, implying 35.7% year-over-year growth. The Zacks Consensus Estimate for Concentra Group's third quarter 2026 earnings is pegged at 45 cents per share, indicating a 15.4% year-over-year increase. It beat earnings estimates in each of the trailing four quarters, with the average surprise being 16.3%. The consensus estimate for CON's third quarter 2026 revenues is pinned at $ 600.15 million, implying 4.8% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Elevance Health, Inc. (ELV) : Free Stock Analysis Report Halozyme Therapeutics, Inc. (HALO) : Free Stock Analysis Report Phibro Animal Health Corporation (PAHC) : Free Stock Analysis Report Concentra Group Holdings Parent, Inc. (CON) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

As the October 2026 earnings season gathers momentum, investors should focus on companies combining strong revenue growth, improving profitability and sustainable business demand. Here, we identify five compelling candidates, Chord Energy CHRD, Halozyme Therapeutics HALO, Sezzle SEZL, SanDisk SNDK and Teradyne TER, that carry a Zacks Rank #1 (Strong Buy) and a Growth Score of A. Buying before earnings can provide exposure to potential positive surprises. The investment backdrop, however, is becoming more challenging. The Federal Reserve's Oct. 27-28 meeting is approaching amid persistent inflation and elevated interest rates. A Reuters poll published on Oct. 20 found that 94 of 100 economists surveyed expected the Fed to hold rates at 3.75-4% in October, while most anticipated another increase in December. Artificial intelligence (AI), semiconductor testing and data storage remain important growth drivers. The Federal Reserve Bank of San Francisco's Oct. 15 analysis noted that AI infrastructure investment continues to support economic growth, with information-processing equipment investment growing at an annualized rate exceeding 20% on average since early 2025. Healthcare technology and digital payments offer additional diversification, while disciplined energy producers can benefit from operating efficiency and shareholder distributions. Chord Energy: The company's preliminary third-quarter update, released Oct. 19, showed oil production of 165,400-165,600 barrels per day, above its prior guidance. Total production also exceeded expectations, while capital expenditures remained within guidance at $379-$385 million. The company repurchased $205 million of shares during the quarter and announced a $550 million divestiture of non-operated Marcellus assets. Chord Energy sports a Zacks Rank #1 and a Growth Score of A, supported by its production execution and capital discipline. Its trailing 12-month operating margin stands at 17.14%, reflecting its ability to generate operating profits amid commodity-price fluctuations. Its third-quarter 2026 earnings release is scheduled for Nov. 3, with the company expected to report earnings growth of 94.9% year over year. Halozyme: Halozyme's second-quarter 2026 revenues increased 48% year over year, while royalty revenue rose 50%. Following the strong performance, management raised its 2026 revenue outlook to $1.835-$1.910 billion and adjusted EBITDA forecast to $1.225-$1.280 billion. Halozyme sports a Zacks Rank #1 and a Growth Score of A, supported by its royalty-driven business model and expanding drug-delivery partnerships. Its trailing 12-month operating margin stands at 38.81%, showing a strong profitability trend. Its third-quarter 2026 earnings release is scheduled for Nov. 2, with investors likely to focus on royalty growth, licensing momentum and updated full-year guidance. HALO is expected to report third-quarter earnings growth of 32.6% on revenue growth of 35.7%. SanDisk: SanDisk reported fourth-quarter fiscal 2026 revenues of $8.97 billion, up 51% sequentially, while full-year revenues surged 175% to $20.25 billion. The company projected first-quarter fiscal 2027 revenues of $10.3-$10.8 billion and adjusted EPS of $44-$46, reflecting strong demand for its memory and storage products. SanDisk sports a Zacks Rank #1 and a Growth Score of A, supported by rising data-storage requirements and its exposure to AI infrastructure. Its trailing 12-month operating margin stands at 54.25%. Its fiscal first-quarter earnings release is scheduled for Oct. 29. SNDK is expected to report fiscal first-quarter earnings growth of 3689.3% on revenue growth of 358.2%. Sezzle: The company's second-quarter 2026 gross merchandise volume increased 37.9% year over year, while revenue surged 51.7%. Net income rose 47.7% and operating income advanced 52.3%. The company raised its 2026 adjusted net income guidance to $185 million and adjusted diluted EPS guidance to $5.25. Sezzle sports a Zacks Rank #1 and a Growth Score of A, reflecting its strong growth profile and expanding digital payments business. Its trailing 12-month operating margin is 29.62%, indicating healthy operating profitability. Its third-quarter 2026 earnings release is scheduled for Nov. 4, with the company expected to report earnings growth of 80.3% year over year. Teradyne: Teradyne reported second-quarter 2026 revenue growth of 104% year over year, while GAAP EPS increased to $2.38 from 49 cents a year earlier. Semiconductor testing generated $1.122 billion in revenues, benefiting from memory demand and AI-related opportunities. Management forecast third-quarter revenue of $1.2-$1.3 billion. Teradyne sports a Zacks Rank #1 and a Growth Score of A, reflecting its growth prospects in semiconductor testing and robotics. Its trailing 12-month operating margin stands at 27.13%, indicating solid operating profitability. Its third-quarter 2026 earnings release is scheduled for Oct. 27, with the company expected to report earnings growth of 140% year over year. You can see the complete list of today's Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sandisk Corporation (SNDK) : Free Stock Analysis Report Teradyne, Inc. (TER) : Free Stock Analysis Report Halozyme Therapeutics, Inc. (HALO) : Free Stock Analysis Report Chord Energy Corporation (CHRD) : Free Stock Analysis Report Sezzle Inc. (SEZL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Halozyme Therapeutics (HALO), which belongs to the Zacks Medical - Biomedical and Genetics industry, could be a great candidate to consider. When looking at the last two reports, this biopharmaceutical company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 14.59%, on average, in the last two quarters. For the most recent quarter, Halozyme Therapeutics was expected to post earnings of $1.82 per share, but it reported $2.28 per share instead, representing a surprise of 25.27%. For the previous quarter, the consensus estimate was $1.54 per share, while it actually produced $1.6 per share, a surprise of 3.90%. For Halozyme Therapeutics, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank. Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Halozyme Therapeutics has an Earnings ESP of +2.78% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #2 (Buy), it shows that another beat is possibly around the corner. With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss. Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate. Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Halozyme Therapeutics, Inc. (HALO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wrapping up Q2 earnings, we look at the numbers and key takeaways for the therapeutics stocks, including Halozyme Therapeutics (NASDAQ:HALO) and its peers. Over the next few years, therapeutic companies, which develop a wide variety of treatments for diseases and disorders, face strong tailwinds from advancements in precision medicine (including the use of AI to improve hit rates) and growing demand for treatments targeting rare diseases. However, headwinds such as rising scrutiny over drug pricing, regulatory unknowns, and competition from larger, more resourced pharmaceutical companies could weigh on growth. The 11 therapeutics stocks we track reported a very strong Q2. As a group, revenues beat analysts' consensus estimates by 8%. Luckily, therapeutics stocks have performed well with share prices up 29.6% on average since the latest earnings results. Known for transforming hours-long intravenous infusions into minutes-long subcutaneous injections, Halozyme Therapeutics (NASDAQ:HALO) develops and licenses its proprietary ENHANZE technology that enables subcutaneous delivery of injectable drugs that would otherwise require intravenous administration. Halozyme Therapeutics reported revenues of $481 million, up 47.7% year on year. This print exceeded analysts' expectations by 19%. Overall, it was an incredible quarter for the company with a beat of analysts' EPS estimates and an impressive beat of analysts' full-year EPS guidance estimates. "We delivered