Halozyme Therapeutics (NASDAQ:HALO) stockholders elected two Class I directors and approved several governance items at the company’s annual meeting, while President and CEO Helen Torley highlighted 2025 execution, recent acquisitions, new commercial agreements, and updated financial guidance.
Stockholders approve director slate, say-on-pay, and auditor ratification
Torley opened the meeting and noted it was being held pursuant to the notice mailed to shareholders around March 23, 2026. Mark Snyder, Halozyme’s Chief Legal Officer and Corporate Secretary, served as secretary of the meeting and took an oath to act as Inspector of Elections.
Stockholders voted on three proposals described in the company’s March 23, 2026 proxy statement:
- Election of two Class I directors to three-year terms
- A non-binding advisory vote on executive compensation
- Ratification of Ernst & Young LLP as independent registered public accounting firm for the fiscal year ending Dec. 31, 2026
Snyder announced that both director nominees, Bernadette Connaughton and Matthew Posard, were elected. Stockholders also approved the advisory vote on named executive officer compensation and ratified Ernst & Young LLP. Snyder said final voting results would be reported in a Form 8-K filing with the SEC.
Torley also thanked Moni Miyashita for her service on the board and introduced John Faulkner and Selah Lichtman of Ernst & Young, who were available for stockholder questions following adjournment.
Torley highlights 2025 progress and platform expansion
Following the formal meeting, Torley provided a corporate update and referenced forward-looking statements and related risks described in the company’s SEC filings.
Torley characterized 2025 as “a very strong year for execution and progress,” pointing to both business development and continued performance from the company’s ENHANZE drug delivery platform. She said Halozyme now has 10 globally approved ENHANZE products and signed three new ENHANZE agreements during 2025.
Torley also highlighted pipeline expansion through two acquisitions of “long duration iPSC enabling platforms,” naming HyperCon (from the Elektrofi acquisition) and Surf Bio. She described these actions—along with ENHANZE momentum and work on autoinjectors—as being “very deliberately created to position Halozyme for strong, durable revenue growth extending into the 2040s.”
HyperCon and Surf Bio aimed at higher-concentration biologics and home administration
Torley described the company’s historical focus on enabling rapid, high-volume subcutaneous delivery of biologics through ENHANZE, including converting “hour-long IV infusions into minute long sub-Q injections” for certain monoclonal and bispecific antibodies.
She said the acquired concentration technologies, HyperCon and Surf Bio, expand Halozyme’s opportunity by enabling biologics to be concentrated “up to 500 milligrams per ml,” which she said is “about three to five times higher than today’s standard biologic.” Torley said this could reduce dose volumes by a similar factor and, for many drugs, enable delivery in 2 milliliters or less—small enough for “an everyday auto injector” that patients could use at home.
Torley framed the potential impact as increased patient convenience, describing a future in which some patients could administer therapy “in seconds at home via an auto injector,” while noting there remains opportunity for larger-volume, rapid subcutaneous delivery in a doctor’s office. She cited autoimmune, neurological, and cardiovascular diseases as areas where the technology could offer “new freedom” for patients.
New agreements and business model commentary
Torley said Halozyme signed three ENHANZE deals during 2025, listing Merus N.V. in oncology, Skye Bioscience as a potential entry into obesity, and Takeda in inflammatory bowel disease. She added that earlier in 2026 the company signed a HyperCon agreement with Vertex, which she said would be used for “multiple targets” and represented the fourth agreement referenced on her slide.
Torley also discussed progress on Halozyme’s autoinjector platform, stating the company signed one new licensing and supply agreement with Viatris and entered two new development agreements to advance its small-volume and high-volume autoinjectors.
Describing Halozyme’s economics, Torley said the company’s model is “a licensing-based model” similar to ENHANZE and intended to support high margins, free cash flow, and operating margin.
Guidance and Q&A: royalty milestone, repurchases, and Merck litigation timing
In her financial overview, Torley pointed to the company’s 2026 guidance and said royalty revenue would “achieve $1 billion in 2026,” which she said would be “a year ahead of what we’d previously forecast.” She also said adjusted EBITDA was expected to exceed $1.125 billion.
Torley said the company’s longer-term guidance out to 2028 reflected continued total revenue growth powered by royalty revenues, citing DARZALEX, Phesgo, and VYVGART as leading products continuing to show strong growth, with four recently launched products contributing more over 2026 to 2028. She also attributed adjusted EBITDA growth to what she called Halozyme’s “very lean operating model.”
During stockholder Q&A, Torley addressed share repurchases, saying Halozyme continues to have capital available under its currently authorized share repurchase program. She said the company has returned “close to $2 billion” to shareholders through repurchases over the past five-plus years and characterized buybacks as an important part of capital allocation.
Torley also discussed the expected timeline for Merck litigation, stating Halozyme expects to receive a scheduling order in the infringement case in district court in June. She added that infringement trials “can take a number of years,” and said she would think of the process as taking “several years” unless Merck sought a license. In that scenario, she said Halozyme would be “delighted” to offer Merck a license for the use of MDAs.
Torley closed by thanking Halozyme employees for 2025 execution and stockholders for their support before the meeting concluded.
About Halozyme Therapeutics (NASDAQ:HALO)
Halozyme Therapeutics, Inc is a biopharmaceutical company headquartered in San Diego, California, that specializes in the development and commercialization of novel drug-delivery technologies. Founded in 1998, Halozyme focuses on enabling subcutaneous administration of biologic therapies through its proprietary platforms. The company’s core mission is to improve patient access and convenience while maintaining efficacy and safety profiles comparable to or better than traditional routes of administration.
The company’s flagship technology, ENHANZE®, is based on recombinant human hyaluronidase PH20 (rHuPH20), an enzyme that transiently degrades hyaluronan in the extracellular matrix.
