Halozyme Therapeutics, Inc.

TTM free cash flow through Q2 2025 is about $541 million, based on H2 2024 plus Q1 and Q2 2025, with minimal capex requirements. As of June 30, 2025, cash and marketable securities were $548.2 million. Convertible notes total $1.525 billion due 2027 and 2028; interest expense remains modest.

Net leverage is reasonable relative to adjusted EBITDA guidance, and there is an undrawn revolver. The Elektrofi deal is structured with cash and existing credit and is expected to keep leverage around 2x immediately post close.