another quarter of strong performance, with multiple proof points demonstrating the attractive features of ENHANZE as a compounding platform engine: repeatability of success, scalability, diversification and durability of revenues," said Dr. Helen Torley, President and Chief Executive Officer. Halozyme Therapeutics achieved the fastest revenue growth and highest full-year guidance raise among its peers. Unsurprisingly, the stock is up 28.8% since reporting and currently trades at $110.44. We think Halozyme Therapeutics is a good business, but is it a buy today? Read our full report here, it's free. Founded in 1978 and pioneering treatments for some of medicine's most complex challenges, Biogen (NASDAQ:BIIB) develops and markets therapies for neurological conditions, including multiple sclerosis, Alzheimer's disease, spinal muscular atrophy, and rare diseases. Biogen reported revenues of $2.74 billion, up 3.4% year on year, outperforming analysts' expectations by 12.1%. The business had an incredible quarter with a beat of analysts' EPS estimates and an impressive beat of analysts' full-year EPS guidance estimates. The market seems happy with the results as the stock is up 9.9% since reporting. It currently trades at $225.94. Is now the time to buy Biogen? Access our full analysis of the earnings results here, it's free. Founded in 1991 as one of the pioneers in translating genetic discoveries into clinical applications, Myriad Genetics (NASDAQ:MYGN) develops genetic tests that assess disease risk, guide treatment decisions, and provide insights across oncology, women's health, and mental health. Myriad Genetics reported revenues of $190.7 million, down 10.5% year on year, falling short of analysts' expectations by 8.2%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts' expectations and a significant miss of analysts' EPS estimates. Myriad Genetics delivered the weakest performance against analyst estimates and weakest full-year guidance update in the group. As expected, the stock is down 20.5% since the results and currently trades at $4.27. Read our full analysis of Myriad Genetics's results here. Founded by a mother seeking treatment for her daughter's pulmonary arterial hypertension, United Therapeutics (NASDAQ:UTHR) develops and commercializes medications for chronic lung diseases and other life-threatening conditions, with a focus on pulmonary hypertension treatments. United Therapeutics reported revenues of $783.3 million, down 1.9% year on year. This print surpassed analysts' expectations by 2.3%. Overall, it was a strong quarter as it also logged a beat of analysts' EPS estimates. The stock is up 5.2% since reporting and currently trades at $545.45. Read our full, actionable report on United Therapeutics here, it's free. Founded in 1980 during the early days of the biotechnology revolution, Amgen (NASDAQ:AMGN) is a biotechnology company that discovers, develops, and manufactures innovative medicines to treat serious illnesses like cancer, osteoporosis, and autoimmune diseases. Amgen reported revenues of $10.05 billion, up 9.5% year on year. This number beat analysts' expectations by 6.9%. It was an exceptional quarter as it also recorded full-year revenue guidance exceeding analysts' expectations. The stock is up 8.2% since reporting and currently trades at $421.81. Read our full, actionable report on Amgen here, it's free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market's biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market's primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market's dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

Halozyme Therapeutics delivered a notably positive second quarter, as evidenced by the strong market reaction and management’s attribution of outperformance to surging royalty revenue and a wave of new collaboration agreements. CEO Helen Torley highlighted that the ENHANZE platform, now underpinning revenue from six different drugs, enabled a record 50% year-over-year royalty growth. The quarter also benefited from sizable milestone payments tied to newly signed licensing deals, with Torley emphasizing, “The ENHANZE value proposition is attracting new partners and additional products from our current partners at a cracking pace.” Is now the time to buy HALO? Find out in our full research report (it’s free). Revenue: $481 million vs analyst estimates of $404.3 million (47.7% year-on-year growth, 19% beat) Adjusted EPS: $2.28 vs analyst estimates of $1.82 (25.5% beat) Adjusted EBITDA: $328.8 million vs analyst estimates of $267.2 million (68.4% margin, 23.1% beat) The company lifted its revenue guidance for the full year to $1.87 billion at the midpoint from $1.76 billion, a 6.4% increase Management raised its full-year Adjusted EPS guidance to $8.83 at the midpoint, a 10.3% increase EBITDA guidance for the full year is $1.25 billion at the midpoint, above analyst estimates of $1.16 billion Operating Margin: 59.8%, down from 62.2% in the same quarter last year Market Capitalization: $11.55 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Natasha (Morgan Stanley) asked about the drivers behind the implied acceleration in royalty revenue for the second half of the year. CFO Darren Snellgrove explained that new product launches, such as Rybrevant subcutaneous, are expected to drive sequential growth, though not at the same steep pace as between Q1 and Q2. Jaya (Evercore ISI) inquired about the future of target exclusivity as patents expire and whether this opens new licensing opportunities. CEO Helen Torley clarified that deal structures are increasingly flexible, with a mix of exclusive and non-exclusive agreements tailored to partner needs. Brendan Smith (TD Cowen) pressed for more detail on the timing and scale of Hypercon pipeline launches and whether royalty projections include future partnerships. Torley responded that five to seven product launches by the mid-2030s underpin the $1 billion royalty target, with current and potential future deals contributing. Amit (H.C. Wainwright) asked how the mix of new versus follow-on partner nominations and the entry into ADCs and nucleic acids will shape future deal cadence. Torley emphasized that both new deals and nominations from existing partners are expected to drive pipeline growth. David Risinger (Leerink Partners) requested updates on Merck litigation, Alteogen competition, and M&A strategy. Torley outlined ongoing legal actions and stressed Halozyme’s competitive advantages, while Snellgrove reiterated disciplined but flexible capital allocation for future M&A. In the coming quarters, the StockStory team will focus on (1) the pace of new ENHANZE and Hypercon partnership agreements and whether these expand further into ADCs and nucleic acids, (2) the ramp-up of royalty revenue contributions from newly launched subcutaneous products, and (3) progress toward clinical milestones, especially the target of 13 ENHANZE development programs by year-end. We will also monitor developments in patent litigation and any updates on manufacturing investments for Hypercon. Halozyme Therapeutics currently trades at $102.10, up from $85.76 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 4:30 p.m. ET Vice President of Investor Relations - Tram Bui President and Chief Executive Officer - Dr. Helen Torley Chief Financial Officer - Darren Snellgrove Operator: Good afternoon. My name is Joel, and I will be your conference operator today. At this time, I would like to welcome everyone to Halozyme's Second Quarter 2026 Financial and Operating Results Conference Call. Please note, this event is being recorded. I will now turn the call over to Tram Bui, Halozyme's Vice President of Investor Relations. Please go ahead. Tram Bui: Thank you, operator. Good afternoon, and welcome to our Second Quarter 2026 Financial and Operating Results Conference Call. In addition to the press release issued today after the market close, you could find a supplementary slide presentation that will be referenced during today's call in the Investor Relations section of our website. Leading the call will be Dr. Helen Torley, Halozyme's President and Chief Executive Officer, who will provide an update on our business; and Darren Snellgrove, our Chief Financial Officer, will review our financial results as well as our outlook. On today's call, we will be making forward-looking statements as outlined on Slide 2. I would also refer you to our SEC filings for a full list of risks and uncertainties. During the call, both GAAP and non-GAAP financial measures will be discussed. Certain non-GAAP or adjusted financial measures are reconciled with the comparable GAAP financial measures in our earnings press release and slide presentation. I will now turn the call over to Dr. Helen Torley, and we will