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HALO Expands ENHANZE Collaboration & Licensing Deal With ARGX

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Key Takeaways

  • Halozyme expanded its ENHANZE collaboration with argenx by adding two exclusive targets.
  • argenx's exclusive access to ENHANZE rises from six to eight targets under the expanded deal.
  • HALO can receive milestone payments and royalties on sales of products developed with ENHANZE.

Halozyme Therapeutics (HALO - Free Report) announced that it has expanded the global collaboration and license agreement with argenx (ARGX - Free Report) to develop and commercialize its ENHANZE technology with two additional exclusive targets.

The expanded collaboration builds on the companies’ existing partnership around Vyvgart Hytrulo, which provides a subcutaneous (SC) option for patients with myasthenia gravis and chronic inflammatory demyelinating polyneuropathy.

The expanded agreement increases argenx's exclusive access to ENHANZE from six to eight targets, building on the successful development of Vyvgart Hytrulo.

Per the expanded agreement, Halozyme will be eligible to receive payments upon achieving certain milestones and royalties on net sales of products that are developed using the ENHANZE drug delivery technology.

The other financial terms and identities of the two additional targets have been kept under wraps.

HALO’s Price Performance

Year to date, shares of Halozyme have rallied 63.1% compared with the industry’s rise of 3.7%.

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Royalties From Partners Aid HALO’s Revenues

Halozyme has collaboration agreements with large pharma companies, which use its ENHANZE technology for the development of SC formulations of their various approved drugs.

Per the agreements, these companies have been granted worldwide license rights to develop and commercialize their products using ENHANZE technology. These deals generate royalties on sales of marketed drugs, milestone payments and annual license fees, which comprise Halozyme’s top line.

Halozyme has several marketed partnered drugs based on this technology, including the SC formulation of J&J’s (JNJ - Free Report) Darzalex, ARGX's Vyvgart Hytrulo and Roche’s Phesgo.

Halozyme’s top line also comprises royalty payments from partners, product sales as well as revenues under collaboration agreements related to its ENHANZE technology with some large pharma companies.

The company’s total revenues in the first half of 2026 were primarily driven by higher royalty payments from J&J for SC Darzalex, as well as argenx for Vyvgart Hytrulo.

HALO’s revenues from royalties rose 46.7% year over year to $373.8 million during the first half of 2026. Total product sales increased 63% year over year to $260.1 million during this period.

Reflecting the strong business performance, Halozyme raised its full-year 2026 financial outlook. The company now expects 2026 revenues of $1.84-$1.91 billion, up from its previous guidance of $1.71-$1.81 billion.

Also, royalty revenues are now anticipated in the range of $1.22-$1.25 billion compared with the earlier projection of $1.13-$1.17 billion.

HALO’s Zacks Rank & Another Key Pick

Halozyme currently carries a Zacks Rank #2 (Buy).

A top-ranked stock in the biotech sector is Werewolf Therapeutics (HOWL - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Werewolf Therapeutics’ 2026 loss per share have narrowed from $1.49 to 89 cents, while loss per share estimates for 2027 have declined from $2.20 to 59 cents during the same time. HOWL’s shares have gained 45.2% year to date.

Werewolf Therapeutics’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 47.49%.

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