Strong Q1 Print Reinforces Long-Term Royalty Visibility Into The 2030s

Research evidence excerpt

Strong Q1 Print Reinforces Long-Term Royalty Visibility Into The 2030s

TD Cowen Halozyme

Global Research May 11, 2026

ENHANZE

■GSK – ADCs in Oncology (announced May 7th, 2026)

❍See our note titled, "First ENHANZE ADC Deal With GSK Expands Platform Opportunity"

■Takeda – Entyvio (announced January 8th, 2026)

■Skye Bioscience – Nimacimab (announced January 5th, 2026)

■Merus – Petosemtamab (announced November 17th, 2025)

Hypercon

■Oruka – ORKA-001 + 1 additional target (announced May 6th, 2026)

❍See our note titled, "Second Hypercon Deal In 2026 Reinforces Platform Momentum"

■Vertex – Up to 3 undisclosed drug targets (announced April 7th, 2026)

❍See our note titled, "Hypercon Deal With Vertex Checks The Box For 2026 Expectations

Multiple Royalty Engines Support Visibility + Long-Term Optionality

Looking beyond the current guidance window, management outlined an increasingly diversified

and visible long-term revenue profile extending into 2029 and beyond. Halozyme now has

10 ENHANZE products on the market, with management projecting 13 additional ENHANZE

launches beginning in 2029+, supported by seven targets currently in development and multiple

new programs expected to enter the clinic over the coming years. In parallel, Hypercon is

expected to transition from development to commercialization with two projected launches

in 2030/2031, while five signed Hypercon collaboration agreements provide exposure to a

broad set of additional targets advancing through early testing. Management reiterated long-

term expectations for Hypercon to generate approximately $1B in annual royalty revenue in

the mid-2030s, underscoring its potential to emerge as a second meaningful growth engine

alongside ENHANZE. Combined with patent protection extending into the mid-2040s, this