Dec. 4 at 6:46 PM
$HALO Big development for Halozyme: Germany has halted Merck’s Keytruda SC launch after finding likely infringement of Halozyme’s MDASE patent. It’s an interim ruling, but the first judicial signal that MDASE is defensible and enforceable.
Impact on the U.S. case? Not binding—but strategically important. It strengthens Halozyme’s narrative, increases leverage ahead of the 2026 trial, and elevates the odds of a licensing path rather than a prolonged fight.
Meanwhile, Halozyme’s fundamentals remain driven by ENHANZE: royalty revenue projected to double by 2028, and EPS expanding to ~
$8.25–8.85 on strong partner growth. At ~9–11x forward earnings, the stock still prices in zero litigation optionality.