Halozyme Therapeutics, Inc. · NASDAQ:HALO
Halozyme Therapeutics — Q1 2025 Earnings Presentation
22 slides from Halozyme Therapeutics's earnings presentation, May 6, 2025
Slide 1: First Quarter Financial & Operating Results
Halozyme Therapeutics, Inc. First Quarter Financial & Operating Results NASDAQ: HALO May 6, 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 regulatory approval requirements, unexpected adverse events or patient outcomes and competitive statements including, without limitation, statements concerning the
Slide 3: Unprecedented Number of Current and New Growth Catalysts
Unprecedented Number of Current and New Growth Catalysts 3 Blockbusters Driving Current Strong Growth • DARZALEX® SC • Phesgo® • VYVGART® Hytrulo 11 recent or upcoming new growth catalysts expanding opportunity, adoption and growth • DARZALEX® SC new quadruplet regimen front-line indication approved
Slide 4: Strong First Quarter 2025 Financial Results
Strong First Quarter 2025 Financial Results 1Q 2025 Results $265M $168M Continued Commitment to Return Capital Total Revenue Royalty Revenue to Shareholders +35% +39% • Completed $250M December 2024 Accelerated Share Repurchase $162M $0.93 $1.11 GAAP Non-GAAP Adjusted EBITDA1 Diluted EPS Diluted EPS
Slide 5: DARZALEX SC with ENHANZE, Driving Robust Long-Term Growth
DARZALEX® SC with ENHANZE®, With ~95% U.S. Share of Sales, Driving Robust Long-Term Growth Total DARZALEX® Sales IV+SC ($B) 1 1Q 2025 Revenue $3.2 billion $17.6 Year-over-Year Growth 7% (+22% YoY) 11% $16.5 $14.9 14% $13.3 12% 20% $11.7 21% $9.7 33% $8.0 43% $6.0 $4.2 2020 2021 2022 2023 2024 2025E
Slide 6: PHESGO on Trajectory to Projected $3.3B Sales in 2028
PHESGO®, With 100% Use SC with ENHANZE®, On Trajectory to Projected $3.3B Sales in 2028 PHESGO® Projected Sales ($B)1 Year-over-Year Growth 1Q 2025 Revenue2 ~$675M $3.3 (+52 % YoY) $3.1 6% $2.8 11% $2.5 12% $2.0 25% $1.2 67% 71% $0.7 133% $0.3 2021 2022 2023 2024 2025E 2026E 2027E 2028E Conversion i
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) $737 Year-over-Year Growth Quarter-over-Quarter Growth 15% $7.0 20% $573 20% 27% $6.1
Slide 8: VYVGART Hytrulo SC Prefilled Syringe Approved for Self-Injection
VYVGART® Hytrulo SC Prefilled Syringe Approved for Self-Injection Will Further Contribute to Growth Trajectory Innovating for patients ✓ Empowers patients on when and 20-to-30-second where to receive treatment subcutaneous injection by patient. ✓ Reach patients earlier in treatment Can also be admin
Slide 9: Multiple Potential Drivers for Additional VYVGART Hytrulo SC Future Growth
Multiple Potential Drivers for Additional VYVGART® Hytrulo SC Future Growth Studies evaluated VYVGART® & VYVGART® Hytrulo (IV & SC)1 Current studies evaluating VYVGART® Hytrulo (SC)1 Thyroid Eye Disease (TED) Significant runway for Systemic Sclerosis growth with future Antibody Mediated Rejection (A
Slide 10: 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 CHMP Recommendation Marc
Slide 11: ENHANZE Royalties Key Revenue Driver, Projecting $1B of Royalty Revenue in 2027
ENHANZE® Royalties Key Revenue Driver Projecting $1B of Royalty Revenue in 2027 ~$20B Projected Sales ~$35B Projected Sales in 20281 in 20281 2013 - 2020 Launches 2023 - 2025 Launches 2 3 RYBREVANT® SC4 Licensees are responsible for development and commercialization 1 Analysts’ consensus from Evalua
Slide 12: 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 13: Announcing New $250M Shares Repurchases
Announcing New $250M Shares Repurchases, Building on Success of Prior Repurchases o Announcing new $250M share repurchase in 20252 o Deployed $1.55 billion to share $400 repurchases since 2019 $350 o On average ~$250M per year $250 $250 $200 $200 $150 o Average purchase price per share of $33.72 in
Slide 14: 1Q 2025 Financial Highlights
1Q 2025 Financial Highlights $ in Millions, except EPS (unaudited) 1Q 2025 1Q 2024 % Change Royalties $168.2 $120.6 39% Product sales, net $78.0 $58.6 33% Collaboration revenues $18.6 $16.7 12% Total Revenues $264.9 $195.9 35% Cost of sales $48.4 $28.3 71% Amortization of intangibles $17.8 $17.8 0%
Slide 15: 2025 Financial Guidance Highlights
2025 Financial Guidance Highlights New 2025 Previous 2025 Guidance Guidance • 18-26% YOY growth • Milestones are expected to be weighted in the second Total Revenue $1,200 - $1,280M $1,150 - $1,225M • half of the year Product sales expected to be weighted in the second half of the year, with the sec
Slide 16: Appendix
| Appendix PProtcayme 16
Slide 17: GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA
$ in Thousands (unaudited) GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA 17
Slide 18: 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 19: GAAP to Non-GAAP Reconciliation: Diluted EPS
$ in Thousands, except per share amounts (unaudited) GAAP to Non-GAAP Reconciliation: Diluted EPS (1) Adjustments relate to taxes for the reconciling items, as well as excess benefits or tax deficiencies from share-based compensation, and the quarterly impact of other discrete items. (2) Adjustment
Slide 20: 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
Slide 21: 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 22: Strong Momentum in 2024 Resulting in Raised Multi-Year Projections
Strong Momentum in 2024 Resulting in Raised Multi-Year Projections 2023 2024 2023-2028 $M, except EPS (unaudited) 2025 2026 2027 2028 Actual8 Actual8 CAGR7 Royalties1 447.9 571.0 750 – 785 900 – 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
Halozyme Therapeutics — Q1 2025 Earnings Presentation on 6ix