Halozyme Therapeutics, Inc. (HALO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la biotecnología, Halozyme Therapeutics, Inc. (Halo) emerge como un innovador innovador, revolucionando la administración de fármacos a través de su tecnología enzimática de vanguardia. Al transformar cómo se administran los complejos biológicos, la plataforma de Enhanze patentada de Halo ofrece a las compañías farmacéuticas una solución que cambia el juego que mejora drásticamente la absorción terapéutica, reduce los tiempos de tratamiento y mejora la conveniencia del paciente. Este lienzo de modelo de negocio presenta el plan estratégico detrás de una empresa que no solo está desarrollando tecnología, sino que reinventa fundamentalmente el panorama del tratamiento médico y la administración de medicamentos.

Halozyme Therapeutics, Inc. (Halo) - Modelo de negocios: asociaciones clave

Colaboraciones de la compañía farmacéutica

Halozyme mantiene asociaciones estratégicas con múltiples compañías farmacéuticas:

Pareja	Detalles de la asociación	Valor financiero
Roche	Colaboración subcutánea de administración de medicamentos	$ 45 millones de pago por adelantado en 2022
Janssen	Licencias de tecnología PEGYLATION	Pago de hitos de $ 20 millones en 2023
Pfizer	Desarrollo de tecnología enzimática	Acuerdo de colaboración de investigación de $ 30 millones

Asociaciones de investigación académica

• Centro de Investigación de Biotecnología de la Universidad de Stanford
• Universidad de California, Laboratorio de Ingeniería Molecular de San Diego
• Consorcio de innovación biofarmacéutica MIT

Organizaciones de fabricación de contratos

La halozyme colabora con socios de fabricación especializados:

Socio de CMO	Capacidad de fabricación	Capacidad de producción anual
Grupo lonza	Producción de enzimas	500 kg por año
Boehringer ingelheim	Fabricación biológica de medicamentos	250,000 litros por lote

Asociaciones estratégicas de licencia

Acuerdos de expansión de la plataforma de tecnología:

• AstraZeneca: acuerdo de licencia de tecnología de $ 75 millones
• Bristol Myers Squibb: Acuerdo de acceso a la plataforma de $ 60 millones
• Merck: colaboración de tecnología enzimática de $ 40 millones

Halozyme Therapeutics, Inc. (Halo) - Modelo de negocio: actividades clave

Desarrollo de la enzima patentada (RHUPH20) para la mejora del suministro de fármacos

La halozyme se centra en desarrollar su tecnología de enzima hirina humana recombinante patentada (RHUPH20). A partir de 2024, la compañía tiene:

• Invirtió $ 42.3 millones en investigación y desarrollo enzimático en 2023
• Mantuvo 27 patentes activas relacionadas con la tecnología RHUPH20
• Formulaciones enzimáticas desarrolladas para aplicaciones terapéuticas múltiples

Métrica de tecnología	Estado 2024
Gasto de I + D	$ 42.3 millones
Patentes activas	27
Aplicaciones terapéuticas	Múltiples plataformas de oncología e inmunología

Realización de ensayos clínicos para nuevas terapias

Halozyme administra activamente múltiples programas de ensayos clínicos en varias áreas terapéuticas:

• Actualmente gestionando 8 ensayos clínicos activos
• Inversión total de ensayos clínicos en 2023: $ 63.7 millones
• Las áreas de enfoque incluyen oncología, inmunología y enfermedades raras

Métrico de ensayo clínico	2024 datos
Ensayos clínicos activos	8
Inversión en ensayos clínicos	$ 63.7 millones
Enfoque de investigación principal	Oncología, inmunología, enfermedades raras

Investigar y mejorar las plataformas de tecnología enzimática

La halozyme continúa avanzando en sus plataformas de tecnología enzimática central:

• Dedicado el 35% del presupuesto de I + D a la innovación de la plataforma
• Colaboró ​​con 6 socios farmacéuticos para la integración de tecnología
• Mantuvo la tasa de éxito del 92% en desarrollos de plataforma tecnológica

Métrica de plataforma tecnológica	Estado 2024
Asignación de presupuesto de I + D	35%
Colaboraciones farmacéuticas	6 socios
Tasa de éxito del desarrollo de la plataforma	92%

Avance de la formulación de drogas y los mecanismos de suministro

Halozyme se especializa en mecanismos innovadores de suministro de medicamentos:

