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1 Halozyme Therapeutics, Inc. Third Quarter Financial & Operating Results NASDAQ: HALO November 3, 2025
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2 Forward-Looking Statements In addition to historical information, the statements set forth in this presentation include forward-looking statements including, without limitation, statements concerning the Company’s expected future financial performance and growth rates (including the Company’s 2025 financial guidance and longer term financial outlook through 2028 and the assumptions used in deriving such guidance and longer term financial outlook) including expectations for future total revenues, collaboration and royalty revenues, API and product sales, EBITDA and adjusted EBITDA, and GAAP EPS and non-GAAP diluted EPS, and the Company’s plans to repurchase shares under its share repurchase program and to potentially expand the Company's platform through acquisitions. Forward-looking statements regarding the Company’s ENHANZE® drug delivery technology include the possible benefits and attributes of ENHANZE® including its potential application to aid in the dispersion and absorption of other injected therapeutic drugs and facilitating more rapid delivery and administration of higher volumes of injectable medications through subcutaneous delivery and potential to decrease treatment burden. Forward-looking statements regarding the Company's business may also include potential growth driven by our partners' development and commercialization efforts (including anticipated pipeline expansion and clinical trial starts, ENHANZE® product and indication approvals and launches, adoption and conversion rates and the timing related to these events), projections for future sales revenue, revenue growth rates and market share of our collaborators’ products and product candidates, potential new or expanded ENHANZE® collaborations, collaborative targets and indications for ENHANZE® products. Forward looking statement may also include future plans, objectives, expectations and intentions relating to a potential transaction concerning Elektrofi, Inc. and such potential transaction’s expected impact and contributions to the Company’s, Elektrofi’s and the combined group’s operations and financial results (including potential development and commercialization of partnered products and timing related to these events), the closing of such potential transaction, as well as the expected timing and benefits of such potential transaction, the Company’s and Elektrofi’s future product development and regulatory events and goals, and product collaborations. Forward-looking statements regarding Elektrofi’s Hypercon technology include statements regarding its ability to achieve certain levels of biologic concentration and enable the administration of smaller volumes or doses of pharmaceutical products. Forward- looking statements related to the Elektrofi’s intellectual property include expectations for length of patent terms and patent expirations and the expected impact such patents may have on the duration, durability and amounts of future royalty payments the Company may receive from licensing such intellectual property.These forward-looking statements are typically, but not always, identified through use of the words “expect,” "believe," "enable," "may," "will," "could," “can,” “durable,” “growth,” “innovate,” “develop,” “vision,” “potential,” "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning and involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results could differ materially from the expectations contained in these forward- looking statements as a result of several factors, including unexpected levels of revenues (including royalty revenue received from our collaboration partners and revenues from proprietary product sales), expenditures and costs, unexpected delays in the execution of the Company’s share repurchase program or planned platform expansion, unexpected results or delays in the growth of the Company’s ENHANZE® business (including as a result of unexpected conversion rates) or other proprietary product revenues, or in the development, regulatory review or commercialization of our partners’ ENHANZE® products, regulatory approval requirements, unexpected adverse events or patient outcomes and competitive conditions and uncertainties related to tariff, trade and pharmaceutical pricing policies and tax legislation. Actual results regarding the potential Elektrofi transaction could differ materially from the expectations contained in these forward-looking statements as a result of several factors, including uncertainties concerning future matters such as market conditions, changes in domestic and foreign business changes in the competitive environment in which the Company and Elektrofi operate, and financing a potential transaction, inability of the parties to successfully or timely consummate a transaction, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined group or the expected benefits of a transaction, unexpected levels of the combined group’s revenues, expenditures and costs, unexpected results or delays in the growth of the combined group’s business, or in the development, regulatory review or commercialization of the combined group’s partnered or proprietary products, unexpected early expiration or termination of the patent terms for the combined group’s drug delivery technologies, unexpected levels of revenues (including royalty revenue received from the combined group’s collaboration partners and revenues from proprietary product sales), expenditures and costs, unexpected results or delays in the growth of the combined group’s business. These and other factors that may result in differences are discussed in greater detail in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. The Company undertakes no obligation to update or revise any forward-looking statements or any other information contained herein. Non-GAAP Financial Measures: In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), these materials contain certain non-GAAP financial measures. The Company reports Non-GAAP diluted earnings per share, Non-GAAP diluted shares, earnings before interest, taxes, depreciation, amortization (“EBITDA”), Adjusted EBITDA, Adjusted EBITDA Margin and expectations of those measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP diluted earnings per share excludes share-based compensation expense, amortization of debt discounts, intangible asset amortization, one-time changes, if any, such as changes in contingent liabilities, inventory adjustments, impairment charges, transaction costs for business combinations andintellectual property litigation costs, and certain adjustments to income tax expense Non-GAAP diluted shares excludes the dilutive impact of convertible notes which is used in calculating Non-GAAP diluted earnings per share. EBITDA excludes from earnings interest, taxes, depreciation and amortization. Adjusted EBITDA excludes one-time items, if any, such as changes in contingent liabilities, inventory adjustments and impairment charges, transaction costs for business combinations and intellectual property litigation costs. The Company uses Non-GAAP financial information in assessing what it believes is a meaningful and comparable set of financial performance measures to evaluate operating trends, as well as in establishing portions of our performance-based incentive compensation programs. The Company does not provide reconciliations for forward-looking adjusted measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for changes in contingent liabilities, share based compensation expense and the effects of any discrete income tax items. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides Non-GAAP financial measures that it believes will be achieved; however, it cannot accurately predict all of the components of the adjusted calculations and the GAAP measures may be materially different than the Non-GAAP measures. Reconciliations between GAAP and Non-GAAP financial measures are included in these materials. Note: This presentation contains product names, trademarks and registered trademarks are property of their respective owners.
