Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>FDA has cleared Merck’s Keytruda subcutaneous injection, which has been developed using <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a>’s human hyaluronidase ALT-B4. EMA’s CHMP also recommended approval of subcutaneous Keytruda.</li>
<li>Merck expects 30–40% of Keytruda IV sales to be converted to SC by 2028. Accordingly, Alteogen is expected to secure over KRW1T in annual royalties in the long term.</li>
<li>Keytruda SC launch in the U.S. and EU, additional deals for ALT-B4, and Enhertu SC Phase 1 trial update are the key upcoming catalysts for Alteogen.</li>
</ul>


FDA has cleared Merck’s Keytruda subcutaneous injection, which has been developed using Alteogen Inc (196170 KS)’s human hyaluronidase ALT-B4. EMA’s CHMP also recommended approval of subcutaneous Keytruda.
Merck expects 30–40% of Keytruda IV sales to be converted to SC by 2028. Accordingly, Alteogen is expected to secure over KRW1T in annual royalties in the long term.
Keytruda SC launch in the U.S. and EU, additional deals for ALT-B4, and Enhertu SC Phase 1 trial update are the key upcoming catalysts for Alteogen.


Alteogen (196170 KS): Significant Commercial Success of ALT-B4 Is On Card

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.

<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!

<ul><li>Halozyme's first quarter 2025 financial and operational performance presents a mixed picture with notable strengths and some challenges.</li><li>The company reported a strong start to the year, achieving a 35% year-over-year increase in total revenue to $265 million, driven by a 39% increase in royalty revenue, primarily from its key ENHANZE-enabled therapeutics: DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo.</li><li>Adjusted EBITDA also rose significantly to $162 million, leading to a 54% increase in net income to $118 million.</li></ul>

Halozyme's first quarter 2025 financial and operational performance presents a mixed picture with notable strengths and some challenges.The company reported a strong start to the year, achieving a 35% year-over-year increase in total revenue to $265 million, driven by a 39% increase in royalty revenue, primarily from its key ENHANZE-enabled therapeutics: DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo.Adjusted EBITDA also rose significantly to $162 million, leading to a 54% increase in net income to $118 million.

Halozyme Therapeutics Unlocks Billion-Dollar Royalty Streams with Next-Gen Drug Formulations; How Will It Shape The Future Top-Line?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Bao Pharmaceuticals / Equity Capital Markets

<ul>
<li>KJ017 is the first and only recombinant human hyaluronidase to reach NDA stage in China. Bao needs to combine SC Formulations with antibodies. KJ103 may not be a blockbuster variety.</li>
<li>Considering multiple mature FSH products have been on the market for many years and also been recognized by patients, Bao needs to invest in educating the market/patients to accept SJ02. </li>
<li>After Series C+ Financing, Post-money valuation reached RMB4.87 billion. However, we think there could be some uncertainties in terms of future commercialization performance of Bao’s three core products. </li>
</ul>


KJ017 is the first and only recombinant human hyaluronidase to reach NDA stage in China. Bao needs to combine SC Formulations with antibodies. KJ103 may not be a blockbuster variety.
Considering multiple mature FSH products have been on the market for many years and also been recognized by patients, Bao needs to invest in educating the market/patients to accept SJ02. 
After Series C+ Financing, Post-money valuation reached RMB4.87 billion. However, we think there could be some uncertainties in terms of future commercialization performance of Bao’s three core products. 


Pre-IPO Shanghai Bao Pharmaceuticals - Future Commercialization Is a Test

<ul><li>Halozyme Therapeutics delivered robust financial and operational performance in 2024, evidenced by total revenue surpassing the $1 billion mark for the first time, reflecting a 22% increase over the prior year.</li><li>This achievement was primarily driven by strong royalty revenue growth, which rose 27% to $571 million, along with significant milestones in their collaborative agreements.</li><li>The company's high-margin royalty revenue was supported by the commercial success of subcutaneous formulations of DARZALEX, Phesgo, and the new introduction of VYVGART Hytrulo for generalized myasthenia gravis (gMG).</li></ul>

Halozyme Therapeutics delivered robust financial and operational performance in 2024, evidenced by total revenue surpassing the $1 billion mark for the first time, reflecting a 22% increase over the prior year.This achievement was primarily driven by strong royalty revenue growth, which rose 27% to $571 million, along with significant milestones in their collaborative agreements.The company's high-margin royalty revenue was supported by the commercial success of subcutaneous formulations of DARZALEX, Phesgo, and the new introduction of VYVGART Hytrulo for generalized myasthenia gravis (gMG).

Halozyme Therapeutics: European Market Expansion to Capture The Oncology Treatment Market!

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)

Alteogen (196170 KS): Significant Commercial Success of ALT-B4 Is On Card

FDA clears Merck's Keytruda subcutaneous injection, developed with Alteogen's ALT-B4, which opens potential for significant royalty earnings and...

Tina Banerjee

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

Halozyme Therapeutics Unlocks Billion-Dollar Royalty Streams with Next-Gen Drug Formulations; How Will It Shape The Future Top-Line?

Halozyme's first quarter 2025 financial and operational performance presents a mixed picture with notable strengths and some challenges. The...

Baptista Research

Pre-IPO Shanghai Bao Pharmaceuticals - Future Commercialization Is a Test

Bao faces challenges in market acceptance/future commercialization performance of its core products despite reaching NDA stage in China. After C+...

Xinyao (Criss) Wang

Halozyme Therapeutics: European Market Expansion to Capture The Oncology Treatment Market!

Halozyme Therapeutics delivered robust financial and operational performance in 2024, evidenced by total revenue surpassing the $1 billion mark...

Baptista Research

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52-week Range

Market Cap (USDm)

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Alteogen (196170 KS): Significant Commercial Success of ALT-B4 Is On Card

​FDA clears Merck's Keytruda subcutaneous injection, developed with Alteogen's ALT-B4, which opens potential for significant royalty earnings and...

Tina Banerjee

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

Halozyme Therapeutics Unlocks Billion-Dollar Royalty Streams with Next-Gen Drug Formulations; How Will It Shape The Future Top-Line?

Halozyme's first quarter 2025 financial and operational performance presents a mixed picture with notable strengths and some challenges. The...

Baptista Research

Pre-IPO Shanghai Bao Pharmaceuticals - Future Commercialization Is a Test

​Bao faces challenges in market acceptance/future commercialization performance of its core products despite reaching NDA stage in China. After C+...

Xinyao (Criss) Wang

Halozyme Therapeutics: European Market Expansion to Capture The Oncology Treatment Market!

Halozyme Therapeutics delivered robust financial and operational performance in 2024, evidenced by total revenue surpassing the $1 billion mark...

Baptista Research

FDA clears Merck's Keytruda subcutaneous injection, developed with Alteogen's ALT-B4, which opens potential for significant royalty earnings and...

Bao faces challenges in market acceptance/future commercialization performance of its core products despite reaching NDA stage in China. After C+...