start on Slide 3. Helen Torley: Thank you, Tram, and good afternoon, everyone. I am pleased to report our results from an exceptionally strong second quarter, led by ENHANZE royalty revenue growth and new deal momentum that resulted in meaningful upfront milestones. You've heard me say before that ENHANZE is a unique compounding platform engine. On this call, we will share multiple proof points demonstrating how ENHANZE is delivering on all of the attractive features of a compounding platform engine. I'm talking about the repeatability of success, the scalability and diversification and the durability of revenues that flow from this. The ENHANZE value proposition is attracting new partners and additional products from our current partners at a cracking pace. On top of this, Hypercon is already off and running as a second future compounding platform engine for Halozyme, showing the same features and, in fact, doing so even earlier in the life cycle than ENHANZE, as we apply the knowledge and learnings of the last decade. Let's look now at what's new in the quarter. I will start with the broadening diversification and record growth of our royalty revenue streams. We are reporting increasing contributions of our newer launch products, Opdivo SC, Ocrevus SC and Rybrevant SC to our royalty revenues, with 80% growth quarter-on-quarter. This is repeating and building on top of the success and continued growth and performance of DARZALEX SC, VYVGART Hytrulo and Phesgo. What I love about this is that over the last years, we have moved from all focus being on DARZALEX SC performance to then expanding to Phesgo and then to VYVGART Hytrulo as it was recognized just how much opportunity these products represented. Now we're expanding to six products to focus on. This is exactly what I meant by the compounding platform engine, multiple winners, creating revenue diversification and durability. This broadened launch portfolio resulted in record total royalty revenue growth of 50% year-over-year to $308 million, providing strong support to and conviction for the 2026 to 2028 financial guidance and for the revenues in 2029 and beyond. Let me now move to the second highlight, the significant expansion in new partnerships for ENHANZE and Hypercon in the quarter. In the second quarter, we signed four new collaboration and licensing agreements, and we signed a fifth agreement in July. We have never had this pace of new collaboration agreements in the history of Halozyme. And for those of you who asked, can they sign great new deals for ENHANZE? The answer is a resounding, emphatic and demonstrated yes, with three of these five agreements being for ENHANZE. This year, we have added new ENHANZE agreements with GSK, Incyte and a third confidential partner. And we added two new Hypercon agreements with Vertex and with Oruka. 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 modality areas, ADCs and nucleic acids. This means brand-new growth opportunity for ENHANZE. The new CLAs contributed $35.5 million in upfront collaboration revenue in the quarter, approximately evenly split across ENHANZE and Hypercon. This was also an important contributor to record total revenue in the quarter. This is how we said we would and how we are bending the curve in the 2029 plus period. The third area I want to highlight is development portfolio expansion and progress. In the second quarter, we advanced our pipeline of future potential royalty streams with two new Phase I study starts. It is our goal to have 13 ENHANZE development programs in 2026, which is also bending the curve in the 2029 plus period. Moving now to Slide 4. I'll highlight the second quarter financial results. For the second quarter, total revenue increased 48% year-over-year to $481 million. This was largely driven by robust royalty revenues of $308 million, a strong 50% year-over-year growth. The robust revenue performance resulted in adjusted EBITDA of $329 million, adjusted EBITDA margin of more than 65% and non-GAAP earnings per share of $2.28, highlighting the strength of our diversified royalty portfolio and the operating leverage that's inherent in our differentiated business model. Moving now to Slide 5. Based on the strong second quarter and, in particular, the robust royalty revenue growth, we are pleased to raise full year 2026 guidance. What I will highlight is the increase in total revenue guidance of $110 million (sic) [ $112.5 million ] at the midpoint. This is driven by the increased projected royalty revenues from established products and the new launch products that I discussed earlier and also by the upfront milestones resulting from what has already been a record year for new collaboration and licensing agreements. Let me move now to Slide 6, and I'll provide additional detail on the key business drivers in the quarter, beginning with the current ENHANZE portfolio. In the second quarter, the contribution from the more recently launched subcutaneous products with ENHANZE including OCREVUS ZUNOVO, OPDIVO Qvantig and RYBREVANT subcutaneous increased by approximately 80% quarter-on-quarter. OCREVUS ZUNOVO is demonstrating how ENHANZE-enabled subcutaneous delivery can compound the value for our partners' products by expanding the accessible patient population. On their second quarter call, Roche reported that the number of patients receiving the subcutaneous formulation increased to 44,000. Contrast that with the 17,500 patients at the end of the fourth quarter of 2025, and you can see just how many new patients have been added for this every 6-month subcutaneous treatment. ZUNOVO is now the fastest-growing anti-CD20 multiple sclerosis brand in the United States. Roche noted that approximately 60% of the U.S. OCREVUS ZUNOVO starts are coming from community practices, demonstrating how ENHANZE-enabled delivery can reach new sites of care, enabling access to Ocrevus for new patients. Bristol's OPDIVO Qvantig continued its strong launch trajectory with subcutaneous conversion reported to have increased to 15%, well on track for BMS' targeted 30% to 40% conversion rate. Moving now to Bristol Myers Squibb. Bristol's OPDIVO Qvantige continued its strong launch trajectory with subcutaneous conversion reported to have increased to 15%, well on track for BMS' targeted 30% to 40% conversion rate. This resulted in global sales growth of more than 200% year-over-year to $261 million in the second quarter. Based on this, OPDIVO Qvantig is projected to exceed $1 billion in annualized revenue. Johnson & Johnson's RYBREVANT FASPRO is another strong example of how ENHANZE creates value for our partners and for Halozyme. For the second quarter of 2026, J&J highlighted rapid uptake of RYBREVANT FASPRO, contributing to the strong 62% year-over-year growth. Supporting growth acceleration in the upcoming quarters, the permanent J-code was awarded on July 1. This has been a contributor to broadening adoption and growth in multiple prior subcutaneous launches. J&J also commented that they have submitted a filing to the FDA for head and neck cancer. We are pleased to note that the FDA recently granted priority review to the filing, meaning an FDA review time line of approximately 6 months. Upon approval, this new indication would expand the opportunity for RYBREVANT FASPRO beyond its existing lung cancer indications into this new area of high unmet need. It is certainly very exciting to see the growth and contribution of these three newer launch brands, where for these three brands alone, the total IV and subcutaneous opportunity based on total sales is projected to be $25 billion in 2028. This is resulting in a diversified set of six products contributing royalty revenues where the total opportunity now exceeds $55 billion. I'll move now to DARZALEX subcutaneous, VYVGART Hytrulo and Phesgo, beginning with DARZALEX. DARZALEX continued to demonstrate robust revenue growth, increasing approximately 18% year-over-year to over $4 billion in the quarter, with virtually all global sales being for DARZALEX subcutaneous with ENHANZE. J&J attributed the strong performance to continued market growth and share gains across all lines of therapy, including nearly 11 percentage points of share gain in the frontline setting. It's also worth noting that following the FDA approval in March, the all subcutaneous regimen of TECVAYLI plus DARZALEX FASPRO is bringing new hope to patients with relapsed and refractory multiple myeloma. I'll move now to argenx. Total VYVGART sales grew 60% year-over-year to $1.5 billion in the second quarter, driven by continued strong adoption of the ENHANZE-enabled VYVGART Hytrulo pre-filled syringe, which I will refer to as the PFS. The PFS is expanding the prescriber base and bringing more patients into therapy with approximately 80% of