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3 Momentum Continues with Strong 3Q 2025 Results 1 Reconciliation between GAAP reported and Non-GAAP financial information for actual results are provided at the end $354M Total Revenue +22% $236M Royalty Revenue +52% $248M Adjusted EBITDA1 +35% Driven by our three established blockbuster subcutaneous therapies, DARZALEX® subcutaneous, Phesgo®, and VYVGART® Hytrulo
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4 New Indication Approvals DARZALEX® SC approved in Europe for smouldering multiple myeloma in Europe: 3Q25 VYVDURA® pre-filled syringe approved for gMG and CIDP Japan: 3Q25 Phesgo® approval in Europe for use outside the clinical setting, for example, at home: 2Q25 DARZALEX® SC approved in Europe for new quadruplet regimen front-line indication: April 2025 VYVGART® Hytrulo pre-filled syringe approved in U.S. for gMG and CIDP, allowing patient, caregiver or HCP administration in 20-30 seconds: April 2025 VYVGART® Hytrulo pre-filled syringe approved in Europe for gMG: 2Q 2025 HYQVIA® SC approved in Japan for CIDP and multifocal motor neuropathy: June 2025 New Product Approval RYBREVANT® SC approved in Europe for treatment of patients with advanced EGFR- mutated NSCLC: April 2025 First Approvals in New Region Opdivo® SC approved in Europe: May 2025 VYVGART® Hytrulo (including PFS) approved in Europe for CIDP: April 2025 Key Reimbursement Milestones Phesgo® NDRL listing in China accelerating growth in China: 1Q 2025 Ocrevus® Zunovo U.S. Medicare J Code attained: April 2025 Opdivo® Qvantig U.S. Medicare J Code attained: July 2025 Multiple ENHANZE® Catalysts Driving Near and Long-Term Growth 15 recent or upcoming new growth catalysts expanding opportunity, adoption and growth 13 Growth Catalysts Achieved ❑ DARZALEX ® SC projected U.S. approval for high risk smoldering multiple myeloma ❑ RYBREVANT® SC projected U.S. approval 2025 Upcoming Catalysts
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5 2025 Financial Guidance Highlights New 2025 Guidance1 Previous 2025 Guidance2 Total Revenue $1,300 - $1,375M $1,275 - $1,355M 28-35% YOY growth Royalty Revenue $850 - $880M $825 - $860M 49-54% YOY growth Adjusted EBITDA $885 - $935M $865 - $915M 40-48% YOY growth Non-GAAP Diluted EPS $6.10 - $6.50 $6.00 - $6.40 44-54% YOY growth 1 Updated on November 3, 2025 2 Provided on August 5, 2025
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6 ENHANZE® First commercialized and scaled proprietary technology that enables rapid, SC delivery of large-volume biologics previously limited to IV ✓10 approved products with 5 large pharma/biotech partners ✓Concentrations of 40-180 mg/mL for volumes of 5 mL to 23 mL ✓1 million patients treated ✓$1 billion in royalty revenues projected by 2027 Hypercon Advanced, proprietary microparticle technology that unlocks stable, ultra-concentrated formulations, enabling SC delivery of biologics ✓Concentrations of 400-500 mg/mL for lower volume for delivery, enabling at-home/in HCP office use ✓3 signed agreements with large pharma/biotech partners ✓2 partners planning study initiations by year end 2026 or earlier for de-risked MoA products that are approved blockbusters today Elektrofi Expands Portfolio of Drug Delivery Technologies Setting new standards in convenience, accessibility, and treatment options AUTO-INJECTORS
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7 Elektrofi/Hypercon is at a Value Inflection Point Sign and advance new products into development for current Elektrofi partners, Halozyme partners and new partners with next 12 months Two partners projected to begin Hypercon formulated product clinical development within the next 12-15 months, or earlier • Initial collaboration products include de-risked MoAs, that are approved blockbusters today Elektrofi signed 3 partner agreements with large pharma/biotech partners
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8 DARZALEX® SC with ENHANZE®, With ~96% U.S. Share of Sales, Driving Robust Long-Term Growth 1 Analysts’ consensus from Evaluate Ltd October 2025 2 Symphony Health, an ICON plc Company Total DARZALEX® Sales IV+SC ($B) 1 $4.2 $6.0 $8.0 $9.7 $11.7 $14.1 2020 2021 2022 2023 2024 2025E Year-over-Year Growth 43% 33% 21% 21% 21% 76% 86% 92% 95%U.S. annual exit SC share of sales2 NDMM eligible for autologous stem cell transplant in U.S. and EU Frontline multiple myeloma for transplant ineligible in EU Smouldering multiple myeloma in EU Recent Approvals 3Q 2025 Revenue $3.7 billion (+20% YoY) 96% Analysts Consensus 20281 $18.6B 2024 2025
