First Quarter 2017 Earnings Call. May 9, 2017

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1 First Quarter 2017 Earnings Call May 9, 2017

2 Forward-Looking Statements All of the statements in this presentation that are not statements of historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Examples of such statements include possible activity, benefits and attributes of PEGPH20, future product development and regulatory events and goals, anticipated clinical trial results and strategies, product collaborations, our business intentions and financial estimates and results, including projected revenue amounts. These statements are based upon management s current plans and expectations and are subject to a number of risks and uncertainties which could cause actual results to differ materially from such statements. A discussion of the risks and uncertainties that can affect these statements is set forth in the Company s annual and quarterly reports filed from time to time with the Securities and Exchange Commission under the heading Risk Factors. The Company disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events, or otherwise. 1

3 HALO-301 Pancreatic: Phase 3 Trial Ongoing Metastatic PDA High-HA patients N=420 PEGPH20 + ABRAXANE + gemcitabine (PAG) ABRAXANE + gemcitabine (AG) + placebo Primary Endpoints: Progression-Free Survival (PFS) Overall Survival (OS) Randomized (2:1 PAG:AG), double-blind, placebo-controlled, global Interim analysis when target number of PFS events reached PFS powered with a hazard ratio of 0.59 (to detect a 41% risk reduction for progression) First patient dosed in March 2016, study approved in 22 countries with over 200 centers ready to screen or already screening patients 2

4 Exploring the Pan-Tumor Potential of PEGPH20 PEGPH20 Studies Chemotherapy Combinations Tumor Preclinical Phase 1 Phase 2 Phase 3 Gemcitabine and nab-paclitaxel (Abraxane ) Pancreas Cancer HALO n=420 Eribulin (Halaven ) Breast Cancer EISAI Dose Finding Phase Checkpoint Inhibitor Combinations Tumor Pembrolizumab (Keytruda ) Gastric Cancer, NSCLC HALO Dose Expansion Phase Atezolizumab (Tecentriq ) Gall Bladder, Cholangio HALO Planned 2H 2017 start Atezolizumab (Tecentriq ) Roche Sponsored and Conducted Pancreatic, Gastric, +4 additional ROCHE Planned 2H 2017 start Participating in Precision Promise Clinical Initiative (Pancreatic Action Network); Additional Investigator Sponsored Trials in Pancreatic Cancer: UCSF, MSKCC; SWOG study enrollment closed in March 2017 following futility analysis in all-comer population 3

5 ENHANZE Portfolio Opportunity 2016 Proprietary Product Sales 1 Currently Approved Geographies 2016 Rituxan U.S. Oncology Sales 1 Rituximab SC under FDA Review 11-0 Positive ODAC Vote - 3/29/ Proprietary Product Sales 1 Currently in Clinical Development $1.5B 2 SC % Sales Volume 5 $7B 7 $2.5B 3,6 34% $4B 3 50% $3B 4,6 $5B 7 Herceptin Mabthera HYQVIA Rituxan Perjeta Darzalex Growing Royalty Revenue Average Mid-Single Digit Rate Across Platform $51M $31M $9M ENHANZE platform royalty revenue will depend upon indications evaluated by partners and market penetration. 2 Reflects 2016 sales of all Shire Immunoglobulin Therapies less Halozyme internal estimate for U.S. pediatric sales. Information provided during Shire investor update (Feb. 16, 2017). 3 Reflects 2016 sales for Mabthera/Rituxan and Herceptin excluding the U.S. and Japan. Information provided during Roche investor update (Feb. 17, 2017). 4 Reflects 2016 U.S. sales for Mabthera/Rituxan. Information provided during Roche investor update (Feb. 17, 2017). 5 Average sales volume of total product sales in launched countries, information provided during Roche investor updates (Jul. 21, 2016 and Oct. 20, 2016). 6 Excludes estimates for Mabthera/Rituxan sales in Rheumatoid Arthritis indication in applicable geographies, incorporated from EvaluatePharma, Sept Mean analyst estimates for global revenue, Bloomberg; Analyst model estimates. 4

First Quarter 2017 Financial Highlights 1 $ U.S. in Millions (unaudited) 1Q 2017 1Q 2016 % Change Total Revenue $29.6 $42.5 (30%) Royalty Revenue $14.0 $11.

6 First Quarter 2017 Financial Highlights 1 $ U.S. in Millions (unaudited) 1Q Q 2016 % Change Total Revenue $29.6 $42.5 (30%) Royalty Revenue $14.0 $ % Bulk rhuph20 Sales $8.2 $9.0 (9%) Hylenex Recombinant $3.2 $3.9 (18%) Collaboration Revenue $4.2 $18.2 (77%) 1) Dollar amounts and percentages, as presented, are rounded. 5

7 First Quarter 2017 Financial Highlights 1 $ U.S. in Millions, except EPS (unaudited) 1Q Q 2016 % Change Total Revenue $29.6 $42.5 (30%) Total Operating Expense $57.1 $58.7 (3%) Cost of Product Sales $7.5 $7.8 (3%) R&D Expense $36.9 $40.1 (8%) SG&A Expense $12.6 $ % Net Income / (Loss) ($32.9) ($19.8) EPS ($0.26) ($0.16) Cash and marketable securities $179.0 $ ) Dollar amounts and percentages, as presented, are rounded. 6

8 2017 Financial Guidance 2017 Notes Net Revenue $115M to $130M 2017 guidance excludes new ENHANZE partnerships Continued royalty growth in 2017 Operating Expenses $240M to $250M Continued investment in Phase 3 pancreas and pan-tumor studies Operating Cash Burn $75M to $85M Excludes impact of financing, repayment of debt principal Year-end Cash $110M to $125M Royalty-backed loan repayment began in

9 First Quarter 2017 Earnings Call May 9, 2017

Second Quarter 2017 Earnings Call. August 8, 2017

Second Quarter 2017 Earnings Call August 8, 2017 Forward-Looking Statements All of the statements in this presentation that are not statements of historical facts constitute forward-looking statements