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Analogy 1: "ARM for biopharma drug delivery"

Analogy 2: "Dolby Laboratories for drug administration"

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• ENHANZE® Drug Delivery Technology: This proprietary enzyme technology facilitates the subcutaneous delivery of biologics and small molecules, enabling rapid and large-volume injections.

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Halozyme Therapeutics (NASDAQ: HALO) sells primarily to other companies, licensing its proprietary ENHANZE® drug delivery technology to global pharmaceutical partners. These partners integrate ENHANZE into their own therapeutic products to enable subcutaneous (under-the-skin) administration, often transforming intravenous (IV) drugs into more convenient subcutaneous injections. This technology aims to improve the patient experience and healthcare efficiency.

Its major customers (licensees/partners) include:

• Roche (OTCQX: RHHBY, SIX: ROG)
• Janssen Biotech, Inc. (a Johnson & Johnson company, NYSE: JNJ)
• Takeda Pharmaceutical Company Limited (NYSE: TAK)
• Pfizer Inc. (NYSE: PFE)
• Bristol Myers Squibb (NYSE: BMY)
• Eli Lilly and Company (NYSE: LLY)

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Helen I. Torley, President, Chief Executive Officer, and Director

Dr. Helen Torley has served as the President, Chief Executive Officer, and Director of Halozyme Therapeutics since 2014. Before joining Halozyme, she was the President and Chief Executive Officer of Onyx Pharmaceuticals. Her career also includes various management positions at Amgen Inc., such as General Manager of the U.S. Nephrology business unit and the U.S. Bone Health business unit. She also worked at Bristol-Myers Squibb, where she was the Regional Vice President of cardiovascular and metabolic sales and Head of Cardiovascular Global Marketing. Dr. Torley began her career as a rheumatologist in the U.K. She was involved in clinical trials for Sandoz, a Novartis unit, where she led a Phase 3 clinical program.

Nicole LaBrosse, Senior Vice President, Chief Financial Officer

Ms. Nicole LaBrosse was appointed Senior Vice President and Chief Financial Officer of Halozyme Therapeutics in 2022. She joined Halozyme in 2015 and held roles of increasing responsibility, including Vice President of Finance and Accounting (since January 2020), Executive Director and Controller (since July 2017), and Senior Director of Financial Reporting (since 2014 or 2015). Prior to her tenure at Halozyme, Ms. LaBrosse worked as an Auditor at PricewaterhouseCoopers LLP for over 10 years. She holds a B.S. in corporate finance and accounting and an M.S. in accounting from Bentley College and is a Certified Public Accountant (CPA) licensed in California.

Cortney Caudill, Senior Vice President, Chief Operating Officer

Ms. Cortney Caudill became the Senior Vice President and Chief Operating Officer of Halozyme Therapeutics, effective October 1, 2025. She joined the company in October 2023. Before joining Halozyme, Ms. Caudill held several positions at Aeglea BioTherapeutics, Inc. from 2019 to October 2023, including Chief Product Officer, Senior Vice President of Technical Operations, and Vice President of Manufacturing. Her earlier career, spanning from 2002 to 2018, included operational roles at companies such as Cambrex Bioscience, Vaxagen, Genentech, Vetter Pharma International, Samsung Biologics, Baxalta, and Eaulife NA. Ms. Caudill also served as a Board Advisor for Ninnion Therapeutics.

Mark Snyder, Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary

Mr. Mark Snyder was appointed Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary of Halozyme Therapeutics, effective January 3, 2022. He brings almost thirty years of legal and business experience to his role. Prior to Halozyme, Mr. Snyder served as Senior Vice President, Deputy General Counsel, Litigation for Qualcomm Incorporated, where he was responsible for leading litigation strategy for numerous cases worldwide. He also managed Qualcomm's antitrust, legal operations, and intellectual property advocacy teams.

