Halozyme Therapeutics, Inc. (HALO): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the true financial engine behind Halozyme Therapeutics, Inc. (HALO), and honestly, it's less about the science and more about a high-margin royalty machine built on a single, powerful enzyme that lets partners convert slow IV infusions into rapid subcutaneous injections. This model is defintely paying off, with 2025 revenue guided between $1,300 million and $1,375 million, heavily weighted by projected royalties of $850 million to $880 million alone. I've mapped out the full nine-block Business Model Canvas below, detailing everything from their key partnerships with giants like Roche to their cost structure, which included $17.3 million in R&D during Q3 2025, so you can see precisely how they generate this predictable, high-value revenue stream.

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

The Key Partnerships block for Halozyme Therapeutics, Inc. centers on licensing its proprietary ENHANZE® drug delivery technology to established biopharma leaders for subcutaneous (SC) administration of their complex biologics.

Major global pharmaceutical companies like Roche, Janssen, and argenx

Halozyme Therapeutics, Inc. maintains a broad network of collaborations that form the backbone of its royalty-driven revenue. As of late 2025, the company has licensing agreements with major players across the industry.

• Halozyme Therapeutics has eleven collaborations in total using the ENHANZE technology.
• The company currently earns royalties from sales of nine commercial products utilizing the platform.
• Key partners include F. Hoffmann-La Roche, Ltd. and Hoffmann-La Roche, Inc. ("Roche"), Janssen Biotech, Inc. ("Janssen"), and argenx BVBA.
• Other significant collaborators are Takeda Pharmaceuticals International AG, Pfizer Inc., AbbVie, Inc., Eli Lilly and Company ("Lilly"), and Bristol Myers Squibb Company ("BMS").
• A new global non-exclusive collaboration was announced with Merus N.V. in late 2025 for the subcutaneous formulation of petosemtamab.

Licensing agreements for ENHANZE® technology across multiple therapeutic areas

The ENHANZE technology, based on the proprietary enzyme rHuPH20, is licensed to enable SC delivery, aiming to reduce patient treatment burden compared to intravenous (IV) administration. Royalty rates are generally in the mid-single digit range across most products.

The structure of the royalty term is tied to patent life, with collaboration patents expiring after March 6, 2029, beyond the last to expire ENHANZE patent. However, this specific expiration clause does not apply to the Janssen license.

Collaborations for commercializing ENHANZE-enabled products like DARZALEX SC and Phesgo

The financial performance in 2025 is heavily influenced by the continued strong uptake of established, co-formulated blockbuster therapies. The third quarter of 2025 showed exceptional growth from these specific partnerships.

Here's a look at the financial contribution from the key commercialized products through the third quarter of 2025:

The company raised its full-year 2025 total revenue guidance to $1,300 million to $1,375 million, representing growth of 28% to 35% over 2024 total revenue.

Strategic M&A, like the September 2025 Elektrofi acquisition for new technology

Halozyme Therapeutics, Inc. executed a strategic acquisition of Elektrofi, Inc. on September 30, 2025, to expand its technology portfolio beyond ENHANZE. This deal secures Elektrofi's Hypercon microparticle technology, which enables ultra-high concentration formulations.

The financial commitment for the Elektrofi acquisition is structured as follows:

• Upfront cash consideration: $750 million.
• Contingent milestone payments: Up to $150 million, tied to three separate product regulatory approvals ($50 million each).
• Total potential transaction value: Up to $900 million.

The Hypercon technology allows for biologic product formulation concentrations of 400 mg/mL to 500 mg/mL, which is up to four to five times higher than standard aqueous solution formulations. Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving Halozyme Therapeutics, Inc.'s financial results as of late 2025. The key activities here are all about maximizing the value of their drug delivery platforms, both through internal development and external partnerships.

Research and development (R&D) focused on ENHANZE® and new platforms like Hypercon™

Research and development is a necessary, though relatively smaller, component of the overall spend, especially as the royalty stream from ENHANZE® matures. For the twelve months ending September 30, 2025, Halozyme Therapeutics, Inc.'s research and development expense totaled $70.0 million ($0.070B). Looking at the most recent quarters, the R&D expense was $17.3 million in the third quarter of 2025, down from $17.5 million in the second quarter of 2025 and $14.8 million in the first quarter of 2025. The strategic focus is clearly expanding beyond the established ENHANZE® technology, evidenced by the September 2025 agreement to acquire Elektrofi, Inc. to gain the Hypercon™ technology. This new platform is designed to enable ultra-high concentration delivery, potentially taking drugs from 100 milligrams per ml up to 400 to 500 milligrams per ml.