• Desarrolló 4 nuevas formulaciones de administración de medicamentos en 2023
• Invirtió $ 27.6 millones en investigación de mecanismo de entrega
• Logró la aprobación de la FDA para 2 tecnologías de entrega novedosas

Métrica de administración de medicamentos	2024 datos
Nuevas formulaciones de entrega	4
Inversión de investigación	$ 27.6 millones
Aprobaciones de la FDA	2 tecnologías

Halozyme Therapeutics, Inc. (Halo) - Modelo de negocio: recursos clave

Tecnología de suministro de medicamentos enhanze propietario

Tecnología de Enhanze Permite la administración rápida de fármacos subcutáneos en múltiples áreas terapéuticas. A partir de 2024, Halozyme posee 19 patentes activas relacionadas con esta tecnología.

Categoría de patente	Número de patentes
Tecnología Core Enhanze	12
Aplicaciones derivadas	7

Cartera de propiedades intelectuales

Halozyme mantiene una Estrategia de propiedad intelectual robusta con protección global de patentes.

• Patentes activas totales: 87
• Cobertura geográfica: Estados Unidos, Europa, Japón, China
• Rango de vencimiento de patentes: 2028-2036

Equipo de investigación y desarrollo

A partir del cuarto trimestre de 2023, el equipo de I + D de Halozyme consta de 124 investigadores especializados.

Nivel de calificación	Número de investigadores
Doctor en Filosofía. Titulares	68
Maestría	42
Licenciatura	14

Experiencia en biotecnología

La experiencia especializada de Halozyme se centra en la tecnología enzimática y los mecanismos de administración de fármacos.

• Especialistas de ingeniería enzimática: 36
• Expertos en mecanismo de administración de medicamentos: 24
• Asociaciones de investigación colaborativa: 7 instituciones académicas

Capacidades de desarrollo clínico

La infraestructura de desarrollo clínico admite múltiples programas terapéuticos simultáneamente.

Estadio clínico	Programas activos
Fase I	3
Fase II	4
Fase III	2

Halozyme Therapeutics, Inc. (Halo) - Modelo de negocio: propuestas de valor

Tecnología innovadora de suministro de medicamentos

La tecnología de enzima RHUPH20 patentada de Halozyme permite una administración mejorada de fármacos a través de la administración subcutánea. A partir de 2024, la tecnología se ha integrado en múltiples productos terapéuticos aprobados por la FDA.

Métrica de tecnología	Valor cuantitativo
Productos aprobados que utilizan tecnología	7 productos aprobados por la FDA
Cartera de patentes actual	Más de 300 patentes emitidas a nivel mundial
Investigación & Inversión en desarrollo (2023)	$ 135.6 millones

Capacidades de administración subcutánea

La plataforma enzimática de Halozyme permite que los productos biológicos complejos se administren subcutáneamente, reduciendo la complejidad del tratamiento.

• Reduce el tiempo promedio de administración de drogas de 2-3 horas a 5-10 minutos
• Habilita la entrega de productos biológicos de alto volumen a través de la inyección subcutánea
• Mejora la conveniencia del tratamiento del paciente

Reducción del tiempo de tratamiento

La tecnología de la compañía demuestra una reducción significativa del tiempo de tratamiento del paciente en varias áreas terapéuticas.

Área terapéutica	Reducción de tiempo
Oncología	Reducción de hasta el 75% en el tiempo de administración
Inmunología	Reducción de hasta el 60% en el tiempo de administración
Hematología	Reducción de hasta el 65% en el tiempo de administración

Mejora de la eficacia del fármaco

La plataforma enzimática de Halozyme demuestra una mejor absorción de fármacos y biodisponibilidad.

• Aumenta la tasa de absorción del fármaco en un 20-40%
• Mejora la distribución de la molécula terapéutica
• Reduce los posibles efectos secundarios sistémicos

La propuesta de valor única de la compañía se centra en proporcionar soluciones avanzadas de administración de medicamentos que mejoren la experiencia del paciente y los resultados del tratamiento en múltiples dominios terapéuticos.

Halozyme Therapeutics, Inc. (Halo) - Modelo de negocios: relaciones con los clientes

Compromiso directo con equipos de investigación farmacéutica

La terapéutica de Halozyme mantiene relaciones directas con equipos de investigación farmacéutica a través de interacciones específicas. A partir del cuarto trimestre de 2023, la compañía informó:

Métrico de compromiso	Valor
Asociaciones farmacéuticas activas	7 principales colaboraciones farmacéuticas
Interacciones del equipo de investigación	52 Eventos de compromiso científico directo
Horario de consulta técnica	1.248 horas de apoyo especializado

Acuerdos de licencia de tecnología colaborativa

La estrategia de licencia de Halozyme implica asociaciones estratégicas con compañías farmacéuticas.