Jeffrey W. Henderson, Chairman

Mr. Jeffrey W. Henderson has served as the Chairman of Halozyme Therapeutics since 2022. Before this role, he was the President at JWH Consulting LLC. Mr. Henderson also held the position of Healthcare Advisory Director to Berkshire Partners LLC. Additionally, he previously served as the Chief Financial Officer of Cardinal Health Inc.

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1. Patent Expiration for ENHANZE Technology
   Halozyme's core ENHANZE technology, which facilitates subcutaneous drug delivery and is a significant source of the company's royalty revenue, faces a key patent expiration in 2027. While Halozyme is developing next-generation ENHANZE offerings that could extend patent protection to 2034, and existing partnerships for drugs approved before 2027 may continue to generate royalties beyond 2029 due to biologic exclusivity, the imminent expiration of the primary patent remains a substantial concern for the company's long-term growth and ability to secure new partnerships.
2. Intense Competition and Development of Alternative Drug Delivery Methods
   The biopharmaceutical industry is highly competitive, and Halozyme faces both direct and indirect challenges. Competitors are actively developing alternative drug delivery mechanisms, such as liposomal delivery, nanoparticle technologies, and polymer-based delivery, which pose a substitution risk to Halozyme's ENHANZE platform. Additionally, there's a persistent threat of major pharmaceutical partners or other companies developing their own in-house subcutaneous delivery solutions. For example, Alteogen's berahyaluronidase alfa, used by Merck for its subcutaneous Keytruda, is identified as a significant direct competitor.
3. Patent Litigation and Intellectual Property Disputes
   Halozyme is currently engaged in an ongoing patent infringement lawsuit with Merck & Co. concerning Merck's subcutaneous Keytruda formulation, which Halozyme alleges infringes upon its MDASE patents. The U.S. Patent and Trademark Office's Patent Trial and Appeal Board (PTAB) has instituted a patent grant review against Halozyme, which analysts believe reduces the likelihood of Halozyme prevailing in the infringement case. This ongoing litigation presents potential legal and financial risks and could impact the long-term prospects of Halozyme's MDASE technology if the company does not succeed. While Halozyme recently secured a preliminary injunction against Merck over Keytruda SC in Germany, Merck is expected to appeal this decision.

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There are two clear emerging threats to Halozyme Therapeutics:

• Direct Competition from Other Hyaluronidase Technologies: Companies such as Alteogen (ALTG) are actively developing and commercializing recombinant human hyaluronidase technologies (e.g., ALT-B4) that directly compete with Halozyme's ENHANZE platform. Alteogen has already secured partnerships with major pharmaceutical companies (e.g., Janssen for a Darzalex subcutaneous formulation in certain territories), directly challenging Halozyme's market position and ability to secure future licensing agreements for its drug delivery technology. This introduces an alternative supplier for a key drug delivery component, potentially eroding Halozyme's dominant market share and pricing power for new and existing subcutaneous drug formulations.
• Patent Litigation and Challenges: The emergence of direct competitors like Alteogen has led to significant legal battles. Alteogen has initiated lawsuits against Halozyme, alleging patent infringement related to Halozyme's rHuPH20 technology. Unfavorable outcomes for Halozyme in such litigation could lead to substantial financial penalties, injunctions on the sales or licensing of certain technologies, or force Halozyme to alter its business practices, directly impacting its core revenue streams and strategic partnerships.

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Halozyme Therapeutics (symbol: HALO) has two main products or services with identifiable addressable markets:

• ENHANZE® Drug Delivery Technology: This proprietary technology, based on the recombinant human hyaluronidase enzyme (rHuPH20), facilitates the subcutaneous delivery of biologics and drugs. The global hyaluronidase market, which directly underpins ENHANZE's technology, is projected to grow from $1.16 billion in 2025 to $1.75 billion by 2030.
• Hylenex® recombinant: This is an FDA-approved hyaluronidase (human recombinant) injection. It is indicated for use in subcutaneous fluid administration, dispersion and absorption of other injected drugs, and subcutaneous urography. The addressable market size specifically for Hylenex® recombinant is null.

