Halozyme Therapeutics, Inc. is a biotechnology company focused on developing and commercializing drug/device combination products. The company generates revenue through royalties, product sales, and collaborative agreements. Its operations include compliance with regulatory requirements and healthcare laws, as well as investments in research and development.
- Royalties - Earns revenue from royalties on products developed using its proprietary technology, contributing significantly to overall revenue.
- Product Sales - Sells proprietary products, bulk rHuPH20, and device-partnered products.
- Collaboration Revenue - Generates income from collaborative agreements, including upfront license fees, milestone fees, and device licensing and development revenue.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Mark Snyder Executive | Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary | Mark Snyder is currently the Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary at Halozyme Therapeutics, having joined the company in January 2022. He brings over 30 years of experience and previously held senior legal roles at Qualcomm from 2008 to 2021. | ||
Nicole LaBrosse Executive | Senior Vice President, Chief Financial Officer | Nicole LaBrosse is the Senior Vice President and Chief Financial Officer at Halozyme Therapeutics, Inc., serving in this executive capacity since at least February 20, 2024. There is no information regarding board memberships or other roles at the company. | ||
Bernadette Connaughton Board | Director, Chair of the Compensation Committee | Director at Editas Medicine, Inc. ; Director at Zealand Pharma A/S | Bernadette Connaughton has been serving as a Director and Chair of the Compensation Committee at Halozyme since 2018. She brings extensive expertise in pharma business leadership, international operations, and human capital management from her prior senior roles at Bristol-Myers Squibb. | |
Jeffrey W. Henderson Board | Chair of the Board of Directors | Member of Board of Directors of Becton Dickinson ; Member of Board of Directors of Qualcomm, Inc. ; President of JWH Consulting LLC | Jeffrey W. Henderson has been serving as the non-employee Chair of the Board of Directors at HALO since May 2022 and as a Director since 2015. He brings over 30 years of financial, commercial, and pharmaceutical expertise. | |
Mahesh Krishnan Board | Board Member | Group Vice President of Growth at DaVita, Inc. | Mahesh Krishnan, M.D. has served on the Board of Directors of Halozyme Therapeutics, Inc. since April 25, 2024 , and previously held leadership roles including Group Vice President of Growth at DaVita, Inc.. | |
Moni Miyashita Board | Board Director | Managing Partner at Beacon Hill Strategy Group | Moni Miyashita has been serving as a Director at HALO since March 11, 2022. With over 25 years of global experience in business transformations, strategy and M&A, she previously held roles including Chief Strategy Officer at Valo Health, LLC and Partner at Innosight Consulting. |
- Given the sequential impact of the annual contractual rate resets, can you explain in detail how you expect the shift from the Q1 negative 10% royalty rate to a full rate to occur within the year, particularly with DARZALEX’s rapid volume growth?
- With the current exclusivity agreement preventing partnering on PD-1 bispecific programs, what steps is management taking to ensure this limitation does not hinder future business development opportunities?
- For the small volume auto-injector deal, can you provide more specifics on its anticipated commercial impact and how it compares to the potential of the high-volume auto-injector, despite the current confidentiality constraints?
- You defined mid-single digit royalty rates as 3% to 7%—what potential risks or market dynamics could push these rates outside of that range, especially given the variability seen with products like DARZALEX subcutaneous?
- With guidance projecting royalty revenue exceeding $1 billion by 2027 and durability extending into the 2040s, what are the key regulatory or market risks that could derail these projections, particularly with emerging products such as amivantamab subcutaneous?
Research analysts who have asked questions during HALOZYME THERAPEUTICS earnings calls.
Brendan Smith
Stifel, Nicolaus & Company, Incorporated
4 questions for HALO
Michael DiFiore
Evercore ISI
4 questions for HALO
Jason Butler
JMP Citizens
3 questions for HALO
Mitchell Kapoor
H.C. Wainwright & Co.
3 questions for HALO
Sean Laaman
Morgan Stanley & Co.
3 questions for HALO
David Risinger
Leerink Partners
2 questions for HALO
Jessica Fye
JPMorgan Chase & Co.
2 questions for HALO
Mohit Bansal
Wells Fargo & Company
2 questions for HALO
Adam Ferrari
J.P. Morgan
1 question for HALO
Cerena Chen
Wells Fargo & Company
1 question for HALO
Corinne Johnson
Goldman Sachs
1 question for HALO
Daniel Smith
H.C. Wainwright & Co.
1 question for HALO
Karen Johnson
Goldman Sachs
1 question for HALO
Morgan Gryga
Morgan Stanley
1 question for HALO
Na Sun
JPMorgan Chase & Co.
