$HALO · HALOZYME THERAPEUTICS, INC.
Halozyme's 10-Q for Q3 FY2026 shows total revenues of $492.97M, up 39.2% from $354.26M a year earlier, driven by royalties of $341.0M (vs $236.0M). Net income was $247.0M versus $175.2M, with diluted EPS of $2.01 versus $1.43. Nine-month revenue reached $1.35B versus $944.8M. The balance sheet swung to a stockholders' deficit of $55.2M from $48.8M equity at year-end, reflecting a $400M buyback, $1.47B in new 2033 convertible notes, and repayment of 2027/2028 notes.
- Q3 revenue $492.97M, up 39.2% YoY from $354.26M
- Royalties $341.0M vs $236.0M a year ago
- Diluted EPS $2.01 vs $1.43; net income $247.0M vs $175.2M
- Stockholders' equity swung to a $55.2M deficit from $48.8M equity
- Issued $1.47B in 2033 convertible notes and repurchased $400M of stock
Extended-hours last trade $114.40, down 6.96% vs the $122.96 regular close, despite the strong top-line beat — suggesting investors focused on the equity-deficit swing and heavy leverage.
A 39% revenue surge paired with a swing to negative stockholders' equity shows aggressive capital return and refinancing offsetting strong operating momentum.
Halozyme's royalty-heavy model (ENHANZE/rHuPH20) continues to deliver outsized margin expansion versus typical biopharma peers, with operating margin at 59.8%.
The company now carries a stockholders' deficit of $55.2M and long-term debt of $2.94B after the convertible refinancing, raising leverage concerns. Acquisition-related purchase price and contingent liability estimates remain subject to measurement-period revision.