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9 PHESGO®, With 100% Use SC with ENHANZE®, On Trajectory to Projected $4.0B Sales in 2028 1 Analysts’ consensus from Evaluate Ltd October 2025 2 Assumes 1.8 billion CHF PHESGO® Projected Sales ($B)1 Year-over-Year Growth 51% 60% Conversion in 78 Launch Countries in 3Q 2025 NEW Conversion Expected YTD 2025 Revenue2 ~$2.3 billion (+54 % YoY) $0.3 $0.7 $1.2 $2.0 $2.9 2021 2022 2023 2024 2025E 133% 71% 67% 45% Analysts Consensus 20281 $4B
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10 VYVGART® & VYVGART® Hytrulo SC Strong Growth Continues Projected to Achieve $7.7B in 2028 $218 $269 $329 $374 $398 $478 $573 $737 $790 $949 $1,130 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 19% 20% 6%14% 22% 23% Quarter-over-Quarter Growth Quarterly Net Sales for VYVGART & VYVGART Hytrulo ($M) 1 Bloomberg estimates October 2025 June 2023: VYVGART Hytrulo with ENHANZE® U.S. Approval for gMG June 2024: VYVGART Hytrulo with ENHANZE® U.S. Approval for CIDP 20% November 2023: VYVGART Hytrulo with ENHANZE® EU Approval for gMG April 2025: VYVGART Hytrulo PFS with ENHANZE® U.S. Approval for gMG and CIDP June 2025: VYVGART Hytrulo with ENHANZE® EU Approval for CIDP (including PFS for gMG and CIDP) Analysts Consensus 20281 $7.7B Based in gMG and CIDP
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11 Robust Pipeline of Approved Near-Term Additional Growth Opportunities Represent ~$30B Opportunity in 2028 $10B $4.4B $9.1B 2028E Sales IV + SC 1 Analysts consensus Evaluate October 2025 2 Company estimate 10-minute subcutaneous injection vs. multiple hours IV infusion (administration and monitoring), twice a year ~7-minute subcutaneous injection vs. 30-60 minute IV infusion ~3-5 minute subcutaneous injection vs. 30 minute IV infusion ~5 minute subcutaneous injection vs. ~5 hour IV infusion (across 2 days) RYBREVANT® SC Expand Market & Convert IV Convert IV Convert IV Expand Market & Convert IV EU Approved April 2025U.S. Approved December 2024 EU Approved May 2025 U.S. Approved September 2024 EU Approved January 2024 U.S. Approved September 2024 EU Approved June 2024 $5B1 1 1 Total Brand 2
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12 Current Program/Product Study Indication Phase 1 Phase 2 Phase 3 Filed Nivolumab+Relatlimab(BMS) Melanoma TAK-881 (Takeda) Immune N6LS bnAb (ViiV) HIV (treatment) ARGX 117; Empasiprubart (argenx) Multifocal motor neuropathy ACU193 (Acumen) Alzheimer's VH4524184 (ViiV) Undisclosed Undisclosed (ViiV) Undisclosed ARGX 213 (argenx) Undisclosed Undisclosed Undisclosed Expected in 2025 Undisclosed Undisclosed Expected in 2026 ENHANZE® Pipeline: Multiple Opportunities For New Royalty Revenue Streams
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13 $200 $150 $350 $200 $400 $250 2019 2020 2021 2022 2023 2024 2025 Robust Cash Generation Supports Share Repurchase Program Value of Shares Repurchased ($ million) Average Repurchase Price $18.03 $23.05 $40.96 $44.44 $37.44 $53.95 o Completed $342M YTD 20252 o Deployed $1.9 billion to share repurchases since 2019 o On average ~$250M per year in 2019 to 2024 o Average purchase price per share of $33.72 in 2019 to 2024 o Reduced diluted weighted average shares outstanding by 10%, from 144M in 2019 to 129M in 2024 TBD1 1 Final price per share for the 2025 share repurchases will be known at the end of the year 2 Part of $750M share repurchase authorized by Halozyme Board of Directors in February 2024 $342 $500
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14 3Q 2025 Financial Highlights $ in Millions, except EPS (unaudited) 3Q 2025 3Q 2024 % Change Royalties $236.0 $155.1 52% Product sales, net $94.2 $86.7 9% Collaboration revenues $24.0 $48.4 (50)% Total Revenues $354.3 $290.1 22% Cost of sales $55.2 $49.4 12% Amortization of intangibles $17.8 $17.8 0% R&D expense $17.3 $18.5 (7%) SG&A expense $46.1 $41.2 12% Total Operating Expenses $136.3 $126.9 7% Operating income $217.9 $163.2 34% Net Income $175.2 $137.0 28% EBITDA $238.3 $183.6 30% Adjusted EBITDA $248.2 $183.6 35% GAAP diluted EPS $1.43 $1.05 36% Non-GAAP Diluted EPS $1.72 $1.27 35% Dollar amounts, as presented, are rounded. Consequently, totals may not add up
