halo-20250318

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

PROXY STATEMENT PURSUANT TO SECTION 14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

Filed by the Registrant x

Filed by a Party other than the Registrant o

Check the appropriate box:


o			Preliminary Proxy Statement
o			Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
x			Definitive Proxy Statement
o			Definitive Additional Materials
o			Soliciting Materials Pursuant to §240.14a-12
Halozyme Therapeutics, Inc.
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
x			No fee required
o			Fee paid previously with preliminary materials
o			Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

March 18, 2025

Dear Stockholder:

You are cordially invited to attend the 2025 Annual Meeting of Stockholders of Halozyme Therapeutics, Inc., which will be held on May 1, 2025, at 8:00 a.m. Pacific Time. The meeting will be online only, so there is no physical meeting location.

The Notice of Annual Meeting of Stockholders and a Proxy Statement, which describes the formal business to be conducted at the meeting, follow this letter.

It is important that you use this opportunity to take part in the affairs of Halozyme Therapeutics, Inc. by voting on the business to come before this meeting. Whether or not you plan to attend the Annual Meeting online, we hope you vote as soon as possible to assure your representation. You can vote your shares over the Internet, by telephone or if you requested printed proxy material by mail, by using a traditional proxy card. Instructions on each of these voting methods are outlined in the enclosed proxy statement. Regardless of the number of shares you own, your careful consideration of, and vote on, the matters before our stockholders is important.

A copy of Halozyme’s Annual Report on Form 10-K accompanies these proxy materials for your information. At the Annual Meeting, we will review Halozyme’s activities over the past year and our plans for the future. The Board of Directors and management look forward to seeing you at the Annual Meeting.

Sincerely yours,

HELEN I. TORLEY, M.B. Ch.B., M.R.C.P.

President and Chief Executive Officer

TABLE OF CONTENTS


NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

PROXY STATEMENT FOR ANNUAL MEETING OF STOCKHOLDERS						1

SOLICITATION AND VOTING						2

PROPOSAL NO. 1 - ELECTION OF DIRECTORS						4

CORPORATE GOVERNANCE						15

PROPOSAL NO. 2 - ADVISORY (NON-BINDING) VOTE ON EXECUTIVE COMPENSATION (SAY-ON-PAY)						19

PROPOSAL NO. 3 - RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM						20

REPORT OF THE AUDIT COMMITTEE						21

EXECUTIVE COMPENSATION AND RELATED INFORMATION						22

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS						53

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS						54

STOCKHOLDER PROPOSALS TO BE PRESENTED AT NEXT ANNUAL MEETING						56

TRANSACTION OF OTHER BUSINESS						56

DELIVERY OF PROXY MATERIALS AND ANNUAL REPORTS						57

HALOZYME THERAPEUTICS, INC.

12390 El Camino Real

San Diego, California 92130

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

To Be Held on May 1, 2025

TO THE STOCKHOLDERS OF HALOZYME THERAPEUTICS, INC.:

Notice is hereby given that the Annual Meeting of the Stockholders of Halozyme Therapeutics, Inc., a Delaware corporation, will be held on May 1, 2025, at 8:00 a.m. Pacific Time. The meeting will be online only, so there is no physical meeting location. The Annual Meeting is being held for the following purposes:

1.To elect two Class III directors to hold office for a three-year term and until their respective successors are elected and qualified;

2.To approve, by a non-binding advisory vote, the compensation of our Named Executive Officers;

3.To ratify the selection of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2025; and

4.To transact such other business as may properly come before the Annual Meeting.

You will be able to attend the Annual Meeting, submit questions and vote during the live webcast by visiting www.virtualshareholdermeeting.com/HALO2025 and entering the 16 digit control number included in your Notice of Internet Availability, on your proxy card, or voting instruction form, or in the instructions you received by email. Please refer to the additional logistical details and recommendations in the accompanying proxy statement. Only stockholders of record at the close of business on March 4, 2025 are entitled to notice of, and to vote at, this Annual Meeting and any adjournment or postponement thereof. The Board of Directors recommends that you vote FOR each of the nominees to the Board of Directors named in the accompanying Proxy Statement and FOR Proposals 2 and 3.

By order of the Board of Directors,

Mark Snyder

Senior Vice President, General Counsel,

and Corporate Secretary

San Diego, California

March 18, 2025

Important Notice Regarding the Availability of Proxy Materials for

The Annual Meeting of Stockholder To Be Held on May 1, 2025

The Proxy Statement and the 2024 Annual Report to Stockholders and the means to vote by Internet are available at www.proxyvote.com.

IMPORTANT: You are cordially invited to attend the virtual meeting online. Whether or not you expect to attend the virtual meeting online, please vote as soon as possible by using the Internet or telephone or for those receiving paper copies of these proxy materials by completing, signing, dating and mailing your proxy card in the accompanying postage-paid envelope. Even if you have voted by proxy, you may still vote in person if you attend the virtual meeting online.

PROXY STATEMENT FOR ANNUAL MEETING OF STOCKHOLDERS

The accompanying proxy is solicited on behalf of the Board of Directors of Halozyme Therapeutics, Inc., a Delaware corporation (“Halozyme” or the “Company”), for use at Halozyme’s Annual Meeting of Stockholders to be held online on May 1, 2025 at 8:00 a.m. Pacific Time and at any adjournment or postponement thereof, for the purposes set forth in the accompanying Notice of Annual Meeting of Stockholders. This Proxy Statement, notice, the notice of internet availability of the proxy materials, and the proxy card are first being made available and/or mailed to stockholders on or about March 18, 2025.

ANNUAL MEETING AGENDA AND BOARD OF DIRECTORS VOTE RECOMMENDATIONS

Stockholders are being asked to vote on each of the following items at the Annual Meeting:

•Proposal 1. The election of two Class III director nominees named in this Proxy Statement to the Board of Directors, each to serve a three-year term and until their respective successors are elected and qualified;

•Proposal 2. The approval of a non-binding advisory resolution approving the compensation of our Named Executive Officers; and

•Proposal 3. The ratification of the selection of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2025.

The Board of Directors recommends that you vote FOR the nominees to the Board of Directors named in this Proxy Statement and FOR Proposals 2 and 3.

SOLICITATION AND VOTING

Voting Securities. Only stockholders of record as of the close of business on March 4, 2025, the record date for the Annual Meeting, will be entitled to vote at the meeting and any adjournment or postponement thereof. As of that date, we had 123,533,310 shares of common stock outstanding, all of which are entitled to vote with respect to all matters to be acted upon at the Annual Meeting. Each stockholder of record as of that date is entitled to one vote for each share of common stock held by him or her. Our Bylaws provide that a majority of all of the shares of the stock entitled to vote, whether present in person or represented by proxy, shall constitute a quorum for the transaction of business at the meeting. When a quorum is present at the meeting, all matters other than the election of directors will be determined by a majority in voting power of the shares present in person or represented by proxy and entitled to vote on the matter. The election of directors will be determined by a majority in voting power of the shares present in person or represented by proxy at the meeting and voting on the matter. Votes for and against, abstentions and “broker non-votes” will each be counted as present for purposes of determining the presence of a quorum.

As permitted by rules adopted by the Securities and Exchange Commission (“SEC”), we are furnishing our proxy statement, 2024 Annual Report to Stockholders and proxy card over the internet to most of our stockholders. This means that most of our stockholders will initially receive only a Notice of Internet Availability of Proxy Materials containing instructions on how to access the proxy materials over the Internet. If you would like to receive a paper copy of the proxy materials, the Notice of Internet Availability of Proxy Materials contains instructions on how you can request copies of these documents at no cost to you.

Voting of Proxies. All valid proxies received before the meeting will be exercised. All shares represented by a proxy will be voted, and where a proxy specifies a stockholder’s choice with respect to any matter to be acted upon, the shares will be voted in accordance with that specification. If no choice is indicated on the proxy provided by a stockholder of record, the shares will be voted for the nominees and for proposals 2 and 3.

You may vote by attending the Annual Meeting online, by using the Internet or telephone to submit a proxy or by completing and returning a proxy by mail, if you requested printed proxy material by mail.

Voting by Internet. To vote by Internet, go to www.proxyvote.com. Internet voting is available 24 hours a day, although your vote by Internet must be received by 11:59 p.m. Eastern Time on April 30, 2025. You will need the control number found either on the Notice of Internet Availability of Proxy Materials or on the proxy card if you are receiving a printed copy of these materials. If you vote by Internet, you should not return your proxy card or voting instruction card. If you hold your shares in “street name” as explained below, please refer to the voting instruction form or notice provided to you by your broker, bank or other holder of record for Internet voting instructions.

Voting by Telephone. To vote by telephone, call 1-800-690-6903 and follow the instructions. Telephone voting is available 24 hours a day, although your vote by telephone must be received by 11:59 p.m. Eastern Time on April 30, 2025. You will need the control number found on your Notice of Internet Availability of Proxy Materials, voting instruction form or on the proxy card if you are receiving a printed copy of these materials. If you vote by telephone, you should not return your proxy card or voting instruction card. If you hold your shares in “street name” as explained below, please refer to the Notice of Internet Availability of Proxy Materials or voting instruction card provided to you by your broker, bank or other holder of record for telephone voting instructions.

Voting by Mail. If you requested printed proxy materials by mail, by completing, signing and returning the proxy card in the prepaid and addressed envelope enclosed with proxy materials delivered by mail, you are authorizing the individuals named on the proxy card to vote your shares at the Annual Meeting in the manner you indicate. You are encouraged to sign and return the proxy card even if you plan to attend the Annual Meeting so that your shares will be voted if you are unable to attend the Annual Meeting. If you receive more than one proxy card, it is an indication that your shares are held in multiple accounts. Please complete, sign and return all proxy cards to ensure that all your shares are voted.

Voting Online During Annual Meeting. You are entitled to participate in the Annual Meeting if you were a shareholder as of the close of business on March 4, 2025, the record date, or hold a legal proxy for the meeting provided by your bank, broker, or nominee. To be admitted to the Annual Meeting at www.virtualshareholdermeeting.com/HALO2025, you must enter the

control number found on your Notice of Internet Availability of Proxy Materials, proxy card, or voting instruction form you previously received. You may vote during the Annual Meeting by following the instructions available on the meeting website during the meeting. The meeting’s virtual attendance format will provide you the ability to participate and ask questions in writing during the meeting. Whether or not you plan to participate in the Annual Meeting, we urge you to vote and submit your proxy in advance of the meeting by one of the methods described in the proxy materials for the Annual Meeting. If your shares are registered directly in your name with our transfer agent, EQ by Equiniti, you are considered the stockholder of record and you have the right to vote in person at the Annual Meeting. If your shares are held in the name of your broker or other nominee, you are considered the beneficial owner of shares held in “street name.” Beneficial owners whose stock is held in the name of a bank, broker or other nominee generally will receive instructions for voting from their banks, brokers or other nominees, rather than directly from us. You can vote your shares held through a bank, broker or other nominee by following the voting instructions sent to you by that institution. Shares for which you are the beneficial owner but not the stockholder of record may also be voted electronically during the Annual Meeting.

Revocability of Proxies. A stockholder giving a proxy has the power to revoke it at any time before it is exercised by delivering to the Secretary of Halozyme a written instrument revoking the proxy or by executing a duly executed proxy with a later date, or by attending the Annual Meeting online and voting in person.

Broker Non-Votes. A broker non-vote occurs when a broker submits a proxy card with respect to shares held in street name on behalf of a beneficial owner but is prohibited from voting on a particular matter because the broker has not received voting instructions from the beneficial owner and therefore does not have discretion to vote the beneficial owner’s shares with respect to that matter. Under the rules that govern brokers who are voting with respect to shares held in street name, brokers have the discretion to vote such shares on routine matters, but not on non-routine matters. Routine matters include the ratification of our independent registered public accounting firm. Non-routine matters include the election of directors and the advisory vote on executive compensation matters.

Solicitation of Proxies. We will bear the entire cost of soliciting proxies for the upcoming meeting. In addition to soliciting stockholders by mail through our employees, we will request banks, brokers and other custodians, nominees and fiduciaries to solicit customers for whom they hold our stock and will reimburse them for their reasonable, out-of-pocket costs. We may use the services of our officers, directors and others to solicit proxies, personally or by telephone, without additional compensation.

PROPOSAL NO. 1

ELECTION OF DIRECTORS

We have a classified Board of Directors that currently consists of three Class I directors, two Class II directors and three Class III directors. Our directors are elected for a term of three years, with one class of directors up for election every year. At the 2025 Annual Meeting of Stockholders, we will be electing two Class III directors, while the Class I directors will be elected at the 2026 Annual Meeting of Stockholders and the Class II directors will be elected at the 2027 Annual Meeting of Stockholders.

The Class III nominees recommended by the Board of Directors for election at the 2025 Annual Meeting are: Jeffrey W. Henderson and Helen I. Torley. Mr. Henderson and Dr. Torley are current member of our Board of Directors and, if elected, will serve as directors until our Annual Meeting of Stockholders in 2028 or until their successors are elected and qualified. Ms. Matsui is not standing for re-election and her term will expire as of the meeting date. If any nominee declines to serve or becomes unavailable for any reason, or if a vacancy occurs before the election (although we know of no reason to anticipate that this will occur), the proxies may be voted for such substitute nominees as our Board of Directors may designate.

Majority Voting Standard

Our Bylaws provide that in any election of one or more directors at a meeting at which a quorum is present, other than in a contested election, each director is elected by the vote of a majority of the votes cast by the stockholders with respect to the director. If a director does not receive in an election, other than a contested election, a majority of the votes, the director must tender his or her resignation to the Board of Directors. Within 90 days after the date of the certification of the election results, the Nominating and Corporate Governance Committee of the Board of Directors (or other committee that may be designated by the Board of Directors) will make a recommendation to the Board of Directors on whether to accept or reject the resignation, or whether other action should be taken. The Board of Directors will promptly act on such committee’s recommendation and publicly disclose within four business days on a Current Report on Form 8-K filed with the SEC its decision and the rationale behind such decision.

Vote Required

If a quorum is present at the meeting, election of each of the two nominees for Class III directors requires the vote of a majority of the votes cast by the stockholders with respect to the director at the meeting and voting on the matter. Abstentions and broker non-votes will have no effect on the outcome of the vote.

Recommendation

The Board of Directors recommends a vote “FOR” each of the nominees named above.

