Halozyme Therapeutics vs Gilead Sciences: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Halozyme Therapeutics Inc (HALO)

Q3 202615 Jul – 8 Oct 2026

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Halozyme Q3: Strong Earnings, New Deals, Legal Win, But Dilution Risk

Q2 Earnings Beat and Guidance Raise Halozyme reported Q2 revenue of $481 million, up 48% from a year earlier, and raised its full-year guidance. The stock hit a 52-week high as investors cheered the strong results and brighter outlook.
This is the core financial performance that directly drove the stock higher during the quarter.
New ENHANZE Partnerships and Expanded Collaboration Halozyme signed new ENHANZE deals with Incyte, Vertex, and GSK, and expanded its existing collaboration with argenx. These agreements broaden future royalty streams, giving investors more confidence in long-term revenue growth.
New partnerships are a key growth driver and were a major positive catalyst during the quarter.
Legal Win and Positive Trial Data A Dutch court blocked Merck’s subcutaneous Keytruda for patent infringement, potentially adding royalties or damages for Halozyme. Also, positive Darzalex Faspro trial data support long-term royalties, reinforcing the company’s intellectual property strength.
These legal and clinical developments protect and enhance future revenue streams, directly impacting investor sentiment.
Convertible Notes Raise Creates Dilution Risk Halozyme raised $1.3 billion in convertible notes, strengthening its balance sheet but potentially diluting shares if the stock price rises above the conversion price. This is a risk that could weigh on the stock if not managed carefully.
This is a significant counterweight to the positive news, as dilution can pressure the stock price.

September 202615 Aug – 8 Oct 2026

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Halozyme's Royalty Engine Roars as Legal Wins and Deals Pile Up

Q2 Beat and Raised Guidance Halozyme's Q2 revenue jumped 48% to $481 million, beating estimates, and the company raised full-year guidance. This shows its royalty business is growing faster than expected, which directly boosts investor confidence and the stock price.
This is the core fundamental driver of the stock's recent surge and answers why HALO is moving.
New ENHANZE Deals Expand Royalty Stream Halozyme signed five new collaborations, including with Vertex, GSK, and Incyte, and expanded its argenx deal from six to eight targets. More partners mean more future milestone payments and royalties, which supports long-term revenue growth and lifts the stock.
New deals are a key growth catalyst that directly increases future royalty revenue.
Dutch Court Blocks Merck's Keytruda SC A Dutch court ruled that Merck's subcutaneous Keytruda infringes Halozyme's patent, banning sales in eight European markets. This legal win protects Halozyme's technology and could lead to royalties or damages from Merck, boosting the stock.
This is a major legal victory that validates Halozyme's patent portfolio and could unlock significant value.
Upsized Convertible Notes Offering Halozyme raised $1.3 billion in convertible notes to refinance older debt. While this strengthens the balance sheet and funds growth, it also creates potential future dilution if the stock rises above the conversion price, which can weigh on shares.
This financing event affects the capital structure and has both positive and negative implications for the stock.

Latest15 Aug – 8 Oct 2026

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Halozyme's Royalty Engine Roars as Legal Wins and Deals Pile Up

Q2 Beat and Raised Guidance Halozyme's Q2 revenue jumped 48% to $481 million, beating estimates, and the company raised full-year guidance. This shows its royalty business is growing faster than expected, which directly boosts investor confidence and the stock price.
This is the core fundamental driver of the stock's recent surge and answers why HALO is moving.
New ENHANZE Deals Expand Royalty Stream Halozyme signed five new collaborations, including with Vertex, GSK, and Incyte, and expanded its argenx deal from six to eight targets. More partners mean more future milestone payments and royalties, which supports long-term revenue growth and lifts the stock.
New deals are a key growth catalyst that directly increases future royalty revenue.
Dutch Court Blocks Merck's Keytruda SC A Dutch court ruled that Merck's subcutaneous Keytruda infringes Halozyme's patent, banning sales in eight European markets. This legal win protects Halozyme's technology and could lead to royalties or damages from Merck, boosting the stock.
This is a major legal victory that validates Halozyme's patent portfolio and could unlock significant value.
Upsized Convertible Notes Offering Halozyme raised $1.3 billion in convertible notes to refinance older debt. While this strengthens the balance sheet and funds growth, it also creates potential future dilution if the stock rises above the conversion price, which can weigh on shares.
This financing event affects the capital structure and has both positive and negative implications for the stock.

