Halozyme Therapeutics (HALO) Goldman Sachs 45th Annual Global Healthcare Conference summary

Business overview and core competencies

• Focuses on transforming patient treatment with subcutaneous delivery technologies, enabling rapid injections instead of lengthy IV infusions, with strong patient preference and growing adoption in oncology, immunology, and neurology.

• ENHANZE business is central, with seven approved products and three more expected by 2025, treating over 800,000 patients and generating strong commercial success through licensing and royalties.

• Business model centers on licensing technology to pharma partners, earning mid-single-digit royalties on net sales, driving revenue momentum.

Financial guidance and growth outlook

• Updated 2024 guidance and a five-year outlook to 2028, driven by ENHANZE, auto-injectors, and commercial business.

• Royalty revenue projected to grow at a 20% CAGR from 2023 to 2028, reaching $1 billion by 2027; total revenues expected to exceed $1.5 billion by 2027.

• Recent European patent issuance for DARZALEX maintains original royalty rates until 2029, increasing projected revenues by $55 million in 2025 and $100 million in 2028.

• U.S. patent pending could similarly extend royalty rates if granted, but current projections do not assume this until issuance.

Business development and partnerships

• Engaged in late-stage discussions with multiple pharma and biotech companies for new pipeline deals, with strong interest in subcutaneous delivery across oncology, neurology, and inflammation.

• Expanding beyond monoclonal antibodies to bispecifics, ADCs, RNA therapies, and nucleic acids, with increasing interest in subcutaneous delivery from the outset of drug development.

• Maintains a leading position as the gold standard for rapid subcutaneous biologic delivery, with risk-averse partners preferring proven technology.