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15 2025 Financial Guidance Highlights New 2025 Guidance1 Previous 2025 Guidance2 Total Revenue $1,300 - $1,375M $1,275 - $1,355M • 28-35% YOY growth • Milestones for the remainder of the year are expected to be weighted in the fourth quarter • Product sales for the remainder of the year are expected to be weighted in the fourth quarter Royalty Revenue $850 - $880M $825 - $860M • 49-54% YOY growth • Primarily driven by VYVGART® Hytrulo, DARZALEX® SC and Phesgo® growth • Expect sequential quarterly growth to continue in the fourth quarter Adjusted EBITDA $885 - $935M $865 - $915M • 40-48% YOY growth • YoY growth driven by high margin royalty growth and flat operating expenses from continued operational efficiency Non-GAAP Diluted EPS $6.10 - $6.50 $6.00 - $6.40 • 44-54% YOY growth • YoY growth driven by gross margin expansion from revenue mix and operational efficiencies 1 Updated on November 3, 2025 2 Provided on August 5, 2025
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16 Appendix
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17 GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA (1) Amount represents incremental costs including legal and advisory fees incurred in association with the pending acquisition of Elektrofi, Inc. (“Elektorfi”) (2) Adjustment relates to litigation costs incurred by Halozyme in connection with Halozyme’s patent infringement litigation against Merck Sharp & Dohme Corp. (“Merck”). These charges are excluded because the Company does not believe they are reflective of the Company’s ongoing business and operating results $ in thousands (unaudited)
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18 GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA (1) Amount relates to fair value gain on contingent liability due to the due to the termination of the TLANDO license agreement in September 2023 (“TLANDO Termination”) (2) Amount relates to inventory write-off due to TLANDO Termination and amortization of the inventory step-up associated with purchase accounting for the acquisition of Antares Pharma, Inc. (“Antares”) (3) Amounts represent incremental costs including legal fees, accounting fees and advisory fees incurred for the Antares acquisition $ in thousands (unaudited)
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19 Dollar amounts, as presented, are rounded. Consequently, totals may not add up. (1) Amount represents incremental costs including legal and advisory fees incurred in association with the pending acquisition of Elektrofi (2) Adjustment relates to litigation costs incurred by Halozyme in connection with Halozyme’s patent infringement litigation against Merck. These charges are excluded because the Company does not believe they are reflective of the Company’s ongoing business and operating results (2) Adjustments relate to taxes for the reconciling items, as well as excess benefits or tax deficiencies from stock-based compensation, and the quarterly impact of other discrete items (3) Adjustment made for the dilutive effect of our Convertible Senior Notes due 2028 when the effects is not the same on a GAAP and non-GAAP basis for the reporting period GAAP to Non-GAAP Reconciliation: Net Income and Diluted EPS $ in thousands, except per share amounts (unaudited)
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20 GAAP to Non-GAAP Reconciliation: Net Income and Diluted EPS (1) Amount represents incremental costs including legal fees, accounting fees and advisory fees incurred for the prior year Antares acquisition (2) Amounts relate to amortization of the inventory step-up associated with purchase accounting for the Antares acquisition. (3) Amounts relate to a fair value gain on contingent liability, inventory write-off and impairment of TLANDO product rights intangible assets due to the TLANDO Termination (4) Adjustments relate to taxes for the reconciling items, as well as excess benefits or tax deficiencies from stock-based compensation, and the quarterly impact of other discrete items (5) Adjustment made for the dilutive effect of our Convertible Senior Notes due 2028 when the effects is not the same on a GAAP and non-GAAP basis for the reporting period $ in thousands, except per share amounts (unaudited) Dollar amounts, as presented, are rounded. Consequently, totals may not add up.
