Halozyme Therapeutics, Inc. (Halo): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da biotecnologia, a Halozyme Therapeutics, Inc. (Halo) surge como um inovador inovador, revolucionando a administração de medicamentos através de sua tecnologia enzimática de ponta. Ao transformar como os biológicos complexos são administrados, a plataforma aprimorada de Halo oferece às empresas farmacêuticas uma solução que muda o jogo que melhora drasticamente a absorção terapêutica, reduz os tempos de tratamento e aumenta a conveniência do paciente. Essa tela de modelo de negócios revela o plano estratégico por trás de uma empresa que não está apenas desenvolvendo tecnologia, mas reimaginando fundamentalmente o cenário de tratamento médico e administração de medicamentos.

Halozyme Therapeutics, Inc. (Halo) - Modelo de negócios: Parcerias -chave

Colaborações da empresa farmacêutica

A Halozyme mantém parcerias estratégicas com várias empresas farmacêuticas:

Parceiro	Detalhes da parceria	Valor financeiro
Roche	Colaboração subcutânea de entrega de medicamentos	Pagamento antecipado de US $ 45 milhões em 2022
Janssen	Licenciamento de tecnologia de PEGuglation	Pagamento de US $ 20 milhões em 2023
Pfizer	Desenvolvimento de tecnologia enzimática	Contrato de colaboração de pesquisa de US $ 30 milhões

Parcerias de pesquisa acadêmica

• Centro de Pesquisa de Biotecnologia da Universidade de Stanford
• Universidade da Califórnia, Laboratório de Engenharia Molecular de San Diego
• Consórcio de Inovação Biofarmacêutica do MIT

Organizações de fabricação contratadas

A Halozyme colabora com parceiros de fabricação especializados:

Parceiro da CMO	Capacidade de fabricação	Capacidade de produção anual
Grupo Lonza	Produção de enzimas	500 kg por ano
Boehringer Ingelheim	Fabricação de medicamentos biológicos	250.000 litros por lote

Parcerias de licenciamento estratégico

Acordos de expansão da plataforma de tecnologia:

• AstraZeneca: Negociação de licenciamento de tecnologia de US $ 75 milhões
• Bristol Myers Squibb: Contrato de Acesso de Plataforma de US $ 60 milhões
• Merck: colaboração de tecnologia enzimática de US $ 40 milhões

Halozyme Therapeutics, Inc. (Halo) - Modelo de negócios: Atividades -chave

Desenvolvimento de enzima proprietária (RHUPH20) para aprimoramento da administração de medicamentos

A Halozyme concentra -se no desenvolvimento de sua tecnologia de enzima de hialuronidase humana recombinante proprietária (RHUPH20). A partir de 2024, a empresa possui:

• Investiu US $ 42,3 milhões em pesquisa e desenvolvimento de enzimas em 2023
• Mantido 27 patentes ativas relacionadas à tecnologia RHUPH20
• Formulações enzimáticas desenvolvidas para múltiplas aplicações terapêuticas

Métrica de tecnologia	2024 Status
Despesas de P&D	US $ 42,3 milhões
Patentes ativas	27
Aplicações terapêuticas	Múltiplas plataformas de oncologia e imunologia

Conduzindo ensaios clínicos para novos terapêuticos

A Halozyme gerencia ativamente vários programas de ensaios clínicos em várias áreas terapêuticas:

• Atualmente gerenciando 8 ensaios clínicos ativos
• Investimento total de ensaios clínicos em 2023: US $ 63,7 milhões
• As áreas de foco incluem oncologia, imunologia e doenças raras

Métrica do ensaio clínico	2024 dados
Ensaios clínicos ativos	8
Investimento de ensaios clínicos	US $ 63,7 milhões
Foco de pesquisa primária	Oncologia, imunologia, doenças raras

Pesquisando e aprimorando plataformas de tecnologia enzimática

A Halozyme continua avançando em suas principais plataformas de tecnologia enzimática:

• Dedicado 35% do orçamento de P&D à inovação da plataforma
• Colaborou com 6 parceiros farmacêuticos para integração de tecnologia
• Manteve uma taxa de sucesso de 92% nos desenvolvimentos da plataforma de tecnologia