1 question for HALO
Sadia Rahman
Wells Fargo
1 question for HALO
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company produces Amphadase®, a bovine (bull) hyaluronidase, which is a competitor to Hylenex recombinant, the only FDA-approved recombinant human hyaluronidase on the market. | |
The company offers Androgel®, a transdermal solution for testosterone replacement therapy, which competes with XYOSTED in the U.S. testosterone replacement market. | |
The company provides a generic version of Androgel® Topical Gel 1.62%, competing in the U.S. testosterone replacement market. | |
The company markets Axiron®, a transdermal solution for testosterone replacement therapy, and is also a competitor in the medical device space. | |
The company offers Testim®, Fortesta®, Aveed®, and Testopel® pellets for testosterone replacement therapy, competing with XYOSTED. | |
Verity Pharma | The company markets TLANDO® and Natesto®, which are testosterone replacement therapies competing with XYOSTED. |
The company provides Depo®-Testosterone, an injectable form of testosterone replacement therapy, competing with XYOSTED. | |
Actavis | The company sells generic oil testosterone products, competing in the testosterone replacement therapy market. |
Sandoz | The company offers generic oil testosterone products, competing in the testosterone replacement therapy market. |
The company markets generic oil testosterone products, competing in the testosterone replacement therapy market. | |
The company provides generic oil testosterone products and is a competitor in the medical device space. | |
Tolmar | The company offers JATENZO®, an oral formulation for testosterone replacement therapy, competing with XYOSTED. |
Marius Pharmaceuticals | The company markets Kyzatrex, an oral formulation for testosterone replacement therapy, competing with XYOSTED. |
Scandinavian Health Ltd. | The company is a competitor in the medical device space, focusing on specific market segments. |
Ypsomed AG | The company is a competitor in the medical device space, focusing on specific market segments. |
The company is a competitor in the medical device space, focusing on specific market segments. | |
Owen Mumford Ltd. | The company is a competitor in the medical device space, focusing on specific market segments. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Janssen | Collaboration with licensing and development agreements. | All | Accounts receivable: part of 60% (2024) ; total revenue: 41% (2024), 44% (2023), 46% (2022). |
Roche | Collaboration with licensing and development agreements. | All | Accounts receivable: part of 60% (2024) ; total revenue: 17% (2024), 19% (2023), 20% (2022). |
Teva | Supply and development agreements for pharmaceuticals. | All | Accounts receivable: part of 69% (2023) ; total revenue: 8% (2024), 10% (2023). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Antares Pharma, Inc. | 2022 |
Recent press releases and 8-K filings for HALO.
- Halozyme Therapeutics, Inc. projects zero to minimal impact on its future royalty revenue from the CMS Final IPAY 2028 Guidance for the IRA Medicare Part B Price Negotiations.
- This projection is primarily due to CMS communicating no changes to its fixed combination drug policy until 2029 at the earliest for IPAY Part B, and the exclusion of key products like DARZALEX FASPRO® and Opdivo® from 2028 negotiations because of their orphan drug designations.
- The company anticipates zero royalty revenue impact in 2028, with zero to minimal impact projected through 2029-2031 and at least until 2035.
- U.S. Medicare Part B spend is projected to account for approximately 20% of total ENHANZE® partner product global subcutaneous sales.
- Halozyme also highlighted that subcutaneous (SC) delivery, including with ENHANZE®, has demonstrated meaningful cost savings to Medicare (e.g., ~$29,000 per patient per year for DARZALEX FASPRO®) and clinically significant benefits, with 89.6% of patients preferring SC delivery over intravenous (IV).
- Halozyme Therapeutics, Inc. has entered into an Agreement and Plan of Merger dated September 30, 2025, with Erraid Merger Sub Inc. and Elektrofi, Inc..
- Under the agreement, Erraid Merger Sub Inc. will merge with Elektrofi, Inc., with Elektrofi, Inc. surviving as a wholly-owned subsidiary of Halozyme Therapeutics, Inc..
- The boards of directors of all involved parties have unanimously approved the merger, and the Base Merger Consideration is $750,000,000.
- The Company's stockholders are expected to provide transaction approval by October 1, 2025.
- Halozyme (HALO) announced its acquisition of Elektrofi for an upfront payment of $750 million and up to $150 million in future contingent milestone payments. The transaction will be funded by Halozyme's existing cash and credit facility, resulting in a minimal increase in leverage to approximately 2X net debt/EBITDA immediately following the close.
- The acquisition strategically adds Hypercon™ technology, an advanced microparticle technology that enables stable, ultra-concentrated formulations for subcutaneous delivery, expanding Halozyme's drug delivery offerings and supporting at-home delivery of biologics.
- The transaction is projected to be <5% dilutive to Non-GAAP diluted EPS over the medium-term, excluding potential milestone payments, with an expected incremental operating expense of ~$55 million in FY 2026. Royalty revenue contributions from Hypercon™ are projected to begin in 2030.
- Closing is anticipated in Q4 2025, subject to completion of HSR review and other customary conditions, and Halozyme reaffirms its full-year 2025 guidance.
- Halozyme will acquire Electrify for an upfront payment of $750 million and potential future payments of up to $150 million tied to successful marketing approvals of the first three Hypercon products.
- Electrify specializes in Hypercon technology, which enables four to five times higher concentrations of biologic drugs, facilitating subcutaneous delivery and expanding options for at-home administration.