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21 Multi-Year Guidance Shows Remarkable Projected Doubling of Key Guidance Metrics 2024-2028, Ten Years After First ENHANZE® Product Launch Total Revenue 2024 and 2028 Royalty Revenue 2024 and 2028 Adjusted EBITDA 2024 and 2028 Non-GAAP Diluted EPS 2024 and 2028 2024A 2028E $1,015 $1,735 - $1,860 77% 2024A 2028E 106% $571 $1,150 - $1,200 2024A 2028E 112% $632 $1,275 - $1,400 2024A 2028E 102% $4.23 $8.25 - $8.85 $ in Millions, except EPS Growth rates calculated from 2024 actual to midpoint of 2028 range
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22 Strong YTD Momentum Resulting in Raised 2025 Projections 2023 Actual8 2024 Actual8 20259 202610 202710 202810 2023-2028 CAGR7 Royalties1 447.9 571.0 850 – 880 900 – 940 1,100 – 1,150 1,150 – 1,200 21% Product Sales2 300.9 303.5 340 – 365 400 – 430 425 – 470 455 – 500 10% Collaboration Revenue3 80.5 140.8 110 – 130 130 – 160 130 – 160 130 – 160 12% Total Revenue 829.3 1,015.3 1,300 – 1,375 1,430 – 1,530 1,655 – 1,780 1,735 – 1,860 17% Adjusted EBITDA4 426.2 632.2 885 – 935 1,000 – 1,080 1,205 – 1,330 1,275 – 1,400 26% Adjusted EBITDA Margin5 51% 62% 68% – 68% 70% – 71% 73% – 75% 73% – 75% 8% Non-GAAP Diluted EPS6 $2.77 $4.23 $6.10 – $6.50 $6.50 – $7.00 $8.00 – $8.60 $8.25 – $8.85 25% 1 Royalty projections based on approved ENHANZE® products and assumes global approval and launches Nivolumab SC and Amivatamab SC and all approved Auto-Injector products. Assumes impact of pending or issued co-formulation patents. Does not include the impact of Halozyme pending patents. Innovator revenues based on Evaluate Ltd analyst -based estimates as of October 2024 when available otherwise based on select analyst estimates. Conversion rates based on Halozyme internal projections. Projected royalty revenue is not risk-adjusted. Royalty rate on average mid-single digit range across all products. 2 Product sales projections based on XYOSTED® and Hylenex® commercial products and sales of ENHANZE® API and auto-injector devices to collaboration partners 3 Collaboration revenue includes development, regulatory, and commercial milestones for certain ENHANZE ® and SVAI development programs currently advancing and projected new deals 4 Adjusted EBITDA projections represent earnings before interest income/expense, tax, and depreciation and amortization with ad justments for one-time, non-recurring items 5 Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue 6 Non-GAAP Diluted EPS excludes impact of potential future share repurchases beyond completed activity as of June 2025 7 2023-2028 CAGR % is calculated from 2023 actual to 2028 midpoint 8 Reconciliation between GAAP reported and non-GAAP financial information for actual results are provided at the end 9 Updated on November 3, 2025 10 Provided on January 8, 2025 All projections exclude the impact of potential future M&A $M, except EPS (unaudited)