Does Merus Licensing Deal Signal a New Growth Phase for Halozyme Therapeutics (HALO)?

• On November 17, 2025, Merus N.V. and Halozyme Therapeutics announced a global collaboration and licensing agreement granting Merus rights to use Halozyme’s ENHANZE drug delivery technology for the subcutaneous administration of petosemtamab, an EGFR x LGR5 bispecific antibody.
• This collaboration highlights Halozyme’s continued expansion of its ENHANZE platform through new technology partnerships that could diversify and strengthen its future royalty streams.
• We’ll explore how this new licensing deal broadens Halozyme’s partner network and may influence the company's growth prospects and risk profile.

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Halozyme Therapeutics Investment Narrative Recap

To be a shareholder of Halozyme Therapeutics, you need to believe in the company's ability to drive sustainable royalty revenue by expanding its ENHANZE platform and maintaining leading partnerships in subcutaneous drug delivery. The recent Merus collaboration adds another partner, potentially diversifying future royalty streams, but does not materially alter the current short-term catalyst, which remains the ongoing adoption of key partner drugs, nor does it significantly offset the main risk of top-line volatility from revenue concentration.

Among the company’s recent updates, the November 2025 collaboration with Merus stands out as most relevant to Halozyme’s growth outlook, as it extends the ENHANZE platform into another high-value antibody program and may provide incremental support for future revenue growth as partnered therapies advance through clinical and commercial pathways.

In contrast, investors should also be aware that heavy reliance on a few key drug partnerships continues to expose Halozyme to...

Read the full narrative on Halozyme Therapeutics (it's free!)

Halozyme Therapeutics' narrative projects $2.0 billion in revenue and $1.1 billion in earnings by 2028. This requires 18.7% yearly revenue growth and a $542.7 million earnings increase from current earnings of $557.3 million.

Uncover how Halozyme Therapeutics' forecasts yield a $76.00 fair value, a 5% upside to its current price.

Exploring Other Perspectives

Eight members of the Simply Wall St Community estimate Halozyme’s fair value between US$70.33 and US$201.82 per share. While expanding drug delivery agreements may broaden future royalty streams, concentration risk remains central to assessing long-term earnings stability, so it pays to explore several viewpoints.

Explore 8 other fair value estimates on Halozyme Therapeutics - why the stock might be worth over 2x more than the current price!

Build Your Own Halozyme Therapeutics Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Halozyme Therapeutics research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Halozyme Therapeutics research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Halozyme Therapeutics' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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