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Halozyme doesn't sell many drugs of its own — it licenses ENHANZE, an enzyme (rHuPH20) that turns a partner's IV infusion into a quick under-the-skin injection, then collects a royalty on every dose sold. Roche's Phesgo, J&J's DARZALEX SC and argenx's VYVGART Hytrulo all run on it, so ~62% of Halozyme's $1.4B revenue is high-margin royalties.

What Halozyme Therapeutics, Inc. really sells

Halozyme doesn't sell many drugs of its own — it licenses ENHANZE, an enzyme (rHuPH20) that turns a partner's IV infusion into a quick under-the-skin injection, then collects a royalty on every dose sold. Roche's Phesgo, J&J's DARZALEX SC and argenx's VYVGART Hytrulo all run on it, so ~62% of Halozyme's $1.4B revenue is high-margin royalties.

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