Halozyme is a biopharmaceutical royalty company built on ENHANZE, a proprietary drug delivery technology that enables large-volume injectable biologics to be administered subcutaneously (SC) rather than intravenously (IV). ENHANZE uses a recombinant human enzyme that temporarily breaks down tissue in the SC layer, allowing drug volumes to be absorbed under the skin in minutes rather than hours. Halozyme licenses ENHANZE to large pharma companies, which co-formulate their own drugs with ENHANZE and handle all development, manufacturing, and commercialization. Halozyme earns mid-single-digit royalties on net sales of each approved SC product, plus upfront fees, milestones, and product sales of the bulk enzyme to partners. Halozyme currently earns royalties on 10 approved SC products, led by DARZALEX FASPRO (J&J), PHESGO (Roche), and VYVGART Hytrulo (argenx). Once a partner product is approved, Halozyme bears no ongoing commercial costs, making the royalty stream highly asset-light with expanding margins as revenue grows. Beyond ENHANZE, Halozyme is building a broader SC delivery platform through two acquisitions: Hypercon (formerly Elektrofi), a microparticle technology enabling very high drug concentrations suited for auto-injector delivery, and Surf Bio, a polymer-based hyperconcentration technology. Halozyme also develops and supplies auto-injectors to partners. The company targets 1–3 new ENHANZE licensing deals per year and allocates excess cash primarily to share buybacks and acquisitions of royalty-based delivery platforms.