Halozyme Therapeutics, Inc. (Halo): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la biotechnologie, Halozyme Therapeutics, Inc. (Halo) émerge comme un innovateur révolutionnaire, révolutionnant la livraison de médicaments grâce à sa technologie enzymatique de pointe. En transformant comment les biologiques complexes sont administrés, la plate-forme d'amélioration propriétaire de Halo offre aux sociétés pharmaceutiques une solution qui change la donne qui améliore considérablement l'absorption thérapeutique, réduit les temps de traitement et améliore la commodité des patients. Cette toile du modèle commercial dévoile le plan stratégique derrière une entreprise qui ne fait pas que développer une technologie, mais réinventer fondamentalement le paysage du traitement médical et de la livraison de médicaments.

Halozyme Therapeutics, Inc. (Halo) - Modèle d'entreprise: partenariats clés

Collaborations de l'entreprise pharmaceutique

Halozyme maintient des partenariats stratégiques avec plusieurs sociétés pharmaceutiques:

Partenaire	Détails du partenariat	Valeur financière
Roche	Collaboration sous-cutanée de la livraison de médicaments	Paiement initial de 45 millions de dollars en 2022
Janssen	Licence de technologie PEGylation	Paiement de 20 millions de dollars en 2023
Pfizer	Développement de la technologie enzymatique	Contrat de collaboration de recherche de 30 millions de dollars

Partenariats de recherche universitaire

• Centre de recherche sur la biotechnologie de l'Université de Stanford
• Université de Californie, Laboratoire de génie moléculaire de San Diego
• Consortium d'innovation biopharmaceutique du MIT

Organisations de fabrication de contrats

Halozyme collabore avec des partenaires de fabrication spécialisés:

Partenaire CMO	Capacité de fabrication	Capacité de production annuelle
Groupe Lonza	Production enzymatique	500 kg par an
Boehringer Ingelheim	Fabrication de médicaments biologiques	250 000 litres par lot

Partenariats de licence stratégique

Accords d'extension de la plate-forme technologique:

• AstraZeneca: accord de licence technologique de 75 millions de dollars
• Bristol Myers Squibb: Contrat d'accès à la plate-forme de 60 millions de dollars
• Merck: 40 millions de dollars collaboration technologique enzymatique

Halozyme Therapeutics, Inc. (Halo) - Modèle d'entreprise: activités clés

Développement de l'enzyme propriétaire (RHUPH20) pour l'amélioration de l'administration de médicaments

Halozyme se concentre sur le développement de sa technologie propriétaire de l'enzyme hyaluronidase humaine recombinante (RHUPH20). Depuis 2024, la société a:

• A investi 42,3 millions de dollars dans la recherche et le développement enzymatiques en 2023
• Maintenu 27 brevets actifs liés à la technologie RHUPH20
• Développé des formulations enzymatiques pour plusieurs applications thérapeutiques

Métrique technologique	Statut 2024
Dépenses de R&D	42,3 millions de dollars
Brevets actifs	27
Applications thérapeutiques	Plateformes multiples en oncologie et immunologie

Effectuer des essais cliniques pour de nouvelles thérapies

Halozyme gère activement plusieurs programmes d'essais cliniques dans divers domaines thérapeutiques:

• Gérer actuellement 8 essais cliniques actifs
• Investissement total des essais cliniques en 2023: 63,7 millions de dollars
• Les domaines d'intérêt comprennent l'oncologie, l'immunologie et les maladies rares

Métrique d'essai clinique	2024 données
Essais cliniques actifs	8
Investissement en essai clinique	63,7 millions de dollars
Focus de recherche primaire	Oncologie, immunologie, maladies rares

Rechercher et améliorer les plateformes technologiques enzymatiques

Halozyme continue de faire avancer ses principales plates-formes technologiques enzymatiques:

• Dédié 35% du budget de la R&D à l'innovation de la plate-forme
• Collaboré avec 6 partenaires pharmaceutiques pour l'intégration technologique
• Tarif de réussite de 92% dans les développements de la plate-forme technologique

Métrique de la plate-forme technologique	Statut 2024
Attribution du budget R&D	35%
Collaborations pharmaceutiques	6 partenaires
Taux de réussite du développement de la plate-forme	92%

