Filing Flows › Halozyme Therapeutics (HALO) › Q2 2026 › vs Q2 2025
Halozyme Therapeutics (HALO) Q2 2026 vs Q2 2025 (year over year)
Halozyme Therapeutics's revenue rose $155M (+48%) from $326M in Q2 2025 to $481M in Q2 2026. The biggest changes: Royalties +$102M (+50%); Product sales, net +$48.1M (+59%); Revenues under collaborative agreements +$15.1M (+53%). Operating margin 59.8% against 62.2% (-2.3 pts).
Halozyme Therapeutics, Q2 2026: revenue $481M (+48% year over year), operating margin 59.8%, net earnings $230M, operating cash flow $241M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 59.8% | 62.2% | -2.3 pts |
| Net margin | 47.8% | 50.7% | -2.9 pts |
| Free cash flow margin | 49.2% | 30.1% | +19.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Bulk rHuPH20 sales | $59.6M | $23.3M | $36.3M | +156% |
| Proprietary product sales | $55.4M | $46.5M | $9.0M | +19% |
| Upfront license and target nomination fees | $35.5M | $0 | $35.5M | — |
| Device partnered product sales | $14.6M | $11.8M | $2.8M | +24% |
| Event-based development and regulatory milestones and other fees | $5.7M | $24.5M | −$18.8M | -77% |
| Device licensing and development revenue | $2.5M | $4.1M | −$1.6M | -39% |
| Product sales, net | $130M | $81.5M | $48.1M | +59% |
| Revenues under collaborative agreements | $43.7M | $28.6M | $15.1M | +53% |
| Royalties | $308M | $206M | $102M | +50% |
| Revenue | $481M | $326M | $155M | +48% |
| Operating profit | $288M | $202M | $85.2M | +42% |
| Costs & expenses | $193M | $123M | $70.1M | +57% |
| Pre-tax earnings | $285M | $205M | $80.0M | +39% |
| Other expense, net | $2.8M | −$2.5M | $5.2M | — |
| Cost of revenue | $79.2M | $46.4M | $32.8M | +71% |
| Research & development | $27.7M | $17.5M | $10.1M | +58% |
| SG&A | $57.0M | $41.6M | $15.4M | +37% |
| Other operating costs | $29.5M | $17.8M | $11.8M | +66% |
| Net earnings | $230M | $165M | $64.8M | +39% |
| Income tax | $55.0M | $39.8M | $15.2M | +38% |
| Depreciation & amortization | $4.5M | $2.7M | $1.8M | +67% |
| Share-based compensation | $17.7M | $12.2M | $5.5M | +46% |
| Working capital & other | $11.2M | $80.3M | −$69.1M | -86% |
| Operating cash flow | $241M | $99.7M | $141M | +142% |
| Free cash flow (OCF − capex) | $237M | $98.1M | $139M | +141% |
| Capital expenditures | $4.2M | $1.6M | $2.6M | +167% |
Questions
How much did Halozyme Therapeutics's revenue grow year over year in Q2 2026?
Halozyme Therapeutics's revenue rose $155M (+48%) from $326M in Q2 2025 to $481M in Q2 2026.
What drove Halozyme Therapeutics's revenue change in Q2 2026?
Royalties +$102M (+50%); Product sales, net +$48.1M (+59%); Revenues under collaborative agreements +$15.1M (+53%).