Halozyme Therapeutics

What Halozyme Therapeutics does

Halozyme Therapeutics (NASDAQ: HALO) is a San Diego-based biopharmaceutical company that develops drug delivery technologies enabling subcutaneous administration of injectable therapeutics, primarily through its proprietary ENHANZE platform based on recombinant human hyaluronidase (rHuPH20). ENHANZE temporarily degrades hyaluronan in subcutaneous tissue, allowing drugs that historically required IV infusion to be delivered as high-volume subcutaneous injections — reducing treatment times from hours to minutes and enabling at-home administration. The technology underpins 10 commercialized partnered products globally with 100+ market reach, including DARZALEX FASPRO and RYBREVANT FASPRO (Janssen), PHESGO, TECENTRIQ HYBREZA, OCREVUS ZUNOVO, HERCEPTIN HYLECTA, RITUXAN HYCELA (Roche), VYVGART Hytrulo (argenx), HYQVIA (Takeda), and Opdivo Qvantig (Bristol-Myers Squibb).

The company's revenue model is anchored in royalty streams from these ENHANZE licensing partnerships, supplemented by product sales of two proprietary FDA-approved commercial products — Hylenex (recombinant hyaluronidase) and XYOSTED (testosterone enanthate auto-injector acquired with the 2022 Antares Pharma acquisition) — and milestone/upfront payments under collaborative agreements. FY2025 revenue was approximately $1.4B (+38% YoY), with Q1 2026 revenue of $376.7M (+42% YoY). Through the 2025 acquisitions of Elektrofi (Hypercon microparticle technology) and Surf Bio (polymer hyperconcentration), Halozyme has expanded into a multi-platform subcutaneous delivery franchise spanning three royalty-bearing technologies, while pursuing new collaborations with Vertex, Oruka, GSK, Merus, and Skye Bioscience to broaden indications into dermatology, obesity, and antibody drug conjugates. Halozyme reported over 75% gross margins, ~$7.79B market capitalization, and a recently announced $1B share repurchase program through 2028.

Name

Halozyme Therapeutics

Legal name

Halozyme Therapeutics, Inc.

Website

http://www.halozyme.com

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Halozyme Therapeutics (NASDAQ: HALO) develops ENHANZE, Hypercon, and Surf Bio drug delivery technologies that enable subcutaneous administration of injectable therapeutics, licensing them to major pharmaceutical partners (Janssen, Roche, argenx, Takeda, BMS, Pfizer, Eli Lilly, AbbVie) and commercializing Hylenex and XYOSTED.

Ownership category

akta.pro rank

Product category

Biopharmaceutical Drug Delivery Technologies

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Medicinal and Botanical Manufacturing (325411)

SIC

Pharmaceutical Preparations (2834), Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

Non-viral Gene Delivery & Gene Therapy (LNP, polymers, electroporation, physical methods) (HLAAACAC)

Keywords

• Drug delivery technologies
• Subcutaneous drug delivery
• Biopharmaceutical licensing
• Recombinant enzyme platforms
• Auto-injector devices

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain, Marketing or Sales

Revenue model

1. Royalty Revenue: Halozyme generates the majority of its revenue through royalties from its ENHANZE drug delivery technology licensed to pharmaceutical partners. Royalty revenue increased 43% year-over-year to $240.7 million in Q1 2026. In FY2025, royalty revenue was $867.8 million, a 52% increase over FY2024. The company projects royalty revenue of $1.13-$1.17 billion for full-year 2026.
2. Product Sales: Halozyme develops, manufactures and commercializes drug-device combination products. Proprietary commercial products include Hylenex (recombinant hyaluronidase human injection) and XYOSTED (testosterone enanthate). Q1 2026 product sales were $130.4 million, up from $78.0 million in Q1 2025.
3. Revenues Under Collaborative Agreements: Revenue from upfront payments, milestone payments, and development funding from collaboration agreements. Q1 2026 included $5.6 million in collaborative agreement revenue. Examples include $15 million upfront from Vertex for Hypercon technology and upfront payments from GSK and Oruka.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Halozyme develops and licenses proprietary drug delivery technologies, including the ENHANZE rHuPH20 enzyme platform that enables subcutaneous delivery of injected drugs and fluids, the Hypercon microparticle technology for hyperconcentration of biologics, and the Surf Bio polymer-based hyperconcentration platform. The company also manufactures and commercializes two FDA-approved proprietary drug-device combination products: Hylenex (recombinant hyaluronidase human injection) and XYOSTED (testosterone enanthate auto-injector), along with a portfolio of auto-injector devices.