Board Candidate Expertise Selection Criteria

The Nominating and Corporate Governance Committee, with input from the Board of Directors, has determined that the following areas of expertise are of particular importance in providing appropriate oversight of the Company’s business and operations. Accordingly, the Nominating and Corporate Governance Committee seeks candidates for the Board of Directors from diverse professional backgrounds in order to ensure that the Board of Directors is comprised of individuals possessing extensive expertise in one or more of the following areas:


Skill			Rationale
Medicine and Science			As a Company directly and indirectly involved in the development, approval and commercialization of drugs, expertise in medicine and science is a key to the ongoing assessment of potential new technologies we may acquire.
Pharma Business Leadership and Operations			Experience in, and knowledge of, the pharmaceutical business contributes to deep understanding of business strategy, operations, key performance indicators and the competitive environment.
Complementary Business/Industry Segment Experience			Diverse experience gained from adjacent and complementary industries contributes to identification and evaluation of new opportunities and ideas.
International Business			International Business experience adds to our understanding of diverse business environments, economic conditions and cultural perspectives that informs our global business initiatives and strategy.
Human Capital Management			Execution of our strategy requires the development and retention of highly skilled and diverse set of leaders and team members.
Finance and Capital Markets			Experience overseeing financial transactions provides knowledge and skills necessary to evaluate and oversee the Company’s design and implementation of financial and capital allocation strategies.
M&A			Experience in the identification, negotiation and execution of M&A transactions provides knowledge to oversee the Company’s potential M&A activities.
Risk Management			Experience in risk management contributes to the identification, prioritization, assessment and mitigation of significant risk facing the company.

Based on its review of each director’s and director nominee’s professional experience and background, the Nominating and Corporate Governance Committee has determined that our current board members and director nominee possess expertise in the following areas noted below:

Director

Medicine and Science

Pharma Business Leadership and Operations

Complementary Business/Industry Segment Experience

International Business

Human Capital Management

Finance and Capital Markets

M&A

Risk Management

Bernadette Connaughton

Barbara Duncan

Jeffrey W. Henderson

Mahesh Krishnan, M.D.

Matthew L. Posard

Moni Miyashita

Helen I. Torley, M.B. Ch.B., M.R.C.P.

Board Diversity

Based upon responses received from each of our directors with respect to diversity, the Company’s Board of Directors is currently comprised of individuals from the following diverse backgrounds:


Board Diversity Matrix (As of March 18, 2025)
Total Number of Directors	8
	Female	Male
Part I: Gender Identity
Directors	5	3
Part II: Demographic Background
African American or Black	0	0
Alaskan Native or Native American	0	0
Asian	2	1
Hispanic or Latinx	0	0
Native Hawaiian or Pacific Islander	0	0
White	3	2
Two or More Races or Ethnicities	0	0

To see our Board Diversity Matrix as of March 15, 2024, please see our proxy statement filed with the SEC on March 15, 2024.

Directors Nominated for Election at the 2025 Annual Meeting

Jeffrey W. Henderson (age 60)

Director Since: 2015

Board Chair

Board Committees: Audit Committee

Key Skills: Pharma Business Leadership and Operations, Complementary Business/Industry Segment Experience, International Business, Human Capital Management, Finance and Capital Markets, M&A, Risk Management

Other Current Public Company Boards:

Becton Dickinson and Company, a medical technology company

Qualcomm, Inc., a wireless communications and semiconductor company

Recent Past Public Company Board Experience: Fibrogen, Inc., a biotechnology company

Mr. Henderson brings over 30 years of financial, commercial and pharmaceutical industry expertise to the Board of Directors. He has served as President of JWH Consulting LLC, an investment and business advisory firm, since January 2018. From 2015 to 2019, he served as a Healthcare Advisory Director to Berkshire Partners LLC. Mr. Henderson previously served as the Chief Financial Officer of Cardinal Health, Inc., a multinational health care services company, from May 2005 to November 2014, and in an executive capacity until his retirement from Cardinal in August 2015. From 1998 to 2005, Mr. Henderson held various senior management positions at Eli Lilly and Company, a multinational pharmaceutical company, including President and General Manager, Eli Lilly Canada, Inc. and Controller and Treasurer of Eli Lilly, Inc. He received his BS in electrical engineering from Kettering University, Flint, Mich., and his MBA from Harvard Graduate School of Business Administration.

Key Skills and Experience:

Pharma Business Leadership and Operations and International Business

Mr. Henderson gained deep experience in a broad range of business and operational topics during his nearly 10-year tenure as Chief Financial Officer for Cardinal Health, a $100 billion health care products and services company. During a portion of this tenure he was also responsible for commercial operations in China and Canada. These experiences built on prior expertise,

specifically gained in pharmaceuticals, when he served as general manager of Eli Lilly Canada and Controller/Treasurer of Eli Lilly Inc.

Complementary Business/Industry Segment Experience

As a member of the board of directors of Becton Dickinson, a leading global medical technology company, and during his time as an executive at Cardinal Health, Mr. Henderson has gained a deep exposure to, and experience in, key aspects of the medical device business and market.

Finance and Capital Markets and M&A

In his almost 15 years experience as Chief Financial Officer at Cardinal Health and Controller/Treasurer at Eli Lilly, Mr. Henderson gained extensive experience in finance and capital markets. During his tenure at Cardinal Health, the company acquired more than 30 companies, spun-off or sold multi-billion-dollar businesses and expanded into new geographic locations and market segments. During his time with the PE firm of Berkshire Partners, he was involved in the identification, evaluation and execution of multiple acquisition opportunities in the healthcare sector.

Risk Management

In his positions as a Chief Financial Officer for Cardinal Health and Controller/Treasurer at Eli Lilly, Mr. Henderson played a key role in risk identification and risk mitigation. Further, Mr. Henderson has been operationally accountable for commercial operations in both China (Cardinal Health) and Canada (Eli Lilly and Cardinal Health). These unique experiences in both staff and line roles enable a broad perspective on identifying potential risks and risk management.

Human Capital Management

Mr. Henderson has substantial experience leading organizations with multi-thousands of employees, including related aspects of organizational and compensation/incentive design.

Board Service Selection Criteria: As further described in Mr. Henderson’s biography, the Nominating and Corporate Governance Committee believes Mr. Henderson has the relevant background in the following areas which the committee believes are important to service on the Company’s Board of Directors: (i) pharma business leadership and operations, (ii) complementary business and industry segment experience, (iii) international business, (iv) human capital management, (v) finance and capital markets, (vi) M&A and (vii) risk management. Mr. Henderson’s extensive experience serving in executive leadership positions, including as Chief Financial Officer, with large publicly-traded healthcare and pharmaceutical corporations, combined with his business acumen and judgment, including his qualifications as an audit committee financial expert, provide our Board with valuable financial, strategic and operational expertise and leadership skills, leading the Nominating and Corporate Governance Committee to determine that Mr. Henderson should serve as one of our directors.

Helen I. Torley, M.B. Ch.B., M.R.C.P. (age 62)

Director Since: 2014

President and Chief Executive Officer

Key Skills: Medicine and Science, Pharma Business Leadership and Operations, Human Capital Management, Finance and Capital Markets, Risk Management

Recent Past Public Company Board Experience: Quest Diagnostics Incorporated, a diagnostic information services company

Dr Torley brings over 30 years of drug development, drug commercialization and general management expertise in pharmaceutical and biotechnology to the Board of Directors. She has served as Chief Executive Officer (“CEO”) of Halozyme since 2014, successfully leading the company through a critical strategic transition in 2019. Dr Torley previously served as Chief Commercial Officer at Onyx Pharmaceuticals from 2011-2013, leading the successful US launch for Kyprolis ® (Carfilzomib), until the acquisition of Onyx by Amgen in 2013. From 2002-2011 Dr Torley held several senior commercial positions at Amgen including Vice President and General Manager US Bone Health and Vice President and General Manager US Nephrology. In these positions she led the successful launches of Prolia® (denosumab) and Sensipar® (cinacalcet) and significantly grew Epogen® (Epoetin alfa) and Aranesp® (darbepoetin alfa) revenue. From 1997-2002 she held a range of senior sales and marketing leadership positions at Bristol Myers Squib. She began her industry career at Sandoz, which merged with Ciba-Geigy to become Novartis in 1996, where she held a range of positions of increasing responsibility in Clinical Development, culminating in the position of Vice President of Medical Affairs, responsible for overseeing the design and

conduct of a broad portfolio of clinical studies across nephrology, rheumatology, oncology and CNS indications. She received her M.B.Ch.B. degree (US equivalent to MD) from the University of Glasgow, Scotland and her M.R.C.P from the Royal College of Physicians, Glasgow, Scotland.

Key Skills and Experience:

Medicine and Science

Dr. Torley is a trained physician who while in clinical practice specialized in Internal Medicine and Rheumatology. She served in leadership positions at Sandoz/Novartis from1990 to 1997, most recently as Vice President, Medical Affairs where she oversaw the design and conduct of Phase 1 through 4 clinical studies across multiple disease areas. While at Sandoz/Novartis she led clinical development programs for new products being evaluated in organ transplantation and rheumatoid arthritis and wrote and submitted New Drug Application filings. She has led and played key strategic positions in multiple successful FDA Advisory Committee meetings including for Neoral® (cyclosporin) in Rheumatoid Arthritis, Neoral (cyclosporin) in Organ Transplantation, Epogen® (Epoetin alfa) in anemia in chronic renal failure and HyQvia (immune Globulin infusion 10% with Recombinant Human Hyaluronidase) in Primary Immune Deficiency.

Pharma Business Leadership and Operations

Dr. Torley gained deep experience in a broad range of business and operational topics in her commercial positions. In particular, as General Manager of Bone Health and Nephrology at Amgen and as Chief Commercial Officer at Onyx, she was responsible for hiring and leading sales and marketing organizations, including hiring and training a more than 650-person team for a new drug launch, working on policy topics related to her products and leading three successful new product launches.

Human Capital Management

Dr. Torley has substantial experience leading large organizations, ranging from 120 to approximately 700 people. Her human capital management experiences include hiring and successfully onboarding large new sales teams into an established culture and effective reorganizations as dictated by changes in strategy. She has a strong focus on and understanding of the important role organizational culture, diverse teams, talent development and accountability play in driving results and success.

Finance and Capital Markets and M&A

As CEO of Halozyme, Dr. Torley has gained experience in Finance and Capital Markets including direct experience with raising over $1.5 billion through follow-on offerings and through three convertible debt offerings, and executing three share repurchase programs resulting in approximately $1.55 billion in capital returned to stockholders to date. During her time at Amgen, Onyx and Halozyme, she has been involved with and has led the identification and evaluation of multiple acquisition opportunities, and the execution of several.

Risk Management

In her position as CEO of Halozyme, Dr. Torley plays a key role in risk identification and mitigation. In addition, in her previous positions with other organizations as Chief Commercial Officer and General Manager in which she was accountable for commercial launches, a key accountability was risk identification and mitigation. This wide range of experiences enable a broad perspective on identifying potential risks and executing appropriate mitigations strategies.

Board Service Selection Criteria: As further described in her biography, the Nominating and Corporate Governance Committee believes Dr. Torley has the relevant background in the following areas which the committee believes are important to service on the Company’s Board of Directors: (i) medicine and science, (ii) pharma business leadership and operations, (iii) human capital management, (iv) finance and capital markets and (v) risk management. Dr. Torley’s extensive commercial and operational experience, including successful launches of products, and her deep knowledge of the biotechnology industry and the competitive environment, her service as our Chief Executive Officer, combined with her business acumen and judgment, provide our Board with valuable commercial and operational expertise and leadership skills, leading the Nominating and Corporate Governance Committee to determine that Dr. Torley should serve as one of our directors.

Directors Continuing in Office Until the 2026 Annual Meeting

Bernadette Connaughton (age 66)

Director Since: 2018

Board Committees: Compensation Committee (Chair)

Key Skills: Pharma Business Leadership and Operations, International Business, Human Capital Management

Other Current Public Company Boards:

Editas Medicine, Inc., a clinical stage biotechnology company

Zealand Pharma A/S, a biotechnology company

Recent Past Public Company Board Experience: Syneos Health Inc., a biopharmaceutical services company

Ms. Connaughton brings more than 30 years of global strategic, commercial and biopharmaceutical industry expertise to the Board of Directors. From 2004 to October, 2017, she served in senior management position at Bristol-Myers Squibb Pharmaceutical Company, most recently served as president, China, Latin America, Central and Eastern Europe and Middle East. In this position, she developed the multi-year strategy for the successful commercialization of a number of oncology, virology and immunology products, including Opdivo®, Yervoy®, Sprycel®, Daklinza® and Orencia®. Prior to serving in that role, Ms. Connaughton served as Bristol-Myers Squibb’s president, European Markets, Canada and Australia; president, Intercontinental; and president, Japan, Pacific Rim, Australia and Canada; senior vice president, Cardiovascular and Metabolic Business Unit, U.S.; and senior vice president, Primary Care Marketing, U.S. Ms. Connaughton also served on the European Federation of Pharmaceutical Industry Association, Patient Access and European Markets Committees from 2014 to 2016. She received her Bachelor of Arts from Johns Hopkins University and her Master of Business Administration from The Wharton School, University of Pennsylvania.

Key Skills and Experience:

Pharma Business Leadership and Operations

Ms. Connaughton’s extensive experience in business and operations was developed during her 30-year career at Bristol-Myers Squibb where she built a consistent track record of achieving sales growth, improving profitability and transforming operational models in U.S. and international markets. She built expertise and demonstrated success across a wide range of therapeutic areas, including cardiovascular, metabolic diseases, virology and oncology.

International Business

Through her positions leading large global business regions for Bristol Myers Squibb, Ms. Connaughton brings deep experience in international markets. Specific achievements include developing and leading execution of the multi-year strategy for the successful commercialization of Opdivo®, Yervoy®, Sprycel®, Daklinza® and Orencia®. She most recently served as President Intercontinental Region, which included China, Latin America, Central and Eastern Europe and Middle East. Other positions included President, European Markets, Canada and Australia; President, Intercontinental Region; and President, Japan, Pacific Rim, Australia and Canada.

Human Capital Management

In each of her senior management positions, Ms. Connaughton led diverse, cross-functional teams, building the capabilities to successfully develop and commercialize pharmaceutical products. She has broad experience selecting and developing talent and building high performance teams with the skills, motivation and culture to achieve sustainable results.

Board Service Selection Criteria: As further described in Ms. Connaughton’s biography, the Nominating and Corporate Governance Committee believes Ms. Connaughton has the relevant background in the following areas which the committee believes are important to service on the Company’s Board of Directors: (i) pharma business leadership and operations, (ii) international business and (iii) human capital management. Ms. Connaughton’s extensive operations and commercialization experience in the pharmaceutical industry including the development of successful commercialization strategies for a number of oncology products and her consistent track record of achieving sales growth provides valuable experience and perspective to our Board, leading the Nominating and Corporate Governance Committee to determine that Ms. Connaughton should serve as one of our directors.

