Halozyme Therapeutics, Inc. · NASDAQ:HALO
Halozyme Therapeutics — FY2025 Earnings Presentation
18 slides from Halozyme Therapeutics's earnings presentation, Feb 17, 2026
Slide 1: Fourth Quarter and FY 2025 Financial & Operating Results
Halozyme Therapeutics, Inc. Fourth Quarter and FY 2025 Financial & Operating Results NASDAQ: HALO February 17, 2026 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 Surf Bio operate, or other unanticipated conditions that could adversely affect the combined group or the expected including, without limitation, stateme
Slide 3: Fourth Quarter 2025 Corporate Highlights
Fourth Quarter 2025 Corporate Highlights Expanded Drug Strong Momentum Delivering Durable Royalty Revenues Delivery Technologies 3 New ENHANZE® agreements signed: 2 Acquisitions of Innovative, Long FDA approval of DARZALEX FASPRO® for smoldering multiple myeloma Takeda (IBD), Merus (Oncology), Durat
Slide 4: Top ENHANZE Products, Representing Opportunity of $30B in 2028
Top 3 ENHANZE® Products, Representing Opportunity of $30B in 20281 Total DARZALEX® IV+SC Revenue PHESGO® Revenue VYVGART® & VYVGART® Hytrulo Revenue Based on Analyst Estimates 2 Based on Analyst Estimates2 ($B) ($B) Based on Analyst Estimates3 ($B) $18.6 $3.6 $7.8 $14.4 $3.0 $4.1 $4.2 9% $0.3 6% $1.
Slide 5: Full Year and Fourth Quarter 2025 Financial Highlights
Full Year and Fourth Quarter 2025 Financial Highlights $ in Millions, except EPS (unaudited) FY 2025 FY 2024 % Change 4Q 2025 4Q 2024 % Change Total Revenues $1,396.6 $1,015.3 38% $451.8 $298.0 52% Royalties $867.8 $571.0 52% $258.0 $170.4 51% Product sales, net $376.4 $303.5 24% $122.7 $79.4 55% Co
Slide 6: Halozyme Strategy: Delivering Revenue Growth Into the 2040s
Halozyme Strategy: Delivering Revenue Growth Into the 2040s ENHANZE® Hypercon M&A In development with 2 Phase 1 starts in Continue to invest behind 10 globally approved products transformative technology that 2026 with blockbuster, already today; project new approval in 2027 builds on paradigm- shif
Slide 7: Use of ENHANZE with Antibody Drug Conjugates
Use of ENHANZE® with Antibody Drug Conjugates Antibody Drug Conjugate Structure1 Hypothesis Tested : Can ENHANZE® SC enable • Good local injection site tolerability with SC delivery of ADCs • Lower Cmax than IV (peak serum concentration) • Similar or higher AUC to IV (overall exposure) 1 Source: Cre
Slide 8: ENHANZE Reduces ADC and Payload at the Injection Site Compared to SC Alone
ENHANZE® Reduces ADC and Payload at the Injection Site Compared to SC Alone Supporting SC Delivery ADC 1: 87% ↓ At 24 hours ADC 2 51% ↓ At 24 hours Data on file Halozyme: Minipig Model, SC each ADC n=3, SC plus rhuPH20 each ADC, n=3. IV, N=1, PK timepoints Pre-dose, 6, 24, 48, 72, 96, 168 hours post
Slide 9: SC Delivery with ENHANZE Reduces Cmax Compared to IV
SC Delivery with ENHANZE® Reduces Cmax Compared to IV Supporting The Potential for an Improved Safety Profile Related to Cmax Associated Adverse Events 75% ↓ ADC 1 In Cmax 61% ↓ ADC 2 In Cmax IV concentration at t = 0 was extrapolated to enable calculation of PK metrics; Total payload = total ADCDA
Slide 10: ENHANZE May Enable an Improved Benefit-Risk Profile
ENHANZE® May Enable an Improved Benefit-Risk Profile Equivalent or Higher AUC (Overall Exposure) and lower Cmax* Projected with ENHANZE® SC Increased SC dose with ENHANZE® *PK modeling of ADC component, assuming PK proportionality 10
Slide 11: Use of ENHANZE with Antibody Drug Conjugates
Use of ENHANZE® with Antibody Drug Conjugates Hypothesis Tested: Pre-Clinical Results Demonstrated1 Can ENHANZE® SC enable • Good local injection site tolerability with SC delivery of ADCs • Lower Cmax than IV (peak serum concentration) • Similar or higher AUC to IV (overall exposure) projected base
Slide 12: 2026 Goals
2026 Goals Advance and Expand Gain New Deliver Financial Pipeline Opportunity Agreements Performance 6 New ENHANZE® Phase 1 Starts 1-3 New ENHANZE® Licensing Agreements Diversify and expand royalty revenue 2 New Hypercon Phase 1 Starts 1-2 New Hypercon Licensing Agreements Continue to invest in M&A
Slide 13: Continued Strong Royalty Momentum Drives Strong 2026 Guidance
Continued Strong Royalty Momentum Drives Strong 2026 Guidance 2025 2026 YOY YOY Actuals GUIDANCE1 INCREASE ($) INCREASE (%) • Growth primarily driven by increases in royalty revenue and Total product sales from API $1,396.6 $1.710B – $1.810B $313M - $413M 22% - 30% • No milestones planned for Q1'26,
Slide 14: Strong 2026-2028 Financial Projections
Strong 2026-2028 Financial Projections 2024 2025 2024-2028 $M, except EPS (unaudited) 2026 2027 2028 $ in Millions, except EPS Actual7 Actual7 CAGR Total Revenue 1,015.3 1,396.6 1,710-1,810 1,920-2,045 2,045-2,170 19-21% Royalties1 571.0 867.8 1,130-1,170 1,365-1,415 1,460-1,510 26-28% Product Sales
Slide 15: Appendix
Appendix 15
Slide 16: GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA $ in thousands (1) Amount represents incremental costs including legal and advisory fees incurred in association with the acquisition of Elektrofi, Inc. (“Elektrofi”). (2) Adjustment relates to litigation costs incurred by Halozyme in conne
Slide 17: GAAP to Non-GAAP Reconciliation: Net Income and Diluted EPS
GAAP to Non-GAAP Reconciliation: Net Income and Diluted EPS $ in thousands, except per share amounts (1) Amount represents incremental costs including legal and advisory fees incurred in association with the Elektrofi acquisition. (2) Adjustment relates to litigation costs incurred by Halozyme in co
Slide 18: Hypothesis Tested with Approved ADCs
Hypothesis Tested with 2 Approved ADCs Species Yucatan Minipigs IV (N=1) Conditions for each SC (N=3) ADC SC + rHuPH20 (N=3) Dose Equivalent across groups Serum PK Pre-dose, 6, 24, 48, 72, 96, 168 hours post-dose Tissue (Skin) PK 24, 48, 168 hours post-dose PK Analytes Total ADC, total antibody, fre