Halozyme Therapeutics, Inc. · NASDAQ:HALO
Halozyme Therapeutics — Q4 2025 Earnings Presentation
26 slides from Halozyme Therapeutics's earnings presentation, Jan 28, 2026
Slide 1: Halozyme Guidance and Business Update
Halozyme Guidance and Business Update January 28th, 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 including, technologies. These and other factors that may result in differences are discussed in greater detail in the Company's most recent without limi
Slide 3: Agenda
Agenda • 2025 Highlights • Financial Projections • Growth Road Map • 2026 Goals 3
Slide 4: 2025 Highlights
2025 Highlights Expanded Drug Strong Momentum Delivering Durable Royalty Delivery Leadership Revenues RYBREVANT Faspro approval in U.S., EU and Japan resulting in: 2 SC-Enabling Platforms Acquisitions of Innovative, Long Duration IP, 10 ENHANZE® Globally Approved Products Hypercon 3 New ENHANZE® agr
Slide 5: In 2025, We Expanded From 1 to 3 Royalty-Bearing SC Delivery Technologies
In 2025, We Expanded From 1 to 3 Royalty-Bearing SC Delivery Technologies 2024 2025 ENHANZE® ENHANZE® NEW: Hypercon NEW: Surf Bio 5
Slide 6: Halozyme: Expanding the Number of Products at SC Delivery Volumes
Halozyme: Expanding the Number of Products at SC Delivery Volumes Current State SOLUTIONS ENHANZE® Solves the SC ‘Space’ Problem enabling rapid, Many Biologics large volume >2mL SC delivery in clinic or at home require high volumes Demonstrated success with mAbs, bi-specifics. for therapeutic doses
Slide 7: Two Differentiated SC Hyperconcentration Technologies
Two Differentiated SC Hyperconcentration Technologies Hypercon Surf Bio • Gentle dehydration process delivers smooth, • Novel protective excipient enabling stable, dense, dense and stable protein microparticles with GRAS low-friction particles How It Works excipients • Leverages proven spray drying
Slide 8: 2025 Total Revenue Estimates Exceeding Previous Guidance
2025 Total Revenue Estimates Exceeding Previous Guidance 2025 PREVIOUS YOY YOY ESTIMATE1 2025 GUIDANCE2 CHANGE CHANGE Exceeds previous guidance range Total driven by Merus and Takeda upfront $1,385M – 1,400M $1,300M – 1,375M $370M – 385M 36 - 38% milestones signed in December Revenue 2025 and higher
Slide 9: Continued Strong Royalty Momentum Drives Raised 2026 Guidance
Continued Strong Royalty Momentum Drives Raised 2026 Guidance 2026 UPDATED PREVIOUS YOY YOY GUIDANCE 2026 GUIDANCE1 CHANGE2 CHANGE2 • Exceeds previous guidance range Total $1,710M – 1,810M $1,430M – 1,530M $318M – 418M 23 – 30% driven by increased expectations Revenue for royalties and product sales
Slide 10: Strong Momentum Resulting in Raised 2026 - 2028 Projections
Strong Momentum Resulting in Raised 2026 - 2028 Projections 2024 2025 2024-2028 $M, except EPS (unaudited) 2026 2027 2028 Actual7 Estimate8 CAGR Total Revenue 1,015.3 1,385-1,400 1,710-1,810 1,920-2,045 2,045-2,170 19-21% Royalties1 571.0 865-870 1,130-1,170 1,365-1,415 1,460-1,510 26-28% Product Sa
Slide 11: High-Margin, Durable Business Model
High-Margin, Durable Business Model • Recurring, long duration royalty of at least 10 years duration for each product utilizing - ENHANZE® - Hypercon - Surf Bio • Asset-light business model with partners responsible for development and commercialization For The Period 2026-2028, We Project >80% >70%
Slide 12: Growth Road Map
Growth Road Map 12
Slide 13: Halozyme Strategy: Delivering Revenue Growth Into the 2040s
Halozyme Strategy: Delivering Revenue Growth Into the 2040s ENHANZE® 10 globally approved products today; project new approval in 2027 13 new mAb/ bispecific products in development by end 2026 with potential launches 2029+ 1-3 new licensing agreements in 2026 and projected each year beyond, includi
Slide 14: Halozyme Strategy: Delivering Revenue Growth Into the 2040s
Halozyme Strategy: Delivering Revenue Growth Into the 2040s ENHANZE® Hypercon In development with 2 Phase 1 starts in 10 globally approved products 2026 with blockbuster, already today; project new approval in 2027 commercialized products Transformative offering; first launches by 13 new mAb/ bispec
Slide 15: Halozyme Strategy: Delivering Revenue Growth Into the 2040s
Halozyme Strategy: Delivering Revenue Growth Into the 2040s ~Doubling 36 31 25 2 19 2 25 Development 20 1 Pipeline 15 9 Commercialized 10 10 11 11 2025 (A) 2026 (PROJECTED) 2027 (PROJECTED) 2028 (PROJECTED) Time from Phase 1 to Launch 4.5-5 years to date, with potential for acceleration 1 Assumes cu
Slide 16: 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 17: 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 18: Appendix
Appendix 18
Slide 19: SC Delivery Technology Innovations
SC Delivery Technology Innovations 19
Slide 20: In December 2025, Halozyme Acquired Surf Bio
In December 2025, Halozyme Acquired Surf Bio Transaction Overview • $300 million upfront payment Consideration • $100 million in future contingent milestone payments – $75M on initiation of first human trial, $25M on first U.S. approval • Transaction financed by Halozyme’s existing cash on balance s
Slide 21: In November 2025, Halozyme Acquired Elektrofi
In November 2025, Halozyme Acquired Elektrofi Transaction Overview • $750 million upfront payment • $150 million in future contingent milestone payments Consideration – Three separate $50 million payments upon successful marketing approval of the first three Hypercon products • Transaction financed
Slide 22: Two Differentiated SC Hyperconcentration Technologies
Two Differentiated SC Hyperconcentration Technologies Hypercon Surf Bio • Gentle dehydration process delivers smooth, • Novel protective excipient enabling stable, dense, dense and stable protein microparticles with GRAS low-friction particles How It Works excipients • Leverages proven spray drying
Slide 23: Halozyme: SC Delivery Patent Coverage and Durability
Halozyme: SC Delivery Patent Coverage and Durability Collaboration IP Technology IP Coverage Until Potential to Extend (at Least) SOLUTION Royalty Payment Period ENHANZE® March 2029 (additional patents pending) Hypercon 2038-2045 (granted and pending patents) Surf Bio 2041-2046 (granted and pending
Slide 24: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 24
Slide 25: GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA $ in thousands Dollar amounts, as presented, are rounded. Consequently, totals may not add up. 25
Slide 26: 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 Dollar amounts, as presented, are rounded. Consequently, totals may not add up. 26
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