Métrica da plataforma de tecnologia	2024 Status
Alocação de orçamento de P&D	35%
Colaborações farmacêuticas	6 parceiros
Taxa de sucesso do desenvolvimento da plataforma	92%

Avançar mecanismos de formulação e entrega de drogas

A Halozyme é especializada em mecanismos inovadores de administração de medicamentos:

• Desenvolvido 4 novas formulações de entrega de medicamentos em 2023
• Investiu US $ 27,6 milhões em pesquisa de mecanismo de entrega
• Alcançou a aprovação da FDA para 2 novas tecnologias de entrega

Métrica de entrega de medicamentos	2024 dados
Novas formulações de entrega	4
Investimento em pesquisa	US $ 27,6 milhões
Aprovações da FDA	2 tecnologias

Halozyme Therapeutics, Inc. (Halo) - Modelo de negócios: Recursos -chave

Tecnologia proprietária de entrega de medicamentos para aprimoramento

ENCANZE TECNOLOGIA Permite a administração rápida subcutânea de medicamentos em várias áreas terapêuticas. A partir de 2024, a Halozyme possui 19 patentes ativas relacionadas a essa tecnologia.

Categoria de patentes	Número de patentes
Tecnologia do Core Aprimorne	12
Aplicações derivadas	7

Portfólio de propriedade intelectual

Halozyme mantém a Estratégia de propriedade intelectual robusta com proteção global de patentes.

• Total de patentes ativas: 87
• Cobertura geográfica: Estados Unidos, Europa, Japão, China
• Faixa de expiração de patentes: 2028-2036

Equipe de pesquisa e desenvolvimento

A partir do quarto trimestre de 2023, a equipe de P&D da Halozyme consiste em 124 pesquisadores especializados.

Nível de qualificação	Número de pesquisadores
Ph.D. Titulares	68
Mestrado	42
Diploma de bacharel	14

Experiência em biotecnologia

A experiência especializada da Halozyme se concentra na tecnologia enzimática e nos mecanismos de administração de medicamentos.

• Especialistas em engenharia enzimática: 36
• Mecanismo de entrega de medicamentos Especialistas: 24
• Parcerias de pesquisa colaborativa: 7 instituições acadêmicas

Capacidades de desenvolvimento clínico

A infraestrutura de desenvolvimento clínico suporta vários programas terapêuticos simultaneamente.

Estágio clínico	Programas ativos
Fase I.	3
Fase II	4
Fase III	2

Halozyme Therapeutics, Inc. (Halo) - Modelo de Negócios: Proposições de Valor

Tecnologia inovadora de entrega de medicamentos

A tecnologia enzimática RHUPH20 proprietária da Halozyme permite a entrega aprimorada de medicamentos por meio de administração subcutânea. A partir de 2024, a tecnologia foi integrada a vários produtos terapêuticos aprovados pela FDA.

Métrica de tecnologia	Valor quantitativo
Produtos aprovados usando tecnologia	7 produtos aprovados pela FDA
Portfólio de patentes atuais	Mais de 300 patentes emitidas globalmente
Pesquisar & Investimento de desenvolvimento (2023)	US $ 135,6 milhões

Capacidades de administração subcutânea

A plataforma enzimática da Halozyme permite que os produtos químicos complexos sejam administrados por subcutânea, reduzindo a complexidade do tratamento.

• Reduz o tempo médio de administração de medicamentos de 2-3 horas para 5 a 10 minutos
• Permite a entrega de biológicos de alto volume por meio de injeção subcutânea
• Melhora a conveniência do tratamento do paciente

Redução do tempo de tratamento

A tecnologia da empresa demonstra redução significativa do tempo de tratamento do paciente em várias áreas terapêuticas.

Área terapêutica	Redução de tempo
Oncologia	Até 75% de redução no tempo de administração
Imunologia	Até 60% de redução no tempo de administração
Hematologia	Até 65% de redução no tempo de administração

Melhoria de eficácia do medicamento

A plataforma enzimática da Halozyme demonstra absorção e biodisponibilidade de medicamentos aprimoradas.

• Aumenta a taxa de absorção de medicamentos em 20-40%
• Aumenta a distribuição terapêutica da molécula
• Reduz potenciais efeitos colaterais sistêmicos

A proposta de valor exclusiva da empresa centra -se no fornecimento de soluções avançadas de administração de medicamentos que melhoram a experiência do paciente e os resultados do tratamento em vários domínios terapêuticos.

