Halozyme Therapeutics, Inc. · NASDAQ:HALO
Halozyme Therapeutics — Q2 2025 Earnings Presentation
19 slides from Halozyme Therapeutics's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter Financial & Operating Results
Halozyme Therapeutics, Inc. Second Quarter Financial & Operating Results NASDAQ: HALO August 5, 2025 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements In addition to historical information, the statements set forth in this presentation include forward-looking or any other information contained herein. statements including, without limitation, statements concerning the Company’s expected future financial performance and g
Slide 3: Momentum Continues with Strong 2Q 2025 Results and Raised FY 2025 Guidance
Momentum Continues with Strong 2Q 2025 Results and Raised FY 2025 Guidance 2Q 2025 Results Raised FY25 Guidance $1,275M – $1,355M $825M – $860M $326M $206M Total Revenue +26-33% Royalty Revenue +44-51% Total Revenue Royalty Revenue +41% +65% $865M-$915M $6.00-$6.40 Adjusted EBITDA1 Non-GAAP Diluted
Slide 4: Multiple ENHANZE Catalysts Driving Near and Long-Term Growth
Multiple ENHANZE® Catalysts Driving Near and Long-Term Growth 14 recent or upcoming new growth catalysts expanding opportunity, adoption and growth 11 Growth Catalysts Achieved New Product Approval ✓ RYBREVANT® SC approved in Europe for treatment of patients with advanced EGFR-mutated NSCLC: April 2
Slide 5: DARZALEX SC with ENHANZE, With ~96% U.S. Share of Sales, Driving Robust Long-Term Growth
DARZALEX® SC with ENHANZE®, With ~96% U.S. Share of Sales, Driving Robust Long-Term Growth Total DARZALEX® Sales IV+SC ($B) 1 2Q 2025 Revenue $3.5 billion $17.8 Year-over-Year Growth 7% (+22% YoY) 8% $16.7 $15.4 17% $13.7 12% 21% $11.7 21% $9.7 33% $8.0 43% $6.0 $4.2 2020 2021 2022 2023 2024 2025E 2
Slide 6: PHESGO, With 100% Use SC with ENHANZE, On Trajectory to Projected $3.7B Sales in 2028
PHESGO®, With 100% Use SC with ENHANZE®, On Trajectory to Projected $3.7B Sales in 2028 PHESGO® Projected Sales ($B)1 Year-over-Year Growth 1H 2025 Revenue2 ~$1.5 billion 6% (+55 % YoY) 9% $3.7 $3.5 19% $3.2 35% $2.7 67% $2.0 71% $1.2 133% $0.7 $0.3 2021 2022 2023 2024 2025E 2026E 2027E 2028E Conver
Slide 7: VYVGART & VYVGART Hytrulo SC Projected for Blockbuster Growth to ~$7B in 2028
VYVGART® & VYVGART® Hytrulo SC Projected for Blockbuster Growth to ~$7B in 2028 Quarterly Net Sales for VYVGART & VYVGART Hytrulo20% ($M) Analyst Projections for VYVGART & VYVGART Hytrulo ($B)1 (ONLY gMG and CIDP) $949 Year-over-Year Growth Quarter-over-Quarter Growth $7.0 $790 15% $737 $6.1 27% 20%
Slide 8: Robust Pipeline of Approved Near-Term Additional Growth Opportunities
Robust Pipeline of Approved Near-Term Additional Growth Opportunities Represent ~$25B Opportunity in 2028 RYBREVANT® SC U.S. Approved September 2024 U.S. Approved September 2024 U.S. Approved December 2024 EU Approved April 2025 EU Approved June 2024 EU Approved January 2024 EU Approved May 2025 10-
Slide 9: ENHANZE Pipeline Expansion in 2025, Multiple Opportunities For New Royalty Revenue Streams
ENHANZE® Pipeline Expansion in 2025, Multiple Opportunities For New Royalty Revenue Streams Current Program/Product Study Indication Phase 1 Phase 2 Phase 3 Filed Nivolumab+Relatlimab (BMS) Melanoma TAK-881 (Takeda) Immune N6LS bnAb (ViiV) HIV (treatment) Multifocal ARGX 117; Empasiprubart (argenx)