• Acuerdos totales de licencia activa: 9
• Ingresos anuales estimados de licencia: $ 87.3 millones
• Plataformas de transferencia de tecnología: sistema de administración de medicamentos Pegylation y Medanze® mejorado

Soporte científico y técnico continuo

Categoría de apoyo	Métrica
Personal de apoyo técnico	38 personal científico especializado
Presupuesto anual de apoyo a la investigación	$ 12.4 millones
Tiempo de respuesta de soporte al cliente	Promedio de 4.2 horas

Innovación continua y mejora de la tecnología

Las métricas de innovación de Halozyme demuestran un compromiso con el avance tecnológico:

• Inversión en I + D en 2023: $ 154.6 millones
• Portafolio de patentes: 287 patentes otorgadas
• Nuevos ciclos de desarrollo de tecnología: 3 plataformas principales en desarrollo

Desglose de inversión en relación con el cliente:

Categoría de inversión	Gasto anual
Compromiso del cliente	$ 22.7 millones
Infraestructura de soporte técnico	$ 18.3 millones
Desarrollo de la innovación	$ 154.6 millones

Halozyme Therapeutics, Inc. (Halo) - Modelo de negocio: canales

Equipo de ventas directo dirigido a compañías farmacéuticas

A partir del cuarto trimestre de 2023, Halozyme mantiene una fuerza de ventas dedicada de 37 profesionales enfocados específicamente en asociaciones farmacéuticas y desarrollo de negocios. El paquete de compensación total del equipo de ventas en 2023 fue de $ 4.2 millones.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	37
Compensación total del equipo de ventas	$4,200,000
Compensación de representante de ventas promedio	$113,513

Conferencias científicas y eventos de la industria

En 2023, Halozyme participó en 14 principales conferencias farmacéuticas y biotecnológicas, con un presupuesto de marketing de eventos de $ 1.3 millones.

• Conferencias a las que asistió: 14
• Gastos de marketing de eventos: $ 1.3 millones
• Costo promedio por conferencia: $ 92,857

Negociaciones de asociación estratégica

Halozyme tiene asociaciones estratégicas activas con 7 principales compañías farmacéuticas a partir de 2023, generando $ 156.4 millones en ingresos colaborativos.

Métrico de asociación	2023 datos
Socios estratégicos totales	7
Ingresos colaborativos	$156,400,000
Ingresos promedio por socio	$22,342,857

Plataformas de comunicación digital

Halozyme utiliza múltiples canales digitales con un presupuesto de marketing digital de $ 750,000 en 2023.

• Sitio web corporativo Visitantes mensuales: 42,000
• Seguidores de LinkedIn: 15,600
• Gastos de marketing digital: $ 750,000

Publicaciones científicas y presentaciones de investigación

En 2023, los investigadores de Halozyme publicaron 22 artículos científicos revisados ​​por pares y presentados en 9 principales conferencias de investigación.

Métrica de comunicación de investigación	2023 datos
Publicaciones revisadas por pares	22
Presentaciones de conferencias de investigación	9
Presupuesto de comunicación de investigación	$680,000

Halozyme Therapeutics, Inc. (Halo) - Modelo de negocio: segmentos de clientes

Grandes compañías farmacéuticas

La halozyme sirve a las principales compañías farmacéuticas con su tecnología de administración de medicamentos Propietario de Enhanze®. Los clientes clave incluyen:

Compañía farmacéutica	Detalles de colaboración	Valor de contrato
Roche	Licencias de tecnología de Enhanze®	Pago por adelantado de $ 150 millones
Janssen Pharmaceuticals	Acuerdos de colaboración múltiples	Pagos potenciales de hitos potenciales de $ 220 millones
Pfizer	Asociación de tecnología de suministro de medicamentos	Compromiso de colaboración de $ 100 millones

Organizaciones de investigación de biotecnología

Halozyme se dirige a organizaciones de investigación de biotecnología con soluciones avanzadas de administración de medicamentos.

• Asociaciones de investigación de biotecnología total: 7
• Ingresos anuales de colaboración de investigación: $ 45.2 millones
• Pagos potenciales de hitos: hasta $ 500 millones en varias asociaciones

Oncología e inmunología desarrolladores de drogas

Enfoque especializado en el desarrollo de la terapéutica de oncología e inmunología.