Licensing and managing the extensive ENHANZE® intellectual property portfolio

This is where the bulk of the financial power resides. Halozyme Therapeutics, Inc.'s ENHANZE® platform is the tried and tested technology for large volume, rapid subcutaneous (SC) delivery. The platform has achieved 10 approvals to date, enabling over one million patient lives to be touched through these commercialized products. The durability of this revenue stream is secured by co-formulation patents, which are expected to extend royalty payments into the mid-2030s for most products and into the 2040s for many. The financial results from this activity are stark:

The success is heavily concentrated in a few key partnered drugs, with DARZALEX® SC maintaining approximately 96% market share in the U.S..

Manufacturing and commercializing proprietary products like Hylenex® and XYOSTED®

While royalties drive the majority of revenue, Halozyme Therapeutics, Inc. also manufactures and commercializes its own products. The company has two commercial proprietary products: Hylenex® and XYOSTED®. XYOSTED® sales have been a driver of top-line growth since its acquisition via the Antares Pharma purchase. In the third quarter of 2025, product sales-which include these proprietary offerings-totaled $94.2 million. This represented an 8.7% increase year-over-year for the quarter. For context, Hylenex® alone generated $25 million in sales back in 2023.

Strategic business development to secure new ENHANZE® targets and M&A

Strategic business development is focused on expanding the technology footprint and securing future revenue streams. A major recent activity was the agreement in September 2025 to acquire Elektrofi, Inc., which brings the Hypercon™ technology with IP protection extending until 2040. This acquisition complements the existing ENHANZE® platform and the high-volume auto-injector technology. Halozyme Therapeutics, Inc. is actively pursuing new deals, expressing confidence in signing at least one new partnership deal in 2025. The pipeline of products in development with partners, including those using ENHANZE®, currently stands at nine products. Also, the company executed a significant M&A transaction in 2022, acquiring Antares Pharma for $960 million.

The company is actively managing its capital structure, having completed $303 million in share repurchases in the second quarter of 2025 under a larger $750 million approved program from February 2024. Finance: draft 13-week cash view by Friday.

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

The Key Resources for Halozyme Therapeutics, Inc. (HALO) as of late 2025 are centered on its proprietary drug delivery platforms, significant financial backing, and strategic intellectual property assets.

Proprietary ENHANZE® technology (rHuPH20 enzyme) and related patents represent the core intangible asset. This commercially-validated solution facilitates the subcutaneous delivery of injected drugs and fluids. The ENHANZE® technology is currently utilized in ten commercialized products across at least one major region and in more than 100 global markets. This technology is licensed to a roster of major pharmaceutical and biotechnology companies.

The financial success derived from this technology is substantial, as evidenced by the third quarter of 2025 results. Royalty revenue for Q3 2025 reached $236.0 million, marking a 52% year-over-year increase. Halozyme Therapeutics, Inc. is projecting full-year 2025 royalty revenue in the range of $850 million to $880 million, representing growth of 49% to 54% over 2024.

The company maintains a strong balance sheet, which is a critical resource for funding operations and strategic acquisitions. As of September 30, 2025, Halozyme Therapeutics, Inc. reported cash, cash equivalents, and marketable securities totaling $702.0 million. This figure was an increase from the $596.1 million held on December 31, 2024. The net debt-to-EBITDA ratio stood at 0.9x at the end of the third quarter.

The recent strategic acquisition of Elektrofi, Inc. has significantly bolstered the licensed intellectual property portfolio with the addition of the Hypercon™ technology. This transaction was completed in the fourth quarter of 2025. The Hypercon technology is designed to enable ultra-high concentration microparticle formulations for biologics.

Here are the key financial and technical details surrounding the Hypercon™ technology acquisition:

The integration of this technology is expected to add approximately $55 million in incremental operating expenses for the full year 2026. Two of Elektrofi's partner programs are projected to enter clinical development by year-end 2026.

The final category of essential resources is the highly specialized scientific and regulatory talent. This human capital is necessary to manage the existing ENHANZE® licensing base and integrate the new Hypercon™ platform. Key personnel include Dr. Helen Torley, President and CEO. The successful completion of the Elektrofi acquisition involved welcoming the 'talented Elektrofi team' to Halozyme Therapeutics, Inc. This specialized expertise drives the innovation pipeline and navigates the complex regulatory pathways for new indications and product approvals, such as the recent DARZALEX SC approval for smoldering multiple myeloma in Europe.

You can see the composition of the company's revenue-driving assets below:

• Proprietary enzyme: rHuPH20.
• ENHANZE® licensed to 11 major partners.
• Proprietary products: Hylenex and XYOSTED.
• Acquired technology: Hypercon™.
• Total 2025 revenue guidance: $1,300 million to $1,375 million.

Finance: review the Q4 2025 cash flow projections incorporating the upfront Elektrofi payment by next Tuesday.

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:

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:

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:

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:

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:

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:

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.