Moni Miyashita (age 69)

Director Since: 2022

Board Committees: Nominating and Corporate Governance Committee

Key Skills: Complementary Business/Industry Segment Expertise, International Business, M&A, Risk Management

Ms. Miyashita brings over 25 years of global experience leading business transformations and building new businesses through strategy, new business models, and mergers & acquisitions. Since October 2024, she has served as the managing partner of

Beacon Hill Stategy Group, a growth strategy and M&A consulting firm. From May 2019 to September 2024, she served as Executive Vice President and Chief Strategy Officer of Valo Health, LLC, a technology company using human-centric data and artificial intelligence to transform drug discovery and development. Prior to Valo Health, from August 2015 to May 2019, she was a Partner at Innosight Consulting, where she provided growth strategy consulting services for businesses in the biotech, healthcare and technology industries. From 2011 to 2015, she was a Senior Advisor at McKinsey where she advised senior executive leadership teams on executing strategic M&A. Prior to McKinsey, she served as Vice President, Corporate Development at IBM, Inc., a multinational technology and consulting company, from 1998 to 2011. She received her BS degree in marketing from the University of Colorado and her MBA from the University of Denver.

Key Skills and Experience:

Complementary Business/Industry Segment Expertise

In 2019, Ms. Miyashita joined Valo Health as Chief Strategy Officer where she develops and drives complex business models, building a disruptive technology platform, and applying it to drug discovery, clinical development, and strategic partnerships across a regulated pharmaceutical ecosystem. While serving as Partner at Innosight Consulting, she advised and supported CEOs and their executive leadership teams on disruptive growth strategies in the biotech and healthcare industries. While serving as Senior Advisor at McKinsey, Ms. Miyashita provided global advisory services on M&A to executive and senior leadership teams across the pharmaceutical, biotech, and healthcare industries.

International Business and M&A

During her tenure as Vice President at IBM, Ms. Miyashita was a key architect in developing and executing M&A globally, anchored on strategy, with successful deal flow, transaction execution and post-merger integration. This strategy and effort resulted in over 40 quarters of double-digit earnings per share growth and creating the highest revenue and market capitalization in IBM’s history. Prior to this position, Ms. Miyashita had executive positions in IBM Asia. While serving as Senior Advisor at McKinsey, Ms. Miyashita helped build McKinsey’s M&A practice and provided global advisory services to executive and senior leadership teams in the Americas, Europe, and Asia on transforming and growing their businesses through M&A.

Human Capital Management

Ms. Miyashita has extensive human capital management experience having led human capital integration efforts in over 100 acquisitions during her tenure as Vice President at IBM. In her prior roles at McKinsey and Innosight, she advised chief executive officers and executive leadership teams on human capital management matters as they transitioned their companies when executing transformational M&A transactions or when transforming their core business. In her current role at Valo Health, she influences the human capital management needed to build a novel platform to accelerate drug discovery and development.

Risk Management

During her tenure as Vice President at IBM, Ms. Miyashita was involved in over 100 acquisitions or transactions and multiple business carve outs for divestiture from IBM to other companies which included developing cross functional processes and approaches to manage risk. Under her leadership, cross functional teams prepared for and passed multiple business audits to ensure risk was identified, mitigated and managed for executing all acquisitions.

Board Service Selection Criteria: As further described in Ms. Miyashita’s biography, the Nominating and Corporate Governance Committee believes Ms. Miyashita has the relevant background in the following areas which the committee believes are important to service on the Company’s Board of Directors: (i) complementary business and industry experience, (ii) international business, (iii) human capital management, (iv) M&A and (v) risk management. Ms. Miyashita’s extensive experience in developing and executing complex corporate transactions and her experience providing strategy execution advice to senior leadership teams provide our Board with valuable strategic and operational expertise, leading the Nominating and Corporate Governance Committee to determine that Ms. Miyashita should serve as one of our directors.

Matthew L. Posard (age 57)

Director Since: 2013

Board Committees: Nominating and Corporate Governance Committee (Chair)

Key Skills: Medicine and Science, Complementary Business/Industry Segment Expertise, International Business, Human Capital Management, M&A

Other Current Public Company Boards:

DermTech, Inc. (Chairman), a precision dermatology company

Nautilus Biotechnology, Inc., (Chairman) a development stage life sciences company

Recent Past Public Company Board Experience: Talis Biomedical, a developer of diagnostic tests for infectious diseases

Mr. Posard brings over 30 years of general management and commercialization experience in the biotechnology and diagnostics industry to the Board of Directors. He is Founding Principal of Explore DNA, a life sciences executive consulting firm, a position he has held since March 2016. Since 2017, he has provided advisory services to CEOs for several emerging life sciences companies. From February 2017 to April 2018, Mr. Posard served as President and Chief Commercial Officer of GenePeeks, Inc., a genetic research company. From March 2015 to April 2016, he served as Chief Commercial Officer of Trovagene, Inc., a molecular diagnostic biotechnology company. From February 2006 to February 2015, he held various commercial and general management positions at Illumina, Inc., a genomics company focusing on DNA sequencing, including senior executive positions overseeing Global Sales, Marketing, and General Manager of Clinical and Consumer Genomics as well as New and Emerging Markets. Mr. Posard holds a BA degree in Management Science from the University of San Diego.

Key Skills and Experience:

Medicine and Science

Mr. Posard has deep expertise introducing novel and transformative products to medical and research markets while scaling organizations efficiently. He is a Founding Principal of Explore DNA and provides advisory services to executive officers of several emerging life sciences companies.

Complementary Business/Industry Segment Expertise

Mr. Posard adds to his biotech expertise with deep knowledge in the diagnostics area, having served in senior positions at Illumina, Biosite, Inc. and Gen-Probe, Inc. At Illumina he was part of the executive management team that led the company to its first $1 billion in revenue. At Biosite he was instrumental in the successful introduction of the company’s BNP congestive heart failure biomarker and its BNP co-marketing collaboration with Beckman Coulter. At Gen-Probe, Mr. Posard helped the company attain leading market positions in DNA probe-based infectious disease diagnostics and blood banking.

International Business

Mr. Posard has extensive international business experience, having served as the Vice President of Global Sales for Illumina where he led an international commercial sales team. He also served as Senior Vice President and General Manager of Illumina’s Translational and Consumer Genomics and New and Emerging Markets business units and was responsible for over $100 million of sales growth in his first year in this position. This experience provided substantial exposure to commercial markets around the world.

Human Capital Management

In his senior commercial marketing positions with various companies, Mr. Posard has managed and led a number of large and diverse marketing teams. A seasoned executive in the genomics and life science space, Mr. Posard has extensive background in effectively scaling organizations.

M&A

Mr. Posard has served on the board of directors and in senior leadership positions at a variety of startup and emerging companies and has extensive experience in the area of mergers and acquisitions in the biotech and diagnostics space. In his position as advisor to senior executives of life science companies, he has provided guidance and effective consultation in the execution of strategic acquisitions.

Board Service Selection Criteria: As further described in his biography, the Nominating and Corporate Governance Committee believes Mr. Posard has the relevant background in the following areas which the committee believes are important to service on the Company’s Board of Directors: (i) medicine and science, (ii) complementary business and industry segment expertise, (iii) international business, (iv) human capital management and (v) M&A. Mr. Posard’s general management, sales and marketing experience including the successful launch of products and management of sales operations provides valuable experience and perspective to our Board, leading the Nominating and Corporate Governance Committee to determine that Mr. Posard should serve as one of our directors.

Directors Continuing in Office Until the 2027 Annual Meeting

Barbara Duncan (age 60)
Director Since: 2023

Board Committees: Audit Committee (Chair) and Compensation Committee

Key Skills: Pharma Business Leadership and Operations, International Business, Finance and Capital Markets, M&A

Other Current Public Company Boards:

Atea Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company

Ovid Therapeutics, Inc., a biopharmaceutical company

Recent Past Public Company Board Experience: Aevi Genomics Medicine, Inc., Adaptimmune Therapeutics, plc,, Fusion Pharmaceuticals, Inc., Immunomedics, Inc., Innoviva, Inc., Jounce Therapeutics, Inc., ObsEva S.A.

Ms. Duncan brings over 16 years of pharmaceutical and biotechnology industry experience to the Board of Directors. She retired from Intercept Pharmaceuticals, Inc., a biopharmaceutical company, where she served as Chief Financial Officer and Treasurer from May 2009 to June 2016. From 2001 to 2009, Ms. Duncan held various senior leadership roles of increasing responsibility at DOV Pharmaceutical, Inc., a biotechnology company, including Chief Financial Officer and ultimately serving as Chief Executive Officer prior to DOV’s sale in 2010 to Euthymics Bioscience, Inc. Prior to joining DOV, Ms. Duncan served as Vice President of Corporate Finance - Global Healthcare at Lehman Brothers Inc. from 1998 to 2001, and as Director of Corporate Finance at SBC Warburg Dillon Read Inc. from 1994 to 1998. She also worked for PepsiCo, Inc. from 1989 to 1992 in its international audit division, and was a certified public accountant in the audit division of Deloitte & Touche LLP from 1986 to 1989. Ms. Duncan received her BBA from Louisiana State University and her MBA from the Wharton School of the University of Pennsylvania.

Key Skills and Experience:

Pharma Business Leadership and Operations and International Business

As Chief Financial Officer and Treasurer at Intercept Pharmaceuticals, Ms. Duncan helped lead the operational and strategic plans of this biopharmaceutical company, including managing the buildout of international operations and preparing financial teams for commercial product launch. At DOV Pharmaceutical, Ms. Duncan developed and lead in the execution of strategic plans, restructured several of the company’s partnerships and led negotiations on licensing transactions.

Finance and Capital Markets

Ms. Duncan’s gained extensive financing experience serving as Chief Financial Officer for two public biopharmaceutical companies. Through the successful execution of both private and public financings, Ms. Duncan’s leadership supported operations and strategic plans. Ms. Duncan managed all phases of Intercept’s initial public offering and following on offerings. Further, while serving as Chief Financial Officer at both Intercept and DOV Pharmaceutical, Ms. Duncan managed the investor relations function and research analyst and investment banking relationships.

M&A

Ms. Duncan gained extensive M&A experience in her role as Vice President at Lehman Brothers with an emphasis in the healthcare space. While at Lehman, Ms. Duncan reviewed potential merger opportunities, reviewed valuation work product and authored advisory presentations to assist clients in formulating strategic corporate structuring strategies. While serving as Chief Executive Officer of DOV Pharmaceutical, she led the execution of the company’s sale to Euthymics.

Board Service Selection Criteria: As further described in Ms. Duncan’s biography, the Nominating and Corporate Governance Committee believes that Ms. Duncan has the relevant background in the following areas which the committee believes are important to service on the Company’s Board of Directors: (i) pharma business leadership and operations, (ii) finance and capital markets, (iii) international business and (iv) M&A. Ms. Duncan’s extensive industry and financial experience, including her experience as chief financial officer at public biopharmaceutical companies, combined with her business acumen and experience serving on other public biopharmaceutical boards, provide our Board with valuable expertise, leading the Nominating and Corporate Governance Committee to determine that Ms. Duncan should serve as one of our directors.

Mahesh Krishnan (age 54)

Director since: 2024

Board Committees: Nominating and Corporate Governance Committee

Key Skills: Medicine and Science, Pharma Business Leadership & Operations, Complimentary Business/Industry Segment Experience, International Business, Finance & Capital Markets, M&A

Recent Past Public Company Board Experience: Chinook Therapeutics, Inc.

Mahesh Krishnan, M.D., brings more than 20 years of health care practitioner and biotechnology and health service industry experience to the Board of Directors. Since 2009, Dr. Krishnan has served in various roles at DaVita, Inc., a provider of kidney dialysis services, including service as the co-lead of DaVita Venture Group, the external innovation arm of DaVita, Inc., where he is responsible for strategic partnerships in technology and research and development at DaVita, as well as medical policy in Washington, D.C. Since May 2019, Dr. Krishnan has also served as DaVita’s Group Vice President of Research and Development and prior to that role, Dr. Krishnan served as DaVita’s first international Chief Medical Officer from 2015 to May 2019. From 2004 to 2009, Dr. Krishnan served in various roles at Amgen Inc., a multinational biopharmaceutical company, including serving as the Global Development Leader for Epogen® and as Executive Director, Medical Policy for all of Amgen’s domestic products. From 2000 to 2004, Dr. Krishnan was a practicing nephrologist at Virginia Nephrology Group. He earned his M.D. from Jefferson Medical College at Thomas Jefferson University and his B.S. in pre-medicine from The Pennsylvania State University. He also holds an M.P.H. from Johns Hopkins University and an M.B.A. in health care management from the Johns Hopkins Carey School of Business.

Key Skills and Experience:

Medicine and Science; and Complementary Business/Industry Segment Expertise

Dr. Krishnan served as a practicing nephrologist at Virginia Nephrology Group where he managed daily operations. While at Amgen, he oversaw clinical trial execution for Epogen® and served as the executive director for medical policy and as the executive director for medical affairs. He also served as Vice President, Clinical Research and Publishing, Vice President Clinical Innovation and Public Policy and as Founding International Chief Medical Officer for DaVita during which time he was involved in a wide variety of operational and commercial functions for a premier nephrology health services company. As a Chief Medical Officer for DaVita he gained extensive experience in multi-site and international medical services delivery.

Pharma Business Leadership and Operations and International Business

Dr. Krishan gained extensive experience in pharma business leadership and operations in his role as executive director, medical affairs at Amgen. While at Amgen, he developed and executed on the medical affairs and marketing plan for Epogen® and negotiated multiple label iterations with the United States (“U.S.”) Food and Drug Administration (“FDA”). As global development leader for Epogen® he also oversaw multiple aspects of the FDA regulatory advisory committee meetings and successfully implemented a large molecule manufacturing change clinical program. At DaVita, Dr. Krishnan served as the international chief medical officer and oversaw clinical, operational and safety performance for DaVita’s clinical healthcare operations in eleven countries. Dr. Krishnan has also authored two books on pharmaceutical sales training.

Finance and Capital Markets and M&A

Dr. Krishnan currently serves as group vice president of DaVita Venture Group. In this capacity, he oversees corporate development and mergers and acquisitions. He has executed multiple industry partnerships including through the use of joint ventures, corporate spinouts and the founding of health care services, pharma, medical device and diagnostic companies. He has also overseen fundraising, venture capital investments in industry related companies and worked closely with corporate investor relations for capital market presentations.