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1. Continued Growth of Existing ENHANZE®-Enabled Blockbuster Therapies: Halozyme's revenue is substantially propelled by royalties from its established ENHANZE®-enabled products. Leading this growth are subcutaneous formulations of prominent therapies such as Janssen's DARZALEX® SC, Roche's Phesgo®, and argenx's VYVGART® Hytrulo. These products continue to demonstrate strong market uptake, high market share, and increasing patient conversion from intravenous (IV) to subcutaneous (SC) administration, directly translating into higher royalty revenues for Halozyme.

2. Launch and Commercialization of Recently Approved ENHANZE®-Enabled Products: Several new ENHANZE®-powered therapies, recently approved or in early stages of commercialization, are expected to significantly contribute to revenue growth. These include Roche’s Ocrevus® Zunovo and Tecentriq® Hybreza, Bristol Myers Squibb’s Opdivo® Qvantig, and Janssen's RYBREVANT® SC. These products broaden Halozyme's reach into new therapeutic areas like neurology and oncology, with projections for meaningful revenue contributions from 2026 onwards.

3. Expansion of ENHANZE® Technology and New Collaborations: Halozyme is actively working to broaden the application of its ENHANZE® technology through ongoing negotiations for new licensing deals and the development of advanced drug delivery systems, such as high-volume auto-injectors. This continuous expansion of its platform and pipeline, which includes over 20 therapies in various stages, lays the groundwork for future collaboration revenue and royalties.

4. Integration of Elektrofi's Hypercon™ Technology: The acquisition of Elektrofi in the third quarter of 2025, expected to close in the fourth quarter of 2025, is a strategic move to diversify Halozyme's drug delivery offerings beyond ENHANZE®. Elektrofi's Hypercon™ technology enables ultra-high concentration microparticle formulations for biologics, promising to unlock new opportunities for self-administered treatments. This acquisition is anticipated to be highly accretive in the long term through new royalties and extended intellectual property, with initial human studies for Hypercon expected within the next 12-15 months.

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1. Share Repurchases

   • Halozyme Therapeutics authorized a $750 million share repurchase program in February 2024.
   • Under this program, Halozyme initiated a $250 million Accelerated Share Repurchase (ASR) in December 2024 and announced another $250 million share repurchase in May 2025. A third tranche of $250 million was initiated in June 2025, with $92.3 million utilized to repurchase approximately 1.7 million shares as of September 30, 2025.
   • Since 2019, Halozyme has deployed approximately $1.9 billion towards share repurchases, resulting in a 10% reduction in diluted weighted average shares outstanding from 144 million in 2019 to 129 million in 2024.

2. Share Issuance

   • On November 7, 2025, Halozyme priced a private offering of $1.3 billion in convertible senior notes, consisting of $650 million due 2031 and $650 million due 2032, with net proceeds expected to be approximately $1.274 billion.
   • The company plans to use approximately $1.02 billion of these proceeds to repurchase outstanding convertible notes due in 2027 and 2028.

3. Outbound Investments

   • In September 2025, Halozyme agreed to acquire Elektrofi, Inc., a biopharmaceutical company, for an upfront consideration of $750 million and up to three additional $50 million milestone payments, totaling up to $900 million. The transaction is anticipated to close in the fourth quarter of 2025.
   • As of September 2025, Halozyme was actively exploring 30 potential areas for mergers and acquisitions to expand its drug delivery platforms.

4. Capital Expenditures

   • Capital expenditures for Halozyme Therapeutics were $1.43 million in 2020, $1.46 million in 2021, and $15 million in 2023.
   • In 2024, capital expenditures were $11 million.
   • For the twelve months ending September 30, 2025, Capital Expenditures amounted to -$7.1 million USD.