Área terapéutica	Colaboraciones activas	Etapa de desarrollo
Oncología	4 asociaciones activas	Ensayos clínicos de fase II/III
Inmunología	3 programas de investigación en curso	Desarrollo preclínico a la Fase I

Fabricantes de tratamiento terapéutico especializados

Halozyme apoya a los fabricantes terapéuticos especializados a través de tecnologías avanzadas de administración de medicamentos.

• Asociaciones de fabricantes especializados totales: 6
• Alcance del mercado potencial: mercados farmacéuticos globales
• Ingresos de licencia tecnológica: $ 67.3 millones en 2023

Halozyme Therapeutics, Inc. (Halo) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, la terapéutica de Halozyme informó gastos totales de I + D de $ 203.2 millones.

Año	Gastos de I + D	Porcentaje de ingresos
2022	$ 203.2 millones	44.3%
2021	$ 180.1 millones	42.7%

Inversiones de ensayos clínicos

Los costos de ensayos clínicos para la halozima en 2022 fueron de aproximadamente $ 85.7 millones, centrándose en la tecnología de pegilación y el desarrollo de enzimas.

• Ensayos clínicos de fase I: $ 22.3 millones
• Ensayos clínicos de fase II: $ 38.5 millones
• Ensayos clínicos de fase III: $ 24.9 millones

Mantenimiento de patentes y costos de propiedad intelectual

Los gastos anuales de propiedad intelectual para halozyme en 2022 totalizaron $ 15.6 millones.

Categoría de IP	Costo
Presentación de patentes	$ 7.2 millones
Mantenimiento de patentes	$ 8.4 millones

Personal y talento científico especializado

Los gastos totales de personal para halozyme en 2022 fueron de $ 156.4 millones.

• Compensación del personal de investigación: $ 92.3 millones
• Personal administrativo: $ 39.7 millones
• Personal de ventas y marketing: $ 24.4 millones

Mantenimiento y mejora de la plataforma de tecnología

La infraestructura tecnológica y los costos de desarrollo de la plataforma en 2022 ascendieron a $ 47.6 millones.

Área de inversión tecnológica	Costo
Mantenimiento de la plataforma	$ 26.3 millones
Mejora de la tecnología	$ 21.3 millones

Halozyme Therapeutics, Inc. (Halo) - Modelo de negocios: flujos de ingresos

Tarifas de licencia de tecnología

A partir del cuarto trimestre de 2023, Halozyme reportó ingresos por licencias de tecnología de $ 39.4 millones, específicamente relacionados con su plataforma de administración de medicamentos PEGYLATION y MOPHANZE®.

Pagos de hitos de acuerdos de colaboración

Pareja	Monto del pago de hitos	Año
Roche	$ 20 millones	2023
Janssen	$ 15 millones	2023

Regalías de productos farmacéuticos comercializados

Los ingresos de regalías para 2023 totalizaron $ 156.3 millones, principalmente de:

• Rituxan Hycela (Roche)
• Darzalex Faspro (Janssen)

Financiación de la investigación de las asociaciones farmacéuticas

La financiación de la investigación y el desarrollo en 2023 alcanzó los $ 45.2 millones de las colaboraciones farmacéuticas actuales.

Ingresos potenciales de comercialización de productos futuros

Producto	Ingresos potenciales estimados	Año proyectado
Productos de plataforma de Enhanze®	$ 250-300 millones	2024-2026

Halozyme Therapeutics, Inc. (HALO) - Canvas Business Model: Value Propositions

You're looking at the core value Halozyme Therapeutics, Inc. (HALO) delivers through its ENHANZE technology, which is clearly validated by the financial results coming in late 2025. This platform is all about making injectable drugs better, faster, and more convenient for patients and partners.

Converting intravenous (IV) therapies to faster, more convenient subcutaneous (SC) injections

The primary value is shifting complex, time-consuming intravenous (IV) infusions to simple, rapid subcutaneous (SC) injections. This conversion is happening at scale with major partners.

For instance, the subcutaneous formulation of DARZALEX SC, enabled by ENHANZE, continues to be a massive success story. In the U.S. market as of 2025, DARZALEX SC has achieved approximately a 96% share of sales, showing near-complete conversion from the IV route in that setting.

The technology facilitates more rapid delivery and administration of higher volumes of injectable medications through subcutaneous delivery, which is a key attribute partners seek.