Board Service Selection Criteria: As further described in Dr. Krishnan’s biography, the Nominating and Corporate Governance Committee believes that Dr. Krishnan has the relevant background in the following areas which the committee believes are important to service on the Company’s Board of Directors: (i) medicine and science, (ii) pharma business leadership and operations, (iii) complimentary business and industry experience, (iv) international business, (v) finance and capital markets, and (vi) M&A. Dr. Krishnan’s extensive industry, financial and M&A experience, including his experience in senior management positions in the biopharmaceutical industry, combined with his experience as a healthcare professional and his business acumen, provide our Board with valuable expertise, leading the Nominating and Corporate Governance Committee to determine that Dr. Krishnan should serve as one of our directors.

CORPORATE GOVERNANCE

Director Independence

The Board of Directors (or “Board”) has determined that, other than Dr. Torley, our President and Chief Executive Officer, each of Jeffrey W. Henderson, Bernadette Connaughton, Barbara Duncan, Mahesh Krishnan, M.D., Connie L. Matsui, Moni Miyashita, and Matthew L. Posard is an independent director within the meaning set forth under applicable rules of the NASDAQ Stock Market. Dr. Torley does not meet the requirements for director independence because she serves as the President and Chief Executive Officer of Halozyme.

Board Leadership

The Board has separated the Chief Executive Officer and Board Chair positions to: (i) provide a stronger corporate governance structure; (ii) improve overall Board effectiveness; and (iii) enhance communication between management and the Board. Mr. Henderson began serving as the non-employee Chair of the Board of Directors in May 2022.

Board Tenure

Executive Sessions

Our independent directors generally meet in executive session without management present each time the Board holds its regularly scheduled meetings. The Chair of the Board of Directors, acts as the presiding director for such executive sessions of independent directors.

Board Meetings and Committees

The Board of Directors held eleven meetings during the fiscal year ended December 31, 2024. The Board of Directors has three standing committees: (i) Audit Committee; (ii) Compensation Committee; and (iii) Nominating and Corporate Governance Committee. During the last fiscal year, each director attended at least 75% of the total number of meetings of the Board for the period in which they served as a director and the committees of the Board on which such director served during that period. Our standing committees are currently comprised of the following directors:

Name

Audit Committee

Compensation
Committee

Nominating / Corporate
Governance Committee

Bernadette Connaughton

Chair

Barbara Duncan

Chair

Jeffrey W. Henderson

Connie L. Matsui

Matthew L. Posard

Chair

Mahesh Krishnan

Moni Miyashita

Helen I. Torley, M.D. Ch.B., M.R.C.P.

Audit Committee

The current members of the Audit Committee are Barbara Duncan (Chair), Jeffrey W. Henderson and Matthew L. Posard. All members of the Audit Committee satisfy the independence requirements set forth under the applicable rules of the NASDAQ Stock Market and Rule 10A-3 of the Exchange Act, and each of them is able to read and fundamentally understand financial statements. Mr. Henderson and Ms. Duncan are “audit committee financial experts,” as defined in the rules of the SEC. The Audit Committee operates under a written charter that is available on our website at: www.halozyme.com. The primary purpose of the Audit Committee is to oversee our accounting and financial reporting processes and the functions of the Audit Committee include retaining our independent registered public accounting firm, reviewing its independence, reviewing and approving the planned scope of its annual audit, reviewing and approving any fee arrangements with our independent registered public accounting firm, overseeing its audit work, reviewing and pre-approving any non-audit services that may be performed by the independent registered public accounting firm, reviewing the adequacy of our accounting and financial controls, reviewing our critical accounting policies and reviewing, overseeing risk assessment and management, approving any related party transactions, overseeing the Company’s cybersecurity strategy, reviewing the Company’s cybersecurity risks and receiving periodic updates from management regarding cybersecurity. The Audit Committee held five meetings during the fiscal year ended December 31, 2024.

Additional information regarding the Audit Committee is set forth in the Report of the Audit Committee contained in this Proxy Statement.

Compensation Committee

The current members of the Compensation Committee are Bernadette Connaughton (Chair), Barbara Duncan and Connie Matsui. All members of the Compensation Committee satisfy the independence requirements set forth under the applicable rules of the NASDAQ Stock Market, and qualify as non-employee directors as defined in Rule 16b-3 under the Securities Exchange Act. The Compensation Committee operates under a written charter that is available on our website at: www.halozyme.com. The primary purpose of the Compensation Committee is to discharge the Board’s responsibilities relating to compensation and benefits of our executive officers. More specifically, the Compensation Committee reviews and advises the Board on overall compensation philosophy, policies and plans, reviews and approves the salary and annual cash incentive earned by the Chief Executive Officer and other executive officers; approves equity awards to executive officers; approves employment and severance agreements of executive officers; and reviews the compensation of non-employee directors for service on the Board of Directors and its committees. The Compensation Committee held five meetings during the fiscal year ended December 31, 2024.

Nominating and Corporate Governance Committee

The current members of the Nominating and Corporate Governance Committee are Matthew L. Posard (Chair), Mahesh Krishnan, M.D., and Moni Miyashita. All members of the Nominating and Corporate Governance Committee satisfy the independence requirements set forth under the applicable rules of the NASDAQ Stock Market. The Nominating and Corporate Governance Committee operates under a written charter that is available on our website at: www.halozyme.com. The primary responsibilities of the Nominating and Corporate Governance Committee are to (i) identify individuals qualified to become Board members; (ii) select, or recommend to the Board, director nominees for each election of directors; (iii) develop and recommend to the Board criteria for selecting qualified director candidates; (iv) consider committee member qualifications, appointment and removal; (v) recommend applicable corporate governance principles, codes of conduct and compliance mechanisms, and (vi) provide oversight in the evaluation of the Board and each committee. The Nominating and Corporate Governance Committee held four meetings during the fiscal year ended December 31, 2024.

With respect to Board membership, the Nominating and Corporate Governance Committee’s goal is to assemble a Board of Directors that brings a variety of perspectives and skills derived from high quality business and professional experience.

There are no stated minimum criteria for director nominees. The Nominating and Corporate Governance Committee also believes it is appropriate for at least one key member of management to participate as a member of the Board.

The Halozyme Board of Directors believes that our Board should have diversity of knowledge base, professional experience and skills, and considers director candidates who bring diversity including age, gender, nationality, race, ethnicity and sexual orientation. When considering whether to recommend any candidate for inclusion in the Board’s slate of recommended director nominees, including candidates recommended by our stockholders, the Nominating and Corporate Governance Committee will review the candidate’s integrity, business acumen, age, experience, commitment, diligence, conflicts of interest, existing time commitments and the ability to act in the interests of all stockholders. Once a potential qualified candidate is identified, multiple members of the Nominating and Corporate Governance Committee will interview that candidate. The committee may also ask the candidate to meet with non-committee members of the Board and/or members of management and, if the committee believes a candidate would be a valuable addition to the Board, it will recommend that candidate to the full Board.

Pursuant to the terms of its charter and our Corporate Governance Guidelines, the Nominating and Corporate Governance Committee will consider qualified director candidates suggested by our stockholders. Stockholders may recommend individuals for the Nominating and Corporate Governance Committee to consider as potential director candidates by submitting the candidate’s name, contact information and biographical information in writing to the “Halozyme Nominating and Corporate Governance Committee” c/o Corporate Secretary, 12390 El Camino Real, San Diego, California 92130. The biographical information and background materials of any such candidate will be forwarded to the Nominating and Corporate Governance Committee for its review and consideration. The committee’s review process for candidates identified by our stockholders is essentially identical to the review process for candidates identified by the committee. In addition to the process discussed above regarding the consideration of the Nominating and Corporate Governance Committee of candidates suggested by our stockholders, our Bylaws contain provisions that address the process by which a stockholder may nominate an individual to stand for election to our Board at our Annual Meeting of Stockholders.

Risk Management

Our corporate Enterprise Risk Management program is reviewed approximately quarterly by the CEO and Halozyme Leadership Team, and annually by the Halozyme Board of Directors. Our Board is responsible for reviewing and assessing business enterprise risk and other major risks facing the Company, and evaluating management’s approach to addressing such risks. In connection with these reviews, our Board members rely on information from external sources as well as on their individual experiences identifying and managing business enterprise risk for other entities both within and outside of our industry. In addition, the committees of our Board consider and address risk as they perform their respective committee responsibilities. For example, financial risks and cyber security risks are overseen by our Audit Committee and our Compensation Committee periodically reviews our compensation programs to ensure they do not encourage excessive risk-taking. All committees report to the full Board as appropriate, including when a matter rises to the level of a material or enterprise risk.

Our senior management team is responsible for day-to-day risk management and regularly reports on risks to our full Board or a relevant committee. Our legal, finance and regulatory areas serve as the primary monitoring and evaluation function for company-wide policies and procedures, and manage the day-to-day oversight of the risk management strategy for our business. This oversight includes identifying, evaluating, and addressing potential risks that may exist at the enterprise, strategic, financial, operational, compliance and reporting levels.

We believe the division of risk management responsibilities described above is an effective approach for identifying and addressing the risks facing our Company, and that the leadership structure of our Board is effective in implementing this approach.

Corporate Responsibility

Halozyme continues to build a sustainable, environmentally conscious business while fulfilling our mission of bringing disruptive solutions that can significantly improve patient experiences and potentially outcomes for emerging and established therapies. We are driven by our mission and dedicated to our sustainability efforts across our entire ecosystem internally and externally.

Please see the discussion under the heading “Human Capital Management” in the Business section of our Annual Report on Form 10-K (which accompanies this Proxy Statement) for additional information on our human capital priorities and programs. Further more detailed information about our sustainability efforts are on our website at www.halozyme.com under the section titled “Responsibility”. Information on our website is not part of this Proxy Statement.

Cybersecurity

Our corporate Enterprise Risk Management program, which includes information technology and cybersecurity risk, is reviewed approximately quarterly by the CEO and Halozyme Leadership Team, and annually by the Halozyme Board of Directors. Additionally, Halozyme’s CEO is briefed quarterly and the Audit Committee is briefed periodically, on our cybersecurity program. Our cybersecurity strategy is based on four fundamental areas: policy, procedure, people and technology. Halozyme maintains policies and procedures that describe our employees’ responsibilities for accessing computerized systems, handling data and information, and reporting cybersecurity events in a timely manner. The Board of Directors receives educational updates from outside experts on key emergent topics. All employees and contractors are required to complete formal training on these policies. Halozyme has a well-defined and proven Business Continuity Plan (BCP). The IT Disaster Recovery Plan and the IT Incident Response Plan, which are standalone components of Halozyme’s BCP, provide the framework and guidance to manage risk. Please see the discussion under the heading “Cybersecurity” in the Business section of our Annual Report on Form 10-K (which accompanies this Proxy Statement) for additional information on our cybersecurity risk management, strategy and governance.

Insider Trading Policies and Procedures

We have adopted insider trading policies and procedures governing the purchase, sale and/or other dispositions of our securities by directors, officers and employees that we believe are reasonably designed to promote compliance with insider trading laws, rules and regulations and the exchange listing standards applicable to us. In addition, our insider trading policy requires that the Company comply with all securities laws and regulations when transacting in the securities of the Company. We filed a copy of our insider trading policy as an exhibit to our Annual Report on Form 10-K.

Communications with Directors

Stockholders may communicate with any and all directors by transmitting correspondence by mail addressed as follows: “Halozyme Board of Directors” c/o Corporate Secretary, 12390 El Camino Real, San Diego, California 92130. The Corporate Secretary will transmit as soon as practicable such communications to the identified director addressee(s), unless there are safety or security concerns that mitigate against further transmission of the communication as determined by the Corporate Secretary.

Director Attendance at Annual Meetings

Our Corporate Governance Guidelines state that all directors shall make every effort to attend the Company’s Annual Meeting of Stockholders. All eight of our then-serving directors attended our Annual Meeting of Stockholders in 2024.

Code of Conduct and Ethics and Corporate Governance Guidelines

The Board has adopted a Code of Conduct and Ethics that applies to all of our employees, officers and directors. The Board has also adopted Corporate Governance Guidelines. Copies of these documents are available on our website at: www.halozyme.com. Amendments to or waivers of our Code of Conduct and Ethics granted to any of our directors or executive officers will be published promptly within four business days on our website, www.halozyme.com. Please note that the information on our website is not incorporated by reference in this Proxy Statement.

Compensation Committee Interlocks and Insider Participation

None of the directors who served on the Compensation Committee during 2024 has ever been an officer or employee of ours or had a relationship in 2024 requiring disclosure under applicable SEC regulations. None of our executive officers currently serves, or served during 2024, on the compensation committee or board of directors of any other entity that has an executive officer serving as a member of our Board of Directors or Compensation Committee.

PROPOSAL NO. 2

ADVISORY (NON-BINDING) VOTE

ON EXECUTIVE COMPENSATION (SAY-ON-PAY)

Background

The advisory vote on executive compensation is a non-binding vote on the compensation of our Named Executive Officers, as described in the Compensation Discussion and Analysis (“CD&A”) section, the tabular disclosure regarding such compensation, and the accompanying narrative disclosure, set forth in this Proxy Statement. We hold this vote annually. Please read the Executive Compensation and Related Information section of this Proxy Statement for a detailed discussion about our executive compensation programs, including information about the fiscal year 2024 compensation of our Named Executive Officers. Accordingly, as required by Section 14A of the Securities Exchange Act of 1934, as amended, we are asking our stockholders to cast an advisory vote to approve the executive compensation as described in this Proxy Statement. We expect to conduct the next advisory vote on the compensation of our Named Executive Officers at our 2026 Annual Meeting of Stockholders

We have many compensation practices that ensure consistent leadership, decision-making and actions without taking inappropriate or unnecessary risks. These compensation practices are discussed in detail in the Compensation Discussion and Analysis section of this Proxy Statement and have the following objectives:

•Properly align the interests of our stockholders with those of our executive leadership team;

•Reward actions and achievements that are consistent with the short- and long-term goals of Halozyme’s business strategy; and

•Remain competitive to attract, retain and motivate employees with relevant experience and skills needed to achieve our business goals.

The vote solicited by this Proposal No. 2 is advisory, and therefore is not binding on the Company, our Board of Directors or our Compensation Committee, nor will its outcome require the Company, our Board of Directors or our Compensation Committee to take any action. Moreover, the outcome of the vote will not be construed as overruling any decision by the Company, the Board of Directors or the Compensation Committee. However, our Board of Directors, including our Compensation Committee, values the opinions of our stockholders and, to the extent there is any significant vote against the Named Executive Officer compensation as disclosed in this Proxy Statement, we will consider our stockholders’ concerns and evaluate what actions, if any, may be appropriate to address those concerns.

Stockholders will be asked at the Annual Meeting to approve the following resolution pursuant to this Proposal No. 2:

RESOLVED, that the stockholders of Halozyme Therapeutics, Inc. approve, on an advisory basis, the compensation of the Company’s Named Executive Officers, disclosed pursuant to Item 402 of Regulation S-K in the Company’s Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders.

