Halozyme Therapeutics (NASDAQ:HALO) executives highlighted the company’s royalty-driven growth outlook and expanding subcutaneous drug delivery platform during remarks at the Citizens Life Sciences Conference, pointing to strong momentum from key partnered products, new collaboration activity, and recent acquisitions designed to broaden its addressable market beyond ENHANZE.
2026 revenue and profitability framework
CEO Helen Torley reiterated the company’s outlook for the current year, calling Halozyme’s trajectory “a growth story” expected to continue for “many years to come.” The company is forecasting $1.7 billion to $1.8 billion in total revenue, which it described as 22% to 30% year-over-year growth. Torley said the increase is primarily driven by royalties from partnered products enabled by Halozyme’s ENHANZE technology, with royalties expected to be $1.1 billion to $1.2 billion, growing at a 30% to 35% rate.
Products driving royalty growth: Darzalex FASPRO, VYVGART Hytrulo, and Perjeta
Torley identified three partnered products as the largest current contributors to growth:
- DARZALEX FASPRO (subcutaneous version using ENHANZE) as the leading product.
- argenx’s VYVGART Hytrulo, which she said is becoming a larger contributor, supported by adoption of the pre-filled syringe.
- Roche’s Perjeta in breast cancer.
On Perjeta, Torley described it as a single injection containing Herceptin and Perjeta delivered in about five minutes versus sequential IV therapy that can take up to 2.5 hours. She said adoption has been robust outside the U.S., particularly in Europe, where subcutaneous delivery is often embraced due to patient experience and overall cost-of-care benefits. In the U.S., uptake has been more gradual, but Torley said Roche has reported 52% conversion to the subcutaneous form and has set a target of 60% conversion by 2028. Torley noted Halozyme receives a mid-single-digit royalty on Perjeta sales.
On VYVGART, Torley pointed to argenx’s reported $4.2 billion in sales last year and said growth was fueled by launch of the subcutaneous pre-filled syringe, which enables at-home administration in “just 20 seconds.” She said the subcutaneous option has helped broaden adoption by reaching physicians without IV infrastructure and by moving use earlier in the treatment paradigm. Torley added that CIDP sales are currently entirely subcutaneous with ENHANZE. She also said Halozyme’s guidance reflects only de-risked, approved indications and strong Phase 3 data available at the time of its forecasts; in VYVGART’s case, she referenced generalized myasthenia gravis and CIDP as included in the company’s assumptions.
Next wave of launches: OCREVUS, RYBREVANT, and other new subcutaneous products
Beyond the top three products, Torley said a group of newer launches—Opdivo subcutaneous, OCREVUS subcutaneous, RYBREVANT subcutaneous, and Tecentriq subcutaneous—represent an opportunity “just as big as the first three,” though she characterized these launches as still in early stages as reimbursement and access are established.
She highlighted OCREVUS as an example of subcutaneous delivery expanding a market, not simply converting existing IV patients. Torley described the IV version as a 4- to 6-hour infusion with monitoring, compared with a 10-minute subcutaneous administration plus a 30-minute observation period. She said Roche has reported 17,500 patients on the subcutaneous drug and indicated that about 50% of patients are coming from IV conversion while 50% are “brand-new doctors, brand-new patients.” Torley said Roche has indicated it expects a $2 billion increase in overall OCREVUS sales due to the subcutaneous form, making a larger addressable market for Halozyme’s royalty participation.
Torley also discussed RYBREVANT, describing limitations of the IV form including a five-hour infusion and a 67% incidence of infusion-related reactions. She said a subcutaneous study reduced infusion time to five minutes and lowered infusion-related reactions to about 13% to 14%, which she described as improving the therapy’s risk-benefit profile. Torley said Johnson & Johnson has an ambition to build RYBREVANT into a $5 billion brand from less than $1 billion in sales today, and she referenced investor feedback citing IQVIA data suggesting strong early uptake of the subcutaneous version.
Deal activity and pipeline expansion, including Hypercon
Torley said Halozyme signed three new ENHANZE deals at the end of 2025 with Takeda, Skye Bioscience, and Merus. She added the company expects at least three new deals in 2026, with 1–3 involving ENHANZE. In addition, Halozyme acquired a subcutaneous delivery technology called Hypercon late last year and expects 1–2 new Hypercon deals this year.
On the development pipeline, Torley said Halozyme currently has about seven products in development using ENHANZE, including argenx’s Empasiprubart, Takeda’s TAK-881, and two targets being developed by ViiV for HIV. She said some programs could launch in the 2027–2028 timeframe. Looking ahead, Torley said the company expects six new ENHANZE Phase 1 starts and two new Hypercon starts this year, and projects that by 2028 it could have 40 drugs either approved or in development.
Torley described Hypercon—acquired through Elektrofi—as a concentration technology intended to enable small-volume at-home delivery via standard autoinjectors by increasing biologic concentration (she cited moving from roughly 100–120 mg/mL to about 500 mg/mL). She said Halozyme expects products using Hypercon to enter the clinic this year, while noting that neither Hypercon nor Surf Bio’s approach has yet been tested in humans. Torley added that Halozyme has guided to $1 billion in royalties from Hypercon in the mid-2030s, citing partner engagement and an expectation of 5–7 launches by the mid-2030s.
Litigation update: Merck case tied to MDASE patents
Torley also addressed ongoing litigation involving Merck, stating that Halozyme has sued Merck for alleged infringement of its MDASE (modified hyaluronidase) patents. She emphasized that MDASE patents are “not related at all to ENHANZE,” and said the case has no impact on ENHANZE agreements or royalties. Torley said Halozyme is seeking damages for willful infringement and a permanent injunction that would stop commercialization unless a royalty is paid.
She said Halozyme expects to meet with a U.S. judge in June regarding a scheduling order and cautioned that such litigation can take several years. Internationally, she noted a preliminary injunction in Germany that has stopped Merck from launching subcutaneous Keytruda in that country, with additional actions ongoing elsewhere.
On long-term outlook, Torley said Halozyme’s guidance philosophy is to focus on “de-risked assets,” and while the company has provided guidance through 2028, she cited multiple growth levers beyond that horizon, including long-duration royalties, new ENHANZE deals with launches around 2029–2030, contributions from Hypercon and Surf Bio in the early 2030s, and potential additional M&A aimed at adding recurring royalty-like revenue streams.
About Halozyme Therapeutics (NASDAQ:HALO)
Halozyme Therapeutics, Inc is a biopharmaceutical company headquartered in San Diego, California, that specializes in the development and commercialization of novel drug-delivery technologies. Founded in 1998, Halozyme focuses on enabling subcutaneous administration of biologic therapies through its proprietary platforms. The company’s core mission is to improve patient access and convenience while maintaining efficacy and safety profiles comparable to or better than traditional routes of administration.
The company’s flagship technology, ENHANZE®, is based on recombinant human hyaluronidase PH20 (rHuPH20), an enzyme that transiently degrades hyaluronan in the extracellular matrix.
