Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Halozyme Therapeutics reported a strong start to 2026, driven by the increasing adoption of its ENHANZE technology enabling subcutaneous drug delivery.</li><li>The company’s first-quarter revenue grew 42% year-over-year to $377 million, primarily fueled by a 43% rise in royalty revenues to $241 million.</li><li>These royalties stem from a portfolio of 10 approved ENHANZE-enabled products, including DARZALEX subcutaneous, VYVGART Hytrulo, and PHESGO, which collectively continue to demonstrate robust growth.</li></ul>

Halozyme Therapeutics reported a strong start to 2026, driven by the increasing adoption of its ENHANZE technology enabling subcutaneous drug delivery.The company’s first-quarter revenue grew 42% year-over-year to $377 million, primarily fueled by a 43% rise in royalty revenues to $241 million.These royalties stem from a portfolio of 10 approved ENHANZE-enabled products, including DARZALEX subcutaneous, VYVGART Hytrulo, and PHESGO, which collectively continue to demonstrate robust growth.

Halozyme Therapeutics’ $1 Billion Royalty Milestone — Is The Market Missing ENHANZE?

<ul><li>Halozyme Therapeutics delivered a significant year of growth in 2025, highlighted by expanding its drug delivery portfolio and achieving remarkable financial performance.</li><li>The company achieved a 38% increase in total revenue, reaching a record $1.4 billion, mainly driven by a substantial 52% growth in royalty revenue, totaling $868 million.</li><li>This robust performance was fueled by the continued adoption of ENHANZE-enabled products, such as DARZALEX SC, PHESGO, and VYVGART Hytrulo.</li></ul>

Halozyme Therapeutics delivered a significant year of growth in 2025, highlighted by expanding its drug delivery portfolio and achieving remarkable financial performance.The company achieved a 38% increase in total revenue, reaching a record $1.4 billion, mainly driven by a substantial 52% growth in royalty revenue, totaling $868 million.This robust performance was fueled by the continued adoption of ENHANZE-enabled products, such as DARZALEX SC, PHESGO, and VYVGART Hytrulo.

Halozyme Therapeutics: ENHANZE, Hypercon, and the Blueprint for Durable Biotech Cash Flows!

<ul><li>Halozyme Therapeutics' third quarter 2025 results show a strong financial performance driven by its ENHANZE drug delivery technology and significant growth in royalty revenue.</li><li>The company reported an impressive 52% increase year-over-year in royalty revenue, reaching $236 million.</li><li>This growth, along with total revenue of $354 million, reflects a 22% increase year-over-year.</li></ul>

Halozyme Therapeutics' third quarter 2025 results show a strong financial performance driven by its ENHANZE drug delivery technology and significant growth in royalty revenue.The company reported an impressive 52% increase year-over-year in royalty revenue, reaching $236 million.This growth, along with total revenue of $354 million, reflects a 22% increase year-over-year.

Halozyme’s Breakthrough Moment: Could Its Game-Changing Subcutaneous Tech Disrupt Cancer Care Forever?

<ul><li>In a bold strategic step, Halozyme Therapeutics announced its agreement to acquire Boston-based drug delivery innovator Elektrofi for $750 million in cash, with up to $150 million more in milestone payments tied to three product approvals.</li><li>The acquisition is expected to close in Q4 2025 and is being financed through a mix of cash reserves and debt, raising Halozyme’s net leverage to approximately 2x net debt-to-EBITDA.</li><li>The move complements Halozyme’s existing ENHANZE platform with Elektrofi’s Hypercon technology, which enables ultra-high biologic concentrations of 400–500 mg/mL—4–5x above current industry norms—allowing for subcutaneous administration of large-molecule drugs in smaller volumes.</li></ul>

In a bold strategic step, Halozyme Therapeutics announced its agreement to acquire Boston-based drug delivery innovator Elektrofi for $750 million in cash, with up to $150 million more in milestone payments tied to three product approvals.The acquisition is expected to close in Q4 2025 and is being financed through a mix of cash reserves and debt, raising Halozyme’s net leverage to approximately 2x net debt-to-EBITDA.The move complements Halozyme’s existing ENHANZE platform with Elektrofi’s Hypercon technology, which enables ultra-high biologic concentrations of 400–500 mg/mL—4–5x above current industry norms—allowing for subcutaneous administration of large-molecule drugs in smaller volumes.

Halozyme's $900M Hypercon Bet: Will Elektrofi Redefine SubQ Drug Delivery?

<ul><li>Halozyme Therapeutics, Inc. reported its second quarter 2025 financial results, marking a period of robust growth.</li><li>The company announced a 41% increase in total revenue, reaching $326 million, driven primarily by strong royalty revenue, which saw a 65% year-over-year rise to $206 million.</li><li>The growth is attributed to the continued performance of blockbuster subcutaneous therapies such as DARZALEX, Phesgo, and VYVGART Hytrulo, which are enhanced by Halozyme’s ENHANZE technology.</li></ul>

Halozyme Therapeutics, Inc. reported its second quarter 2025 financial results, marking a period of robust growth.The company announced a 41% increase in total revenue, reaching $326 million, driven primarily by strong royalty revenue, which saw a 65% year-over-year rise to $206 million.The growth is attributed to the continued performance of blockbuster subcutaneous therapies such as DARZALEX, Phesgo, and VYVGART Hytrulo, which are enhanced by Halozyme’s ENHANZE technology.

Halozyme Therapeutics: ENHANZE Platform Expansion & Critical Factors That Will Define Its Success in 2025 and Beyond!

United States

Halozyme Therapeutics, Inc. is a biopharmaceutical company developing products for the diabetes, cancer, dermatology and drug delivery markets. The Company's platform technology is based on recombinant human hyaluronidase plus additional enzymes. Halozyme applies its technology to its proprietary programs and to partnerships with pharmaceutical companies.

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Halozyme Therapeutics (HALO US)

Halozyme Therapeutics’ $1 Billion Royalty Milestone — Is The Market Missing ENHANZE?

Halozyme Therapeutics reported a strong start to 2026, driven by the increasing adoption of its ENHANZE technology enabling subcutaneous drug...

Baptista Research

Halozyme Therapeutics: ENHANZE, Hypercon, and the Blueprint for Durable Biotech Cash Flows!

Halozyme Therapeutics delivered a significant year of growth in 2025, highlighted by expanding its drug delivery portfolio and achieving...

Baptista Research

Halozyme’s Breakthrough Moment: Could Its Game-Changing Subcutaneous Tech Disrupt Cancer Care Forever?

Halozyme Therapeutics' third quarter 2025 results show a strong financial performance driven by its ENHANZE drug delivery technology and...

Baptista Research

Halozyme's $900M Hypercon Bet: Will Elektrofi Redefine SubQ Drug Delivery?

In a bold strategic step, Halozyme Therapeutics announced its agreement to acquire Boston-based drug delivery innovator Elektrofi for $750 million...

Baptista Research

Halozyme Therapeutics: ENHANZE Platform Expansion & Critical Factors That Will Define Its Success in 2025 and Beyond!

Halozyme Therapeutics, Inc. reported its second quarter 2025 financial results, marking a period of robust growth. The company announced a 41%...

Baptista Research

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