What happened with HALO today?
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Halozyme Therapeutics helps drugmakers formulate medicines for injection under the skin. Its ENHANZE technology uses an enzyme, rHuPH20, to temporarily break down a substance in the tissue so injected medicines can spread and be absorbed. Partners combine this technology with their drugs and pay Halozyme licensing fees, payments when development or sales milestones are reached, and royalties on approved products’ sales. Halozyme also supplies the enzyme. ENHANZE is its largest revenue driver, and royalties account for most revenue.
A separate business develops and supplies auto-injectors for partners such as Teva. Halozyme also sells its own products through U.S. pharmaceutical wholesalers: Hylenex recombinant, an enzyme formulation, and XYOSTED, a testosterone treatment patients inject at home using its auto-injector.
The royalty business depends heavily on partners’ ability to develop and sell their medicines, especially Janssen’s DARZALEX SC, Halozyme’s largest royalty source. Other major contributors include argenx’s VYVGART Hytrulo and Roche’s Phesgo. Halozyme relies on outside manufacturers, including Avid Bioservices and Catalent, for its enzyme supply, and on patents and other proprietary rights to license its technology. Products require regulatory approval before sale, must retain that approval, and can be promoted only within regulatory restrictions.
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Halozyme’s results also depend on Roche’s ENHANZE-enabled medicines, especially Phesgo, while Alteogen’s alternative hyaluronidase technology challenges its drug-delivery platform.
Johnson & Johnson’s Janssen pays Halozyme to use its drug-delivery technology in DARZALEX SC, Halozyme’s largest royalty source, and also collaborates on Hypercon. Watch DARZALEX SC sales: uptake of this medicine directly supports Halozyme’s royalty growth.
argenx’s VYVGART Hytrulo sales feed directly into Halozyme’s royalties: argenx licenses ENHANZE to deliver the medicine under the skin. Those sales generated $157.191 million for Halozyme in 2025, making VYVGART Hytrulo uptake a concrete measure to watch.
Genmab and Halozyme both collect royalties from Johnson & Johnson’s daratumumab and amivantamab medicines, so the same drug franchises support both companies. Genmab licenses antibody innovations, while Halozyme licenses technology for delivery under the skin; watch DARZALEX SC and RYBREVANT SC sales rather than treating their royalty streams as identical.
Merck’s commercialization of subcutaneous Keytruda tests Halozyme’s ability to protect its drug-delivery technology: Halozyme alleges patent infringement and seeks damages and an injunction. Watch court rulings affecting Merck’s ability to sell this medicine; the litigation’s outcome and remedies remain uncertain.
Bristol Myers Squibb’s Opdivo Qvantig sales bring Halozyme royalties because the medicine uses Halozyme’s ENHANZE technology for delivery under the skin. Its uptake is one of the recently launched product drivers Halozyme expects to lift royalties beyond its largest earners.
Takeda’s HYQVIA sales generate royalties for Halozyme because the treatment includes an enzyme licensed from Halozyme that enables immunoglobulin delivery under the skin. Watch HYQVIA demand for primary immunodeficiency, rather than Takeda’s overall medicine sales.
Teva buys auto-injectors exclusively supplied by Halozyme for its epinephrine and teriparatide products, linking its device needs to Halozyme’s product revenue. Teriparatide also earns Halozyme royalties on Teva’s net sales in territories where it is commercialized, so watch those sales alongside injector orders.
Bristol-Myers Squibb Co. earningsBMY
Bristol Myers Squibb’s report will show whether sales of Opdivo Qvantig, which uses Halozyme’s under-the-skin delivery technology, are gaining traction and adding royalties.
Focus on Bristol Myers Squibb’s disclosures about Opdivo Qvantig, not its company-wide results as a proxy for this product. Stronger sales would add royalties from this newer product to Halozyme’s revenue; weak sales would leave less contribution to supplement royalties from its leading partner drugs.
Takeda Pharmaceutical Company Limited earningsTAK
Takeda’s report will show demand for HYQVIA, a treatment for primary immunodeficiency that generates royalties for Halozyme.
Look for Takeda’s HYQVIA sales or demand disclosures, particularly for primary immunodeficiency, rather than sales of Takeda’s medicines overall. Growing HYQVIA sales would support this royalty stream for Halozyme; weaker sales would reduce its contribution.
Halozyme Therapeutics, Inc. earningsThis company
Royalties from partner drugs are Halozyme’s largest revenue source, and this report will show whether newer drugs can offset price erosion on older ones while its own product and bulk-enzyme sales also grow.
Read royalties from DARZALEX, VYVGART Hytrulo and Phesgo alongside royalties from other products and any reported price changes; then compare those trends with XYOSTED and bulk rHuPH20 sales. Continued growth in royalties from the main partner drugs together with higher product sales would show growth across more of Halozyme’s revenue streams. Slower royalties, offset by price erosion, alongside weaker product sales would show continued reliance on a few partner drugs and partner demand.
Teva Pharmaceutical Industries Limited earningsTEVA
Teva’s report will show how sales of its related medicines and demand for Halozyme-supplied auto-injectors connect to Halozyme’s royalties and device sales.
Separate Teva’s sales signals for teriparatide and epinephrine products from its demand for the auto-injectors Halozyme supplies exclusively; teriparatide also generates royalties in territories where it is commercialized. Stronger product sales and injector demand would support Halozyme’s device revenue and potentially teriparatide royalties; weakness in both would leave both revenue paths with less support.
