奥洛兹美医疗 2025年度报告

In addition to these new partnerships, we also executedtwo new development agreements for our auto-injectortechnology and entered into a commercial and licensingsupply agreement with Viatris for our validatedsmall-volume auto-injector. These agreements expandthe reach of our drug delivery solutions and underscorethe increasing demand for innovation in both large- andsmall-volume subcutaneous administration. $1.4billionin total revenue 38%total revenue growth in 2025$867.8millionin total royalty revenue52%royalty revenue growth Dear Fellow Shareholders: As we reflect on 2025, I am pleased to share thatthis has been one of the most transformativeand value creating years in Halozyme’s history.Over the course of the year, we showcasedour ability to execute across every dimension –strategically, operationally, and financially. EXPANDING OUR DRUG DELIVERYPORTFOLIO A YEAR OF RECORD PERFORMANCE In 2025, we took two major steps to expand our offeringin subcutaneous drug delivery, adding two hyperconcen-tration technologies, Elektrofi’s Hypercon™and Surf Bio’stechnology. Both hyperconcentration technologies havelong duration intellectual property protection into themid-2040s, and expand our ability to create future newroyalty revenue streams and strengthen the durability ofour revenue well into the next decade and beyond. 2025 was a record year for Halozyme.We delivered 38%total revenue growth to reach $1.4 billion, driven by a52% increase inroyalty revenue to $867.8 million, reflect-ing increased global adoption of ENHANZE®-enabledtherapies, led by Johnson & Johnson’s DARZALEX®SC,Roche’s Phesgo®, and argenx’s VYVGART®Hytrulo. ENHANZE®continued to demonstrate powerful momen-tum with global regulatory approvals of the subcutane-ous formulation of Johnson & Johnson’s Rybrevant®. Withthis addition, ten globally approved blockbuster productsare now being commercialized with ENHANZE®. With ENHANZE®, our auto-injectors, and two hyperconcen-tration technologies, we now offer thebroadest portfolioin the industry for converting infused and large-volumetherapies into efficient, more accessible subcutaneoustreatments for delivery in the clinic or at-home. As a result,our technologies help overcome IV capacity challenges,reduce the treatment burden for patients, and expandpatient access. Our partners also progressed the launches ofthreerecently approved ENHANZE®-enabled subcutaneousformulations of Ocrevus®, Opdivo®, and Tecentriq®, eachrepresenting a major blockbuster opportunity resultingfrom the shorter duration, more convenient and accessi-ble delivery option for patients and healthcare providers. 10ENHANZE®-enabled products globally approved We were also very pleased to signthree newENHANZE®collaboration agreements in the fourth quar-ter of 2025 with Merus (now part of Genmab), Takeda,and Skye Bioscience, further reinforcing the recognitionacross the biopharma industry that ENHANZE®is the goldstandard for large-volume, rapid subcutaneous drugdelivery. Our extensive offering enables partners to develop awide array of subcutaneous medicines, unlocks newcommercial opportunities, expands addressable pa-tient segments, and expands and extends our long-termroyalty engine – further deepening the competitive moatsurrounding our business. A STRONG FINANCIAL OUTLOOK FOR 2026 Halozyme is entering 2026 with strong momentum, a diversified and durable revenue engine, and an expandedtechnology portfolio. Most importantly, we remain guided by our mission to improve patient experiences andoutcomes through disruptive drug-delivery innovation. Our financial strength helps accelerate execution of our long-term strategy. For 2026, we project: LOOKING AHEAD As we look ahead, I could not be more energized by the momentum we have built or more confident in thelong-term trajectory of the company. We have multiple levers and drivers of revenue that will position Halozymefor royalty revenue durability and exceptional value creation well into the 2040s. We will continue to leverage ourstrong cash flow to pursue strategic M&A that will enhance our long-term, high profitability revenue opportunity. Halozyme is continuing to shape the future of drug delivery. By providing a comprehensive toolkit of advancedsubcutaneous technologies, we are helping our partners bring more convenient and more accessible therapiesto patients worldwide. Our commitment to innovation, proven operational excellence, and strong financialprofile uniquely position us for durable, long-term value for patients, partners and shareholders alike. Best Regards, Forward Looking Statements:Statements set forth in this annual report and letter to shareholders include forward-lookingstatements including, without limitation, statements concerning the Company’s expected future growth and financialperformance including, but not limited to, expected future revenues including potential revenue durability and futurerevenues from recently approved partnered products, Adjusted