Vote Required

Approval of this resolution requires the affirmative vote of a majority in voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the matter. Abstentions will be treated as votes “against” the proposal. Broker non-votes will have no effect on the outcome of the vote.

Recommendation

The Board of Directors believes that the compensation of our Named Executive Officers, as described in the Compensation Discussion and Analysis and the tabular disclosures and accompanying narrative disclosures under the heading “Executive Compensation and Related Information” is appropriate for the reasons stated above. Therefore, the Board of Directors unanimously recommends a vote “FOR” approval of the compensation for our Named Executive Officers.

PROPOSAL NO. 3

RATIFICATION OF SELECTION OF

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee of the Board of Directors of Halozyme has selected Ernst & Young LLP as the independent registered public accounting firm to audit the consolidated financial statements of Halozyme for the fiscal year ending December 31, 2025. Ernst & Young LLP has acted in such capacity since its appointment on June 28, 2006. A representative of Ernst & Young LLP is expected to be present at the Annual Meeting of Stockholders, with the opportunity to make a statement if the representative desires to do so, and is expected to be available to respond to appropriate questions.

Stockholder ratification of the selection of Ernst & Young LLP as our independent registered public accounting firm is not required by our Bylaws or otherwise. However, the Board of Directors is submitting the selection of Ernst & Young LLP to the stockholders for ratification as a matter of good corporate practice. If the stockholders fail to ratify the selection, the Audit Committee will reconsider whether or not to retain that firm. Even if the selection is ratified, the Audit Committee in its discretion may appoint a different independent registered public accounting firm at any time during the year if it determines that such a change would be in the best interests of the Company and its stockholders.

Vote Required

The affirmative vote of a majority in voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the matter shall ratify the selection of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2025. Abstentions will be treated as votes “against” the proposal. Broker non-votes will have no effect on the outcome of the vote.

Board of Directors Recommendation

The Board of Directors unanimously recommends a vote “FOR” the ratification of the selection of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2025.

PRINCIPAL ACCOUNTING FEES AND SERVICES

The following table sets forth the aggregate fees billed to Halozyme for the fiscal years ended December 31, 2024 and 2023 by Ernst & Young LLP:


	Fiscal 2024		Fiscal 2023
Audit Fees (1)	$	1,510,719	$	1,558,350
Audit Related Fees	—		—
Tax Fees	—		—
All Other Fees (2)	—		—
Total	$	1,510,719	$	1,558,350

________________

(1)Audit Fees consist of fees billed for professional services rendered for the audit of the Company’s consolidated annual financial statements, including the audit of internal control over financial reporting and review of the interim consolidated financial statements included in quarterly reports and services that are normally provided by our independent registered public accounting firm in connection with statutory and regulatory filings or engagements.

(2)All Other Fees consist of fees for products and services other than the services reported above.

The Audit Committee’s policy is to pre-approve all audit and permissible non-audit services provided by our independent registered public accounting firm. These services may include audit services, audit-related services, tax services and other services. Pre-approval is generally provided for up to one year and any pre-approval is detailed as to the particular service or category of services. The independent registered public accounting firm and management are required to periodically report to the Audit Committee regarding the extent of services provided by the independent registered public accounting firm in accordance with this pre-approval policy. The Chair of the Audit Committee is also authorized, pursuant to delegated authority, to pre-approve additional services on a case-by-case basis, provided that such approvals are communicated to the full Audit Committee at its next meeting. All of the services of Ernst & Young LLP for 2024 and 2023 described above were pre-approved by the Audit Committee.

REPORT OF THE AUDIT COMMITTEE

The Audit Committee oversees the Company’s financial reporting process on behalf of the Board of Directors and is comprised solely of independent directors as defined by the Nasdaq listing standards and Rule 10A-3 of the Securities Exchange Act of 1934. The Audit Committee is governed by a charter which describes in greater detail the full responsibilities of the Audit Committee. The Company’s management has the primary responsibility for the consolidated financial statements, for maintaining effective internal control over financial reporting, and for assessing the effectiveness of internal control over financial reporting. In fulfilling its oversight responsibilities, the Audit Committee reviews the consolidated financial statements, internal control over financial reporting, audit matters and reports from management. In connection with these reviews, the Audit Committee meets with management and the independent registered public accounting firm (Ernst & Young LLP) at least once each quarter. These meetings include, whenever appropriate, executive sessions in which the Audit Committee meets separately with the independent registered public accounting firm, internal auditors, management personnel and legal counsel. The meetings of the Audit Committee are designed to facilitate and encourage communication among the Audit Committee, the Company, the Company’s internal audit function and the independent registered public accounting firm. The Audit Committee is directly and solely responsible for the appointment, compensation, retention, and oversight of the independent registered public accounting firm. The Audit Committee regularly considers the independence, qualifications, audit and non-audit fees and services, and performance of the independent registered public accounting firm.

The Audit Committee has reviewed and discussed with the independent registered public accounting firm, which is responsible for expressing an opinion on the conformity of the audited consolidated financial statements with U.S. generally accepted accounting principles, its judgments as to the quality, not just the acceptability, of the Company’s accounting principles and such other matters as are required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (PCAOB) and the Securities and Exchange Commission, and other applicable regulations. In addition, the Audit Committee reviewed and discussed with Ernst & Young LLP matters related to its independence, including a review of non-audit services and the written disclosures and the letter from Ernst & Young LLP to the Audit Committee required by the PCAOB regarding its communications with the Audit Committee concerning Ernst & Young LLP’s independence. The Audit Committee concluded that Ernst & Young LLP is independent from the Company and its management.

The Audit Committee discussed with the Company’s independent registered public accounting firm the overall scope and plans for their respective audits. The Audit Committee has met the independent registered public accounting firm, with and without management present, to discuss the results of their examinations; their evaluations of the Company’s internal control, including internal control over financial reporting; the critical audit matters addressed during the audit; and the overall quality of the Company’s financial reporting.

The Committee also reviewed and discussed with management and the independent registered public accounting firm the Company’s audited consolidated financial statements and related schedule, the results of management’s assessment of the effectiveness of the Company’s internal control over financial reporting and the independent registered public accounting firm’s audit of internal control over financial reporting for the year ended December 31, 2024.

In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors, and the Board of Directors has approved, that the audited consolidated financial statements and management’s assessment of the effectiveness of the Company’s internal control over financial reporting be included in the Annual Report on Form 10-K for the year ended December 31, 2024 filed by the Company with the Securities and Exchange Commission.

AUDIT COMMITTEE

Barbara Duncan (Chair)

Jeffrey W. Henderson

Matthew L. Posard

EXECUTIVE COMPENSATION AND RELATED INFORMATION

COMPENSATION DISCUSSION AND ANALYSIS

Executive Summary

The Compensation Committee oversees the compensation program for the Company’s executive officers. In this role, the Compensation Committee reviews and approves all compensation decisions relating to our executive officers listed in the table below (referred to in this proxy statement as our “Named Executive Officers” or “NEOs”).

Our NEOs for 2024 are:


Name						Principal Position
Helen I. Torley						President and Chief Executive Officer
Nicole LaBrosse						Senior Vice President, Chief Financial Officer
Mark Snyder						Senior Vice President, Chief Legal Officer
Michael J. LaBarre						Senior Vice President, Chief Technical Officer

Executive Compensation Highlights

Our executive compensation program ties a substantial portion of each executive’s overall compensation to the achievement of key strategic, financial and operational goals and aligns the interests of executive officers with stockholders by annually awarding long-term equity-based incentives (“LTI”), in the form of time-vesting restricted stock units (“RSUs”), performance-vesting stock units (“PSUs”) and stock options. Consistent with this approach, the compensation of our NEOs for 2024 featured:

•Total Revenue from Existing Sources1, New Revenue1, and Adjusted EBITDA1 growth performance goals were established for the threshold, base and maximum targets under our 2024 annual cash incentive program. Actual Total Revenue from Existing Sources attainment was $957.5 million, a 16% increase over prior year which was 200% to target, New Revenue attainment was $27 million, which was 71.3% to target, and Adjusted EBITDA was $601.4 million a 41% increase over prior year and 200% to target. Actual cash payouts under the 2024 annual cash incentive program ranged from 95% to 189% of target, with the cash payouts driven by a corporate performance factor under the program of 157.8%.

•a compensation package more heavily weighted toward long-term equity-based incentive compensation than salary and shorter-term annual cash incentives in order to emphasize the focus on our long-term performance and stockholder value,

•long-term equity-based incentives that were heavily weighted toward performance – in addition to the value of all awards being dependent on our stock price, the annual awards granted in 2024 consisted of 50% PSUs which are subject to performance-based vesting conditions, 15% stock options, which have value only if our stock price increases after the date of grant of the awards, and 35% RSUs, the value of which depends on our future stock price when the awards vest,

•stock ownership and stock retention guidelines, encouraging executives to maintain a meaningful ownership position in the Company, focus on our long-term performance and discourage unreasonable risk-taking,

•a recoupment (or “claw back”) policy covering certain compensation elements in the event of an accounting restatement due to material noncompliance with any financial reporting requirements,

•a practice of not including tax gross-ups in ongoing compensation arrangements,

•no “single trigger” provisions in executive and employee change-in-control agreements and arrangements (i.e., payout or vesting is not triggered automatically upon a change-in-control), and

•no material perquisites.

1 We use “Total Revenue from Existing Sources” in this Compensation Discussion and Analysis (“CD&A”) to mean the Company’s total revenue for the year excluding New Revenue. We use “New Revenue” in this CD&A to mean the Company’s revenue for the year derived from new collaborations, milestones, and nominations that were not in the Company’s base financial plan for the year and were the result of new opportunity creation. We use “Adjusted EBITDA” in this CD&A to refer to the Company’s earnings for the year excluding interest, taxes, depreciation and amortization, and excluding one time items, if any, such as changes in contingent liabilities, inventory adjustments, and impairment charges that we feel are not reflective of our core operating performance. Total Revenue from Existing Sources and Adjusted EBITDA do not include revenue we received during the year resulting from the issuance of the European patent we were granted in June 2024 covering ENHANZE® manufacturing methods which prevented the reduction in the royalty rate on sales of DARZALEX® SC in the European countries where it is validated. This additional revenue was not included at the time the corporate goals were established as it was dependent upon patent issuance, and it was determined that if a patent was issued, the incremental revenue would be excluded from the performance measurement.

Stockholder Engagement

The Board and the Compensation Committee value the input of our stockholders regarding the Company’s governance practices and the design and effectiveness of our executive compensation program. Halozyme conducts regular outreach to our stockholders to build relationships and solicit feedback on these topics.

In addition, our stockholders are provided with an opportunity to cast an advisory vote on our executive compensation program every year through the “say-on-pay” proposal. At our 2024 annual meeting of stockholders, our stockholders approved, on a non-binding, advisory basis, the compensation paid to our NEOs described in our 2024 proxy statement. Approximately 97.9% of the votes cast on the matter were voted in favor of this “say-on-pay” proposal. The Compensation Committee considered the voting results and high level of stockholder support of the prior year when establishing our executive compensation programs for fiscal 2025.

When making future compensation decisions for our executive officers, the Compensation Committee will continue to consider the opinions that stockholders express through our stockholder engagement program and through our annual “say-on-pay” advisory votes.

2024 Business Highlights

Halozyme’s strong financial and operating performance in 2024 was supported by internal corporate developments and significant growth and advancements with our ENHANZE® collaboration partners. The key developments and achievements in 2024 include:

•Strong stockholder return, with the per share price of our common stock up 28% during 2024 (from NASDAQ closing price of $37.39 on January 2, 2024 to a NASDAQ closing price of $47.81 on December 31, 2024) and up 223% over five years (from a NASDAQ closing price of $14.80 on January 2, 2019 to a NASDAQ closing price of $47.81 on December 31, 2024).

•Reported record total revenues of $1,015.3 million, which increased 22% from $829.3 million in 2023.

•Revenues from royalties of $571 million which increased 27% from $447.9 million in 2023 driven primarily by continued sales uptake of DARZALEX® subcutaneous (“SC”) from Janssen and Phesgo® by Roche in all geographies, and the prior year launch of VYVGART® Hytrulo by argenx.

•In June 2024, the Company completed the $250 million Accelerated Share Repurchase (“ASR”) that was initiated in November of 2023, resulting in a total repurchase of 6.5 million shares at an average price of $38.35 per share which concluded our December 2021 share repurchase program resulting in a total of 19.1 million shares repurchased over the three-year period at an average price per share of $39.31.

•The Company announced the issuance of a new European patent covering the ENHANZE® rHuPH20 product obtained from our ENHANZE® manufacturing methods that we provide to our licensees. The newly granted patent maintains the original royalty rate on sales of DARZALEX® SC in 37 European countries until expiration of the patent in March 2029.

•argenx expanded its global collaboration and license agreement nominating four additional targets that provides them exclusive access to our ENHANZE® drug delivery technology for a total of six targets. Under the terms of the expanded exclusive agreement, we received upfront payments of $7.5 million per target nomination for a total of $30.0 million. argenx is obligated to make future milestone payments of up to $85.0 million per new nominated target, subject to achievements of specified development, regulatory and sales-based milestones. We are also entitled to receive royalties on net sales of commercialized products with our ENHANZE® technology.

•ViiV expanded its global collaboration and license agreement providing ViiV the ability to exclusively access our ENHANZE® drug delivery technology for one additional undisclosed target.

•In December 2024, the Company initiated a $250 million ASR under the February 2024 Board of Directors approved $750 million share repurchase authorization.

•ENHANZE® Partner Regulatory Submissions/Approvals

◦argenx received regulatory approval in Japan for VYVDURA® (efgartigimod alfa and hyaluronidase-qvfc) co-formulated with ENHANZE® for the treatment of adult patients with generalized myasthenia gravis including options for self-administration.

◦argenx announced the U.S. Food and Drug Administration (“FDA”) approved VYVGART® Hytrulo with ENHANZE® for the treatment of chronic inflammatory demyelinating polyneuropathy, and completed the regulatory submissions of VYVGART® SC for chronic inflammatory demyelinating polyneuropathy in Europe, during the second quarter of 2024.

◦argenx announced the National Medical Products Administration approved the Biologics License Application for efgartigimod SC for generalized myasthenia gravis in China.

◦argenx announced the Ministry of Health, Labour and Welfare in Japan approved VYVDURA® for the treatment of patients with chronic inflammatory demyelinating polyneuropathy.

◦Zai Lab Limited (argenx commercial partner for China) announced the National Medical Products Administration approved VYVGART® Hytrulo for the treatment of patients with chronic inflammatory demyelinating polyneuropathy.

