Filing Flows › Halozyme Therapeutics (HALO) › Q4 2025
Halozyme Therapeutics (HALO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Halozyme Therapeutics (HALO) reported revenue of $452M for the fourth quarter 2025 (Q4 2025), +52% from a year earlier and +28% from the quarter before. Operating margin was -20.6%, net loss $142M (31.3% of revenue).
Halozyme Therapeutics, Q4 2025: revenue $452M (+52% year over year), operating margin -20.6%, net loss $142M, operating cash flow $219M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $452M | +28% | +52% |
| Operating profit | −$92.9M | -143% | — |
| Net earnings | −$142M | -181% | — |
| Operating cash flow | $219M | +23% | +23% |
| Free cash flow | $218M | +24% | +24% |
What changed
Revenue was $451.8M in Q4 2025, up 52% year over year and up 28% from the previous quarter. Royalties was the largest line at 57% of revenue.
Operating costs exceeded revenue by $92.9M, an operating margin of -20.6%. Total costs grew 345% against revenue growth of 52%. The fastest-growing cost line was Other operating costs (+1910%). The quarter ended with a net loss of $141.6M, after a profit of $175.2M the previous quarter.
Operating cash flow was $219.0M (up 23% year over year). Non-cash charges added back $3.3M of depreciation and amortization and $16.6M of share-based compensation. Working capital and other items added $340.7M. Capital expenditures of $1.4M left free cash flow of $217.6M.
Questions
What was Halozyme Therapeutics' revenue in the fourth quarter 2025?
Halozyme Therapeutics (HALO) reported revenue of $452M for the fourth quarter 2025 (Q4 2025), +52% from a year earlier and +28% from the quarter before.
Was Halozyme Therapeutics profitable in the fourth quarter 2025?
Operating loss was $92.9M (-20.6% of revenue) and net loss $142M.