U.S. PFS patients in the quarter reported to be new to VYVGART. This demonstrates how ENHANZE, by supporting continued innovation and administration, can meaningfully broaden patient reach and support long-term product growth. Driving continued growth, recent regulatory and clinical milestones continue to expand the long-term opportunity for VYVGART Hytrulo. VYVGART is now the first and only therapy approved across all gMG serotypes, including seronegative patients. The U.S. approval in seronegative gMG in May expands the addressable opportunity by approximately 11,000 patients. Positive Phase 3 data in ocular myasthenia gravis further highlights the opportunity to expand the franchise and drive future growth upon approval. Moving now to Phesgo. Phesgo continues to demonstrate the value of ENHANZE-enabled subcutaneous delivery within Roche's HER2 franchise. During the first half of 2026, Phesgo delivered strong growth of 18%, with global conversion reaching 54% in the 85 launch countries. Roche reiterated its expectation for at least 60% conversion at peak and highlighted Phesgo is a key component of the franchise's long-term durability. I'll move now to Slide 7. Looking beyond the current decade, our future launch portfolio represents a significant source of long-term value with the potential to expand and further diversify our royalty revenue streams and deliver durable revenue for many years to come. Beginning in the 2029-plus time frame, we have three revenue engines. The first is our 10 currently approved ENHANZE products. The second are the multiple launches that are arising from our growing and robust ENHANZE development portfolio. And the third is Hypercon partner products. We project that by year-end of 2026, we will have up to 13 ENHANZE partner products in development with potential approvals beginning in the 2029-plus time frame. These programs represent the next generation of royalty-producing assets and extend our future opportunity beyond the currently approved portfolio. During the second quarter, two new ENHANZE targets initiated Phase 1 testing. This is resulting in nine development products and keeps us well on track for the 13 development products by year-end. This broad and growing portfolio of future potential launches clearly demonstrates why we're so confident that ENHANZE will be a significant long-term revenue driver for Halozyme. I will now move to Hypercon, which we intend to make into a second compounding platform engine and recreate the amazing success of ENHANZE. Hypercon is designed to address growing demand for lower volume subcutaneous administration, enabling highly concentrated formulations that can potentially support at-home and physician office administration. We made strong progress in the quarter, advancing preparations to provide clinical supply to support the first Hypercon clinical starts in the first half of 2027. Our projected first launch timing for these two new products is in the 2030, 2031 time frame, and we continue to expect Hypercon to launch multiple products and achieve approximately $1 billion in royalty revenue in the mid-2030s. Let me now turn to the new collaboration and licensing agreements, which are summarized on Slide 8. I mentioned at the start that this has been our most successful year ever with record performance for ENHANZE and for Hypercon. The pace of recent collaboration activity reflects the growing importance of subcutaneous delivery across the biopharmaceutical industry. Pharma and biotech companies are increasingly focused on improving the patient treatment experience, reducing treatment burden, expanding access across sites of care and differentiating their products. In the second quarter, we announced the new ENHANZE agreement with GSK, which included the opportunity to use ENHANZE in a new use area with antibody drug conjugates. In July, we announced a second agreement with Incyte, working with Incyte on a subcutaneous formulation of its first-in-class mutant calreticulin monoclonal antibody. Today, we are pleased to announce a third new agreement signed in the second quarter with an undisclosed partner to explore the use of ENHANZE with a nucleic acid therapeutic. This is the first of what we hope will be several collaborations in this emerging area where ENHANZE brings the potential to enable subcutaneous delivery of large volume nucleic acid conjugate formulations and LNPs while mitigating the inflammatory and immune response that can be otherwise generated from subcutaneous administration. We are excited to expand into these two new areas of ADCs and nucleic acids that represent brand-new growth market segments for ENHANZE and where we estimate that there are at least 100 commercial and development products that may benefit. Also in the second quarter, we signed two new Hypercon collaboration agreements, one with Vertex and one with Oruka. These agreements establish strategic platform relationships that have the potential to expand over time through additional targets and future development programs. When we combine the up to 13 ENHANZE development programs by year-end and this expanding opportunity that's created by the current and new ENHANZE, Hypercon agreements, we have created a substantial portfolio of new potential royalty opportunities extending well into the next decade. What you've heard me describe is the power of having an established compounding platform engine with ENHANZE, and we're creating just the same for Hypercon. We have demonstrated time and again the repeatability and diversification with now six separate and growing royalty streams delivering record revenue. We've demonstrated scalability with multiple waves of new launches now extending well into the 2030s. The durability is clear with 50% royalty revenue growth more than 12 years after our first launch. And we're very proud that our partner products are clinical breakthroughs that we have helped create into multiple blockbuster subcutaneous products. Our priority in 2026 remains executing on these significant organic growth opportunities. We are also continuing to evaluate selective M&A opportunities that can expand our drug delivery technology offering and royalty duration. But any external opportunity must meet our criteria of a strong strategic fit, durable value creation and attractive returns. With that, I'm pleased to turn the call over to Darren. Darren Snellgrove: Thank you, Helen. I am thrilled to be joining Halozyme at such an exciting point in the company's evolution. Over the past few months, I've had the opportunity to dive deeper into the business, and what has stood out to me is the strength of Halozyme's business model. It's rare to find a company that offers such outstanding current performance and future potential. 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 returns to shareholders. Having spent nearly three decades in the industry, I was familiar with the value Halozyme creates for partners, patients and the health care system. After joining the company, I have an even greater appreciation for the opportunities ahead. One of the unique characteristics of the business is what I would call the halo effect. Every successful ENHANZE-enabled product does more than generate high-margin, scalable royalty revenue. We enable our partners and improve products for patients. Our platforms reinforce the clinical and commercial value of subcutaneous delivery and create additional opportunities for target nominations, platform expansions and new collaborations. This cycle continues to broaden our opportunities and increase the durability of our long-term diversified model. 