◦Takeda received FDA and European Commission approval for HYQVIA® for the treatment of chronic inflammatory demyelinating polyneuropathy in adults with stable chronic inflammatory demyelinating polyneuropathy.

◦Takeda announced Health Canada approved HYQVIA® as a replacement therapy for primary humoral immunodeficiency and a secondary humoral immunodeficiency in pediatric patients two years of age and older.

◦Takeda submitted a New Drug Application in Japan seeking approval for HYQVIA® with ENHANZE® for treatment of chronic inflammatory demyelinating polyneuropathy/Multifocal Motor Neuropathy.

◦Takeda announced the Ministry of Health, Labour and Welfare in Japan approved HYQVIA® SC with ENHANZE® for patients with agammaglobulinemia or hypogammaglobulinemia disorders characterized by very low or absent levels of antibodies and an increased risk of serious recurring infection caused by primary immunodeficiency or secondary immunodeficiency.

◦Janssen announced the submission of a Biologics License Application to the FDA for amivantamab SC co-formulated with ENHANZE® also for patients with epidermal growth factor receptor-mutated non-small cell lung cancer and received priority review but subsequently received a Complete Response Letter.

◦Janssen announced the submission of a marketing authorization application to the European Medicines Agency for the SC formulation of RYBREVANT® (amivantamab) with ENHANZE® for the treatment of patients with epidermal growth factor receptor-mutated non-small cell lung cancer.

◦Janssen announced the European Commission approved DARZALEX® SC for the treatment of patients newly diagnosed with multiple myeloma who are eligible for autologous stem cell transplant in combination with bortezomib, lenalidomide, and dexamethasone.

◦Janssen announced the submission of a supplemental Biologics License Application to the FDA for approval of a new indication of DARZALEX FASPRO® in combination with bortezomib, lenalidomide, and dexamethasone for the treatment of adult patients with newly diagnosed multiple myeloma for whom autologous stem cell transplant is deferred or who are ineligible for autologous stem cell transplant.

◦Janssen announced the FDA approved DARZALEX FASPRO® for an additional indication in newly diagnosed multiple myeloma patients who are eligible for autologous stem cell transplant in combination with bortezomib, lenalidomide, and dexamethasone.

◦Janssen announced the submission of regulatory applications to the FDA and European Medicines Agency seeking approval of a new indication for DARZALEX FASPRO® in the U.S. and DARZALEX SC in the European Union (“EU”) as a monotherapy for the treatment of adult patients with high-risk smoldering multiple myeloma.

◦Roche received European Commission marketing authorization for TECENTRIQ® SC for all approved indications of TECENTRIQ® IV for multiple cancer types.

◦Roche announced the approval of OCREVUS® (ocrelizumab) SC for the treatment of relapsing multiple sclerosis and primary progressive multiple sclerosis by the Medicines and Healthcare products Regulatory Agency in Great Britain.

◦Roche announced the European Commission granted marketing authorization in the EU of OCREVUS® (ocrelizumab) SC for the treatment of relapsing multiple sclerosis and primary progressive multiple sclerosis.

◦Roche announced the FDA approved OCREVUS ZUNOVO™ with ENHANZE® as a twice a year ten-minute SC injection for the treatment of relapsing multiple sclerosis and primary progressive multiple sclerosis.

◦Roche announced the FDA approved TECENTRIQ HYBREZA™ with ENHANZE® for all approved adult indications of intravenous TECENTRIQ® and was made available to patients.

◦Roche's MabThera® SC was approved by the China National Medical Products Administration to treat diffuse large B-cell lymphoma.

◦Bristol Myers Squibb announced the FDA approved Opdivo® Qvantig (nivolumab and hyaluronidase-nvhy) with ENHANZE® for SC use in most previously approved adult, solid tumor IV Opdivo® (nivolumab) indications.

◦Bristol Myers Squibb announced the European Medicines Agency validated its Extension Application for the SC formulation of Opdivo® (nivolumab) co-formulated with ENHANZE®.

•ENHANZE® Partner Clinical Advancements

◦ViiV initiated a Phase 1 study of VH4524184 with ENHANZE® to evaluate the safety, tolerability, and pharmacokinetic measures in healthy adults.

◦argenx initiated two registrational studies evaluating efgartigimod with ENHANZE® administered by pre-filled syringe in subjects with thyroid eye disease.

◦Acumen initiated a Phase 1 study of sabirnetug (ACU193) co-formulated with ENHANZE® for the treatment of early Alzheimer's disease.

◦argenx initiated two studies evaluating VYVGART® Hytrulo with ENHANZE®, a Phase 3 study for adult patients with ocular myasthenia gravis and a Phase 2 study for kidney transplant recipients with antibody mediated rejection.

2024 CEO Compensation

In 2024, the total target annual cash compensation for our CEO, Dr. Helen I. Torley, was $1,824,000 ($960,000 in base salary plus $864,000 in target annual cash incentive opportunity). Dr. Torley’s base salary was increased for 2024 by 4.3% as a result of the Compensation Committee’s assessment of her contribution to Halozyme’s performance during 2023 and its review of base salary paid to other peer group CEOs. See Competitive Peer Group below. Dr. Torley’s target annual cash incentive opportunity for 2024 (assuming achievement of the corporate goals at 100%) was 90% of her base salary, which was the same percentage of her base salary as her target annual cash incentive opportunity for 2023. The Compensation Committee believes this target annual cash incentive was appropriate based on her level of experience, the Compensation Committee’s review of the annual cash incentive target for other peer group CEOs, and the Compensation Committee’s belief that significant portions of total annual cash compensation should be tied to achievement of specified goals. As discussed in more detail below in this CD&A, the annual cash incentive she earned for 2024 was $1,363,392 which represents approximately 157.8% of her target annual cash incentive opportunity. As CEO, Dr. Torley is the only NEO whose annual cash incentive is determined solely based on the performance of the Company.

Dr. Torley also received a LTI award during 2024 that had a grant date fair value of approximately $10,400,000, comprising the most significant element of her 2024 compensation opportunity. This award was granted based on the Compensation Committee’s assessment of her contribution to Halozyme’s performance during 2023, its review of LTI compensation paid to other peer group CEOs and the desire to link a significant portion of her compensation opportunity to Halozyme’s long-term performance. The Compensation Committee approved a mix of 50% PSUs (at target), 15% stock options and 35% RSUs for Dr. Torley, and the same mix for the annual LTI awards for each of the other NEOs, to emphasize Halozyme’s long-term stock price performance and to promote retention. The LTI award mix placed a particular emphasis on performance as the 50% allocation of Dr. Torley’s total LTI award to PSUs represented a significant increase over the 28.75% allocation to PSUs in 2023. The PSUs granted to Dr. Torley and the other NEOs in 2024 cliff vest aftter three years. One-half of the PSUs vest based on our relative total shareholder return (“TSR”) measured against an applicable subset of companies in the NASDAQ Biotechnology Index over a three-year performance period and the remaining one-half of the PSUs vest based on new collaboration deals and nominations during 2024 as described in more detail under “LTI Compensation” below. The stock options have a maximum term of ten years and vest 25% on the one-year anniversary of the date of grant with the remaining 75% vesting monthly over the following three years, while RSUs vest in 25% annual installments over a four-year period following the grant date, in each case subject to continued employment.

Halozyme’s Executive Compensation Program

The principal elements of our executive compensation program are base salary, an annual cash incentive opportunity and an annual LTI award opportunity. The LTI awards for 2024 consisted of stock options, RSUs and PSUs.

What We Do

What We Do Not Do

Pay annual bonus based on the achievement of Company financial and strategic goals, and in the case of NEOs other than the CEO, individual performance, and contribution in achieving those goals

No guaranteed annual bonus payouts

Grant PSUs as significant portion of annual LTI awards for all executive officers

No severance payments or benefits for executives who voluntarily terminate their employment

Cap the annual bonus plan payout

No buyback of stock awards or repricing of stock options without shareholder approval

Prohibit executive officer hedging and pledging of Company stock

No executive single-trigger change in control benefits

Maintain an executive officer recoupment (“claw back”) policy for accounting restatements

No material perquisites

Maintain robust stock ownership and retention guidelines for all executive officers

No supplemental executive benefits

Conduct an annual comprehensive compensation program risk assessment

No tax gross-ups in ongoing compensation arrangements

Detailed Discussion and Analysis

This CD&A describes the material elements of 2024 compensation for our NEOs.

The Compensation Committee makes all decisions relative to the compensation of all executive officers (including the CEO). Except as otherwise noted in this CD&A, the Compensation Committee’s executive compensation determinations are subjective and the result of the Compensation Committee’s business judgment. Additional details regarding the role and responsibilities of the Compensation Committee are provided below.

Executive Total Rewards Philosophy

The Compensation Committee periodically reviews its total rewards philosophy for executive officers to confirm our programs continue to meet the objectives of:

•supporting Halozyme’s short- and long-term business strategy,

•anchoring to market-based principles and being tailored to Halozyme’s culture, and

•aligning the interests of the executive officers with the long-term interests of Halozyme stockholders.

The 2024 compensation for our NEOs consisted of three primary elements, each having a specific purpose as described below:


Compensation Element			Purpose
Base Salary			• Provides a fixed amount of cash compensation for services rendered based on individual performance, job scope, experience and competitive market for talent
Annual Cash Incentive			• Motivates and rewards fiscal year contribution to company performance against pre-established financial and operational goals and objectives
Long-term Incentives			• Align compensation with the creation of stockholder value (as the value of equity awards generally, and stock options in particular, depends on stock price) and, in the case of PSUs, the achievement of relative total shareholder return goals and other performance objectives we consider important to our long-term success • Increase executive stock ownership and alignment with stockholder interests. • Serve as a key retention device

In addition, our NEOs are eligible to receive severance payments and benefits in connection with a qualifying termination of employment under our executive Change-in-Control Agreements and our severance policy for covered terminations unrelated to a change in control, each as described in more detail below. We also provide our NEOs with the same package of benefits that are provided to substantially all our full-time employees, including Company matching contributions to a 401(k) plan, health insurance, group term life insurance, and disability income insurance. From time to time, we may also provide relocation assistance in connection with the recruitment of an employee with needed skills and experience. No material perquisites or supplemental executive benefits were provided to our NEOs in 2024.

As shown below, the majority of our NEOs’ target total direct compensation for 2024 (base salary, target annual cash incentive, and LTI awards, taken into account at their fair value on the grant date) was variable (target annual cash incentive and LTI awards), with the single largest component (LTI awards) based on Halozyme’s stock price performance.

Base Salary

The Compensation Committee determines base salaries for NEOs each year based upon the following factors (with no specific weight applied to each factor):

•the scope and complexity of the NEO’s responsibilities,

•a review of external market practices (a more detailed description of the methodology used to assess external market practices is provided below),

•the NEO’s experience,

•internal pay equity, and

•the CEO’s evaluation of the NEO’s performance and contribution to the short- and long-term success of Halozyme (in the case of the CEO, the evaluation is done in executive session by the Compensation Committee with input from the other independent members of the Board of Directors).

As reflected in the table below, 2024 annual base salary levels were increased by 4.3% for the CEO, between 3.3% and 6.0% for the other NEOs. The base salary increases for our NEOs were approved by the Compensation Committee after taking into account the base salaries paid to peer group executives holding similar positions and other factors described above.


Executive Officer	2023 Base Salary ($)	2024 Base Salary ($)	% Increase
Helen I. Torley	920,000	960,000	4.3%
Nicole LaBrosse	546,188	568,188	4.0%

Mark Snyder	546,000	579,000	6.0%
Michael J. LaBarre	538,200	556,200	3.3%

Annual Cash Incentive

NEOs participate each year in the Employee Bonus Plan (“EBP”). The actual cash incentive paid to each NEO with respect to 2024 was determined based on each NEO’s target annual cash incentive opportunity and based on the performance of Halozyme as measured by the level of achievement of six metrics, of which three are tied to financial performance and have a combined 80% weighting and three are tied to operational performance and have a combined 20% weighting (“Corporate Performance”). As CEO, Dr. Torley is responsible for overall corporate performance, and accordingly, her EBP incentive opportunity is based entirely on the attainment of objective, pre-established corporate performance goals without applying an individual performance adjustment. For the other NEOs, the Compensation Committee may modify final payouts based on individual performance during the year relative to the level of achievement of personal goals (“Individual Performance Factor”), and the NEO must achieve at least 60% of his/her individual performance objectives in order to be eligible for a cash incentive payment. In all events, an NEO’s total payout cannot exceed two times the target cash annual incentive opportunity for the NEO.

The Compensation Committee sets each NEO’s target annual cash incentive opportunity as a percentage of the NEO’s base salary taking into account the same factors as are considered in NEO base salary determinations. As shown in the chart below, no changes were made to target annual cash incentive opportunities for the NEOs in 2024 (as a percentage of base salary).


Executive Officer	2023 Target Bonus (% Salary)	2024 Target Bonus (% Salary)	2024 Target Bonus ($)
Helen I. Torley	90%	90%	864,000
Nicole LaBrosse	50%	50%	284,094
Mark Snyder	50%	50%	289,500
Michael J. LaBarre	50%	50%	278,100

Corporate Performance. Corporate goals were established by the Compensation Committee (with input from the full Board of Directors) to tie the compensation of our NEOs to the Company’s achievement of annual operating objectives that were viewed as long-term drivers of sustainable value creation. EBP funding ranges between 0% and 200% for each of the six metrics. The Board of Directors approved the threshold, target, and maximum goals/level of performance for each metric.

The 2024 EBP focused on achievement of key financial and strategic objectives that resulted in (i) growth in Total Revenue from Existing Sources, (ii) New Revenue, (iii) increased Adjusted EBITDA and (iv) certain other operational goals as identified in the table below. The Compensation Committee is responsible for certifying actual performance relative to these goals following completion of the fiscal year. After reviewing the Company’s performance results in 2024, the Compensation Committee determined the corporate performance factor under the 2024 EBP was achieved at 157.8% of the targeted level for the NEOs (see table below). We used growth in revenues and Adjusted EBITDA as financial performance measures under the 2024 EBP because they are common metrics used to measure performance and widely understood by investors.