July 202615 Jul – 14 Aug 2026

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Halozyme's Q2 Beat and New Incyte Deal Drive Growth Story

Q2 earnings beat and raised guidance Halozyme reported Q2 revenue of $481 million, up 48% from a year ago, and raised its full-year revenue outlook to $1.835–$1.910 billion. The stock jumped 20% on the news, as investors saw stronger demand for its drug-delivery technology and better profit potential.
This is the biggest new financial event, directly boosting investor confidence and the stock price.
New Incyte collaboration for ENHANZE Halozyme signed a global licensing deal with Incyte to use its ENHANZE technology with an experimental cancer drug. Halozyme gets upfront cash, potential milestone payments, and future royalties. This expands its partner base and adds a new stream of income without major new spending.
This is a fresh partnership that adds future revenue and validates Halozyme's technology platform.
Positive trial results for Darzalex Faspro A late-stage trial showed that Darzalex Faspro, which uses Halozyme's ENHANZE technology, combined with J&J's Talvey significantly improved survival in multiple myeloma patients. This supports continued adoption of the drug, meaning more royalties for Halozyme over time.
It reinforces demand for an existing partnered product, which drives recurring royalty revenue.
Stock hits 52-week high on momentum Halozyme shares reached a 52-week high of $103.30 after the strong earnings and guidance. The stock has risen 46% over the past year, reflecting growing investor confidence in its business model and cash generation.
This captures the market's positive reaction and momentum, which can attract more investors.

15 Jul – 14 Aug 2026

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Halozyme's Q2 Beat and New Incyte Deal Drive Growth Story

Q2 earnings beat and raised guidance Halozyme reported Q2 revenue of $481 million, up 48% from a year ago, and raised its full-year revenue outlook to $1.835–$1.910 billion. The stock jumped 20% on the news, as investors saw stronger demand for its drug-delivery technology and better profit potential.
This is the biggest new financial event, directly boosting investor confidence and the stock price.
New Incyte collaboration for ENHANZE Halozyme signed a global licensing deal with Incyte to use its ENHANZE technology with an experimental cancer drug. Halozyme gets upfront cash, potential milestone payments, and future royalties. This expands its partner base and adds a new stream of income without major new spending.
This is a fresh partnership that adds future revenue and validates Halozyme's technology platform.
Positive trial results for Darzalex Faspro A late-stage trial showed that Darzalex Faspro, which uses Halozyme's ENHANZE technology, combined with J&J's Talvey significantly improved survival in multiple myeloma patients. This supports continued adoption of the drug, meaning more royalties for Halozyme over time.
It reinforces demand for an existing partnered product, which drives recurring royalty revenue.
Stock hits 52-week high on momentum Halozyme shares reached a 52-week high of $103.30 after the strong earnings and guidance. The stock has risen 46% over the past year, reflecting growing investor confidence in its business model and cash generation.
This captures the market's positive reaction and momentum, which can attract more investors.

Gilead Sciences Inc (GILD)

Q3 20266 Jul – 28 Sep 2026

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Gilead Q3: strong HIV sales and raised guidance offset by huge acquisition losses

Q2 beat and guidance raised twice Gilead's Q2 revenue beat at $7.8B, up 10%, and management raised full-year guidance twice to $30.1–30.4B. The dividend also rose 3.8%, signaling confidence in the business.
This is the core new financial result and outlook that drove the stock this quarter.
HIV franchise strength and new approvals HIV sales rose 12% to $5.7B, with Yeztugo surging and Bixlenvo approved. A once-weekly oral HIV regimen advanced, and a legal win blocked illegal Biktarvy imports, protecting the franchise.
HIV is Gilead's biggest business, and these new gains are central to the quarter's positive momentum.
Massive acquisition charges and cash drain Gilead took $11.2B in acquired IPR&D charges from Arcellx, Tubulis, and Ouro, causing large GAAP and non-GAAP losses and cutting cash from $10.6B to $3.2B. This is a real financial counterweight.
These charges and the cash decline are the main negative force that weighed on the stock this quarter.
Pipeline progress but early-stage and pricing unclear Pipeline wins included Trodelvy's EU expansion and anito-cel, but these remain early-stage with no near-term revenue. Lenacapavir access pricing is still unclear, leaving uncertainty about future profits.
This captures the mixed nature of pipeline advances that are promising but not yet contributing revenue.