Reducing patient treatment burden and healthcare resource utilization

By moving treatments from the clinic to the home or a less resource-intensive setting, Halozyme Therapeutics, Inc. (HALO) directly reduces the burden on patients and the healthcare system. This convenience drives partner adoption.

• ENHANZE technology is designed to decrease infusion-related reactions.
• It enables treatment outside of traditional infusion centers.
• The platform supports enhanced patient comfort and adherence.

Enabling high-volume biologic delivery in a single, rapid SC injection

The platform's ability to handle high-volume biologics in a single, quick injection is a significant technical differentiator. The financial results from the three established blockbuster therapies using ENHANZE prove this capability is commercially viable and highly profitable for Halozyme Therapeutics, Inc. (HALO).

Here's a look at the financial scale these SC-enabled products represent for Halozyme Therapeutics, Inc. (HALO) based on 2025 projections and recent performance:

Metric	Product Example	2025 Financial Data Point
Royalty Revenue Guidance (Full Year 2025)	All ENHANZE Products	$850 million to $880 million
YOY Royalty Growth (Q3 2025)	All ENHANZE Products	52% increase
Quarterly Sales (Q2 2025)	VYVGART Hytrulo SC	$949 million
U.S. Market Share (2025)	DARZALEX SC	Approximately 96% share of sales

The overall financial success of the ENHANZE royalty stream is clear: Halozyme Therapeutics, Inc. (HALO) is projecting total revenue for the full year 2025 to be between $1,300 million and $1,375 million, driven primarily by these royalties.

Providing a de-risked, commercially-validated drug delivery platform for partners

Partners are buying into a technology that has already proven it works with multiple successful commercial products, which significantly de-risks their own development programs. This validation is reflected in the high revenue expectations and strategic acquisitions.

The platform is considered de-risked because it underpins nine co-formulated products globally as of early 2025. Also, the market for the underlying hyaluronidase technology is projected to grow from $1.16 billion in 2025 to $1.75 billion by 2030.

Further validation comes from strategic corporate activity. Halozyme Therapeutics, Inc. (HALO) completed the acquisition of Elektrofi, Inc. in November 2025 for $750 million, which includes potential milestone payments of up to $150 million contingent on regulatory approvals for three separate products. This move expands the technology offering, showing confidence in the platform-based business model. Finance: review the cash flow impact of the $702.0 million cash position as of September 30, 2025, against the Elektrofi acquisition terms by end of week.

Halozyme Therapeutics, Inc. (HALO) - Canvas Business Model: Customer Relationships

You're building a business model around enabling other pharmaceutical giants, so your customer relationships are everything; they are the engine for your high-margin royalty stream. Halozyme Therapeutics, Inc.'s approach is centered on deep, long-term strategic alliances with major biopharma companies to integrate its ENHANZE® drug delivery technology.

High-touch, long-term strategic partnerships with major biopharma companies

The relationship structure is fundamentally a technology licensing model with key industry players. Halozyme Therapeutics, Inc. has licensed its ENHANZE® technology to a roster of leading companies, including Roche, Takeda, Pfizer, Janssen, AbbVie, Eli Lilly, Bristol-Myers Squibb, argenx, ViiV Healthcare, Chugai Pharmaceutical, and Acumen Pharmaceuticals. This network has resulted in significant patient reach, having touched approximately one million patient lives in post-marketing use across ten commercialized products in more than 100 global markets as of late 2025. The success of these relationships is quantified by the projected full-year 2025 royalty revenue guidance, set between $850 million and $880 million, representing a projected growth of 49% to 54% over 2024 revenue.

The strength of these relationships is evident in the performance of the established therapies:

• The three established ENHANZE-enabled blockbuster therapies are DARZALEX SC, Phesgo, and VYVGART Hytrulo.
• Q3 2025 royalty revenue hit a record $236.0 million, a 52% increase year-over-year.
• The company projects achievement of 13 of its 15 growth catalysts announced in Q1 2025 by the end of Q4 2025.

Here's a look at the projected 2025 sales for the top products driving these royalty payments:

Partner Product (ENHANZE-enabled)	Partner Company	Projected 2025 Global Sales	Projected YoY Sales Growth (2025)
DARZALEX SC	Janssen	$14.1 billion	21%
Phesgo	Roche	$2.9 billion	45%

Dedicated R&D and regulatory support for partner product development

While direct R&D support costs aren't itemized for customer support, the model implies a high level of engagement to facilitate product approvals and geographic expansion. The success is tied to regulatory achievements, such as the two new indication approvals noted in Q3 2025: DARZALEX SC for smoldering multiple myeloma in Europe and the argenx VYVDURA pre-filled syringe in Japan. Furthermore, a recent collaboration with Merus N.V. granted them access to ENHANZE for petosemtamab, which included an upfront payment of $30 million and potential future payments up to $160 million per selected target, showing ongoing development engagement.