- The acquisition broadens Halozyme's drug delivery portfolio, complementing its ENHANZE technology, and is expected to generate new royalty revenue streams as early as 2030.
- The transaction is expected to close in 2025, result in approximately 2x net debt to EBITDA leverage at closing, and be less than 5% dilutive to EPS over the medium term.
- Two partner products utilizing Hypercon technology are projected to enter clinical development by 2026 or earlier, with potential milestone payments of up to $275 million.
- Halozyme Therapeutics, Inc. announced a definitive agreement to acquire Elektrofi, Inc. for an upfront payment of $750 million and up to three $50 million milestone payments, with the transaction expected to close in Q4 2025.
- The acquisition expands Halozyme's drug delivery offerings with Elektrofi's Hypercon™ technology, which enables ultra-high concentration biologic formulations.
- Royalty revenue contribution from Elektrofi is projected to begin as early as 2030, with two partners expected to start clinical development by year-end 2026 or earlier.
- The transaction is anticipated to be less than 5% dilutive to Non-GAAP diluted EPS over the medium-term, and Halozyme reaffirmed its 2025 financial guidance.
- Halozyme Therapeutics announced the acquisition of Elektrofi, Inc., a biopharmaceutical company specializing in the Hypercon™ ultra-high concentration microparticle technology for biologics.
- The acquisition is valued at an upfront payment of $750 million and potential milestone payments of up to $150 million ($50 million for each of three product regulatory approvals).
- This strategic move is expected to expand Halozyme's drug delivery technology offerings, driving long-term revenue growth through Elektrofi's licensing and royalty revenue model, with royalty contributions anticipated to start as early as 2030.
- The transaction is projected to be less than 5% dilutive to Non-GAAP diluted EPS over the medium-term and will add approximately $55 million in incremental operating expense for full year 2026.
- Halozyme reaffirmed its full-year 2025 guidance, projecting total revenue of $1,275 million to $1,355 million, adjusted EBITDA of $865 million to $915 million, and Non-GAAP diluted EPS of $6.00 to $6.40.
- The Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD) market in the 7MM (United States, EU4, UK, and Japan) was valued at USD 3 billion in 2024.
- The market is anticipated to grow due to increased disease recognition, improved diagnostic techniques, a growing ILD patient base, and the anticipated regulatory approvals of emerging treatments.
- Key companies actively developing innovative PH-ILD drugs include Pharmosa BioPharm, Liquidia Corporation, Insmed, Roivant Sciences, Pulmovant, Halo Biosciences, Respira Therapeutics, and Gossamer Bio.
- Halo Biosciences' lead program, HB-1614 (H1614 or H01), a novel reformulation, is expected to begin clinical trials in 2026.
- Recent developments include the US FDA approval of YUTREPIA (treprostinil) inhalation powder in May 2025 for PAH and PH-ILD, and Insmed's strong Phase IIb results for TPIP in June 2025.
- Acumen Pharmaceuticals reported a net loss of $41.0 million for the three-month period ended June 30, 2025, compared to $20.5 million for the same period in 2024. Research and development expenses increased to $37.1 million in Q2 2025 from $19.5 million in Q2 2024.
- As of June 30, 2025, the company held $166.2 million in cash, cash equivalents, and marketable securities, which is projected to support current clinical and operational activities into early 2027.
- The company anticipates topline results for the ALTITUDE-AD Phase 2 study of sabirnetug in late 2026 and expects a decision to advance an oligomer-targeted Enhanced Brain Delivery product candidate in early 2026.
- In July 2025, Acumen announced a collaboration with JCR Pharmaceuticals to develop an oligomer-targeted Enhanced Brain Delivery therapy for Alzheimer's disease.
- On July 23, 2025, the European Commission (EC) approved a new indication for DARZALEX Faspro®, which is co-formulated with Halozyme's ENHANZE® drug delivery technology.
- The approval is for adult patients with smouldering multiple myeloma (SMM) at high-risk of developing multiple myeloma.
- This approval reinforces DARZALEX Faspro with ENHANZE as a foundational treatment across all stages of multiple myeloma and is supported by data from the Phase 3 AQUILA study.
- Halozyme licenses its ENHANZE® technology to leading pharmaceutical and biotechnology companies, including Janssen, a Johnson & Johnson company.
- Argenx’s VYVGART® (efgartigimod alfa) 1000 mg SC injection, co-formulated with Halozyme’s ENHANZE®, has received European Commission approval for adult CIDP patients .
- It is the first targeted IgG Fc-antibody fragment approved for CIDP, marking the first novel treatment mechanism for the disease in over 30 years .
- The treatment is indicated for adults with progressive or relapsing active CIDP after prior corticosteroid or immunoglobulin treatment .
- Approval covers all 27 EU Member States, plus Iceland, Norway, and Liechtenstein .
- The EC decision was based on the positive outcomes of the ADHERE trial, the largest clinical study in CIDP patients to date, showing significant clinical improvement in 66.5% of treated patients .
- Halozyme’s ENHANZE technology supports rapid SC delivery, contributing to 25.7% revenue growth and 76.2% gross profit margin over the past 12 months .