August 202614 Jul – 28 Sep 2026

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Gilead's Q2 Beat, Raised Guidance, New Launches Offset Big Acquisition Costs

Q2 beat and raised guidance Gilead's second-quarter revenue beat expectations at $7.8 billion, up 10%, and management raised full-year guidance twice to $30.1–$30.4 billion. The dividend also rose 3.8%, signaling confidence in the business.
This is the core financial result that drove positive sentiment during the period.
HIV franchise strength and new launches HIV sales climbed 12% to $5.7 billion, PrEP topped $1 billion quarterly, and Yeztugo jumped to $232 million from $15 million. Bixlenvo won FDA approval, Trodelvy expanded in the EU, and lenacapavir licensing widened.
These are the key operational drivers showing growth beyond the core HIV business.
Large acquisition charges hit earnings and cash Gilead took $11.2 billion in acquired IPR&D charges from Arcellx, Tubulis, and Ouro Medicines, causing large GAAP and non-GAAP losses and cutting cash from $10.6 billion to $3.2 billion. This is a real cost of future growth, though not an operating cash drain.
This is the main counterweight that pressured reported results and the balance sheet.
Pipeline wins are early-stage Positive pipeline news, such as the once-weekly oral HIV regimen and new drug launches, remains early and not yet contributing near-term revenue. Investors weigh future potential against current costs.
This explains why pipeline progress is not yet a near-term earnings driver, balancing optimism.

Latest14 Jul – 28 Sep 2026

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Gilead lifts 2026 outlook and dividend as HIV sales surge

Raised 2026 sales outlook and dividend hike Gilead raised its 2026 product sales outlook to $30.1–$30.4 billion and lifted its quarterly dividend 3.8%. Stronger guidance tells investors the HIV business is performing better than expected, which supports the stock price.
This is the period's biggest new event and directly answers what is driving GILD now.
HIV franchise sales accelerate Quarterly HIV sales rose 12% to $5.7 billion, led by Biktarvy at $3.8 billion and Descovy up 48%. Yeztugo, the twice-yearly prevention shot, jumped to $232 million from $15 million a year earlier, showing the new product is taking off.
HIV is Gilead's core profit engine, and its growth is the fundamental force behind the raised guidance.
Big acquisition charges create reported losses Gilead recorded $11.2 billion in acquired research charges from buying Arcellx, Tubulis and Ouro Medicines, causing large accounting losses and cutting cash to $3.2 billion from $10.6 billion. This is a real cost of building future growth, but it does not reflect day-to-day operations.
It is the main counterweight to the good news and explains why reported earnings look weak despite strong sales.
New lenacapavir licensing and FDA approval widen reach Gilead expanded royalty-free lenacapavir licensing to a once-yearly HIV prevention shot across 120 lower-income countries, and won FDA approval for Bixlenvo, a small once-daily HIV pill. Both broaden the HIV portfolio and add future sales.
These regulatory and access moves extend Gilead's HIV leadership, a key long-term driver.

September 20265 Sep – 22 Sep 2026

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Gilead's HIV franchise strengthens with legal win, access deal, and analyst backing

Fourth Circuit blocks illegal imports of Biktarvy A federal appeals court upheld an injunction stopping foreign versions of Gilead's top HIV drug Biktarvy from being sold in the U.S. This protects Gilead's U.S. sales and pricing power, supporting the stock.
This legal win directly protects Gilead's largest revenue stream and removes a competitive threat.
PAHO deal expands lenacapavir access in Latin America Gilead and the Pan American Health Organization agreed to make HIV prevention drug lenacapavir available in 14 Latin American countries. This widens the market for Gilead's prevention portfolio, though pricing terms are still unclear.
This expands Gilead's global reach for a key growth drug, but the financial impact depends on final pricing.
Morgan Stanley reaffirms Overweight on HIV prevention growth Morgan Stanley kept its buy rating on Gilead, highlighting the HIV prevention franchise. Yeztugo, a twice-yearly shot, is expected to hit $1 billion in first-year sales, with the prevention portfolio at about $4 billion annually and PrEP users more than doubling since 2022.
Analyst backing and concrete sales targets reinforce confidence in Gilead's growth trajectory.
Gilead's pipeline advances with gamgertamig and anito-cel Lakefront Biotherapeutics plans registrational trials in 2027 for gamgertamig, which Gilead will commercialize. Also, Gilead's anito-cel for multiple myeloma has an FDA decision due in December. These add future growth options beyond HIV.
Pipeline progress diversifies Gilead's revenue and offers new catalysts, though they are not yet near-term revenue.