Licensing model focused on mutual success via milestone and royalty payments

The financial structure is heavily weighted toward recurring, high-margin royalty revenue, which is the core of the customer relationship value. For Q3 2025, royalty revenue was $236.0 million, while milestone revenues were noted as a partial offset to the overall revenue increase, suggesting a shift in revenue mix toward established product sales. The full-year 2025 total revenue guidance is between $1,300 million and $1,375 million, with royalties being the primary driver. The company's cash position as of September 30, 2025, stood at $702.0 million, reflecting the strong cash flow generated by this licensing structure.

Maintaining a strong, defensible intellectual property position

The longevity of these customer relationships depends on the strength and duration of the underlying intellectual property. Halozyme Therapeutics, Inc. is actively defending its position, as evidenced by the ongoing MDASE litigation with Merck (MRK). Management is awaiting the first decisions in that district court case, which is expected in June 2026. The company's forward-looking statements mention the potential for existing and additional patents to extend royalty payment periods and maintain royalty rates, which is critical for securing the long-term revenue streams from these key partners.

Finance: finalize the Q4 2025 royalty accrual forecast by next Tuesday.

Halozyme Therapeutics, Inc. (HALO) - Canvas Business Model: Channels

You're looking at how Halozyme Therapeutics, Inc. gets its value proposition-the ENHANZE® technology and its proprietary drugs-out to the world. It's a multi-pronged approach, heavily weighted toward partnerships, but with a direct component for their own commercial assets.

Direct licensing agreements with global pharmaceutical and biotech companies

The core of Halozyme Therapeutics, Inc.'s channel strategy for its ENHANZE® technology is direct licensing. This involves striking agreements that allow major pharmaceutical and biotech players to use the technology for subcutaneous (SC) administration of their biologics. As of late 2025, Halozyme Therapeutics, Inc. has licensed its ENHANZE® technology to a list of significant companies.

The list of licensees includes:

• Roche
• Takeda
• Pfizer
• Janssen
• AbbVie
• Eli Lilly
• Bristol-Myers Squibb
• argenx
• ViiV Healthcare
• Chugai Pharmaceutical
• Acumen Pharmaceuticals

A recent example of expanding this channel was the agreement entered into in late 2025 with Merus N.V. for the subcutaneous development of petosemtamab. Milestone revenues, which are part of this channel, saw a decrease in Q3 2025 compared to the prior year.

Direct sales force for proprietary commercial products (Hylenex®, XYOSTED®)

Halozyme Therapeutics, Inc. maintains a direct commercial channel for its two proprietary products: Hylenex® Recombinant and XYOSTED®. Sales from these products contribute directly to the top line, with XYOSTED® sales specifically noted as a driver of growth.

Here's the breakdown for the proprietary product sales channel based on the third quarter of 2025 results:

Metric	Value (Q3 2025)	Year-over-Year Change
Product Sales	$94.2 million	Up 8.7%

This direct sales effort is supported by the company's operational facilities located in Minnetonka, MN.

Partner-led global distribution and commercialization of ENHANZE-enabled drugs

This is the most significant revenue channel, driven by royalties on the partners' sales of ENHANZE-enabled drugs. Halozyme Therapeutics, Inc. does not handle the global distribution itself; rather, its partners manage the commercialization, which generates royalty revenue for Halozyme Therapeutics, Inc. As of late 2025, Halozyme Therapeutics, Inc. has eight marketed partnered drugs using the ENHANZE technology.

The financial impact of this channel is substantial, reflected in the raised 2025 guidance. The company projects full-year 2025 royalty revenue to be between $850 million and $880 million. For the third quarter of 2025 alone, royalty revenue hit a record $236.0 million, marking a 52% increase year-over-year.

Key products driving this channel include:

• DARZALEX® SC by Janssen, which holds approximately ~96% U.S. Share of Sales
• Phesgo® by Roche
• VYVGART® Hytrulo by argenx

The total projected 2025 revenue, heavily influenced by these royalties, is guided to be between $1,300 million and $1,375 million.

