Halozyme Therapeutics (HALO) Corporate presentation summary

Business model and platform overview

• Proven, de-risked business model with diversified and durable revenue streams, including royalties, product sales, and collaborations.

• ENHANZEⓇ technology enables rapid, large-volume subcutaneous drug delivery, reducing treatment burden and healthcare costs.

• Eight approved partnered products as of November 2024, with over 800,000 patients treated globally.

• High volume auto-injector (HVAI) technology clinically demonstrated to deliver 10 mLs in under 30 seconds.

• Strong patient preference for subcutaneous (SC) over intravenous (IV) administration, with 81-89% favoring SC.

Financial performance and guidance

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

• 2024 guidance raised: total revenue projected at $970M-$1,020M, royalty revenue at $550M-$565M, and adjusted EBITDA at $595M-$625M.

• Non-GAAP diluted EPS expected to grow from $2.77 in 2023 to $4.00-$4.20 in 2024.

• 2023-2028 revenue CAGR projected at 16%, with adjusted EBITDA CAGR at 25%.

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

Royalty and product pipeline

• Projecting $1B in royalty revenue by 2027, driven by multiple product waves and global launches.

• Recent and upcoming launches include VYVGART Hytrulo, Tecentriq SC, Ocrevus SC, and Nivolumab SC.

• Wave 4 pipeline includes six products in development, with two in Phase 3 and one in Phase 2.

• Royalty terms for key products extend into the 2030s and 2040s, supported by co-formulation patents.

• Licensees are responsible for development and commercialization, expanding market reach.