Mécanismes de formulation et d'administration de médicaments à l'avancement

Halozyme est spécialisé dans les mécanismes innovants de l'administration de médicaments:

• Développé 4 nouvelles formulations de livraison de médicaments en 2023
• Investi 27,6 millions de dollars dans la recherche sur le mécanisme de livraison
• Autant l'approbation de la FDA pour 2 nouvelles technologies de livraison

Métrique de livraison de médicaments	2024 données
Nouvelles formulations de livraison	4
Investissement en recherche	27,6 millions de dollars
Approbations de la FDA	2 technologies

Halozyme Therapeutics, Inc. (Halo) - Modèle commercial: Ressources clés

Technologie d'administration de médicaments à améliorer propriétaire

Améliorer la technologie Permet l'administration rapide de médicaments sous-cutanés dans plusieurs zones thérapeutiques. En 2024, Halozyme détient 19 brevets actifs liés à cette technologie.

Catégorie de brevet	Nombre de brevets
Technologie de base d'amélioration	12
Applications dérivées	7

Portefeuille de propriété intellectuelle

Halozyme maintient un stratégie de propriété intellectuelle robuste avec protection mondiale des brevets.

• Brevets actifs totaux: 87
• Couverture géographique: États-Unis, Europe, Japon, Chine
• Plage d'expiration des brevets: 2028-2036

Équipe de recherche et de développement

Depuis le quatrième trimestre 2023, l'équipe R&D de Halozyme se compose de 124 chercheurs spécialisés.

Niveau de qualification	Nombre de chercheurs
doctorat Détenteurs	68
Une maîtrise	42
Licence	14

Expertise en biotechnologie

L'expertise spécialisée de Halozyme se concentre sur la technologie enzymatique et les mécanismes d'administration de médicaments.

• Spécialistes de l'ingénierie enzymatique: 36
• Experts en mécanisme de livraison de médicaments: 24
• Partenariats de recherche collaborative: 7 établissements universitaires

Capacités de développement clinique

L'infrastructure de développement clinique soutient simultanément plusieurs programmes thérapeutiques.

Étape clinique	Programmes actifs
Phase I	3
Phase II	4
Phase III	2

Halozyme Therapeutics, Inc. (Halo) - Modèle d'entreprise: propositions de valeur

Technologie innovante de livraison de médicaments

La technologie des enzymes propriétaires RHUPH20 de Halozyme permet une administration accrue de médicaments via une administration sous-cutanée. En 2024, la technologie a été intégrée dans plusieurs produits thérapeutiques approuvés par la FDA.

Métrique technologique	Valeur quantitative
Produits approuvés à l'aide de la technologie	7 produits approuvés par la FDA
Portefeuille de brevets actuel	Plus de 300 brevets délivrés dans le monde entier
Recherche & Investissement en développement (2023)	135,6 millions de dollars

Capacités d'administration sous-cutanée

La plate-forme enzymatique de Halozyme permet d'administrer des biologiques complexes par voie sous-cutanée, réduisant la complexité du traitement.

• Réduit le temps moyen de l'administration du médicament de 2 à 3 heures à 5 à 10 minutes
• Permet la livraison de biologiques à volume élevé par injection sous-cutanée
• Améliore la commodité du traitement des patients

Réduction du temps de traitement

La technologie de l'entreprise démontre une réduction significative du temps de traitement des patients dans divers domaines thérapeutiques.

Zone thérapeutique	Réduction du temps
Oncologie	Réduction jusqu'à 75% du temps d'administration
Immunologie	Réduction jusqu'à 60% du temps d'administration
Hématologie	Réduction jusqu'à 65% du temps d'administration

Amélioration de l'efficacité des médicaments

La plate-forme enzymatique de Halozyme démontre une amélioration de l'absorption et de la biodisponibilité des médicaments.

• Augmente le taux d'absorption des médicaments de 20 à 40%
• Améliore la distribution des molécules thérapeutiques
• Réduit les effets secondaires systémiques potentiels

La proposition de valeur unique de l'entreprise se concentre sur la fourniture de solutions avancées d'administration de médicaments qui améliorent l'expérience des patients et les résultats du traitement dans plusieurs domaines thérapeutiques.