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 in our future growth platforms. Let me start on Slide 9. Total revenue increased 48% to $481 million compared to $325.7 million in the prior year period. This performance was driven by robust royalty revenue growth and higher collaboration revenue, reflecting new deals signed during the quarter. Royalty revenue of $307.7 million increased 50% from $205.6 million in the prior year period and exceeded our expectations. These results reflect increasing contributions from more recently launched ENHANZE products as well as the continued commercial success of DARZALEX subcu and VYVGART Hytrulo. DARZALEX generated $4 billion in global sales for J&J in the second quarter, representing close to 18% operational growth, further demonstrating the strength, durability and continued momentum of the franchise. These strong sales translated into $152.2 million of royalty revenue to Halozyme, representing an increase of 27% year-over-year. Halozyme's royalties from VYVGART Hytrulo increased 143% to $72.6 million in the second quarter. Total VYVGART brand sales for the second quarter reached $1.5 billion, up 60% versus prior year, reflecting strong demand for the ENHANZE-enabled pre-filled syringe, which continues to broaden the prescriber base and support adoption across gMG and CIDP. Other royalty revenues grew 85% to $54.4 million, driven by increasing partner product sales of recently launched products, OCREVUS subcu, Opdivo Qvantig, RYBREVANT subcu and Tecentriq subcu. We are pleased with the early momentum and see a significant opportunity ahead given that estimates for the total brand growth of these four products is approximately $30 billion in 2028. Moving to Slide 10 for more detail on the quarterly results. Research and development expenses were $27.7 million compared to $17.5 million in the prior year period, reflecting the addition of Hypercon and SurfBio and our continued investment in advancing these technologies. Selling, general and administrative expenses were $57 million in the quarter compared to $41.6 million in the prior year period. Net income increased 39% to $229.9 million from $165.2 million in the prior year period. Adjusted EBITDA increased 46% to $328.8 million from $225.5 million in the prior year period, driven by continued strong royalty growth. GAAP diluted earnings per share was $1.90 compared to $1.33 in the prior year period, and non-GAAP diluted earnings per share was $2.28 compared to $1.54 in the second quarter of 2025. Moving to Slide 11. We generate substantial free cash flow from our asset-light model, and our strong financial position gives us the flexibility to execute a disciplined capital allocation strategy. Our priorities are straightforward: fund the highest return organic opportunities, maintain a strong balance sheet and return excess capital to shareholders through a disciplined buyback program. We view share repurchases as an attractive use of capital when we believe the stock does not fully reflect the durability and growth of our royalty streams. That is why we purchased $332.8 million worth of shares in the second quarter against our target of $400 million for the full year, while also investing in long-term growth and expanding the ENHANZE platform as more products launch and gain share. Turning now to Slide 12 and our updated 2026 outlook. As Helen mentioned earlier, we are pleased to raise the guidance for the remainder of the year. We now expect total revenue of $1.835 billion to $1.91 billion, representing year-over-year growth of 31% to 37%, driven by an increase in royalty revenue projections and product sales from API. Royalty revenues of $1.22 billion to $1.245 billion, representing year-over-year growth of 41% to 43%. We expect growing contributions from the recently launched ENHANZE products, while DARZALEX subcu, VYVGART Hytrulo and Phesgo remain the largest revenue contributors. We expect adjusted EBITDA of between $1.225 billion and $1.28 billion, which includes approximately $60 million of planned investment in Hypercon and SurfBio, and non-GAAP diluted EPS of $8.65 to $9. I will now turn the call back over to Helen. Helen Torley: Thank you, Darren. In closing, let me highlight that our record second quarter results reinforce our confidence in both the strength of our business today and in the opportunities ahead. The growing contributions of our recently launched ENHANZE products and the continued strong performance of DARZALEX subcutaneous and VYVGART give us confidence in the 2026 to '28 financial guidance and beyond. In the quarter, we demonstrated meaningful progress to add to this and will bend the curve, including through multiple new ENHANZE and Hypercon collaboration and licensing agreements and multiple new clinical study starts. Thank you for your attention today. And operator, you can now open the line for questions. Operator: Our first question is from Sean Laaman with Morgan Stanley. Unknown Analyst: This is Natasha on for Sean. So you raised royalty guide of $1.22 billion to $1.245 billion against the $548 million in the first half royalties, implies around $336 million to $348 million per quarter in the back half, which is a step-up from 2Q's $308 million. I just wanted to ask what's driving that implied acceleration from here? Is it primarily the newer launch cohort or the established products? Helen Torley: Thanks, Natasha. I'll turn that over to Darren. Darren Snellgrove: Yes. Thanks for the question. And as you noted, royalties were an important component of the beat in the first half. And I would say that we do expect royalty revenue to grow sequentially through the second half, probably won't have quite the same amount of royalty step-ups that were part of the Q1 to Q2 growth. But we do expect that to continue to ramp up in the second half. And a lot of it is driven by some of the new product launches that you've seen. So things like RYBREVANT subcu, which has started to pick up a little bit, and some of the other new products. Operator: Your next question is from Michael DiFiore with Evercore ISI. Speaker 5: This is [ Jaya ] on for Mike. Congrats on the strong quarter. I'd like to ask a question on target exclusivity. So you've talked about partners who work with other providers and often approach Halozyme first, where target was already exclusively licensed. So as we look forward to 2029, how should we think about the way target exclusivity works as the base patents flow out? And then does that open up targets you couldn't take on before? Helen Torley: Yes. Thanks for the question. In terms of the exclusivity, it's often very much driven by the partner company. And if they request exclusivity and they are willing to pay the enhanced economics that are associated with that, historically, in the past, we have agreed to that, and we also would still agree to that today. I will note, however, that as you've probably seen in the latest series of agreements that we've done, there are now a lot of companies who are very comfortable with gaining a nonexclusive license. And so you're going to see a mix of the two as you go forward. And I will also say, if you think about exclusivity, exclusivity is also done in different ways. It can be exclusivity to an entire target, as an example, like we did with PD-1. But in other cases, there can be exclusivity to a specific molecule uses a target or perhaps a target that is part of a combination. And so we are being able to be a lot more, if you like, creative and broad in what we're able to license both on an exclusive and a nonexclusive basis as we go forward. And that really is reflected in the five recent deals across those and the additional deals we anticipate signing this year and next. Operator: Your next question is from Brendan Smith with TD Cowen. Brendan Smith: Congrats on the great quarter. Maybe first, actually on Hypercon. I know we'll get confirmation of the first two assets by early next year. Just wondering if you can give us a little bit more of a sense of timing for, kind of, subsequent assets in that pipeline and just roughly when the next wave might be, if there are others that could reach Phase 1 next year? Is that more of a '28 event? And I guess, kind of related, I wanted to ask actually about that $1 billion in incremental Hypercon royalties by 2035 you've spoken to. I guess, how many different assets are you assuming would contribute to that by 2035? And I guess, are your assumptions largely just based on the current partnerships? Or are you assuming any additional ones? Helen Torley: Yes. Thanks. With regard to Hypercon and timing, there absolutely could be additional study starts in the second half of 2027, Brendan, based on the progress we're seeing with companies advancing through the preparatory stages before they're ready to advance to the clinic. And if you recall, while we've got five agreements, those partners have taken up to 20 targets. And so some of the companies are advancing more than one target at this point in time, and that is already creating a very nice pipeline of future clinical studies for 2027 and for 2028. So that's the great thing about the model we have with this ability to access multiple targets in one agreement. As we projected the $1 billion in the mid-2030s, we had assumed between five and seven launches by that time period. And I think a number of those will come from the already signed agreements, but it is also possible that agreements in the next 1 to 2 years could also be contributing to that based on what we estimate the development time line to be. So I commented on the call about -- it's very exciting to see Hypercon turning into another compounding platform engine for us, but able to do so faster and quicker in part because the market is just more receptive to subcu delivery, but we're also able to bring a lot of our learnings from how we've been able to commercialize and grow