Nicole LaBrosse
HALOZYME THERAPEUTICSAbout Nicole LaBrosse
Nicole LaBrosse (age 42) is Senior Vice President and Chief Financial Officer of Halozyme Therapeutics, serving as CFO since February 2022 after progressive finance leadership roles at the company and prior tenure at PricewaterhouseCoopers; she holds a B.S. in corporate finance and accounting and an M.S. in accounting from Bentley College and is a CPA . During her CFO tenure, Halozyme’s revenue rose from $829.3M in 2023 to $1,015.3M in 2024 (+22.4%), while Adjusted EBITDA increased from $426.2M (2023) to $601.4M (2024); company TSR values reported in the proxy show $269.66 for 2024 vs. $208.46 for 2023 . In 2024, LaBrosse led key capital deployment actions, including completing a $250M accelerated share repurchase (ASR) in Q2 and initiating another $250M ASR in December, supporting shareholder returns and capital allocation discipline .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Halozyme Therapeutics | SVP, Chief Financial Officer | Feb 2022 – Present | Led ASR transactions, tax optimization, cybersecurity evolution, and capital allocation analyses; supported strong revenue/EBITDA execution . |
| Halozyme Therapeutics | VP, Finance & Accounting | Jan 2020 – Feb 2022 | Advanced finance operations; growth in role recognized via compensation benchmarking and salary increases . |
| Halozyme Therapeutics | Executive Director, Controller | Jul 2017 – Dec 2019 | Strengthened financial reporting and controls as corporate scale increased . |
| Halozyme Therapeutics | Senior Director, Financial Reporting | Jun 2015 – Jun 2017 | Built reporting processes and external disclosure rigor . |
| PricewaterhouseCoopers | Auditor | 2004 – 2015 | Public company audit experience; foundation for internal control, disclosure, and finance leadership . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PricewaterhouseCoopers, LLP | Auditor | 2004 – 2015 | Audited public companies; developed technical accounting and reporting expertise . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $467,836 | $546,188 | $568,188 |
| Target Bonus (% of Salary) | 45% | 50% | 50% |
| Actual Bonus Paid ($) | $200,997 | $291,391 | $537,960 |
| All Other Compensation ($) | $14,228 | $11,784 | $12,040 |
Performance Compensation
Annual Cash Incentive (Structure and Results)
| Metric | Weight | Threshold | Target | Maximum | Actual | EBP Funding |
|---|---|---|---|---|---|---|
| Total Revenue from Existing Sources | 40% | $865.0M | $897.0M | $935.0M | $957.5M | 80% |
| New Revenue | 25% | $10M | $50M | $75M | $27M | 17.8% |
| Adjusted EBITDA | 15% | $495M | $561M | $586M | $601.4M | 30% |
| Operational Excellence KPIs | 10% | 3 of 5 | 4 of 5 | 5 of 5 | Achieved 4 KPIs | 10% |
| New Patent Filings | 5% | 2 | 4 | 6 | 6 | 10% |
| HVAI Clinic Readiness Date | 5% | May 1–June 1 | Apr 2–Apr 30 | On/Before Apr 1 | Achieved Mar 19, 2024 | 10% |
| Total Corporate Performance Factor | — | — | — | — | — | 157.8% |
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Annualized Base Salary ($) | $546,188 | $568,188 |
| Target % | 50% | 50% |
| Annualized Target ($) | $273,094 | $284,094 |
| Corporate Performance Factor | 106.7% | 157.8% |
| Individual Performance Factor | 100% | 120% |
| Final Payout ($) | $291,391 | $537,960 |
Individual achievement drivers (FY 2024): Completion/launch of two $250M ASR programs, tax optimization, cybersecurity enhancements, and capital allocation analyses; led strategic financial transactions .
Long-Term Incentive Mix and 2024 Grants
The 2024 LTI mix for NEOs was 50% PSUs (target), 35% RSUs, 15% stock options (higher performance weighting vs. 2023) .
| Award Type | Grant Date | Shares/Units | Exercise Price | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| RSUs | 2/23/2024 | 26,751 | — | 1,085,021 |
| PSUs – Relative TSR | 2/23/2024 | Target 7,928 | — | 775,041 |
| PSUs – Deal/Nomination | 2/23/2024 | Target 9,554 | — | 775,020 |
| Stock Options | 2/23/2024 | 27,722 | $40.56 | 465,006 |
Vesting schedules: RSUs vest one-fourth on each grant anniversary; options vest one-fourth at year 1, then monthly over 36 months; PSUs vest after a three-year performance period (relative TSR vs. NASDAQ Biotech subset; and Deal/Nomination PSUs tied to 2024 collaboration deals/nominations) .