Corporate Goal

Weight

Threshold 50%

Target 100%

Maximum 200%

Actual Result

EBP Funding

Total Revenue from Existing Sources

40%

$865.0M

$897.0M

$935.0M

$957.5M

80%

New Revenue

25%

$10M

$50M

$75M

$27M

17.8%

Adjusted EBITDA

15%

$495M

$561M

$586M

$601.4M

30%

Demonstrate operational excellence through achievement of key performance metrics related to production and release

10%

3 of 5

4 of 5

5 of 5

Achieved 4 KPIs

10%

Achieve new patent filings

10%

Achieve HVAI clinic readiness

Achieved between May 1 and June 1

Achieved between April 2 and April 30

Achieved on or before April 1

Achieved on March 19 2024

10%

TOTAL CORPORATE PERFORMANCE FACTOR

157.8%

Individual Performance Factor. The Compensation Committee believes the actual payout to each NEO (other than for Dr. Torley whose payout, as noted above, is based entirely on the attainment of objective, pre-established corporate performance goals) should also reflect the executive’s:

•performance relative to individual goals and objectives established for the year,

•contribution toward achieving the Corporate Performance results, and

•demonstration of living Halozyme’s Leadership Attributes and Corporate Values during the year.

Weighing Ms. LaBrosse’s accomplishments and other factors, the Compensation Committee supported the CEO’s recommendation and awarded her an individual performance factor of 120%. The Compensation Committee noted that:

•Ms. LaBrosse successfully led several strategic initiatives and activities, including financial transactions (including completion of the $250 million ASR in the second quarter of 2024, and the initiation of the $250 million ASR in December 2024), continued actions to optimize taxes, further evolution of our cybersecurity readiness and multiple strategic financial analyses related to capital allocation and deployment.

Weighing Mr. Snyder’s accomplishments and other factors, the Compensation Committee supported the CEO’s recommendation and awarded him an individual performance factor of 120%. The Compensation Committee noted that:

•Mr. Snyder played a key leadership role in successful issuance of a new European ENHANZE® rHuPH20 product obtained from our ENHANZE® manufacturing methods that we provide to our licensees that resulted in maintenance of a key royalty revenue stream at the original rate, extending the time to royalty rate step down from 2024 to 2029. In addition, he oversaw the submission of multiple new patent applications related to Halozyme’s drug delivery technologies.

Weighing Dr. LaBarre’s accomplishments and other factors, the Compensation Committee supported the CEOs recommendation and awarded him an individual performance factor of 60%. The Compensation Committee noted that:

•While Dr. LaBarre played a key role in the successful accomplishment of the HVAI clinic readiness goal and helped identify innovations that supported multiple new patent applications, full progress related to an internal revenue goal was not accomplished.

The table below illustrates the 2024 cash incentive calculation for each NEO based on the following formula (also reflected in the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table).


Named Executive Officer	Annualized Base Salary ($)	Target %	Annualized Target Amount ($)	Corporate Performance Factor	Individual Performance Factor	Final Payout ($)
Helen I. Torley (1)	960,000	90%	864,000	157.8%	N/A	1,363,392
Nicole LaBrosse	568,188	50%	284,094	157.8%	120%	537,960
Mark Snyder	579,000	50%	289,500	157.8%	120%	548,197
Michael J. LaBarre	556,200	50%	278,100	157.8%	60%	263,305

________________

(1)As noted above, Dr. Torley’s payout is based entirely on the attainment of objective, pre-established corporate performance goals without applying an individual performance factor.

LTI Compensation

All grants of LTI compensation are made under our stockholder-approved equity incentive plan. The Compensation Committee utilized three vehicles to deliver LTI awards to NEOs during 2024:

Stock Options are strongly aligned with stockholder interests because they deliver value to the NEO only if the value of our stock at the time of exercise exceeds the stock price on the day of grant. As a result, the Compensation Committee believes stock options encourage executives to focus on the decisions and behaviors required to support long-term sustainable increases in our stock price.

Time-vesting RSUs provide a counterbalance to the more uncertain value associated with stock options and PSUs while still maintaining alignment with the interests of our long-term stockholders, as the value of RSUs fluctuates (up or down) with changes in our stock price. As a result, the Compensation Committee believes time-vesting RSUs encourage executives to make decisions consistent with the long-term interests of our stockholders and help support retention.

Stock options and time-vesting RSUs granted to our NEOs in 2024 generally vest over a four-year period subject to continued employment.

PSUs help link our equity incentive program to achievement of specific performance goals established by the Compensation Committee. The Compensation Committee believes that the grant of PSUs furthers our executive compensation philosophy to tie achievement of company performance with executive compensation, aligns the interests of executive officers with our stockholders and encourages long-term performance.

The PSUs granted to the NEOs in 2024 are eligible to cliff vest after a three-year period following the grant date provided they are earned based achievement of the applicable performance goals. The NEOs were granted two types of PSU awards for 2024: PSUs that are eligible to vest based on our relative TSR over a three-year performance period (“Relative TSR PSUs”), and PSUs that are eligible to vest based on new collaboration deals and nominations during 2024 (“Deal/Nomination PSUs”).

Relative TSR PSUs. To determine the vesting of Relative TSR PSUs, our TSR performance is measured against the component companies of the NASDAQ Biotechnology Index (excluding companies that had not been listed or traded on a national securities exchange for at least three consecutive years as of October 31, 2023, those that had gross revenue of less than $100 million for the period of four consecutive calendar quarters ending with the last fiscal quarter for which there were publicly disclosed financial results as of October 31, 2023, and those that cease to be publicly-traded during the applicable performance period other than due to insolvency).

One-third of the target Relative TSR PSUs are earned based on performance over three discrete performance periods each beginning on the grant date of the awards, with one performance period ending December 31, 2024, one performance period ending December 31, 2025, and one performance period ending December 31, 2026. For purposes of these awards, TSR for Halozyme and the applicable subset of component companies is based on a 20-trading day average trading price beginning on the PSU grant date and a 20-trading day average trading price ending on the last day of the applicable performance period. Dividend equivalents, if any, will be accrued as additional stock units and delivered with earned shares at vesting. The potential vesting percentages for the 2024 Relative

TSR PSUs, as determined for each performance period and to be applied to the target number of PSUs allocated to that performance period, are as follows (with the percentage determined by linear interpolation for performance between the 25th and 75th percentiles):


Maximum	75th Percentile or Higher	150%
Target	50th Percentile	100%
Threshold	25th Percentile	50%
Below Threshold	< 25th Percentile	0%

Relative TSR PSUs eligible to vest based on performance become vested on the third anniversary of the grant date of the award following certification of performance results and subject to continued employment through the vesting date. The three-year cliff vesting schedule serves as an additional retention incentive and incentive for stock price performance for the entire three-year period covered by the Relative TSR PSUs to support long-term alignment with our stockholders.

Deal/Nomination PSUs. Performance for the Deal/Nomination PSUs is measured based on the number of “points credited” for new Company deals and nominations, with points earned based on the occurrence of the following events in 2024: (a) a new collaboration deal signed by the Company for SVAI (2.5ml or less, does not include ENHANZE®) (an “SVAI Deal”), (b) a new collaboration deal signed by the Company to add HVAI to an existing nominated target (a “HVAI Deal Added to Existing ENHANZE® Target”), (c) a new target nomination under an existing collaboration for any delivery offering by the Company (SVAI, HVAI, or ENHANZE® only) (a “New Nomination”), and (d) a new collaboration deal signed by the Company for ENHANZE® on its own, or ENHANZE® with HVAI (a “New ENHANZE® +/- HVAI Deal”).

The total number of points credited for 2024 is then used to determine the vesting percentage of the Deal/Nomination PSUs, to be applied to the target number of PSUs for the award, as follows (with the percentage determined by linear interpolation if the number of points credited is between 5 and 20):


Deal/Nomination Points Credited for 2024			Vesting Percentage
Less than 5			0%
5			50%
10 (“target”)			100%
15			150%
20 or more			200%

Deal/Nomination PSUs eligible to vest based on performance become vested on the third anniversary of the grant date of the award, subject to continued employment through the vesting date. The three-year cliff vesting schedule serves as an additional retention incentive and incentive for stock price performance for the entire three-year period covered by the Deal/Nomination PSUs to support long-term alignment with our stockholders.

2024 Annual LTI Awards

For 2024, the Compensation Committee awarded annual LTI compensation for the NEOs based on the grant date value the Committee determined appropriate considering their assessment of annual equity award grants to peer group executives holding similar positions, and taking into account their assessment of the executive’s experience, expected contribution to the long-term success of the Company, and skill-set relative to industry peers at biopharmaceutical companies (with no specific weight applied to each factor). The Compensation Committee also determined that the annual award value for each NEO would be allocated 50% PSUs (at target), 15% in stock options and 35% in RSUs. A greater weight was placed on PSUs in the NEOs’ equity award mix for 2024 as compared to 2023 (50% for 2024 compared to 28.75% for Dr. Torley and 25% for the other NEOs for 2023) to increase the performance-based portion of their overall LTI award. Accordingly, the Compensation Committee awarded the following LTI values to our NEOs in 2024:


Name	Option Awards ($)	RSUs ($)	PSUs ($)	Total ($)
Helen I. Torley	1,560,000	3,640,000	5,200,000	10,400,000
Nicole LaBrosse	465,000	1,085,000	1,550,000	3,100,000

Mark Snyder	487,500	1,137,500	1,625,000	3,250,000
Michael J. LaBarre	330,000	770,000	1,100,000	2,200,000

For each NEO, half the target PSU value was awarded in the form of Relative TSR PSUs and half the target PSU value was awarded in the form of Deal/Nomination PSUs. For each NEO, the LTI value allocated to an award was converted into a number of shares based on (i) in the case of RSUs and the target number of Deal/Nomination PSUs, the closing price of our stock on the grant

date, and (ii) in the case of options and the target number of Relative TSR PSUs, the per-share fair value of the award on the grant date awards as determined under applicable accounting rules, and rounding up to a whole share. The grant date fair value of the options was determined using the Black-Scholes option valuation methodology. The grant date fair value of the Relative TSR PSUs was determined using a Monte Carlo simulation. Differences between the LTI values approved by the Compensation Committee, as shown above, and the actual grant date fair values of the awards as included in the executive compensation tables following the CD&A are due to the rounding of fractional share interests in accordance with the methodology approved by the Compensation Committee.

June 2024 RSU Award for Mark Snyder

In addition to the awards discussed above, on June 12, 2024 the Company awarded Mr. Snyder a grant for approximately $1,000,000 in RSUs to recognize Mr. Snyder’s significant contributions to the Company’s issuance of a new European patent covering the ENHANZE® rHuPH20 product obtained from our ENHANZE® manufacturing methods that we provide to our licensees that resulted in maintenance of a key royalty revenue stream at the original rate. One-fourth of these RSUs are scheduled to vest on the first anniversary of the grant date and then one-fourth on each anniversary of the grant date thereafter.

PSU Award Vesting

The Compensation Committee has determined that, as to the one-third of the Relative TSR PSUs awarded in 2024 that correspond to a performance period ended December 31, 2024, 131.18% of such PSUs are eligible to vest based on our relative TSR measured against the applicable subset of component companies of the NASDAQ Biotechnology Index for that period (our TSR for that period was 17.6% and this placed us at the 65.59th percentile against the comparison group of companies for that period). In addition, the Compensation Committee determined that, as to the Deal/Nomination PSUs awarded in 2024, 5 new nominations had occurred during 2024, resulting in 15 points being credited for such deals and nominations as described above and, accordingly, that 150% of such PSUs are eligible to vest. The PSUs subject to each of these Relative TSR PSU and Deal/Nomination PSU awards remain unvested, with vesting subject to continued employment through the third anniversary of the grant date of the awards.

We awarded PSUs to each of the NEOs in 2022 and 2023 that are similar to the Relative TSR PSUs awarded in 2024 described above. The Compensation Committee has determined that, as to the one-third of the PSUs awarded in 2022 that correspond to a three-year performance period ended December 31, 2024, 150% of such PSUs are eligible to vest based on our relative TSR measured against the applicable subset of component companies of the NASDAQ Biotechnology Index for that period (our TSR for that period was 37.7% and this placed us at the 77.92nd percentile against the comparison group of companies for that period). The PSUs vested on the third anniversary of the grant date of the awards. The Compensation Committee has also determined that, as to the one-third of the PSUs awarded in 2023 that correspond to a two-year performance period ended December 31, 2024, 124.14% of such PSUs are eligible to vest based on our relative TSR measured against the applicable subset of component companies of the NASDAQ Biotechnology Index for that period (our TSR for that period was 5.2% and this placed us at the 62.07th percentile against the comparison group of companies for that period). These PSUs remain unvested, with vesting subject to continued employment through the third anniversary of the grant date of the awards.

Competitive Peer Group

The Compensation Committee annually selects a group of peer companies against which Halozyme benchmarks the competitiveness of executive pay levels and program design (referred to in this CD&A as our “peer group” or “peer companies”). The peer group companies are identified based upon the Compensation Committee’s assessment of each company’s similarity with Halozyme with respect to science/business model, revenue, and market capitalization. The peer group is reviewed annually by the Compensation Committee.

For 2024 compensation decisions, the Compensation Committee utilized proxy data from the following companies, listed below. The Compensation Committee’s objective in selecting this peer group was to include a group of similar-sized public companies in the life sciences sector, with an emphasis on pharmaceutical and biotechnology companies with commercialized products. Targeted companies generally had revenues and market capitalization between 0.25x to 4.0x Halozyme’s size at the time of the analysis with Halozyme near the median on both measures.


2024 Peer Group
Acadia Pharmaceuticals Alkermes Alnylam Pharmaceuticals Amicus Therapeutics BeiGene BioMarin Pharmaceutical	Blueprint Medicines Exelixis Insmed Ionis Pharmaceuticals Ironwood Pharmaceuticals Ligand Pharmaceuticals	Neurocrine Biosciences PTC Therapeutics Sarepta Therapeutics Ultragenyx Pharmaceuticals United Therapeutics

The following changes to the peer group were made for 2024:

•BeiGene, Insmed, and PTC Therapeutics were added to the group based on the Compensation Committee’s assessment of the criteria noted above.

•Agios Pharmaceuticals was removed from the group based on the Compensation Committee’s assessment that it no longer met the revenue and market capitalization criteria.

Independent Compensation Consultant

The Compensation Committee retains F.W. Cook & Co., Inc. (“FW Cook”) as its independent compensation consultant to provide advice and counsel on matters related to our executive and non-employee director compensation program and FW Cook provides no other services to Halozyme. In 2024, FW Cook provided recommendations regarding the composition and selection of Halozyme’s peer group companies to be used with respect to 2024 and 2025 executive compensation decisions, performed a review of compensation levels and practices for similar executive positions at the peer group companies, advised regarding the compensation mix and levels for the NEOs, advised on the design and implementation of our annual LTI awards, reported on executive compensation trends and developments, and advised on the compensation arrangements for our non-employee directors. FW Cook reports directly to the Compensation Committee and regularly attends meetings of the Compensation Committee, as requested. The Compensation Committee assessed the independence of FW Cook pursuant to applicable rules and regulations of the SEC and NASDAQ and concluded that the engagement of FW Cook did not raise any conflicts of interest during fiscal 2024 and currently does not raise any conflicts of interest.