ENHANZE. Operator: Your next question is from Mitchell Kapoor with H.C. Wainwright. Unknown Analyst: This is Amit on for Mitchell. Congrats on a strong quarter. I guess, for both or all platform cadence, I guess, how are you thinking about the mix of new partner wins and follow-on nominations from existing partners? And how would that shape the future deal cadence? And on the ADC and nucleic acid therapeutics, there's a lot of excitement about that. And I was just wondering how are you thinking about the broader opportunity? And how are you prioritizing these modalities as you pursue additional deals? Helen Torley: Yes. Thank you. With regard to the -- I'll start with the ADCs and the nucleic acids, yes, very excited now to have signed a deal, one each for both of those, opening up a brand-new growth opportunity for ENHANZE. We have previously said that there's 50 ADCs we think could benefit from ENHANZE, and we said there are about 50 nucleic acid-based therapies that we think can benefit from ENHANZE. And so this really is an exciting opportunity. And I would say our business development team are agnostic to whether it's an monoclonal antibody, an ADC or a nucleic acid. But what it has done is broaden the number of companies that we are speaking to and approaching with ideas as to how the ENHANZE technology can help improve their risk-benefit profile or their competitive profile. And so it just has dramatically increased the number of conversations we're having, and that's exciting in terms of what that can mean for long-term growth and expansion of the ENHANZE number of agreements. You make a good point, and it's something I think that's often underrecognized is that signing new deals is a source of growth for us. But the number of targets that we already have under license that has not yet been nominated is a second, separate source of growth. And in the first half of this year, I will say we've had one current partner nominate a product, and I actually am expecting more in the second half. And so it's going to be a mix of both really in terms of what's going to cause the continued growth and expansion of our pipeline. We expect to have 13 development products in the clinic camp this year. That's going to continue both from these current deals we're signing, adding more nominations and moving into the clinic, but even our existing partners who've still got slots left. Now falling into the same mindset, I think, as many of the companies today of recognizing that subcu delivery means competitive differentiation, and they are advancing new nominations at a pace also that we've not necessarily seen in a long, long time. So it's an exciting time with both of those avenues for growth as well as growth coming from the ADCs and the nucleic acid new opportunity. Operator: Your next question is from Mohit Bansal with Wells Fargo. Unknown Analyst: This is [ Will Zhang ] on for Mohit. Congrats on the recent deals in the quarter. But I guess, I just want to understand now that some of the smaller companies are also partnering with you on ENHANZE, like is the deal structure for these smaller companies any different from your prior deals? And I guess, like, what conversations are you currently having with new or smaller partners? Helen Torley: Yes. We're excited to be continuing to be discussing ENHANZE with all size ranges of companies. If you think about just the last few months, we have GSK that certainly is a very large company. We've got Incyte that is a large company, and as you point out some smaller companies as well. I would say what is more a driver of exactly what the deal structure will be is based much more on exclusivity versus non-exclusivity. And so that is where there is some difference in the economics that's really driven by that the deal structure is shaped around exclusivity, not company size. Operator: The next question is from Dave Risinger with Leerink Partners. David Risinger: Thanks very much and congrats on the financial upside, and Darren, congrats on your new role. So I have a few questions, please. First, could you provide an update on the Merck litigation prospects? How -- that's the first question. Second, how you see Alteogen as a competitor today? And then third, your view on the acquisition landscape? Helen Torley: All right. I'll take the first two, and I'll turn the acquisition landscape over to Darren. With regard to the Merck litigation, let me start outside the U.S. We are currently actively pursuing injunctions in approximately eight countries outside the U.S. with the goal of stopping the Merck infringing use of our MDASE technology. This includes the launch in countries as well as manufacturing, distribution and supply of Qlex for worldwide use. These cases are moving forward rapidly. You may have seen we did have a preliminary injunction in Germany in December. And we do expect important decisions broadly impacting Merck launches of sales in Qlex in Europe before the end of this year. So very active in Europe. With regard to the United States, we're working through the U.S. patent office proceedings that were brought by Merck with regard to the PGRs. And we expect to have more clarity once that we're through all of those steps on when the U.S. District Court case is going to move forward once the final decisions are reached in those proceedings later this year. Now I will say that it's a very active on the PGRs as well. We're going to be appealing the four initial written decisions that we received earlier this year. And we expect to hear the PTAB's decision on the remaining 10 sometime this fall. And so a lot still happening in the U.S. case as well, David, with some clarity with regard to the PGRs at the end of this year, clarity on the timing of the district case, but certainly, our conviction and our confidence is absolutely unwavering that we will prevail in this case, and we will be appealing certainly the first four PGRs that based on our very strong conviction that the Alteogen product is infringing. The Merck product using the Alteogen technology, as you probably see better, is infringing. With regard to Alteogen, it still continues to be the case that from what is publicly available, it would appear that the people who are assigning deals at the moment with Alteogen are for targets that Halozyme has exclusively licensed, and I can say many of those companies have directly come to us, and we've had to unfortunately say we're unable to work with them. And so in light of that, obviously, while we're not finding that performance of Alteogen is directly competing with us. And I will also share that when companies come to us, what they see is they want to work with Halozyme because of our track record of success because our product is being used and we've got a safety database and over 1.3 million patients with 15 years history of reliability of supply. And our team have got the expertise to support very rapidly getting the partners into the clinic, innovative trial designs and a faster path to approval. And so the entire package that Halozyme brings is what has -- if you think about just in the last 7 or 8 months, six new ENHANZE deals, we are definitely performing incredibly well in the market, and it comes from that competitive moat that we've created from all of our years of expertise and performance. Let me turn it to Darren for acquisition landscape. Darren Snellgrove: Yes. Thanks. David, with regards to M&A, we definitely continue to see M&A as an important part of our capital allocation strategy. I would say, particularly when we can add differentiated technologies, new capabilities or create future growth platforms. But at the same time, I think you've heard the company say this before, we're very disciplined. We indicated last quarter that for '26, we're going to really focus on organic growth and M&A is unlikely. But what I would say, the good news is given the strength of our portfolio, the growing cash flows that we have and our improving leverage profile, we really do have flexibility. But again, we remain focused on really on long-term shareholder value. Operator: Your next question is from Mitchell Kapoor with H.C. Wainwright. Unknown Analyst: This is Amit again. But I was wondering, as you build out Hypercon manufacturing, how should we think about potential revenue beyond royalties and any incremental investment within the 2026-'28 margins? And for -- you show that you -- or you guide to 13 ENHANZE programs in development by end of 2026 and 13 launches in 2029. I'm just wondering how are you thinking about any potential attrition? Or is that, kind of, built into your assumptions? Helen Torley: Yes. Let me talk about the manufacturing first, and maybe I'll begin by sharing why we think it's such an exciting opportunity