5 Sep – 22 Sep 2026

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Gilead's HIV franchise strengthens with legal win, access deal, and analyst backing

Fourth Circuit blocks illegal imports of Biktarvy A federal appeals court upheld an injunction stopping foreign versions of Gilead's top HIV drug Biktarvy from being sold in the U.S. This protects Gilead's U.S. sales and pricing power, supporting the stock.
This legal win directly protects Gilead's largest revenue stream and removes a competitive threat.
PAHO deal expands lenacapavir access in Latin America Gilead and the Pan American Health Organization agreed to make HIV prevention drug lenacapavir available in 14 Latin American countries. This widens the market for Gilead's prevention portfolio, though pricing terms are still unclear.
This expands Gilead's global reach for a key growth drug, but the financial impact depends on final pricing.
Morgan Stanley reaffirms Overweight on HIV prevention growth Morgan Stanley kept its buy rating on Gilead, highlighting the HIV prevention franchise. Yeztugo, a twice-yearly shot, is expected to hit $1 billion in first-year sales, with the prevention portfolio at about $4 billion annually and PrEP users more than doubling since 2022.
Analyst backing and concrete sales targets reinforce confidence in Gilead's growth trajectory.
Gilead's pipeline advances with gamgertamig and anito-cel Lakefront Biotherapeutics plans registrational trials in 2027 for gamgertamig, which Gilead will commercialize. Also, Gilead's anito-cel for multiple myeloma has an FDA decision due in December. These add future growth options beyond HIV.
Pipeline progress diversifies Gilead's revenue and offers new catalysts, though they are not yet near-term revenue.

15 Aug – 27 Aug 2026

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Gilead's HIV engine accelerates with new drug approvals and raised guidance

HIV sales growth guidance raised to 9–10% Gilead lifted its full-year HIV sales growth outlook to 9–10% from 8%, citing a $4 billion annualized PrEP business and strong Biktarvy. Higher expected sales mean more profit, which supports a higher stock price.
This is a direct, new upgrade to the company's core revenue outlook, a key driver of the stock.
FDA approves Bixlenvo, a new single-tablet HIV regimen The FDA approved Bixlenvo, a once-daily single tablet for complex HIV cases. It is the smallest such option and the first for patients who cannot take existing single-tablet therapies, opening a new market and reinforcing Gilead's HIV leadership.
A new product approval expands the addressable market and future revenue, directly lifting growth prospects.
European Commission expands Trodelvy approval in first-line TNBC The EC approved Trodelvy plus Keytruda for first-line metastatic triple-negative breast cancer, making it the only antibody-drug conjugate plus immunotherapy combo in that setting across the EU. This widens oncology sales and diversifies revenue beyond HIV.
A major regulatory win in a new indication that boosts the oncology franchise and long-term growth.
Pipeline expands with MacroGenics option and once-weekly HIV data Gilead exercised an option on a MacroGenics bispecific cancer program, and positive Phase 3 results for a once-weekly oral HIV regimen with Merck were announced. These add future growth options, though they are early and not yet near-term revenue.
New pipeline additions signal longer-term growth potential, which can support a higher valuation.

29 Jul – 13 Aug 2026

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Gilead's Q2 beat and raised guidance show HIV strength, but acquisition charges hit reported EPS

