Filing Flows › Halozyme Therapeutics (HALO) › Q3 2025
Halozyme Therapeutics (HALO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Halozyme Therapeutics (HALO) reported revenue of $354M for the third quarter 2025 (Q3 2025), +22% from a year earlier and +9% from the quarter before. Operating margin was 61.5%, net earnings $175M (49.5% of revenue).
Halozyme Therapeutics, Q3 2025: revenue $354M (+22% year over year), operating margin 61.5%, net earnings $175M, operating cash flow $179M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $354M | +9% | +22% |
| Operating profit | $218M | +8% | +34% |
| Net earnings | $175M | +6% | +28% |
| Operating cash flow | $179M | +79% | +55% |
| Free cash flow | $176M | +79% | +54% |
What changed
Revenue was $354.3M in Q3 2025, up 22% year over year and up 9% from the previous quarter. Royalties was the largest line at 67% of revenue. Royalties added $81.0M year over year (up 52%), 126% of the total change. Device partnered product sales declined 38%.
Operating profit was $217.9M, a 61.5% margin (up 5.3 points year over year). Of the extra revenue versus a year earlier, 85% reached operating profit, above the 56% margin then. Total costs grew 7% against revenue growth of 22%. The fastest-growing cost line was Cost of revenue (+12%). Net earnings were $175.2M, up 28% year over year. The effective tax rate was 20.0%.
Operating cash flow was $178.6M (up 55% year over year), 102% of net earnings. Non-cash charges added back $2.7M of depreciation and amortization and $12.2M of share-based compensation. Working capital and other items used $11.5M. Capital expenditures of $3.0M left free cash flow of $175.6M.
Questions
What was Halozyme Therapeutics' revenue in the third quarter 2025?
Halozyme Therapeutics (HALO) reported revenue of $354M for the third quarter 2025 (Q3 2025), +22% from a year earlier and +9% from the quarter before.
Was Halozyme Therapeutics profitable in the third quarter 2025?
Operating profit was $218M (61.5% of revenue) and net earnings $175M.