Compensation Risk Assessment

Our Compensation Committee, with assistance from its independent compensation consultant and with input from members of management, annually reviews our compensation programs, policies and practices to determine whether they encourage risk-taking that could have a material adverse effect on the Company. As part of this review, the Company evaluates the primary components of its compensation programs to identify whether those components properly balance compensation opportunities and risk. Our Compensation Committee considers various factors, including the following:

•The Company’s pay philosophy provides an effective balance in cash and equity award mix, short- and long-term performance periods, financial and non-financial performance, formulas and discretion.

•The Company’s compensation programs include an appropriate mix of short- and long-term goals and incentives.

•The Compensation Committee has the discretion to make positive and negative adjustments to payouts under the Company’s compensation plans.

•Policies are in place to manage or mitigate risk, such as stock ownership guidelines, vesting periods on equity awards, insider-trading prohibitions that also restrict hedging and pledging, recoupment policy and provisions, and independent Compensation Committee oversight.

•The Company’s design and oversight principles also apply to its broad-based employee compensation plans.

Based on this review and with input from its independent compensation consultant, the Compensation Committee concluded that the risks arising from the Company’s compensation programs, policies and practices, for both our executive officers and our other employees, are not reasonably likely to have a material adverse effect on Halozyme.

Other Compensation Matters

Stock Ownership and Retention Guidelines

We maintain stock ownership guidelines for our executive officers which stipulate that the CEO is required to own shares of Halozyme common stock with value equal to no less than six times the CEO’s current base salary and that all other executive officers are required to own shares of Halozyme common stock with value equal to no less than two times the officer’s current base salary. Certain other officers designated by the Compensation Committee are expected to own shares of Halozyme common stock with value no less than one times the officer’s current base salary. Each executive officer is expected to comply with the guidelines within five years of appointment as an executive officer, and has three years to comply with any incremental ownership required as a result of a promotion or other increase in applicable ownership multiple. Share ownership that counts for purposes of satisfying the applicable guideline level of ownership includes fully-owned shares (including shares held in trust and by immediate family members), vested but deferred shares, shares held in retirement accounts, and unvested stock units that are subject to time-based vesting only. Stock units subject to unsatisfied performance-based vesting conditions and unexercised stock options are not counted when evaluating compliance. Each executive officer is required to: (i) hold at least 50% of all net shares (after shares withheld or sold to pay tax obligations) of RSUs and PSUs that vest; and (ii) hold at least 50% of the underlying net gain (i.e., not including shares sold to pay the exercise price or to satisfy tax obligations) in shares of the Company’s common stock as a result of stock option exercises, until the executive officer comes into compliance with the stock ownership guidelines. The Compensation Committee annually reviews the progress executive officers are making toward achieving compliance with these guidelines and has determined that all of our NEOs have achieved their specific ownership levels as of February 1, 2025.

Equity Award Grant Practices

The Compensation Committee’s practice is to grant annual equity awards to executive officers at its first meeting in February each year, which is generally scheduled well in advance. Additionally, the Compensation Committee retains discretion to grant other equity awards from time to time when and as Compensation Committee may determine to be appropriate.

However, the timing of the grant of a Company equity award may be changed to satisfy the Company’s policy on the timing of equity award grants. The Company’s policy on the timing of equity award grants generally provides that if the Company files its Annual Report on Form 10-K, a Quarterly Report on Form 10-Q, or a Current Report on Form 8-K that contains information that would (but for such public disclosure) be material nonpublic information in respect of the Company with the Securities and Exchange Commission (any such filing by the Company with the Securities and Exchange Commission, a “Disclosure Event”) on, or on the business day immediately preceding, the intended date of grant of an equity award, the date of grant of such award will (unless otherwise provided by the Compensation Committee) be the second full trading day following the Disclosure Event. In addition, the policy generally provides that if, on the date of grant of an equity award, the Compensation Committee believes that the Company will have a Disclosure Event within the following four full business days, the date of grant of the award will (unless otherwise provided by the Compensation Committee) occur on the second full trading day following the Disclosure Event. Any equity awards approved pursuant to any delegated authority to approve equity award grants and other than by the Compensation Committee are generally subject to these same timing provisions. Equity awards granted to members of the Board of Directors in accordance with our non-employee director compensation program are not subject to these timing provisions.

The release of material nonpublic information is not taken into account in determining the timing and terms of equity award grants (other than, as to the timing of such awards, to satisfy the equity award grant timing policy discussed above), and the Company does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.

Change in Control Agreements

We have entered into Change in Control Agreements with our executive officers. We believe that the occurrence or potential occurrence of a change in control transaction creates uncertainty regarding the continued employment of our executive officers. This uncertainty results from the fact that many change in control transactions are common in our industry and often result in significant organizational changes, particularly at the senior executive level. We provide additional severance protections under the Change in Control Agreements to help ensure that executives can objectively evaluate change in control transactions that may be in the best interest of stockholders despite the potential negative consequences such transactions may have on them personally and to encourage executives to remain employed with the Company during an important time when their prospects for continued employment following the transaction are often uncertain.

Non-Change in Control Severance Policy

The Compensation Committee has approved a Company-wide severance policy, outside of a change in control context, that is also applicable to our executive officers. We believe that such severance protections are only appropriate in the event an executive is involuntarily terminated without cause and that these severance benefits are appropriate in light of severance protections available to executives at our peer group companies, and are an important component of each executive’s overall compensation as they help us to attract and retain our key executives who could have other job alternatives that may appear to them to be more attractive absent these

protections. Despite the establishment of the severance policy, however, the Board of Directors or Compensation Committee retains the right to amend, alter or terminate the severance policy at any time.

Incentive Compensation Recoupment (“Clawback Policy”)

In accordance with SEC and NASDAQ requirements, the Board has adopted an executive compensation recovery policy regarding the adjustment or recovery of certain incentive awards or payments made to current or former executive officers in the event that we are required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws. In general, the policy provides that, unless an exception applies, we will seek to recover compensation that is awarded to an executive officer based on the Company’s attainment of a financial metric during the three-year period prior to the fiscal year in which the restatement occurs, to the extent such compensation exceeds the amount that would have been awarded based on the restated financial results.

Hedging and Pledging Restrictions

The Company’s Insider Trading Policy prohibits the pledging of Company securities as collateral and entering into transactions to hedge the value of Company securities owned by executives subject to the policy. Under the policy all directors and employees (including officers), or their designees, are prohibited from purchasing financial instruments (including prepaid variable forward contracts, equity swaps, collars and exchange funds) or otherwise engage in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of Halozyme’s equity securities that are either (i) granted to the employee or director by Halozyme as part of the compensation of the employee or director or (ii) held, directly or indirectly, by the employee or director.

Tax Deductibility of Executive Compensation

Section 162(m) of the Internal Revenue Code generally disallows a tax deduction to public companies for compensation in excess of $1 million paid to a company’s chief executive officer and certain current and former executive officers. As a result, we expect that compensation paid per year to our NEOs and certain former executive officers in excess of $1 million generally will not be deductible, subject to limited exceptions. The Compensation Committee generally seeks to preserve tax deductions for executive compensation where available but may make compensation decisions based on other factors when it believes doing so is in the best interest of the Company and its stockholders.

Compensation Committee Report

We, the Compensation Committee of the Board of Directors of Halozyme Therapeutics, Inc., have reviewed and discussed the Compensation Discussion and Analysis contained in this Proxy Statement with management. Based on such review and discussion, we have recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement.

THE COMPENSATION COMMITTEE

Bernadette Connaughton (Chair)

Barbara Duncan

Connie Matsui

2024 Summary Compensation Table

The following table sets forth information concerning the compensation earned during the fiscal years ended December 31, 2024, 2023 and 2022 by each individual who acted as our principal executive officer, our principal financial officer, and our other most highly compensated executive officers during the fiscal year ended December 31, 2024.


2024 SUMMARY COMPENSATION TABLE
Name and Principal Position	Year	Salary ($)	Bonus ($)	Stock Awards ($)(1)(3)	Option Awards ($)(2)(3)	Non-Equity Incentive Plan Compensation ($)(4)	All Other Compensation ($)(5)	Total ($)
Helen I. Torley	2024	960,000	—	8,840,059	1,560,006	1,363,392	17,964	12,741,421
President and Chief Executive Officer	2023	920,000	—	6,200,011	3,800,007	883,476	17,364	11,820,858
	2022	871,732	—	4,950,040	3,300,008	557,909	17,289	9,696,978

Nicole LaBrosse	2024	568,188	—	2,635,082	465,006	537,960	12,040	4,218,276
Senior Vice President, Chief Financial Officer	2023	546,188	—	1,800,055	1,200,001	291,391	11,784	3,849,419
	2022	467,836	—	1,200,030	800,012	200,997	14,228	2,683,103






Mark Snyder	2024	579,000	—	3,762,579	487,517	548,197	17,572	5,394,865
Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary	2023	546,000	—	1,620,053	1,080,003	349,549	17,322	3,612,927
	2022	525,000	—	1,750,044	1,250,007	198,450	16,701	3,740,202


Michael J. LaBarre	2024	556,200	—	1,870,112	330,010	263,305	18,814	3,038,441
Senior Vice President, Chief Technical Officer	2023	538,200	—	1,440,042	960,005	287,130	18,564	3,243,941
	2022	520,000		1,440,041	960,002	187,200	16,037	3,123,280

________________

(1)This column represents the grant date fair value of stock awards granted to the NEOs in fiscal years 2024, 2023 and 2022, in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 718. Pursuant to SEC rules, the amounts shown exclude the impact of estimated forfeiture related to service-based vesting conditions. For additional information on the valuation assumptions used by us in calculating these amounts refer to Note 9 of the Notes to Consolidated Financial Statements, filed as part of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 18, 2025. Stock awards granted to executive officers consist of RSUs and PSUs. A portion of the amounts reported in this column for each NEO for each fiscal year reflect the grant-date fair value of PSUs granted to the executives during that fiscal year. In accordance with applicable SEC rules, these amounts were determined based on the probable outcome (determined as of the date of grant of the awards) of the performance-based conditions applicable to the awards. For these purposes, the grant date fair value for the Deal/Nomination PSU awards granted to each of the NEOs was determined based on the “target” vesting level applicable to the award (which we considered to be the probable outcome as of the date of grant of the awards) and the grant date fair value for the Relative TSR PSU awards granted to each of the NEOs was determined based on a Monte Carlo simulation pricing model (which probability weights multiple potential outcomes) as of the date of grant of the awards. The significant assumptions used in the Monte Carlo simulation pricing model were as follows:


	2024	2023	2022
Expected volatility	40.08%	39.38%	40.52%
Risk-free interest rate	4.28%	4.27%	1.71%
Expected dividend yield	—	—	—

The following table presents the aggregate grant-date fair value of these performance-based awards granted in fiscal years 2024, 2023 and 2022 included in the “Stock Awards” column for those years and the aggregate grant-date fair value of these awards assuming that the highest level of performance conditions was achieved.


	Aggregate Grant Date Fair Value of Performance Awards (Fiscal 2024)		Aggregate Grant Date Fair Value of Performance Awards (Fiscal 2023)		Aggregate Grant Date Fair Value of Performance Awards (Fiscal 2022)
Name	Based on Probable Outcome as of the Grant Date ($)	Based on Maximum Performance ($)	Based on Probable Outcome as of the Grant Date ($)	Based on Maximum Performance ($)	Based on Probable Outcome as of the Grant Date ($)	Based on Maximum Performance ($)
Helen I. Torley	5,200,043	9,100,073	2,875,010	4,312,515	2,062,529	3,093,794
Nicole LaBrosse	1,550,062	2,712,603	750,028	1,125,043	500,013	750,020
Mark Snyder	1,625,071	2,843,875	675,049	1,012,574	500,013	750,020
Michael J. LaBarre	1,100,081	1,925,138	600,011	900,016	600,008	900,012

(2)This column represents the grant date fair value of stock options granted to the NEOs in fiscal years 2024, 2023 and 2022, in accordance with FASB ASC Topic 718. Pursuant to SEC rules, the amounts shown exclude the impact of estimated forfeiture related to service-based vesting conditions. For additional information on the valuation assumptions used by us in calculating these amounts refer to Note 9 of the Notes to Consolidated Financial Statements, filed as part of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 18, 2025.

(3)The amounts reported in the Summary Compensation Table for stock awards and option awards may not represent the amounts that the NEOs will actually realize from the awards. Whether, and to what extent, an NEO realizes value will depend on stock price fluctuations and the NEO’s continued employment. To see the exact share amounts and the value of awards made to the NEOs in fiscal 2024, see the 2024 Grants of Plan-Based Awards table below. Additional information on all outstanding awards is reflected in the Outstanding Equity Awards at December 31, 2024 table.

(4)Performance-based bonuses are generally paid pursuant to our annual incentive plans and reported as Non-Equity Incentive Plan Compensation. The performance-based bonuses represent amounts earned during each respective fiscal year based on applicable performance levels for such fiscal year, regardless of whether part or all of such amounts were paid in a subsequent fiscal year.

(5)The table below lists the amounts set forth in this column which consist of other compensation including (i) Company contributions to Halozyme Therapeutics, Inc. 401(k) plan, and (ii) Company payments for group term insurance premiums.


Name	401(k) Plan Company Matching Contributions ($)	Payout of Accrued Paid Time Off ($)	Other Compensation ($)	Total ($)
Helen I. Torley	14,400	—	3,564	17,964
Nicole LaBrosse	11,500	—	540	12,040

Mark Snyder	15,250	—	2,322	17,572
Michael J. LaBarre	15,250	—	3,564	18,814

2024 Grants of Plan-Based Awards

The following table sets forth certain summary information with respect to plan-based awards granted during the fiscal year ended December 31, 2024 to our NEOs:


		Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1)			Estimated Future Payouts Under Equity Incentive Plan Awards (2)			All Other Stock Awards: Number of Shares or Units(#) (3)	All Other Option Awards: Number of Securities Underlying Options(#) (4)	Exercise or Base Price of Option Awards ($/Sh)	Grant Date Fair Value of Stock and Option Awards($) (5)
Name	Grant Date	Threshold ($)	Target ($)	Maximum ($)	Threshold (#)	Target (#)	Maximum (#)
Helen I. Torley	n/a	—	864,000	1,728,000
	2/23/2024							89,744			3,640,017
	2/23/2024				26,596	53,192	79,788				2,600,025
	2/23/2024				32,052	64,103	128,206				2,600,018
	2/23/2024								93,002	40.56	1,560,006
Nicole LaBrosse	n/a

SEC Form DEF 14A filed by Halozyme Therapeutics Inc.