Q2 revenue beat and raised full-year guidance Gilead reported Q2 revenue of $7.8 billion, up 10% and above estimates, and raised 2026 product sales guidance to $29.8–$30.1 billion. HIV sales rose 12% to $5.7 billion, with Biktarvy up 7%. This shows the core business is growing faster than expected, which supports a higher stock price.
This is the period's central event and directly explains the positive fundamental momentum behind GILD.
PrEP franchise tops $1 billion; Yeztugo persistence strong Quarterly PrEP sales doubled year-over-year to over $1 billion for the first time, led by the twice-yearly shot Yeztugo ($232 million, up 40% from Q1). Over 70% of patients stayed on Yeztugo after a year, the best among PrEP options. This growing prevention business adds a new revenue stream and reduces reliance on HIV treatment alone.
It highlights a key new growth driver that is boosting investor confidence and future sales.
Large acquisition charges push reported EPS deeply negative Gilead's Q2 GAAP EPS was a loss of $8.45, and non-GAAP EPS was a loss of $6.75, due to $11.2 billion in acquired IPR&D expenses from buying Arcellx, Tubulis, and Ouro Medicines. Excluding these one-time charges, EPS would be $8.50–$8.85. The headline loss may scare some investors, but it is an accounting effect, not a cash drain on operations.
It is the main counterweight in the period and explains why reported earnings look bad despite strong operations.
Analyst reiterates Buy; pipeline advances in oncology and HIV BofA reiterated a Buy rating and $162 price target, citing Yeztugo's persistence and raised guidance. Separately, European regulators backed Trodelvy plus Keytruda for first-line triple-negative breast cancer, and a once-weekly oral HIV regimen with Merck met its Phase 3 goals. These expand future sales opportunities.
It shows external validation and pipeline progress that support the stock's longer-term growth story.

July 20266 Jul – 24 Jul 2026

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Gilead's pipeline expands with new launches and positive HIV data

Four drug launches planned to diversify beyond HIV Gilead is preparing four drug launches this year, including bulevirtide for hepatitis delta and anito-cel for multiple myeloma. This diversification reduces reliance on HIV and opens new revenue streams, supporting the stock.
This is a new strategic update that shows Gilead's growth beyond its core HIV business.
Positive Phase 3 results for once-weekly oral HIV regimen Gilead and Merck reported that a once-weekly oral HIV treatment maintained viral suppression in Phase 3 trials, with higher patient satisfaction. This could become the first once-weekly oral option, strengthening Gilead's HIV portfolio.
This is a new clinical milestone that could lead to a new product and boost future sales.
CHMP recommends Trodelvy plus Keytruda for first-line TNBC The European regulator recommended Trodelvy combined with Keytruda for first-line metastatic triple-negative breast cancer. This expands Trodelvy's use and reinforces its role, potentially increasing sales in Europe.
This is a new regulatory step that could lead to approval and broader use of a key drug.
Remdesivir evaluated in Ebola trial The WHO began an experimental Ebola trial in Congo, testing Gilead's remdesivir. If effective, it could expand remdesivir's use and demand, though the impact is uncertain and likely small.
This is a new potential use for an existing drug, but the financial impact is not yet clear.

6 Jul – 24 Jul 2026

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Gilead's pipeline expands with new launches and positive HIV data

Four drug launches planned to diversify beyond HIV Gilead is preparing four drug launches this year, including bulevirtide for hepatitis delta and anito-cel for multiple myeloma. This diversification reduces reliance on HIV and opens new revenue streams, supporting the stock.
This is a new strategic update that shows Gilead's growth beyond its core HIV business.
Positive Phase 3 results for once-weekly oral HIV regimen Gilead and Merck reported that a once-weekly oral HIV treatment maintained viral suppression in Phase 3 trials, with higher patient satisfaction. This could become the first once-weekly oral option, strengthening Gilead's HIV portfolio.
This is a new clinical milestone that could lead to a new product and boost future sales.
CHMP recommends Trodelvy plus Keytruda for first-line TNBC The European regulator recommended Trodelvy combined with Keytruda for first-line metastatic triple-negative breast cancer. This expands Trodelvy's use and reinforces its role, potentially increasing sales in Europe.
This is a new regulatory step that could lead to approval and broader use of a key drug.
Remdesivir evaluated in Ebola trial The WHO began an experimental Ebola trial in Congo, testing Gilead's remdesivir. If effective, it could expand remdesivir's use and demand, though the impact is uncertain and likely small.
This is a new potential use for an existing drug, but the financial impact is not yet clear.