for us invest in the manufacturing. As you're already hearing, we've got five deals, multiple products are advancing. And we believe that Hypercon is going to become rapidly the same type of compounding platform engine that we have from ENHANZE. To speed that up, and to maximize the success of that, Halozyme investing to advance manufacturing is just the right thing to do. We'll be able to drive that, control that at our pace and with our expertise. We have not finalized the exact planning around that. So I can't share any details on the investment required or the exact business model. But what I can say is that this is going to be very exciting as we contemplate just how much more quickly Hypercon is going to grow to be that $1 billion opportunity compared to ENHANZE. So more to come on that as we finalize our plans. With regard to the additional launches, just to just clarify one thing. We anticipate having 13 products in the clinic by the end of this year. In terms of the 2029 number, what we said was we will begin in the launches in 2029, and those will be occurring between '29 and 2033 as an example. So there is a series of -- they're occurring over a period of time. Our development time lines generally are 4 to 5 years just to help with that. So not all 13 in 2029, but after that. In terms of the mix of products that we have in that 13 products and very exciting products in their mechanisms of action that some of the products are already commercial, which represent a very high probability of success based on our track record. Other products are new mechanisms of action, but the majority are antibodies, and we have just got tremendous experience with antibodies, which again, from many aspects gives us confidence in the fact that ENHANZE is going to be very successful in making them into successful subcutaneous products. So a broad range of products in there. Hard to give you specifics on them. But as a body, this ability to have up to 13 additional launches beginning in 2029 is clearly a very exciting additional growth driver that will layer on top of the already launched products. Operator: We have reached the end of the Q&A portion, which concludes today's call. Thank you so much for attending. You may now disconnect. Before you buy stock in Halozyme Therapeutics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Halozyme Therapeutics wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* That performance is why people listen. 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Halozyme (HALO) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Total Revenue: Increased 48% year-over-year to $481 million. Royalty Revenue: Record growth of 50% year-over-year to $308 million. Adjusted EBITDA: Increased 46% to $328.8 million, with a margin of more than 65%. Net Income: Increased 39% to $229.9 million. GAAP Diluted EPS: $1.90, compared to $1.33 in the prior year period. Non-GAAP Diluted EPS: $2.28, compared to $1.54 in the second quarter of 2025. DARZALEX Royalty Revenue: Increased 27% year-over-year to $152.2 million, driven by global sales of over $4 billion. VYVGART Hytrulo Royalty Revenue: Increased 143% to $72.6 million, with total brand sales reaching $1.5 billion. Other Royalty Revenue: Grew 85% to $54.4 million, driven by recently launched products. R&D Expenses: $27.7 million, compared to $17.5 million in the prior year period. SG&A Expenses: $57 million, compared to $41.6 million in the prior year period. Share Repurchases: Purchased $332.8 million worth of shares in the second quarter. Upfront Collaboration Revenue: New CLAs contributed $35.5 million in the quarter. Warning! GuruFocus has detected 4 Warning Sign with HALO. Is HALO fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record total revenue growth of 48% year-over-year to $481 million, driven by robust royalty revenue growth of 50% to $308 million. Exceptional pace of new partnerships, signing five new collaboration and licensing agreements (three for ENHANZE, two for Hypercon) in Q2 and July, expanding into new modalities like ADCs and nucleic acids. Strong performance from newer launch products (Opdivo SC, Ocrevus SC, Rybrevant SC), with their combined royalty revenue growing 80% quarter-on-quarter, diversifying the revenue stream. Raised full-year 2026 guidance for total revenue, royalty revenue, adjusted EBITDA, and non-GAAP EPS, reflecting confidence in continued growth. Hypercon platform is advancing rapidly, with preparations for first clinical starts in H1 2027 and a projected $1 billion in royalty revenue by the mid-2030s, creating a second growth engine. Continued strong performance from established products like DARZALEX SC (18% growth) and VYVGART Hytrulo (143% royalty growth), demonstrating durability. Strong financial position with adjusted EBITDA margin over 65% and significant free cash flow, enabling a disciplined capital allocation strategy including $332.8 million in share repurchases in Q2. Ongoing legal and patent litigation with Merck regarding the infringement of ENHANZE technology, with an uncertain timeline and outcome in the US. Increased R&D expenses (up 58% year-over-year) due to investments in Hypercon and SurfBio, which could pressure near-term margins. Potential competitive threat from Alteogen, although Halozyme notes that many companies seeking Alteogen deals have targets exclusively licensed to Halozyme. The company's future growth is heavily dependent on the success of partner products, which are subject to clinical trial risks, regulatory approvals, and commercial adoption. Guidance for the second half of 2026 implies a significant sequential step-up in royalty revenue, which may be challenging to achieve if new product launches underperform. The company is not currently pursuing M&A, focusing on organic growth, which may limit opportunities for external innovation or portfolio expansion in the near term. Q: You raised royalty guidance to $1.22 billion to $1.245 billion against the $548 million in the first half royalties, implying around $336 million to $348 million per quarter in the back half, a step-up from 2Q's $308 million. What's driving that implied acceleration? Is it primarily the newer launch cohort or the established products? A: Darren Snellgrove (CFO): We do expect royalty revenue to grow sequentially through the second half, although probably not with quite the same amount of step-ups that were part of the Q1 to Q2 growth. A lot of it is driven by some of the new product launches, such as RYBREVANT subcu, which has started to pick up, and some of the other new products. Q: As we look forward to 2029, how should we think about the way target exclusivity works as the base patents flow out? Does that open up targets you couldn't take on before? A: Helen Torley (CEO): Exclusivity is often driven by the partner company. If they request exclusivity and are willing to pay the enhanced economics, we have historically agreed and still would today. However, many companies are now comfortable with a nonexclusive license, so you will see a mix. Exclusivity can also be structured in different ways, such as for an entire target (like PD-1) or for a specific molecule or combination. This allows us to be more creative and broad in what we license, which is reflected in the five recent deals. Q: On Hypercon, can you give us a sense of timing for subsequent assets in the pipeline and when the next wave might reach Phase 1? Also, how many different assets are you assuming contribute to the $1 billion in incremental Hypercon royalties by 2035? A: Helen Torley (CEO): There could absolutely be additional study starts in the second half of 2027 based on progress. Our partners have taken up to 20 targets, and some are advancing more than one, creating a nice pipeline for 2027 and 2028. For the $1 billion projection in the mid-2030s, we assumed between five and seven launches. A number of those will come from already signed agreements, but it is possible that agreements signed in the next 1 to 2 years could also contribute. Q: How are you thinking about the mix of new partner wins and follow-on nominations from existing partners? And on the ADC and nucleic acid therapeutics, how are you prioritizing these modalities as you pursue additional deals? A: Helen Torley (CEO): We are excited to have signed a deal in both ADCs and nucleic acids, opening new growth opportunities. We estimate 50 ADCs and 50 nucleic acid-based therapies could benefit from ENHANZE. Our business development team is agnostic to modality, but this has broadened the number of companies we speak with. Signing new deals is a source of growth, but the number of targets already under license that haven't been nominated is a second, separate source. In the first half, one current partner nominated a