Halozyme Therapeutics (HALO) Corporate presentation summary

Business model and platform overview

• Operates a de-risked, royalty-driven model with diversified and durable revenue streams, leveraging ENHANZEⓇ drug delivery technology and proprietary auto-injector platforms.

• ENHANZEⓇ enables rapid, large-volume subcutaneous drug delivery, reducing treatment times and healthcare costs while improving patient experience and access.

• Over 800,000 patients have received ENHANZE-enabled treatments, with 7 approved partnered products and global reach in 100+ countries.

• Auto-injector portfolio includes both small and high-volume devices, supporting at-home and rapid in-clinic administration.

Financial performance and guidance

• 2023 total revenue reached $829M, with royalty revenue at $448M and adjusted EBITDA at $426M.

• 2024 guidance projects total revenue of $935M–$1,015M, royalty revenue of $520M–$555M, and adjusted EBITDA of $555M–$615M.

• 2023–2028 CAGR targets: total revenue +16%, royalties +20%, adjusted EBITDA +25%, and non-GAAP diluted EPS +23%.

• Adjusted EBITDA margin expected to rise from 51% in 2023 to 59–61% in 2024, reaching up to 75% by 2028.

Product pipeline and growth drivers

• 7 ENHANZEⓇ-enabled products approved, projected to grow to 10 by 2025, with multiple recent and upcoming launches including VYVGART Hytrulo, Tecentriq SC, and Ocrelizumab SC.

• Pipeline includes 6 Wave 4 products in development, with 2 in Phase 3 and 1 in Phase 2, targeting indications such as melanoma, HIV, and multifocal motor neuropathy.

• Royalty revenue growth driven by new product launches and expanded indications, with $1B royalty revenue potential by 2027.