Product overview

Halozyme Therapeutics is a biopharmaceutical company that develops and commercializes drug delivery technologies and products. The company's core technology is ENHANZE, a validated rHuPH20 enzyme platform that enables subcutaneous delivery of injectable drugs, transforming IV infusions into subcutaneous injections. Halozyme has expanded beyond ENHANZE through acquisitions, adding Hypercon (from Elektrofi) and Surf Bio hyperconcentration technologies. The company commercializes two proprietary FDA-approved products: Hylenex (hyaluronidase injection) and XYOSTED (testosterone auto-injector). Its portfolio includes a range of auto-injector devices (QuickShot, Vibex, Vai, Multi-Dose Pen, HVAI) designed for subcutaneous and intramuscular drug delivery. Halozyme licenses its technologies to major pharmaceutical partners including Roche, Janssen, argenx, Takeda, Pfizer, AbbVie, Eli Lilly, Bristol-Myers Squibb, and others, generating royalty revenue from commercialized partnered products.

Differentiator

Problem solved

Functional benefit

Brands

• ENHANZE: Drug delivery technology using recombinant human hyaluronidase (rHuPH20) to facilitate subcutaneous delivery of injected drugs and fluids
• Hypercon
• Hylenex
• XYOSTED

Products and services

• ENHANZE Proprietary drug delivery technology using recombinant human hyaluronidase (rHuPH20) enzyme that enables rapid, high-volume subcutaneous delivery of co-administered drugs, converting IV infusions into subcutaneous injections. Licensed to leading pharmaceutical companies including Roche, Janssen, argenx, Takeda, Bristol-Myers Squibb, AbbVie, Eli Lilly, and Pfizer for use across oncology, immunology, and rare disease treatments.
• Hylenex FDA-approved recombinant hyaluronidase human injection used as an adjuvant to increase dispersion and absorption of other injected drugs administered subcutaneously. Proprietary commercial product distributed through pharmaceutical wholesalers and specialty pharmacies.
• XYOSTED FDA-approved testosterone enanthate injection for testosterone replacement therapy in adult males, delivered via auto-injector device for weekly subcutaneous administration. Available through traditional distribution and through the LifeMD telehealth self-pay program at approximately $249 per month in 37 states.
• Hypercon Innovative microparticle technology enabling hyperconcentration of drugs and biologics, reducing injection volume for the same dosage and enabling at-home or healthcare-provider administration. Licensed to Vertex, Oruka, and Eli Lilly for various drug targets.
• Surf Bio Hyperconcentration Technology Polymer-based hyperconcentration technology that broadens the range of biologics that can be delivered subcutaneously, expanding opportunities across therapeutic modalities and supporting subcutaneous delivery of a wider variety of molecules.
• HVAI (High-Volume Auto-Injector) First clinically demonstrated device capable of delivering 10 mL in under 30 seconds, enabled by ENHANZE technology. Designed for self or caregiver administration of large-volume biologics with delivery range of 3 mL to 10 mL.
• QuickShot Auto-Injector Two-step auto-injector for high-viscosity formulations and emergency use applications. Commercially validated in XYOSTED (testosterone enanthate) for weekly subcutaneous self-administration.
• Vibex Auto-Injector Auto-injector designed for emergency use applications. Commercially validated in Teva Generic Epipen and Teva Generic Imitrex for emergency self-administration scenarios.
• Multi-Dose Pen Multi-dose pen injector containing one month of daily dosing in a single device. Commercially validated in Teva Generic Forteo for chronic condition management.