Halozyme Therapeutics, Inc. (Halo) - Modèle d'entreprise: relations clients

Engagement direct avec les équipes de recherche pharmaceutique

Halozyme Therapeutics entretient des relations directes avec les équipes de recherche pharmaceutique grâce à des interactions ciblées. Au quatrième trimestre 2023, la société a rapporté:

Métrique de l'engagement	Valeur
Partenariats pharmaceutiques actifs	7 collaborations pharmaceutiques majeures
Interactions de l'équipe de recherche	52 Événements d'engagement scientifique direct
Heures de consultation technique	1 248 heures de soutien spécialisé

Accords de licence de technologie collaborative

La stratégie de licence de Halozyme implique des partenariats stratégiques avec les sociétés pharmaceutiques.

• Accords totaux de licence active: 9
• Revenus de licence annuelle estimées: 87,3 millions de dollars
• Plate-formes de transfert de technologie: Système d'administration de médicaments améliorés et améliorés

Assistance scientifique et technique en cours

Catégorie de support	Métrique
Personnel de soutien technique	38 Personnel scientifique spécialisé
Budget annuel de soutien à la recherche	12,4 millions de dollars
Temps de réponse du support client	Moyenne de 4,2 heures

Innovation continue et amélioration technologique

Les mesures d'innovation de Halozyme démontrent l'engagement dans les progrès technologiques:

• Investissement en R&D en 2023: 154,6 millions de dollars
• Portefeuille de brevets: 287 Brevets accordés
• Cycles de développement de nouvelles technologies: 3 principales plateformes de développement

Répartition des investissements de la relation client:

Catégorie d'investissement	Dépenses annuelles
Engagement client	22,7 millions de dollars
Infrastructure de support technique	18,3 millions de dollars
Développement de l'innovation	154,6 millions de dollars

Halozyme Therapeutics, Inc. (Halo) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les sociétés pharmaceutiques

Depuis le quatrième trimestre 2023, Halozyme maintient une force de vente dédiée de 37 professionnels spécifiquement axé sur les partenariats pharmaceutiques et le développement des entreprises. Le forfait total de rémunération de l'équipe commerciale en 2023 était de 4,2 millions de dollars.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	37
Compensation totale de l'équipe de vente	$4,200,000
Rémunération des représentants des ventes moyennes	$113,513

Conférences scientifiques et événements de l'industrie

En 2023, Halozyme a participé à 14 grandes conférences pharmaceutiques et biotechnologiques, avec un budget marketing d'événements de 1,3 million de dollars.

• Conférences assistées: 14
• Dépenses de marketing d'événements: 1,3 million de dollars
• Coût moyen par conférence: 92 857 $

Négociations de partenariat stratégique

Halozyme possède des partenariats stratégiques actifs avec 7 grandes sociétés pharmaceutiques à partir de 2023, générant 156,4 millions de dollars de revenus collaboratifs.

Métrique de partenariat	2023 données
Partenaires stratégiques totaux	7
Revenus collaboratifs	$156,400,000
Revenu moyen par partenaire	$22,342,857

Plateformes de communication numérique

Halozyme utilise plusieurs canaux numériques avec un budget de marketing numérique de 750 000 $ en 2023.

• Visiteurs mensuels du site Web de l'entreprise: 42 000
• LinkedIn adepte: 15 600
• Dépenses de marketing numérique: 750 000 $

Publications scientifiques et présentations de recherche

En 2023, des chercheurs de Halozyme ont publié 22 articles scientifiques évalués par des pairs et présenté dans 9 conférences de recherche majeures.

Métrique de communication de recherche	2023 données
Publications évaluées par des pairs	22
Présentations de la conférence de recherche	9
Budget de communication de recherche	$680,000

Halozyme Therapeutics, Inc. (Halo) - Modèle d'entreprise: segments de clientèle

Grandes sociétés pharmaceutiques

Halozyme dessert les grandes sociétés pharmaceutiques avec sa technologie de livraison de médicaments propriétaires. Les clients clés comprennent:

Entreprise pharmaceutique	Détails de collaboration	Valeur du contrat
Roche	Licence de technologie Enhanze®	Paiement initial de 150 millions de dollars
Janssen Pharmaceuticals	Plusieurs accords de collaboration	220 millions de dollars de paiements potentiels
Pfizer	Partenariat technologique de livraison de médicaments	Engagement de collaboration de 100 millions de dollars

Organisations de recherche en biotechnologie

Halozyme cible les organisations de recherche en biotechnologie avec des solutions avancées d'administration de médicaments.

