$HALO

HALOZYME THERAPEUTICS, INC.

CIK:0001159036|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 480,999	$ 325,719	$ 857,707	$ 590,580
Operating expenses
Cost of sales	79,171	46,359	158,409	94,762
Amortization of intangibles	29,512	17,762	59,024	35,524
Research and development	27,664	17,543	53,224	32,342
Selling, general and administrative	56,998	41,614	114,879	83,976
Total operating expenses	193,345	123,278	385,536	246,604
Operating income	287,654	202,441	472,171	343,976
Other income (expense)
Investment and other income, net	2,836	6,891	4,154	13,709
Interest expense	(5,588)	(4,394)	(11,096)	(8,919)
Income before income tax expense	284,902	204,938	465,229	348,766
Income tax expense	54,989	39,778	85,267	65,511
Net income	$ 229,913	$ 165,160	$ 379,962	$ 283,255
Earnings per share
Basic (usd per share)	$ 1.96	$ 1.36	$ 3.23	$ 2.32
Diluted (usd per share)	$ 1.90	$ 1.33	$ 3.11	$ 2.26
Weighted average common shares outstanding
Basic (in shares)	117,274	121,343	117,707	122,274
Diluted (in shares)	121,215	124,158	122,092	125,452
Royalties
Revenues
Total revenues	$ 307,699	$ 205,639	$ 548,380	$ 373,831
Product sales, net
Revenues
Total revenues	129,626	81,510	260,050	159,551
Revenues under collaborative agreements
Revenues
Total revenues	$ 43,674	$ 38,570	$ 49,277	$ 57,198

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 229,913	$ 165,160	$ 379,962	$ 283,255
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation			34,335	22,834
Depreciation and amortization	4,500	2,700	8,676	5,427
Amortization of intangible assets	29,512	17,762	59,024	35,524
Amortization of debt discount			4,499	3,698
Accretion of premium on marketable securities, net			(632)	(2,843)
Realized loss on marketable securities			28	26
Loss on disposal of equipment			76	0
Lease payments recognized			429	510
Deferred income taxes			4,335	(9,952)
Changes in operating assets and liabilities
Accounts receivable, net and contract assets			(17,385)	(7,884)
Inventories			45,711	(15,126)
Prepaid expenses and other assets			(50,256)	(41,063)
Accounts payable and accrued expenses			(47,833)	(20,474)
Net cash provided by operating activities			420,969	253,932
Investing activities
Purchases of marketable securities			(120,605)	(242,399)
Proceeds from sales and maturities of marketable securities			62,269	239,278
Proceeds from working capital adjustments on acquisition			710	0
Purchases of property and equipment			(7,914)	(2,513)
Net cash used in investing activities			(65,540)	(5,634)
Financing activities
Repurchase of common stock			(332,729)	(303,489)
Proceeds from issuance of common stock under equity incentive plans, net of taxes paid related to net share settlement			4,865	1,202
Net cash used in financing activities			(327,864)	(302,287)
Net increase (decrease) in cash and cash equivalents			27,565	(53,989)
Cash and cash equivalents at beginning of period			136,421	115,850
Cash and cash equivalents at end of period	163,986	61,861	163,986	61,861
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	163,138	61,861	163,138	61,861
Restricted cash	848	0	848	0
Total cash, cash equivalents and restricted cash	$ 163,986	$ 61,861	163,986	61,861
Supplemental disclosure of non-cash investing and financing activities
Amounts accrued for purchases of property and equipment			2,372	281
Right-of-use assets obtained in exchange for lease obligation			$ 1,945	$ 732

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 163,138	$ 133,820
Marketable securities, available-for-sale	67,865	9,000
Accounts receivable, net and contract assets	455,827	441,273
Inventories	137,135	176,475
Prepaid expenses and other current assets	109,059	64,639
Total current assets	933,024	825,207
Property and equipment, net	84,271	82,137
Prepaid expenses and other assets	55,090	53,551
Goodwill	581,732	580,360
Intangible assets, net	922,443	981,467
Restricted cash	848	2,601
Total assets	2,577,408	2,525,323
Current liabilities
Accounts payable	23,608	20,899
Accrued expenses	111,861	156,193
Current portion of long-term debt, net	208,970	0
Total current liabilities	344,439	177,092
Long-term debt, net	1,937,684	2,142,630
Other long-term liabilities	102,681	113,863
Deferred tax liabilities, net	49,061	42,924
Total liabilities	2,433,865	2,476,509
Commitments and contingencies (Note 11)
Stockholders’ equity
Preferred stock - $0.001 par value; 20,000 shares authorized; no shares issued and outstanding	0	0
Common stock - $0.001 par value; 300,000 shares authorized; 114,042 and 117,782 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	114	118
Additional paid-in capital	0	12,002
Accumulated other comprehensive loss	(7,830)	(18,092)
Retained earnings	151,259	54,786
Total stockholders’ equity	143,543	48,814
Total liabilities and stockholders’ equity	$ 2,577,408	$ 2,525,323