Named customers11 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

19 partnerships are on record, tiered minor and core.

• LifeMDminorGTM or Marketing Partner · 22 June 2026Exclusive telehealth co-marketing collaboration for XYOSTED testosterone injection self-pay program. LifeMD provides virtual consultations, lab testing, and home delivery at approximately $249/month.
• GSKcoreTechnology or Integration · 7 May 2026Global collaboration for ENHANZE with multiple oncology targets including antibody drug conjugates (ADCs), with option for additional future targets. First clinical trial projected to initiate in 2026. GSK makes upfront and milestone payments with royalties on net sales.
• Oruka TherapeuticscoreTechnology or Integration · 6 May 2026Global exclusive collaboration for Hypercon technology with ORKA-001 (psoriasis and related inflammatory diseases) and one additional target. Oruka makes upfront and milestone payments, Halozyme eligible for mid-single digit royalties.
• Vertex PharmaceuticalscoreTechnology or Integration · 7 April 2026Global exclusive collaboration for Hypercon technology with Vertex for up to three drug targets. $15 million upfront payment plus potential milestones and royalties. Vertex reimbursed $15 million in advance per additional source.
• TakedacoreTechnology or Integration · 1 December 2025Global collaboration and exclusive license agreement granting Takeda access to ENHANZE drug delivery technology for use with vedolizumab (marketed as ENTYVIO) for inflammatory bowel disease. Takeda makes upfront and potential milestone payments, with Halozyme receiving low-mid single digit royalties on net sales.
• Merus N.V.coreTechnology or Integration · 1 November 2025Global non-exclusive collaboration and license agreement to develop a subcutaneous formulation of petosemtamab (EGFR x LGR5 bispecific antibody) using ENHANZE technology. Merus makes upfront and milestone payments, with Halozyme receiving low-mid single digit royalties.
• ElektroficoreStrategic or Co-development Partner · 1 November 2025Acquisition of Elektrofi for $750 million upfront with potential milestone payments totaling up to $900 million. Added Hypercon microparticle technology to Halozyme's drug delivery portfolio.
• Antares PharmacoreStrategic or Co-development Partner · 24 May 2022Halozyme acquired Antares Pharma in May 2022 for $960 million ($5.60 per share, 49.7% premium). Antares was a wholly-owned subsidiary providing auto-injector technology and products including XYOSTED.
• RochecoreTechnology or IntegrationENHANZE licensed for multiple products: PHESGO, TECENTRIQ HYBREZA, OCREVUS ZUNOVO, RITUXAN HYCELA, HERCEPTIN HYLECTA across various global markets.
• Janssen (Johnson & Johnson)coreTechnology or IntegrationENHANZE licensed for DARZALEX FASPRO, DARZALEX SC, DARZQURO, RYBREVANT FASPRO, RYBREVANT SC, RYBROFAZ for multiple myeloma and EGFR-mutated NSCLC treatments.
• argenxcoreTechnology or IntegrationENHANZE licensed for VYVGART Hytrulo (efgartigimod alfa and hyaluronidase) for generalized myasthenia gravis and CIDP, VYVDURA in Japan.
• PfizercoreTechnology or IntegrationENHANZE licensed to Pfizer for subcutaneous formulations development. Pfizer nominated a new undisclosed non-exclusive target in March 2026.
• Eli LillycoreTechnology or IntegrationENHANZE and Hypercon technologies licensed for drug delivery applications. Collaboration includes both ENHANZE and Hypercon technology platforms.
• Bristol-Myers SquibbcoreTechnology or IntegrationENHANZE licensed for Opdivo Qvantig (nivolumab and hyaluronidase) subcutaneous formulation in the U.S.
• AbbViecoreTechnology or IntegrationENHANZE technology licensed for AbbVie's pharmaceutical products.
• ViiV HealthcarecoreTechnology or IntegrationENHANZE technology licensed for ViiV Healthcare's specialty pharmaceuticals.
• Chugai PharmaceuticalcoreTechnology or IntegrationENHANZE licensed for use with Chugai's pharmaceutical products in Japan and other markets.
• Teva PharmaceuticalsminorChannel Partner/ Reseller/ DistributorOngoing auto-injector development programs with Teva, building on commercial validation in Teva Generic Epipen and Teva Generic Imitrex using Vibex auto-injector.
• McDermott Laboratories (Viatris)minorChannel Partner/ Reseller/ DistributorOngoing auto-injector development programs with McDermott Laboratories, an affiliate of Viatris Inc.

