Halozyme Therapeutics (HALO) FY 2025 Conference September 04, 2025 01:30 PM ET Company ParticipantsHelen Torley - President, CEO & DirectorMohit Bansal - MD & Co-Head of Therapeutics ResearchMohit BansalAwesome. Thank you very much for joining us today. This is not quite the post-lunch. There's one after the post-lunch session. My name is Mohit Bansal. I'm one of the biopharma analysts here at Wells Fargo, and I'm joined by Dr. Helen Torley. Helen has been coming here longer than I have been here. Thank you ...

Summary of Halozyme Therapeutics (HALO) FY Conference Call Company Overview - Halozyme Therapeutics is a leader in rapid large volume subcutaneous drug delivery, utilizing two main platforms: enhanced hyaluronidase enzyme and auto injector business [2][6] Key Value Drivers - The company has seen strong revenue growth driven by products such as: - **DARZALEX**: A $12 billion brand, with 95% of sales from the subcutaneous version, projected to grow to $17.5 billion by 2028 [26] - **FESGO**: Achieved over $700 million in Q1, growing at 50% year-over-year, with a strong market share in China [27] - **Vyvogart Hytulo**: Approved for two neurological indications, showing dramatic uptake [28] Product Launches and Growth Catalysts - Four new products launched recently, including: - **Ocrevus subcutaneous** - **Tecentriq subcutaneous** - **Opdivo subcutaneous** - **Amivantamab subcutaneous** - These products are expected to contribute to growth in 2026 and beyond as reimbursement and coverage are established [29] Clinical Benefits and CMS Guidance - The CMS draft guidance focuses on fixed combination drugs and the clinical differences they provide. Halozyme's enhanced hyaluronidase enzyme is recognized as an active ingredient [9][15] - Clinical studies show significant reductions in infusion-related reactions, with rates dropping from 66% for IV to 13% for subcutaneous [12][37] - The company aims to demonstrate clinically meaningful benefits to align with CMS expectations [14][20] Financial Projections - Projected royalty revenue growth of 31% to 37%, amounting to $750 to $785 million [25] - Continued investment in enhancing existing assets and exploring new drug delivery platforms [67][70] Litigation and Patent Issues - Ongoing litigation with Merck regarding NDA suite patents, with a trial set for March 2, 2026 [50][52] - The MDACE patent portfolio is separate from ENHANZE patents, with no implications for ENHANZE from the MDACE litigation [63] Capital Allocation Strategy - Focus on three pillars: maximizing enhanced assets, share repurchases, and exploring new drug delivery platforms [67][69] - $1.55 billion in share repurchases since February 2019, with an ongoing $250 million repurchase [68] Conclusion - Halozyme is experiencing significant growth with multiple catalysts in place, a strong product pipeline, and a commitment to enhancing its drug delivery platforms. The company is well-positioned for continued success in the biopharmaceutical market [75]