Q2 202617 Jun – 26 Jun 2026

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Gilead's Trodelvy and HIV pipeline win key approvals, but earnings guidance weighs

FDA and EU approve Trodelvy for first-line triple-negative breast cancer Gilead won U.S. and European approval to use Trodelvy as an initial treatment for metastatic triple-negative breast cancer, a hard-to-treat disease. This opens a much larger patient group and could significantly boost sales, pushing the stock up.
This is a major new approval that expands the market for a key drug, directly lifting future revenue prospects.
FDA accepts filing for once-weekly oral HIV prevention pill The FDA agreed to review Gilead's once-weekly oral PrEP, with a decision expected by February 2027. If approved, it would offer a more convenient option than the current twice-yearly injection, potentially growing the HIV prevention market and lifting GILD.
This regulatory milestone advances a new HIV prevention product, expanding Gilead's HIV franchise.
Positive Phase 3 data for once-weekly oral HIV treatment with Merck Gilead and Merck reported positive late-stage results for a once-weekly oral HIV treatment combining islatravir and lenacapavir. This could simplify HIV therapy and strengthen Gilead's HIV portfolio, supporting the stock.
New clinical success in HIV treatment adds a potential future revenue stream and reinforces Gilead's leadership.
Full-year EPS guidance misses despite revenue beat Gilead's Q1 revenue beat expectations, but its full-year earnings-per-share guidance missed significantly. This suggests cost pressures or lower profitability ahead, which can weigh on the stock even as sales grow.
This is a new negative financial disclosure that could cap upside from the positive pipeline news.

June 202617 Jun – 26 Jun 2026

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Gilead's Trodelvy and HIV pipeline win key approvals, but earnings guidance weighs

FDA and EU approve Trodelvy for first-line triple-negative breast cancer Gilead won U.S. and European approval to use Trodelvy as an initial treatment for metastatic triple-negative breast cancer, a hard-to-treat disease. This opens a much larger patient group and could significantly boost sales, pushing the stock up.
This is a major new approval that expands the market for a key drug, directly lifting future revenue prospects.
FDA accepts filing for once-weekly oral HIV prevention pill The FDA agreed to review Gilead's once-weekly oral PrEP, with a decision expected by February 2027. If approved, it would offer a more convenient option than the current twice-yearly injection, potentially growing the HIV prevention market and lifting GILD.
This regulatory milestone advances a new HIV prevention product, expanding Gilead's HIV franchise.
Positive Phase 3 data for once-weekly oral HIV treatment with Merck Gilead and Merck reported positive late-stage results for a once-weekly oral HIV treatment combining islatravir and lenacapavir. This could simplify HIV therapy and strengthen Gilead's HIV portfolio, supporting the stock.
New clinical success in HIV treatment adds a potential future revenue stream and reinforces Gilead's leadership.
Full-year EPS guidance misses despite revenue beat Gilead's Q1 revenue beat expectations, but its full-year earnings-per-share guidance missed significantly. This suggests cost pressures or lower profitability ahead, which can weigh on the stock even as sales grow.
This is a new negative financial disclosure that could cap upside from the positive pipeline news.

17 Jun – 26 Jun 2026

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Gilead's Trodelvy and HIV pipeline win key approvals, but earnings guidance weighs

FDA and EU approve Trodelvy for first-line triple-negative breast cancer Gilead won U.S. and European approval to use Trodelvy as an initial treatment for metastatic triple-negative breast cancer, a hard-to-treat disease. This opens a much larger patient group and could significantly boost sales, pushing the stock up.
This is a major new approval that expands the market for a key drug, directly lifting future revenue prospects.
FDA accepts filing for once-weekly oral HIV prevention pill The FDA agreed to review Gilead's once-weekly oral PrEP, with a decision expected by February 2027. If approved, it would offer a more convenient option than the current twice-yearly injection, potentially growing the HIV prevention market and lifting GILD.
This regulatory milestone advances a new HIV prevention product, expanding Gilead's HIV franchise.
Positive Phase 3 data for once-weekly oral HIV treatment with Merck Gilead and Merck reported positive late-stage results for a once-weekly oral HIV treatment combining islatravir and lenacapavir. This could simplify HIV therapy and strengthen Gilead's HIV portfolio, supporting the stock.
New clinical success in HIV treatment adds a potential future revenue stream and reinforces Gilead's leadership.
Full-year EPS guidance misses despite revenue beat Gilead's Q1 revenue beat expectations, but its full-year earnings-per-share guidance missed significantly. This suggests cost pressures or lower profitability ahead, which can weigh on the stock even as sales grow.
This is a new negative financial disclosure that could cap upside from the positive pipeline news.