Slide 10: Announcing Additional $250M Share Repurchase Program, Building on Success of Prior Repurchases
Announcing Additional $250M Share Repurchase Program, Building on Success of Prior Repurchases o Announcing third $250M share repurchase program2 $500 o Completed $303M in 2025, $400 including completion of second $350 $250M tranche $250 o Deployed $1.85 billion to share $200 $200 $150 repurchases s
Slide 11: 2Q 2025 Financial Highlights
2Q 2025 Financial Highlights $ in Millions, except EPS (unaudited) 2Q 2025 2Q 2024 % Change Royalties $205.6 $124.9 65% Product sales, net $81.5 $78.9 3% Collaboration revenues $38.6 $27.5 40% Total Revenues $325.7 $231.4 41% Cost of sales $46.4 $39.6 17% Amortization of intangibles $17.8 $17.8 0% R
Slide 12: 2025 Financial Guidance Highlights
2025 Financial Guidance Highlights New 2025 Previous 2025 Guidance1 Guidance2 • 26-33% YOY growth • Milestones for the remainder of the year are expected to Total Revenue $1,275 - $1,355M $1,200 - $1,280M • be weighted in the fourth quarter Product sales for the remainder of the year are expected to
Slide 13: Appendix
| Appendix PProtcayme 13
Slide 14: GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA
$ in thousands (unaudited) GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA (1) Adjustment relates to litigation costs incurred by Halozyme in connection with Halozyme’s patent infringement litigation against Merck. These charges are excluded because the Company does not believe they are
Slide 15: GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA
$ in thousands (unaudited) GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA (1) Amount relates to fair value gain on contingent liability due to the due to the termination of the TLANDO license agreement in September 2023 (“TLANDO Termination”). (2) Amount relates to inventory write-off d
Slide 16: GAAP to Non-GAAP Reconciliation: Diluted EPS
$ in thousands, except per share amounts (unaudited) GAAP to Non-GAAP Reconciliation: Diluted EPS (1) Adjustment relates to litigation costs incurred by Halozyme in connection with Halozyme’s patent infringement litigation against Merck. These charges are excluded because the Company does not believ
Slide 17: GAAP to Non-GAAP Reconciliation: Net Income and Diluted EPS
$ in thousands, except per share amounts (unaudited) GAAP to Non-GAAP Reconciliation: Net Income and Diluted EPS (1) Amount represents incremental costs including legal fees, accounting fees and advisory fees incurred for the prior year Antares acquisition (2) Amounts relate to amortization of the i
Slide 18: Multi-Year Guidance Shows Projected Doubling of Key Guidance Metrics 2024-2028
Multi-Year Guidance Shows Remarkable Projected Doubling of Key Guidance Metrics 2024-2028, Ten Years After First ENHANZE® Product Launch Total Revenue Royalty Revenue 2024 and 2028 2024 and 2028 $1,735 - $1,860 77% 106% $1,150 - $1,200 $1,015 $571 2024A 2028E 2024A 2028E Adjusted EBITDA Non-GAAP Dil
Slide 19: Strong YTD Momentum Resulting in Raised 2025 Projections
Strong YTD Momentum Resulting in Raised 2025 Projections 2023 2024 2023-2028 20259 202610 202710 202810 $M, except EPS (unaudited) Actual8 Actual8 CAGR7 Royalties1 447.9 571.0 825 – 860 900 – 940 1,100 – 1,150 1,150 – 1,200 21% Product Sales2 300.9 303.5 340 – 365 400 – 430 425 – 470 455 – 500 10% C
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