HALONasdaqBiological Products, (No Diagnostic Substances)US GAAP · USD

Halozyme Therapeutics, Inc

Halozyme Therapeutics is a biopharmaceutical company built around drug-delivery technologies rather than a broad portfolio of branded medicines. It licenses ENHANZE, based on the proprietary enzyme rHuPH20, to help partners deliver injected therapies subcutaneously, and it also develops and commercializes auto-injector and combination-device products such as XYOSTED and Hylenex recombinant.

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Revenue1,397m USD
+37.6 %y/y
Operating profit (EBIT)469m USD
−15.0 %y/y
EBIT margin33.6%
−20.7 ppy/y
Net income317m USD
−28.6 %y/y
Free cash flow645m USD
+37.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05001,0001,500m USD2020: 268 m USD2020: EBIT 144 m USD20202021: 443 m USD2021: EBIT 276 m USD20212022: 660 m USD2022: EBIT 268 m USD20222023: 829 m USD2023: EBIT 338 m USD20232024: 1,015 m USD2024: EBIT 551 m USD20242025: 1,397 m USD2025: EBIT 469 m USD20251,397469
RevenueOperating profit (EBIT)
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Business

Share of revenue
ENHANZE licensing and royalties55 %

Licenses the ENHANZE platform and earns upfront fees, milestones, bulk rHuPH20 sales and royalties.

Bulk rHuPH20 supply18 %

Commercial supply of the proprietary enzyme used in partner subcutaneous formulations.

Proprietary product sales20 %

Sales of Halozyme-owned products, mainly Hylenex recombinant and XYOSTED.

Device partnered product sales7 %

Sales tied to auto-injector collaborations and related device commercialization.

Products

Reported · share of revenue
62.1%13.9%9.5%FY2025100 %
  • Royalty62.1 %
  • Proprietary Products Sales13.9 %
  • Bulk R Hu PH209.5 %
  • Salesbasedmilestone5.0 %
  • Device Partnered Products3.5 %
  • Other5.9 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Halozyme sells primarily to biopharmaceutical partners that want to convert injectable drugs into subcutaneous products with better convenience and patient experience. It also sells directly into the U.S. pharmaceutical distribution channel for its proprietary products, serving wholesalers, specialty pharmacies, hospitals, surgery centers, the Veterans Administration and other government buyers.

Biopharmaceutical collaboration partners

Roche, Takeda, Janssen, AbbVie, Lilly, BMS, argenx, ViiV and others license ENHANZE or Hypercon to improve delivery of their injectable therapies.

U.S. pharmaceutical distributors

Wholesalers such as Cardinal Health, McKesson and Cencora distribute XYOSTED and Hylenex into retail, specialty and institutional channels.

Hospitals and surgery centers

Buy Hylenex recombinant to support formulary use and clinical workflows in procedural settings.

Specialty pharmacies and end-user prescription channels

Support fulfillment of XYOSTED and other prescriptions where direct pharmacy access matters.

Government and VA purchasers

Purchase XYOSTED through contracted distribution channels for eligible patients and institutions.

Strategy

Halozyme is focused on expanding the installed base of ENHANZE and Hypercon partner products while growing royalty streams from already launched therapies. It is also using acquisitions and device programs to diversify revenue beyond a single technology platform, while continuing to invest in manufacturing, IP protection and partner scale-up.

Grow ENHANZE partner product launchesMedium term

Royalty growth depends on more partner therapies reaching commercialization and gaining uptake.

Expand and diversify technology platformsMedium term

New delivery technologies and acquisitions reduce dependence on a single platform and broaden future revenue sources.

Scale manufacturing and supply chain capabilityShort term

Commercial growth requires reliable supply of rHuPH20, devices and partner components across multiple vendors.

Geography

Halozyme is headquartered and operationally anchored in the United States, with key facilities in Minnetonka, Minnesota and Boston, Massachusetts. Commercial revenue is generated globally through partner products launched in multiple geographies, while proprietary product sales are concentrated in the U.S. distribution system. The company also relies on international manufacturing and packaging partners, which creates cross-border supply-chain exposure.

Risks

Halozyme’s business is concentrated in a small number of technology platforms and partner programs, so partner clinical, regulatory or commercial setbacks can quickly affect revenue growth. The company also faces product safety, intellectual property, supply-chain and acquisition-integration risks, all of which are amplified by its reliance on third-party manufacturers and global commercialization partners.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Partner commercialization risk1Regulatory approval delays2Product safety and recall risk3Supply-chain and manufacturing concentration4Acquisition integration risk5Intellectual property risk6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Partner commercialization riskImpact: HighLikelihood: Medium

    Royalties and milestones depend on partner products reaching approval and sustaining sales growth.

    Exposure: ENHANZE and Hypercon collaborations

  2. Regulatory approval delaysImpact: HighLikelihood: Medium

    Clinical, manufacturing or FDA issues can delay launches and reduce milestone timing.

    Exposure: Partner and proprietary product candidates

  3. Product safety and recall riskImpact: HighLikelihood: Medium

    Adverse events can trigger label changes, additional studies, recalls or liability claims.

    ExposureHylenexXYOSTEDPartner products
  4. Supply-chain and manufacturing concentrationImpact: MediumLikelihood: Medium

    Multiple third-party suppliers and packagers are needed for commercial product continuity.

    ExposureDevice componentsSyringesPackagingLogistics
  5. Acquisition integration riskImpact: MediumLikelihood: Medium

    Recent acquisitions must be integrated successfully to create expected diversification and value.

    Exposure: Elektrofi/Hypercon and Surf Bio

  6. Intellectual property riskImpact: MediumLikelihood: Low

    The business model depends on defending patents and exclusivity around delivery technologies.

    ExposureENHANZEHyperconAuto-injectors
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Accounting

Judgemental items
Revenue recognition for royalties, milestones and product sales

Different contract terms and event-based payments can shift revenue timing between periods.

Impact: Affects quarter-to-quarter comparability and reported growth rates

Contingent consideration fair value

Elektrofi acquisition included a contingent liability valued using probability-weighted assumptions.

Impact: Quarterly remeasurement can move operating results

Goodwill and intangible asset impairment

Acquired technologies and in-process R&D must be tested for impairment if assumptions weaken.

Impact: Could create non-cash charges if expected cash flows decline

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Last updated: 24/09/2026