Halozyme Therapeutics, Inc. is a biopharmaceutical company focused on developing and commercializing drug delivery technologies. The company's primary offering is its ENHANZE drug delivery platform, which is based on a proprietary recombinant human hyaluronidase enzyme (rHuPH20). This enzyme temporarily degrades hyaluronan in the subcutaneous space, allowing for the rapid, high-volume subcutaneous injection of biologics and small molecules that would otherwise require lengthy intravenous (IV) infusions.
Halozyme operates a partner-driven business model. Rather than bearing the full cost of developing its own therapeutics, the company licenses the ENHANZE technology to major pharmaceutical and biotechnology companies, including Janssen, Roche, Takeda, and argenx. In 2025, Halozyme generated approximately $1.4 billion in total revenue, with over 60% ($867.8 million) coming from royalties on partner products such as DARZALEX SC, Phesgo, and VYVGART Hytrulo. The remainder of its revenue is derived from product sales—including bulk rHuPH20, the proprietary Hylenex recombinant injection, and XYOSTED (a testosterone enanthate auto-injector acquired via Antares Pharma)—as well as upfront and milestone payments from collaborative agreements.
Geographically, Halozyme's revenue is heavily tied to its global pharmaceutical partners, with significant portions originating from partners based in Switzerland and the United States. In recent years, the company has expanded its drug delivery portfolio beyond enzymatic solutions through strategic acquisitions, adding auto-injector capabilities and ultra-high concentration technologies (such as Hypercon and Surf Bio) to extend its intellectual property and offer a broader suite of subcutaneous delivery solutions.
