Halozyme's Quiet Power Play: The Tech Behind Pharma's SC Revolution

SAN DIEGO, CA – November 25, 2025 – When Dr. Helen Torley, president and CEO of Halozyme Therapeutics, takes the stage at the 8th Annual Evercore Healthcare Conference next week, the presentation will represent more than a standard corporate update. It will be a showcase of one of the biopharmaceutical industry's most effective, and perhaps underappreciated, strategic models. While many firms focus on discovering novel molecules, Halozyme has carved out a dominant niche by perfecting the delivery of those molecules, turning a complex technical challenge into a powerful and expanding royalty engine.

The announcement of Dr. Torley’s presentation is routine, but the story behind it is one of strategic mastery. Halozyme is the innovator behind the ENHANZE® drug delivery technology, a platform that has become a critical component for subcutaneous (SC) formulations of some of the industry's biggest blockbuster drugs. By enabling the conversion of lengthy intravenous (IV) infusions into quick, convenient subcutaneous injections, the San Diego-based company is not just improving patient experience—it's extending patent life, boosting market share for its partners, and building a formidable financial fortress.

The ENHANZE® Royalty Engine Roars

The financial impact of Halozyme's licensing-centric model is undeniable. The company's third-quarter results for 2025 paint a picture of accelerating growth, driven almost entirely by the success of its partners. Total revenue surged 22% year-over-year to $354.3 million, but the real story lies in the royalty revenue line, which skyrocketed by 52% to $236 million. This isn't speculative, future income; it's cash flow generated from the widespread adoption of ENHANZE®-enabled therapies like Johnson & Johnson's DARZALEX SC for multiple myeloma, Roche’s Phesgo for breast cancer, and argenx’s VYVGART Hytrulo for myasthenia gravis.

This robust performance prompted Halozyme to raise its full-year 2025 guidance significantly. The company now projects total revenues to grow by as much as 35% over 2024, with royalty revenues alone expected to climb by up to 54% to a staggering $880 million. The market has taken notice, with a consensus "Buy" rating from analysts and price targets suggesting considerable upside. Investors at the Evercore conference will be listening intently for any indication that this momentum is sustainable, particularly as more partnered products move through the pipeline.

Recent approvals underscore the platform's expanding reach. In just the past year, European regulators have given the green light to Bristol Myers Squibb's subcutaneous Opdivo®, argenx's VYVGART® for CIDP, and an expanded indication for DARZALEX Faspro®—all utilizing ENHANZE®. The partnerships themselves are also deepening. Argenx recently expanded its collaboration by nominating four new therapeutic targets for development with ENHANZE®, while Merus N.V. just signed on to develop a subcutaneous version of its oncology candidate, petosemtamab. This demonstrates a key pillar of Halozyme's strategy: its technology becomes deeply embedded in its partners' most valuable assets, creating a sticky, long-term revenue stream.

Expanding the Arsenal with Hypercon™

While ENHANZE® continues to be the company's workhorse, Halozyme is not resting on its laurels. The recent $750 million upfront acquisition of Elektrofi and its Hypercon™ microparticle technology signals a strategic move to capture the next frontier in drug delivery: ultra-high concentration biologics. This is a direct response to a major industry bottleneck. As therapeutic proteins become more complex, delivering a high enough dose in a small, subcutaneously-injectable volume becomes a significant scientific and commercial hurdle.

Hypercon™ technology is designed to tackle this head-on, enabling formulation concentrations of 400-500 mg/ml, which is four to five times higher than standard methods allow. For partners, this unlocks the potential to move more high-dose therapies from the clinic to at-home administration via auto-injectors. For patients, it means fewer and smaller injections, dramatically improving convenience and adherence. Halozyme is effectively future-proofing its business by acquiring a solution to a problem that plagues many of its potential and existing partners.

This acquisition is a long-term play, with royalties from Hypercon™-enabled products not expected until around 2030. However, the deal came with existing partnerships, including with Johnson & Johnson and Eli Lilly, and two partnered products are expected to enter clinical development by late 2026. This move diversifies Halozyme's technology portfolio and strengthens its value proposition as a one-stop shop for advanced drug delivery solutions, insulating it from reliance on a single platform.

Redefining the Patient and Partner Experience

At the core of Halozyme's success is a relentless focus on improving the treatment journey. The company's tagline about advancing disruptive solutions to improve patient experiences is backed by tangible results. To date, ENHANZE® has touched over one million patient lives, transforming what was once a multi-hour IV infusion in a hospital setting into a five-minute injection that can often be administered at home or in a local clinic. This shift is more than a matter of convenience; it reduces the burden on healthcare systems, lowers ancillary costs, and gives patients back their time and autonomy.

The subcutaneous drug delivery market is projected to grow to over $56 billion by 2030, fueled by an aging population and the rising prevalence of chronic diseases. While crowded with major players like Becton Dickinson, Roche, and Eli Lilly, many of these companies are also Halozyme's partners. This unique "co-opetition" model places Halozyme in an enviable position. It thrives not by competing directly on therapeutics but by providing the critical enabling technology that makes its partners' products better, more competitive, and more patient-friendly.

As Dr. Torley prepares for her presentation, the key takeaway for industry observers is the power of this enabling strategy. By focusing on the how of drug delivery, Halozyme has built a highly profitable, scalable, and defensible business. The upcoming discussion will likely highlight the continued global expansion of its ten commercialized ENHANZE® products and provide more color on the integration of Hypercon™ and the roadmap for its future pipeline. For an industry grappling with pricing pressures and R&D productivity challenges, Halozyme offers a compelling blueprint for creating value. As the industry gathers in Florida, all eyes will be on how this quiet enabler continues to shape the future of therapeutic administration for years to come.