Third Quarter 2021 Financial Results Presentation

Third Quarter 2021 Financial Results Presentation

November 2, 2021

Forward-Looking Statements

In addition to historical information, the statements set forth in this presentation include forward-looking statements including, without limitation, statements concerning the Company's expected future financial performance (including the Company's financial outlook for 2021) and expectations for profitability, revenue (including expectations for future milestones and royalty growth), operating income, expenses and earnings-per-share, and to potentially expand the Company's platform through acquisitions. Forward-looking statements regarding the Company's ENHANZE® drug delivery technology may include the

possible activity, benefits and attributes of ENHANZE®, the possible method of action of ENHANZE®, its potential application to aid in the dispersion and

absorption of other injected therapeutic drugs and facilitating more rapid delivery and administration of larger volumes of injectable medications through subcutaneous delivery and potentially lowering the treatment burden for patients. Forward-looking statements regarding the Company's ENHANZE® business may include potential growth driven by our partners' development and commercialization efforts (including anticipated new clinical trial starts and

ENHANZE® product launches), projections for future sales revenue of our collaborators' products, potential new ENHANZE® collaborations and collaborative

targets and potential approvals of new ENHANZE® products. These forward-looking statements are typically, but not always, identified through use of the words "believe," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning and involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results could differ materially from the expectations contained in these forward-looking statements as a result of several factors, including

unexpected levels of revenues (including royalty and milestone revenue received from our collaboration partners), expenditures and costs, unexpected

delays in the execution of the Company's planned platform expansion, unexpected results or delays in the growth of the Company's ENHANZE® business, or in the development, regulatory review or commercialization of ENHANZE® products, including any potential delays caused by the current COVID-19 global pandemic, regulatory approval requirements, unexpected adverse events or patient outcomes and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed

with the Securities and Exchange Commission.

Non-GAAP Financial Measures:

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), these materials contain

certain non-GAAP financial measures. The Company reports non-GAAP net income and non-GAAP diluted earnings per share and expectations of those measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Reconciliations between GAAP and non-GAAP financial measures are included in these materials.

Note: This presentation contains product names, trademarks and registered trademarks are property of their respective owners

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Continued Strong Royalty Growth Primarily Driven by DARZALEX® (daratumumab) SC Launch

Quarterly Royalty Revenue ($M)

Annual Royalty Revenue ($M)

145% year-over-year growth and 28%

sequential growth in Q3 2021 driven largely

by DARZALEX® SC utilizing ENHANZE®

58.6

45.8

36.9

32.0

23.9

15.8

Q2	Q3	Q4	Q1	Q2	Q3
2020	2020	2020	2021	2021	2021

88.6

69.9

201920202021E

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Five Partner Products Commercialized in Global Markets: Wave 1 and 2 Launches

Wave 1

/

/

Wave 2

/DARZALEX® SC

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Growth in DARZALEX FASPRO® in the U.S.

Reported DARZALEX Faspro® Share of Total US DARZALEX® Sales (US) End September 2021¹

72%

Reported DARZALEX FASPRO® Share of Total US DARZALEX®

Sales (US) in Last Month of Trailing Four Quarters¹

80%

70%

60%

50%

40%

30%

20%

10%

0%

Dec 2020

Mar 2021

Jun 2021

Sep 2021

1. Source: Symphony Health (subscription data presented with permission)	5