Halozyme Therapeutics, Inc. · NASDAQ:HALO
Halozyme Therapeutics — Q3 2025 Earnings Presentation
22 slides from Halozyme Therapeutics's earnings presentation, Nov 3, 2025
Slide 1: Third Quarter Financial & Operating Results
Halozyme Therapeutics, Inc. Third Quarter Financial & Operating Results NASDAQ: HALO November 3, 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 statements potential transaction, inability of the parties to successfully or timely consummate a transaction, including the risk including, without limitation, sta
Slide 3: Momentum Continues with Strong 3Q 2025 Results
Momentum Continues with Strong 3Q 2025 Results $354M $236M Total Revenue Royalty Revenue +22% +52% $248M Adjusted EBITDA1 +35% Driven by our three established blockbuster subcutaneous therapies, DARZALEX® subcutaneous, Phesgo®, and VYVGART® Hytrulo 1 Reconciliation between GAAP reported and Non-GAAP
Slide 4: Multiple ENHANZE Catalysts Driving Near and Long-Term Growth
Multiple ENHANZE® Catalysts Driving Near and Long-Term Growth 15 recent or upcoming new growth catalysts expanding opportunity, adoption and growth 13 Growth Catalysts Achieved New Indication Approvals DARZALEX® SC approved in Europe for smouldering multiple myeloma in Europe: 3Q25 VYVDURA® pre-fill
Slide 5: 2025 Financial Guidance Highlights
2025 Financial Guidance Highlights New 2025 Previous 2025 Guidance1 Guidance2 Total Revenue $1,300 - $1,375M $1,275 - $1,355M 28-35% YOY growth Royalty Revenue $850 - $880M $825 - $860M 49-54% YOY growth Adjusted EBITDA $885 - $935M $865 - $915M 40-48% YOY growth Non-GAAP Diluted EPS $6.10 - $6.50 $
Slide 6: Elektrofi Expands Portfolio of Drug Delivery Technologies
Elektrofi Expands Portfolio of Drug Delivery Technologies Setting new standards in convenience, accessibility, and treatment options ENHANZE® Hypercon First commercialized and scaled proprietary Advanced, proprietary microparticle technology technology that enables rapid, SC delivery of that unlocks
Slide 7: Elektrofi/Hypercon is at a Value Inflection Point
Elektrofi/Hypercon is at a Value Inflection Point Elektrofi signed 3 partner agreements with large pharma/biotech partners Two partners projected to begin Hypercon formulated product clinical development within the next 12-15 months, or earlier • Initial collaboration products include de-risked MoAs
Slide 8: DARZALEX SC with ENHANZE 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 Year-over-Year Growth 21% $14.1 21% 21% $11.7 33% 3Q 2025 Revenue $9.7 $3.7 billion 43% $8.0 (+20% YoY) $6.0 $4.2 Analysts Consensus 20281 $18.6B 2020 2021 2022 2023 2024 202
Slide 9: PHESGO on Trajectory to Projected $4.0B Sales in 2028
PHESGO®, With 100% Use SC with ENHANZE®, On Trajectory to Projected $4.0B Sales in 2028 PHESGO® Projected Sales ($B)1 Year-over-Year Growth 45% $2.9 67% YTD 2025 Revenue2 $2.0 ~$2.3 billion (+54 % YoY) 71% $1.2 133% Analysts Consensus 20281 $0.7 $4B $0.3 2021 2022 2023 2024 2025E Conversion in 78 La
Slide 10: VYVGART & VYVGART Hytrulo SC Strong Growth Continues
VYVGART® & VYVGART® Hytrulo SC Strong Growth Continues Projected to Achieve $7.7B in 2028 19% Quarterly Net Sales for VYVGART & VYVGART Hytrulo ($M) $1,130 Quarter-over-Quarter Growth $949 $790 $737 20% 20% $573 Analysts Consensus 20281 6% $478 $7.7B Based in gMG and CIDP 14% 22% $398 23% $374 $329
Slide 11: Robust Pipeline of Approved Near-Term Additional Growth Opportunities
Robust Pipeline of Approved Near-Term Additional Growth Opportunities Represent ~$30B 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 12: ENHANZE Pipeline: Multiple Opportunities For New Royalty Revenue Streams
ENHANZE® Pipeline: 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) motor neuropathy A
Slide 13: Robust Cash Generation Supports Share Repurchase Program
Robust Cash Generation Supports Share Repurchase Program o Completed $342M YTD 20252 $500 o Deployed $1.9 billion to share repurchases since 2019 $400 o On average ~$250M per year $350 in 2019 to 2024 $250 $200 $200 o Average purchase price per share $150 of $33.72 in 2019 to 2024 $342 o Reduced dil
Slide 14: 3Q 2025 Financial Highlights
3Q 2025 Financial Highlights $ in Millions, except EPS (unaudited) 3Q 2025 3Q 2024 % Change Royalties $236.0 $155.1 52% Product sales, net $94.2 $86.7 9% Collaboration revenues $24.0 $48.4 (50)% Total Revenues $354.3 $290.1 22% Cost of sales $55.2 $49.4 12% Amortization of intangibles $17.8 $17.8 0%
Slide 15: 2025 Financial Guidance Highlights
2025 Financial Guidance Highlights New 2025 Previous 2025 Guidance1 Guidance2 • 28-35% YOY growth • Milestones for the remainder of the year are expected Total Revenue $1,300 - $1,375M $1,275 - $1,355M to be weighted in the fourth quarter • Product sales for the remainder of the year are expected to
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 (1) Amount represents incremental costs including legal and advisory fees incurred in association with the pending acquisition of Elektrofi, Inc. (“Elektorfi”) (2) Adjustment relates to litigation costs incurred b
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 du
Slide 19: 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 and advisory fees incurred in association with the pending acquisition of Elektrofi (2) Adjustment relates to litigation costs incu
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 i
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 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 447.9 571.0 850 – 880 900 – 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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