Halozyme Therapeutics, Inc.

Management has balanced internal investment with disciplined repurchases and targeted M&A.

The company executed a $750 million buyback authorization in tranches during 2024–2025, reducing shares outstanding to about 117 million by July 31, 2025. The 2024 Evotec approach was withdrawn when engagement was not possible, indicating willingness to walk.

The announced Elektrofi acquisition expands the platform with potential long‑dated royalty streams while reaffirming 2025 guidance.