Benchmark on Wednesday raised its price target for Halozyme Therapeutics Inc. (NASDAQ:HALO) to $90 from $75 while retaining a Buy rating following the company’s fourth-quarter 2025 financial results.
Halozyme reported fourth-quarter revenue of $451.8 million, a 52% increase versus the comparable quarter a year earlier. The company recorded a non-GAAP diluted loss per share of $0.24, a figure that included $2.42 per share of acquisition-related write-offs.
Excluding those charges, non-GAAP earnings were $2.18 per share for the quarter, compared with $1.26 in the prior-year period. Benchmark had modeled the quarter with revenue of $444.3 million and non-GAAP earnings of $2.20 per share.
Company commentary and filings attribute the revenue acceleration primarily to higher royalty income tied to prescription growth for Darzalex SC, Phesgo and Vyvgart Hytrulo, together with increased product sales. Halozyme also reiterated its revenue and earnings guidance for 2026, while noting that lower revenues are expected in the first quarter of 2026 because of the timing of royalty rate calculations.
Benchmark said its updated $90 per-share target reflects a valuation multiple of 6 times estimated revenues for 2026. The firm noted that shares had reached its previous $75 target prior to the revision.
Other recent analyst activity and company disclosures were included in the company’s earnings discussion. Halozyme’s adjusted loss of $0.24 per share surprised some investors, representing a notable miss against analyst expectations of a $1.90 profit per share. Consensus revenue expectations for the quarter were $393.9 million, meaning reported sales outpaced forecasts by a material margin.
The adjusted loss was attributed to acquisition-related costs that affected reported non-GAAP results. In addition, Halozyme provided details on the composition of its royalty revenue in its recent 10-K filing, following the strong fiscal 2025 performance noted in its results.
Separately, TD Cowen raised its price objective on Halozyme to $96 from $90 and maintained a Buy rating, citing the company’s royalty growth as a key factor in its decision.
Collectively, the analyst updates and Halozyme’s disclosures reflect a mix of strong top-line momentum driven by royalties and product sales alongside near-term earnings distortion from acquisition expenses. Investors will likely track the timing of royalty rate calculations and any further detail the company provides on the royalty revenue mix and acquisition-related charges as 2026 progresses.