Multi-Year PSU Emphasis (Grant-Date Values)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| PSUs – Grant-Date Fair Value (Probable) ($) | 500,013 | 750,028 | 1,550,062 |
| PSUs – Grant-Date Fair Value (Maximum) ($) | 750,020 | 1,125,043 | 2,712,603 |
Equity Ownership & Alignment
Beneficial Ownership and Guidelines
- Beneficial ownership: 189,255 shares as of March 4, 2025; percent of outstanding: less than 1% (out of 123,533,310 shares) .
- Stock ownership guidelines: CFOs must hold ≥2x current base salary; all NEOs (including LaBrosse) are in compliance as of February 1, 2025; mandatory post-vesting and option-exercise holding requirements apply until compliant .
- Hedging and pledging: Prohibited for executives and directors under Insider Trading Policy .
Outstanding Equity Awards (as of Dec 31, 2024)
| Award | Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Unvested Shares/Units (#) | Market Value ($) | Unearned PSUs (#) | Market/Payout Value ($) |
|---|---|---|---|---|---|---|---|---|---|
| Stock Options | 2/15/2021 | 12,411 | 540 | 49.84 | 2/15/2031 | — | — | — | — |
| Stock Options | 2/16/2022 | 44,139 | 18,176 | 34.36 | 2/16/2032 | — | — | — | — |
| Stock Options | 2/16/2023 | 27,985 | 33,076 | 49.26 | 2/16/2033 | — | — | — | — |
| Stock Options | 2/23/2024 | — | 27,722 | 40.56 | 2/23/2034 | — | — | — | — |
| RSUs (Unvested) | 2/15/2021 | — | — | — | — | 1,254 | $59,954 | — | — |
| RSUs (Unvested) | 2/16/2022 | — | — | — | — | 10,186 | $486,993 | — | — |
| RSUs (Unvested) | 2/16/2023 | — | — | — | — | 15,987 | $764,338 | — | — |
| RSUs (Unvested) | 2/23/2024 | — | — | — | — | 26,751 | $1,278,965 | — | — |
| PSUs (Unearned) | 2022 Grant | — | — | — | — | — | — | 17,409 | $832,324 |
| PSUs (Unearned) | 2023 Grant | — | — | — | — | — | — | 8,184 | $391,277 |
| PSUs (Unearned) | 2023 Grant (second) | — | — | — | — | — | — | 5,219 | $249,520 |
| PSUs (Unearned) | 2024 Grant | — | — | — | — | — | — | 6,935 | $331,562 |
| PSUs (Unearned) | 2024 Grant (second) | — | — | — | — | — | — | 13,866 | $662,933 |
| PSUs (Unearned) | 2024 Grant (third) | — | — | — | — | — | — | 28,662 | $1,370,330 |
Reference stock price for market value disclosures: $47.81 closing price on 12/31/2024 .
Insider Transactions and Vesting (Liquidity Signals)
| Year | Option Exercises (#) | Value Realized on Exercise ($) | Stock Awards Vested (#) | Value Realized on Vesting ($) |
|---|---|---|---|---|
| 2023 | — | — | 10,240 | $503,024 |
| 2024 | 35,000 | $1,040,109 | 14,178 | $510,061 |
Employment Terms
Severance and Change-of-Control (CIC) Framework
- Non-CIC severance: Lump sum cash equal to 1× base salary plus pro‑rated portion of target annual cash incentive; paid healthcare costs over severance period; vested options remain exercisable for one year post-termination; PSUs follow completed-period vesting and pro‑rated treatment for ongoing periods (subject to release of claims) .
- CIC: Company does not use “single trigger” vesting/payout provisions; CIC benefits require qualifying termination (double trigger) .