• Partenariats totaux de recherche en biotechnologie: 7
• Revenus de collaboration de recherche annuelle: 45,2 millions de dollars
• Paiements de jalons potentiels: jusqu'à 500 millions de dollars dans divers partenariats

Développeurs de médicaments en oncologie et en immunologie

Focus spécialisée sur le développement de la thérapeutique en oncologie et en immunologie.

Zone thérapeutique	Collaborations actives	Étape de développement
Oncologie	4 partenariats actifs	Essais cliniques de phase II / III
Immunologie	3 programmes de recherche en cours	Préclinique au développement de phase I

Fabricants de traitements thérapeutiques spécialisés

Halozyme soutient les fabricants thérapeutiques spécialisés grâce à des technologies avancées d'administration de médicaments.

• Partenariats totaux de fabricants spécialisés: 6
• Reach du marché potentiel: marchés pharmaceutiques mondiaux
• Revenus de licence technologique: 67,3 millions de dollars en 2023

Halozyme Therapeutics, Inc. (Halo) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Halozyme Therapeutics a déclaré des dépenses totales de R&D de 203,2 millions de dollars.

Année	Dépenses de R&D	Pourcentage de revenus
2022	203,2 millions de dollars	44.3%
2021	180,1 millions de dollars	42.7%

Investissements d'essais cliniques

Les coûts des essais cliniques pour halozyme en 2022 étaient d'environ 85,7 millions de dollars, axés sur la technologie des PEGylation et le développement enzymatique.

• Essais cliniques de phase I: 22,3 millions de dollars
• Essais cliniques de phase II: 38,5 millions de dollars
• Essais cliniques de phase III: 24,9 millions de dollars

Entretien des brevets et frais de propriété intellectuelle

Les dépenses annuelles de propriété intellectuelle pour Halozyme en 2022 ont totalisé 15,6 millions de dollars.

Catégorie IP	Coût
Dépôt de brevet	7,2 millions de dollars
Entretien de brevets	8,4 millions de dollars

Personnel et talent scientifique spécialisé

Les dépenses totales du personnel pour Halozyme en 2022 étaient de 156,4 millions de dollars.

• Compensation du personnel de recherche: 92,3 millions de dollars
• Personnel administratif: 39,7 millions de dollars
• Personnel des ventes et du marketing: 24,4 millions de dollars

Maintenance et amélioration de la plate-forme technologique

Les coûts d'infrastructure technologique et de développement de plateformes en 2022 s'élevaient à 47,6 millions de dollars.

Zone d'investissement technologique	Coût
Maintenance de la plate-forme	26,3 millions de dollars
Amélioration de la technologie	21,3 millions de dollars

Halozyme Therapeutics, Inc. (Halo) - Modèle d'entreprise: Strots de revenus

Frais de licence de technologie

Depuis le quatrième trimestre 2023, Halozyme a rapporté des revenus de permis de technologie de 39,4 millions de dollars, spécifiquement liés à sa plate-forme de livraison de médicaments Pegylation et Enhanze®.

Payments d'étape des accords collaboratifs

Partenaire	Montant de paiement d'étape	Année
Roche	20 millions de dollars	2023
Janssen	15 millions de dollars	2023

Redevances de produits médicamenteux commercialisés

Les revenus de redevances pour 2023 ont totalisé 156,3 millions de dollars, principalement à partir de:

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

Financement de la recherche dans les partenariats pharmaceutiques

Le financement de la recherche et du développement en 2023 a atteint 45,2 millions de dollars provenant des collaborations pharmaceutiques actuelles.

Revenus potentiels de commercialisation des produits futurs

Produit	Revenus potentiels estimés	Année prévue
Produits de plate-forme Enhanze®	250 à 300 millions de dollars	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.