product, and we expect more in the second half. Q: Now that some smaller companies are also partnering with you on ENHANZE, is the deal structure for these smaller companies any different from your prior deals? A: Helen Torley (CEO): We are excited to discuss ENHANZE with all size ranges of companies. In the last few months, we have GSK and Incyte, which are large companies, as well as some smaller ones. The driver of the deal structure is based much more on exclusivity versus non-exclusivity, which shapes the economics, rather than company size. Q: Could you provide an update on the Merck litigation prospects? How do you see Alteogen as a competitor today? And what is your view on the acquisition landscape? A: Helen Torley (CEO) & Darren Snellgrove (CFO): On Merck litigation, we are actively pursuing injunctions in approximately eight countries outside the US to stop the infringing use of our MDASE technology. We expect important decisions broadly impacting Merck launches in Europe before the end of this year. In the US, we are working through the patent office proceedings and expect clarity on the district court case timing later this year. Our conviction is unwavering. On Alteogen, companies assigning deals with them are for targets Halozyme has exclusively licensed, and many have come to us first. We are not finding Alteogen directly competing with us due to our track record, safety database of over 1.3 million patients, and expertise. On M&A, we continue to see it as an important part of capital allocation, but we are disciplined. For 2026, we are focused on organic growth, and M&A is unlikely, but we have flexibility given our strong cash flows. Q: As you build out Hypercon manufacturing, how should we think about potential revenue beyond royalties and any incremental investment within the 2026-'28 margins? And for the 13 ENHANZE programs in development by end of 2026, how are you thinking about potential attrition? A: Helen Torley (CEO): Investing in Hypercon manufacturing is exciting because we believe it will rapidly become a compounding platform engine like ENHANZE. We haven't finalized the exact planning, so I can't share details on investment or business model, but it will be exciting as we contemplate how much quicker Hypercon will grow to the $1 billion opportunity. On the 13 programs, we anticipate having 13 products in the clinic by year-end, with launches beginning in 2029 and occurring between 2029 and 2033. Development timelines are generally 4 to 5 years. The mix includes products with high probability of success based on our track record, and the majority are antibodies, giving us confidence in success. Q: Can you provide more detail on the drivers of the record second quarter results, specifically the royalty revenue growth and the new collaboration agreements? A: Helen Torley (CEO): The second quarter was exceptionally strong, led by ENHANZE royalty revenue growth and new deal momentum. Royalty revenue grew 50% year-over-year to $308 million, driven by increasing contributions from newer launch products like Opdivo SC, Ocrevus SC, and Rybrevant SC, which grew 80% quarter-on-quarter. We also signed four new collaboration agreements in Q2 and a fifth in July, including deals with GSK, Incyte, Vertex, and Oruka, contributing $35.5 million in upfront collaboration revenue. This demonstrates the repeatability, scalability, and diversification of the ENHANZE platform. Q For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Halozyme Therapeutics (HALO) just put fresh numbers on the table, reporting second quarter 2026 results, raising full year revenue guidance and updating progress on its share repurchase programs. For the quarter ended June 30, 2026, revenue was reported at US$481 million compared with US$325.72 million for the same period a year earlier. Net income for the quarter was US$229.91 million compared with US$165.16 million a year ago. Basic earnings per share from continuing operations for the second quarter were US$1.96 compared with US$1.36 a year earlier. Diluted earnings per share from continuing operations were US$1.90 compared with US$1.33 a year ago. Looking at the first half of 2026, Halozyme Therapeutics reported revenue of US$857.71 million compared with US$590.58 million for the first six months of the prior year. Net income for the six month period was US$379.96 million versus US$283.26 million a year earlier. Basic earnings per share from continuing operations over the six months were US$3.23 compared with US$2.32 a year ago. Diluted earnings per share from continuing operations over the same period were US$3.11 compared with US$2.26 a year earlier. Alongside these results, the company lifted its 2026 total revenue guidance to a range of US$1.835b to US$1.910b. This compares with a previous range of US$1.710b to US$1.810b. Halozyme Therapeutics also continued to buy back stock. From May 1, 2026 to June 30, 2026, the company repurchased 2,525,425 shares, or 2.13% of its shares, for US$175.01 million. This completed the repurchase announced on May 11, 2026. From April 1, 2026 to June 30, 2026, Halozyme repurchased a further 2,274,575 shares, or 1.92% of its shares, for US$157.63 million. With this, the company has completed the repurchase of 13,452,356 shares, or 10.91% of its shares, for US$750 million under the buyback program announced on February 20, 2024. These updates give you several moving parts to weigh with Halozyme stock. There is the reported revenue and earnings for both the quarter and the first half of the year, the higher full year revenue guidance range, and the reduction in share count from completed buyback programs. See our latest analysis for Halozyme Therapeutics. Halozyme Therapeutics stock has reacted sharply to the Q2 earnings beat, higher full year revenue guidance and completed buybacks, with a 1 day share price return of 20.24% and a 90 day share price return of 60.82%. Total shareholder return sits at 63.94% over 1 year and 148.66% over 5 years, indicating momentum that has been building rather than fading. If Halozyme's recent move has you considering where growth focused healthcare stories might emerge next, it could be worth scanning 43 healthcare AI stocks After Halozyme Therapeutics jumped on the earnings beat, raised guidance and heavy buybacks, the challenge is simple: lean into the move now or wait and hope valuation offers a cleaner entry point. The most followed narrative on Halozyme Therapeutics pegs fair value at $86.89, which sits below the latest close at $103.12 and frames the current debate. Read the complete narrative. Want to understand why this narrative says Halozyme can support its current price even with earnings growth below the market and expanding margins built into the model? The key is how revenue growth, profitability and the future earnings multiple are connected to move from today’s profit base to that long term earnings target. Result: Fair Value of $86.89 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Halozyme Therapeutics still faces real pressure points, including heavy reliance on a handful of royalty partners and ongoing patent disputes that could eventually unsettle the current valuation story. Find out about the key risks to this Halozyme Therapeutics narrative. The analyst narrative pegs Halozyme Therapeutics at $86.89, which suggests the stock is 18.7% overvalued versus the latest close at $103.12. Our SWS DCF model points in a very different direction, with an estimate of $388.52 per share that implies the stock trades well below that future cash flow value. Which framework aligns more closely with the growth and risk profile you see? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Halozyme Therapeutics for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 51 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. With Halozyme Therapeutics pulling strong numbers and mixed valuation signals, sentiment is clearly divided. It makes sense to move quickly and test the assumptions yourself by weighing the 2 key rewards and 3 important warning signs. If Halozyme's story has sharpened your focus, now is a good time to broaden your watchlist using other clear, data driven ideas on Simply Wall Street. Target potential mispricing opportunities by scanning 51 high quality undervalued stocks that combine quality fundamentals with attractive valuations. Strengthen your focus on balance sheet resilience by reviewing the solid balance sheet and fundamentals stocks screener (49 results) that may better handle financial pressure. Get ahead of the crowd by checking the screener containing 19 high quality undiscovered gems before they attract wider attention. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include HALO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]