Scale indicators20 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Alteogen: Korean biotech developing ALT-B4, a recombinant human hyaluronidase PH20 enzyme analogous to Halozyme's ENHANZE, with the same mechanism of temporarily degrading hyaluronan to enable high-volume subcutaneous delivery of biologics. Alteogen is the most direct technological competitor in the SC drug delivery space.
• Arecor Therapeutics: UK-based biopharmaceutical company developing proprietary Arestat formulation technology to enable the development of enhanced, reformulated biologics, including high-concentration subcutaneous formulations. Arecor targets similar biologic reformulation opportunities and competes for partner relationships in the SC drug delivery space.
• Ypsomed: Swiss medical technology company specializing in injection and infusion systems for self-medication, including the YpsoMate auto-injector and YpsoDose patch injector platforms. Ypsomed is a direct competitor in the auto-injector device market that Halozyme entered via its Antares Pharma acquisition.

Broad incumbents

• West Pharmaceutical Services: Global leader in drug containment and delivery solutions, providing elastomeric components, prefilled syringe systems, auto-injector devices (including the SmartDose platform), and contract manufacturing services. West Pharma competes across multiple Halozyme product lines and serves many of the same pharmaceutical partners.
• Becton Dickinson (BD): Major medical technology company with a Pharmaceutical Systems segment offering prefilled syringes, auto-injectors (BD Intevia, BD Evolve), safety systems, and drug delivery devices. BD is an established incumbent in the injectable drug delivery space and competes for partner business with Halozyme's auto-injector portfolio.
• Aptar Pharma: Global provider of drug delivery devices including pumps, valves, and injection systems (such as the Addifusion and PureFlow platforms) for nasal, ophthalmic, dermal, and injectable routes of administration. Aptar competes with Halozyme in elastomeric and device-based drug delivery solutions.
• Stevanato Group: Italian manufacturer of drug containment and delivery solutions including glass vials, syringes, and the SG EZ-Fill and Vertiva wearable injector platforms. Stevanato serves as both a component supplier and a competitive device platform provider in the injectable drug delivery market.
• Vetter Pharma: German contract development and manufacturing organization (CDMO) specializing in aseptic filling of complex injectables, including prefilled syringes, cartridges, and auto-injector assembly. Vetter serves as both a manufacturing partner and indirect competitor to Halozyme in the injectable drug delivery value chain.
• B. Braun: German medical and pharmaceutical device company with a significant drug delivery and IV therapy business, including infusion pumps, IV sets, prefilled syringes (Heparin, saline), and the Omnifix and Injekt product lines. B. Braun is an established incumbent providing overlapping drug delivery solutions to many of the same global pharmaceutical customers.

Emerging players

• Enable Injections: Cincinnati-based medical device company developing the enFuse large-volume wearable injector for subcutaneous delivery of biologics, enabling at-home administration of therapies up to 50 mL. Enable Injections competes with Halozyme's Hypercon and HVAI platforms in the large-volume SC delivery category.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/halozymeinc
• LinkedInlinkedin.com/company/halozyme-therapeutics-inc-
• Facebookfacebook.com/Halozyme

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries2 records

Funding overview

Funding rounds10 records

Investors7 records

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M&A3 records

Investments

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Frequently asked questions about Halozyme Therapeutics