Potential Payments (as of Dec 31, 2024)
| Scenario | Lump Sum Cash ($) | Post‑Termination Healthcare ($) | Equity Awards ($) | Total ($) |
|---|---|---|---|---|
| Termination Without Cause (pre‑CIC) | $852,282 | $34,651 | $2,925,496 | $3,812,429 |
| CIC Termination | $1,278,423 | $77,962 | $6,873,650 | $8,230,035 |
| Death/Disability (pre‑CIC) | — | — | $3,173,268 | $3,173,268 |
Clawback, Hedging/Pledging, Perquisites, Tax
- Clawback policy: Recoupment of incentive compensation tied to financial metrics for three years prior to fiscal year of any required restatement .
- Hedging and pledging: Prohibited for insiders; pre‑clearance required for trades and Rule 10b5‑1 plans governed by policy; blackout periods apply .
- Tax gross‑ups: Company practice not to include tax gross‑ups in ongoing compensation arrangements .
- Perquisites: No material perquisites provided to NEOs in 2023 .
Compensation Structure Analysis
- Mix shifts to performance: 2024 increased PSU weighting to 50% of LTI vs. 25% in 2023 (for non‑CEO NEOs), elevating pay‑for‑performance sensitivity to relative TSR and strategic deal/nominations milestones .
- Market benchmarking: 2023 and 2024 increases to base and target bonus levels were to align with peer medians, reflecting growth in role and scope .
- Incentive calibration: 2024 corporate factor at 157.8% drove strong cash incentive outcomes; individual performance factor of 120% rewarded transactional execution (ASRs, tax, cybersecurity) .
Related Party Transactions
- None disclosed since the beginning of the last fiscal year; Audit Committee oversees and approves only transactions in the Company’s best interests .
Risk Indicators & Red Flags
- Option repricing/modification: No such actions disclosed .
- Hedging/pledging: Prohibited—reduces misalignment risk .
- Ownership compliance: Achieved—mitigates shortfall risk vs. guidelines .
- Single trigger CIC: Not used—reduces windfall risk; CIC requires qualifying termination .
- Insider activity: 2024 option exercises (35,000 shares) and RSU/PSU vesting indicate potential periodic supply; trading subject to pre‑clearance and blackout rules .
Expertise & Qualifications
- Education/credentials: B.S. in corporate finance and accounting; M.S. in accounting (Bentley); CPA; 20+ years in public accounting and corporate finance .
- Governance/controls: CFO certifications under SOX Sections 302 and 906 emphasize internal control and disclosure rigor .
- Strategic execution: Led ASR programs, capital structure optimization, and cybersecurity readiness initiatives during 2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 189,255 shares; <1% of outstanding |
| Ownership guidelines | ≥2× salary for CFO; compliance achieved (as of Feb 1, 2025) |
| Holding requirements | Must hold ≥50% of net shares from vesting/exercise until guideline compliance |
| Hedging/pledging | Prohibited |
Employment Terms
| Provision | Detail |
|---|---|
| Non‑CIC severance | 1× base salary + pro‑rated target bonus; healthcare contribution; 12‑month option exercise window |
| PSUs on termination | Completed periods vest; ongoing periods pro‑rated for service (subject to conditions) |
| CIC treatment | Double trigger required; significant equity acceleration and cash severance |
| Clawback | Recovery of incentive comp tied to financial metrics upon restatement |
Investment Implications
- Alignment: Higher PSU weighting, ownership guideline compliance, and anti‑hedging/pledging rules strengthen pay‑for‑performance alignment and reduce misalignment risk .
- Retention vs. liquidity: Four‑year RSU and option vesting schedules support retention but create periodic vesting‑related supply; 2024 option exercises and vesting suggest some selling pressure to manage taxes/liquidity .
- Performance linkage: Incentives tied to revenue, Adjusted EBITDA, operational milestones, patents, and TSR create multi‑factor execution pressure; strong corporate factor in 2024 (157.8%) implies robust operational delivery supporting future payouts .
- Event risk economics: CIC protections (equity acceleration + ~1× salary+bonus cash) are meaningful but not excessive; absence of single trigger reduces windfall risk—important in M&A scenarios .
- Trading signals: ASR execution under LaBrosse’s leadership signals management confidence and capital discipline; monitor Form 4 activity around vest dates and blackout windows for near‑term supply dynamics .