Achieved a record $1.4 billion in total revenue for 2025, a 38% increase driven by a 52% surge in royalty revenue from core blockbuster franchises.

Transformed the corporate profile from two to four drug delivery technologies through the acquisitions of Elektrofi (Hypercon) and Surf Bio, extending IP protection into the mid-2040s.

Performance was anchored by DARZALEX FASPRO, which now holds a 97% share of sales in the U.S., and PHESGO, which surpassed its initial 50% conversion target to reach 54%.

Expanded the ENHANZE portfolio to 10 global blockbuster opportunities following the regulatory approvals of RYBREVANT SC in the U.S., Japan, and China.

Strategic positioning now emphasizes a ‘one-stop shop’ model for biopharma, offering solutions across a wide range of modalities, including monoclonal antibodies, ADCs, and nucleic acids.

Management attributes the success of newer launches like OCREVUS ZUNOVO to their ability to overcome IV infusion capacity constraints, with 50% of U.S. patients being treatment-naive.

The acquisition of Surf Bio provides a second hyperconcentration technology, with clinical readiness targeted for the 2027 to 2028 timeframe.

Reiterated 2026 revenue guidance of $1.71 billion to $1.81 billion, representing 22% to 30% growth, and projected royalty revenue growth of 30% to 35% driven by DARZALEX SC, PHESGO, and VYVGART Hytrulo.

Projecting 6 new ENHANZE programs and 2 Hypercon programs to enter Phase I in 2026, nearly doubling the total portfolio to 36 products by 2028.

Anticipates signing at least 3 new licensing agreements in 2026, specifically targeting 1-3 ENHANZE and 1-2 Hypercon collaborations.

Management projects that Hypercon launches will result in approximately $1 billion in royalty revenue within five years of the first launches for this technology in the mid-2030s.

Financial strategy includes de-levering to below 1x net debt to EBITDA by the end of 2026 while maintaining capacity for strategic M&A.

Recognized a $285 million acquired IPR&D expense in Q4 2025 related to the Surf Bio acquisition, impacting GAAP and non-GAAP EPS by approximately $2.30.

Litigation expenses and transaction-related costs for recent acquisitions contributed to a year-over-year increase in SG&A to $207.1 million.

Q1 2026 royalty revenue is projected to be 5% to 10% lower than Q4 2025 due to annual contractual rate resets, with sequential growth expected thereafter.

Management flagged ongoing litigation against Merck regarding patent infringement, noting that discovery is underway for the Merck-Alteogen agreement.