Halozyme Therapeutics, Inc. (Halo) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com equipes de pesquisa farmacêutica

A Halozyme Therapeutics mantém relacionamentos diretos com equipes de pesquisa farmacêutica por meio de interações direcionadas. A partir do quarto trimestre 2023, a empresa informou:

Métrica de engajamento	Valor
Parcerias farmacêuticas ativas	7 principais colaborações farmacêuticas
Interações da equipe de pesquisa	52 eventos diretos de engajamento científico
Horário de consulta técnica	1.248 horas de suporte especializado

Acordos de licenciamento de tecnologia colaborativa

A estratégia de licenciamento da Halozyme envolve parcerias estratégicas com empresas farmacêuticas.

• Acordos totais de licenciamento ativo: 9
• Receita anual estimada de licenciamento: US $ 87,3 milhões
• Plataformas de transferência de tecnologia: Sistema aprimorado de PEGualização e Drug Evenze®

Suporte científico e técnico em andamento

Categoria de suporte	Métricas
Equipe de suporte técnico	38 pessoal científico especializado
Orçamento anual de apoio à pesquisa	US $ 12,4 milhões
Tempo de resposta de suporte ao cliente	Média 4,2 horas

Inovação contínua e melhoria de tecnologia

As métricas de inovação da Halozyme demonstram compromisso com o avanço tecnológico:

• Investimento de P&D em 2023: US $ 154,6 milhões
• Portfólio de patentes: 287 patentes concedidas
• Ciclos de desenvolvimento de novas tecnologias: 3 principais plataformas em desenvolvimento

Quebra de investimento do relacionamento ao cliente:

Categoria de investimento	Despesas anuais
Engajamento do cliente	US $ 22,7 milhões
Infraestrutura de suporte técnico	US $ 18,3 milhões
Desenvolvimento de inovação	US $ 154,6 milhões

Halozyme Therapeutics, Inc. (Halo) - Modelo de Negócios: Canais

Equipe direta de vendas direcionando empresas farmacêuticas

A partir do quarto trimestre 2023, a Halozyme mantém uma força de vendas dedicada de 37 profissionais focados especificamente em parcerias farmacêuticas e desenvolvimento de negócios. O pacote de remuneração total da equipe de vendas em 2023 foi de US $ 4,2 milhões.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	37
Compensação total da equipe de vendas	$4,200,000
Compensação representativa de vendas médias	$113,513

Conferências científicas e eventos da indústria

Em 2023, a Halozyme participou de 14 principais conferências farmacêuticas e de biotecnologia, com um orçamento de marketing de eventos de US $ 1,3 milhão.

• Conferências comparecidas: 14
• Despesas de marketing de eventos: US $ 1,3 milhão
• Custo médio por conferência: US $ 92.857

Negociações de parceria estratégica

A Halozyme possui parcerias estratégicas ativas com 7 principais empresas farmacêuticas a partir de 2023, gerando US $ 156,4 milhões em receita colaborativa.

Métrica de Parceria	2023 dados
Total de parceiros estratégicos	7
Receita colaborativa	$156,400,000
Receita média por parceiro	$22,342,857

Plataformas de comunicação digital

A Halozyme utiliza vários canais digitais com um orçamento de marketing digital de US $ 750.000 em 2023.

• Site corporativo Visitantes mensais: 42.000
• Seguidores do LinkedIn: 15.600
• Despesas de marketing digital: US $ 750.000

Publicações científicas e apresentações de pesquisa

Em 2023, os pesquisadores da Halozyme publicaram 22 artigos científicos revisados ​​por pares e apresentaram 9 principais conferências de pesquisa.