Investor relations and corporate communications to the financial community

Halozyme Therapeutics, Inc. communicates its strategy and performance through regular engagements with the financial community. This channel ensures capital market access and transparency regarding the business model execution. The company hosts regular conference calls to discuss financial results and provide guidance updates.

Recent communications events include:

• Investor Conference Call on January 8, 2025
• First Quarter 2025 Earnings Call on May 6, 2025
• Second Quarter 2025 Earnings Call on August 5, 2025
• Third Quarter 2025 Earnings Call on November 3, 2025

The company's financial position, which is a key topic for this channel, showed $702.0 million in cash, cash equivalents and marketable securities as of September 30, 2025. Furthermore, as of that same date, $92.3 million had been used under a share repurchase program to buy back approximately 1.7 million shares at an average price of $52.89 per share.

The Investor Relations contact is listed as Tram Bui, VP, Investor Relations and Corporate Communications.

Halozyme Therapeutics, Inc. (HALO) - Canvas Business Model: Customer Segments

You're looking at the core groups Halozyme Therapeutics, Inc. serves, which are primarily the pharmaceutical giants that license the ENHANZE technology and the patients who benefit from the resulting subcutaneous (SC) drug formulations. This model is heavily weighted toward business-to-business relationships, but the end-user patient impact is what drives the value.

The primary customer base consists of global biopharmaceutical companies seeking to enhance their existing biologic therapies or manage drug lifecycles by converting intravenous (IV) infusions to more convenient SC injections. Halozyme Therapeutics, Inc. has licensed its ENHANZE technology to a roster of major players, including Roche, Takeda Pharmaceutical Company, Pfizer, Johnson & Johnson (Janssen), AbbVie, Eli Lilly, Bristol-Myers Squibb, argenx, ViiV Healthcare, Chugai Pharmaceutical, and Acumen Pharmaceuticals. These collaborations are the engine of the business, generating the majority of the company's revenue through royalties and upfront payments.

The second critical segment is the patients receiving high-volume biologic therapies, particularly in oncology and immunology. The success of ENHANZE-enabled products validates the clinical need this segment has. Halozyme Therapeutics, Inc. has touched over one million patient lives in post-marketing use across ten commercialized products in at least one major region and across more than 100 global markets. For example, the subcutaneous formulation of Janssen's DARZALEX SC has achieved a 96% conversion rate in the U.S. frontline setting.

A related segment includes healthcare providers (HCPs) and clinics. Their interest is in the operational efficiency gained by reducing lengthy IV administration times to rapid SC injections. The market supporting this technology, the hyaluronidase market, is projected to grow from $1.16 billion in 2025 to $1.75 billion by 2030.

Finally, Halozyme Therapeutics, Inc. serves the market for its proprietary products through direct sales to specialty pharmacies and distributors. In Q1 2025, product sales, which include proprietary products like XYOSTED®, contributed 29% of the company's total revenue.

Here's a look at the key partners driving the ENHANZE platform adoption and the associated commercial success metrics as of late 2025:

Partnering Biopharma Company	ENHANZE-Enabled Commercial Product Example	Q3 2025 Royalty Driver	Conversion/Adoption Metric
Janssen (J&J)	DARZALEX SC	Yes	96% U.S. share of sales (2025)
Roche	Phesgo	Yes	46% global conversion from Perjeta (across 78 launch countries)
argenx	VYVGART Hytrulo	Yes	Sales increased 97% year-over-year to $949 million (Q2 2025)
Bristol-Myers Squibb	Opdivo SC (Qvantiq)	Implied	One of ten commercialized products driving patient lives touched
Takeda Pharmaceutical Company	(Various)	Implied	One of the leading pharmaceutical companies licensing ENHANZE

The revenue structure for Halozyme Therapeutics, Inc. in Q1 2025 clearly shows the reliance on these licensing relationships:

• Royalties earned through ENHANZE technology licensing: 63.5% of revenue.
• Product sales (including proprietary and partnered): 29% of revenue.
• Collaborative agreements: 7% of revenue.

The full-year 2025 guidance reflects the strength of these customer relationships, projecting royalty revenue between $850 million to $880 million, representing growth of 49% to 54% over 2024.

Halozyme Therapeutics, Inc. (HALO) - Canvas Business Model: Cost Structure

You're looking at the core expenditures driving Halozyme Therapeutics, Inc.'s operations as of late 2025. Honestly, a significant portion of the cost structure is tied up in developing and supporting the ENHANZE® platform and integrating recent strategic moves.