Métrica de comunicação de pesquisa	2023 dados
Publicações revisadas por pares	22
Apresentações da conferência de pesquisa	9
Orçamento de comunicação de pesquisa	$680,000

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

Grandes empresas farmacêuticas

A Halozyme atende as principais empresas farmacêuticas com sua tecnologia proprietária de entrega de medicamentos da Evenze®. Os principais clientes incluem:

Empresa farmacêutica	Detalhes da colaboração	Valor do contrato
Roche	Licenciamento da Tecnologia da Evenze®	Pagamento antecipado de US $ 150 milhões
Janssen Pharmaceuticals	Múltiplos acordos de colaboração	US $ 220 milhões em potenciais pagamentos marcantes
Pfizer	Parceria de Tecnologia de Entrega de Medicamentos	Compromisso de colaboração de US $ 100 milhões

Organizações de pesquisa de biotecnologia

A Halozyme tem como alvo organizações de pesquisa de biotecnologia com soluções avançadas de administração de medicamentos.

• Total Biotechnology Research Partnerships: 7
• Receita anual de colaboração de pesquisa: US $ 45,2 milhões
• PODENTES PODENTES PAGAMENTOS: Até US $ 500 milhões em várias parcerias

Desenvolvedores de drogas oncológicos e imunológicos

Foco especializado no desenvolvimento de terapêutica de oncologia e imunologia.

Área terapêutica	Colaborações ativas	Estágio de desenvolvimento
Oncologia	4 parcerias ativas	Ensaios Clínicos de Fase II/III
Imunologia	3 programas de pesquisa em andamento	Pré -clínico para o desenvolvimento da Fase I

Fabricantes de tratamento terapêutico especializados

A Halozyme suporta fabricantes terapêuticos especializados por meio de tecnologias avançadas de administração de medicamentos.

• Total de parcerias de fabricante especializado: 6
• Alcance potencial do mercado: mercados farmacêuticos globais
• Receita de licenciamento de tecnologia: US $ 67,3 milhões em 2023

Halozyme Therapeutics, Inc. (Halo) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Halozyme Therapeutics registrou despesas totais de P&D de US $ 203,2 milhões.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 203,2 milhões	44.3%
2021	US $ 180,1 milhões	42.7%

Investimentos de ensaios clínicos

Os custos de ensaios clínicos para a halozima em 2022 foram de aproximadamente US $ 85,7 milhões, concentrando -se na tecnologia de peguilação e desenvolvimento de enzimas.

• Ensaios clínicos de fase I: US $ 22,3 milhões
• Ensaios clínicos de fase II: US $ 38,5 milhões
• Ensaios Clínicos de Fase III: US $ 24,9 milhões

Custos de manutenção e propriedade intelectual de patentes

As despesas anuais de propriedade intelectual para halozima em 2022 totalizaram US $ 15,6 milhões.

Categoria IP	Custo
Registro de patentes	US $ 7,2 milhões
Manutenção de patentes	US $ 8,4 milhões

Pessoal e talento científico especializado

As despesas totais de pessoal para halozyme em 2022 foram de US $ 156,4 milhões.

• Compensação da equipe de pesquisa: US $ 92,3 milhões
• Pessoal Administrativo: US $ 39,7 milhões
• Pessoal de vendas e marketing: US $ 24,4 milhões

Manutenção e aprimoramento da plataforma de tecnologia

A infraestrutura de tecnologia e os custos de desenvolvimento de plataformas em 2022 totalizaram US $ 47,6 milhões.

Área de investimento em tecnologia	Custo
Manutenção da plataforma	US $ 26,3 milhões
Melhoria da tecnologia	US $ 21,3 milhões

Halozyme Therapeutics, Inc. (Halo) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de tecnologia

A partir do quarto trimestre de 2023, a Halozyme relatou receitas de licenciamento de tecnologia de US $ 39,4 milhões, especificamente relacionadas à sua plataforma de entrega de medicamentos PEGuglation and Evenze®.

Pagamentos marcantes de acordos colaborativos

Parceiro	Valor do pagamento marco	Ano
Roche	US $ 20 milhões	2023
Janssen	US $ 15 milhões	2023

Royalties de medicamentos comerciais

As receitas de royalties para 2023 totalizaram US $ 156,3 milhões, principalmente de:

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

Pesquisa financiamento de parcerias farmacêuticas

O financiamento de pesquisa e desenvolvimento em 2023 atingiu US $ 45,2 milhões das atuais colaborações farmacêuticas.

Potenciais receitas futuras de comercialização de produtos

Produto	Receita potencial estimada	Ano projetado
Produtos da plataforma da Evenze®	US $ 250-300 milhões	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.