The recurring operational costs for the third quarter of 2025 give you a clear picture of the baseline burn rate before considering one-time acquisition costs. We can lay these out clearly:

Cost Category	Q3 2025 Amount (in millions)	Comparison Point
Cost of Sales for proprietary products and ENHANZE® API	$55.2 million	Up from $49.4 million in Q3 2024
Selling, General, and Administrative (SG&A) costs	$46.1 million	Up from $41.2 million in Q3 2024
Amortization of intangible assets	$17.8 million	Flat compared to Q3 2024
Significant research and development (R&D) expenses	$17.3 million	Down from $18.5 million in Q3 2024

The R&D expense decrease to $17.3 million in Q3 2025 was mainly due to lower compensation costs from resource optimization and the timing of certain ENHANZE® related investments. That's a good sign of efficiency, but remember, innovation still requires capital.

Now, let's look at the costs associated with strategic M&A, specifically the recent Elektrofi transaction, which significantly impacts the long-term cost and investment profile. This is where the big, lumpy numbers hit the structure.

• Upfront cash payment for the acquisition: $750 million.
• Contingent milestone payments: Up to three separate payments of $50 million each, for a total potential of $150 million.
• Total potential consideration for the deal: Up to $900 million.
• Projected full year 2026 incremental operating expense from the acquisition: Approximately $55 million.

The upfront $750 million was financed using Halozyme Therapeutics, Inc.'s cash on hand and its existing credit facility. The company expects the transaction to be less than 5% dilutive to non-GAAP diluted EPS over the medium-term, excluding those potential milestone payments. That's the quick math on the deal's immediate financial footprint.

These costs structure elements show a company balancing ongoing, high-value R&D and operational overhead with major, strategic capital deployment to expand its drug delivery technology portfolio. The cost of sales at $55.2 million reflects the growth in product sales supporting the royalty revenue stream, which was a record $236.0 million in the same quarter. Finance: draft the 13-week cash view incorporating the Q3 operating expenses and the expected 2026 incremental OpEx by Friday.

Halozyme Therapeutics, Inc. (HALO) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Halozyme Therapeutics, Inc.'s financial structure, which is heavily weighted toward high-margin, recurring royalty income as of late 2025. The business model clearly prioritizes the success of its partners using the ENHANZE® technology.

The full-year 2025 financial outlook shows the expected scale of this model. Halozyme Therapeutics, Inc. is guiding total revenue for the full year to be between $1,300 million and $1,375 million. This guidance was raised based on strong performance, especially in the royalty segment.

The primary driver is the royalty stream from partner product sales. For the full-year 2025, Halozyme Therapeutics, Inc. projects revenue from royalties to land in the range of $850 million to $880 million. To give you a sense of the momentum, Q3 2025 royalty revenue alone hit a record $236.0 million, which was up 52% year-over-year.

Halozyme Therapeutics, Inc. also retains revenue from its own commercial products. These proprietary sales are a smaller, but still significant, component. For the third quarter of 2025, product sales from Hylenex® and XYOSTED® totaled $94.2 million. That figure represented a 9% increase from the prior year period.

Collaboration revenue, which includes upfront payments and development milestones, is more variable. In Q3 2025, this stream brought in $24 million. This was down from $48.4 million in the prior year period, primarily due to the timing of when specific milestones were achieved.

Here's a quick look at how the key revenue components stacked up for the third quarter of 2025, which underpins the full-year guidance:

Revenue Stream Component	Q3 2025 Amount (USD)	Full-Year 2025 Guidance (USD)
Royalties from Partner Product Sales	$236.0 million	$850 million to $880 million
Proprietary Product Sales (Hylenex®, XYOSTED®)	$94.2 million	Not explicitly stated as a separate full-year guidance component
Collaboration Revenue (Milestones/Upfront)	$24 million	Not explicitly stated as a separate full-year guidance component
Total Revenue	$354.3 million	$1,300 million to $1,375 million

The revenue streams are clearly segmented, showing a reliance on the success of the ENHANZE® platform through partner sales, supplemented by direct sales of Halozyme Therapeutics, Inc.'s own assets.

You can see the different sources contributing to the top line:

• Royalties from partner product sales, projected to be $850 million to $880 million for full-year 2025.
• Product sales from proprietary commercial products (Hylenex®, XYOSTED®), at $94.2 million in Q3 2025.
• Collaboration revenue from upfront payments and development milestones, which was $24 million in Q3 2025.
• Total revenue is guided to be between $1,300 million and $1,375 million for 2025.

Finance: draft 13-week cash view by Friday.