Great. Good afternoon, everyone. My name is Jess Fye . I'm a biotech analyst at J.P. Morgan. We are delighted to be continuing the conference with Halozyme. We're gonna stay in this room for Q&A after the presentation. There's two ways to ask a question. One, you can just raise your hand, or you can submit it electronically on the portal. They'll send it to me on an iPad, so I can read it off to the management team. With that out of the way, let me turn it over to Halozyme CEO, Dr. Helen Torley.
Thank you, Jess. 2022 was a transformative year for Halozyme. We project we'll have grown our total revenues by more than 50% to $655 million, grown our royalty revenues by more than 70% to more than $350 million. We also strengthened our leadership in drug delivery with the addition of our auto-injector platform. I'm pleased to share with you today how this broadened portfolio is resulting in long-term durable growth in both revenue and EBITDA. In the course of the presentation, I will be making forward-looking statements. I refer you to our SEC filings for a full listing of risks and uncertainties. For those of you not familiar with Halozyme, let me begin with what we do.
We have two drug delivery platforms that enable the delivery of drugs subcutaneously or underneath the skin. The first of these is our ENHANZE platform. This has resulted in five approved products in over 100 markets to date. We also have an auto-injector platform that has both commercialized and development stage products. Now we license these products to our partners, and we also supply all of the critical parts. We make money in these platforms in three ways. The first is through royalty revenues. We receive on average a mid-single-digit royalty on net revenues. We receive revenues from milestones that are made as the development progress is made in fee for service that we list under our collaboration revenues, and we also make money from product sales. This includes API that we sell to partners as well as devices.
We also have a commercial portfolio that's illustrated on the right, we promote three specialty products, Hylenex, XYOSTED, and TLANDO. It's this portfolio that's resulted in, over the last year, strong revenue and EBITDA growth. I'm pleased to say for 2023, it's going to be the same, strong growth once again. On slide four are some highlights from our 2023 guidance. Let me begin with total revenue. Total revenue is projected to grow more than 20% for the fourth straight year in a row. It will grow by $160 million to a projected $815 million-$845 million.
Our royalty revenues are the key driver of our revenues, and again, those are growing strongly more than 20% year-over-year to $445 million-$455 million. We're also seeing strong growth in EBITDA, with a projected $415 million-$440 million, with the EBITDA margin expected in 2023 to grow to 50%-55%. Before I go into detail on each of our platforms, let me just review why Halozyme is such a strong investment opportunity. We are a profitable biotech company. This is a result of our diversified high growth revenue streams, where a large proportion of our revenues are coming from leading pharma company products.
We also have the potential over the next years to have four new royalty revenue streams, with two potential enhanced subcutaneous product approvals in 2023 and two additional by the end of 2025. Today, we have five royalty revenue streams, so this would add another four in the near term. We also, through the acquisition of Antares, created a new opportunity, which is to create and license a large volume auto-injector that can inject up to 10 mls in under 1 minute. Now with that overview, let me go into our differentiated growth platforms, what makes them unique, and what gives us such confidence in the strong growth we have ahead. I mentioned we have two subcutaneous drug delivery platforms. Why does that matter?
Well, if you've ever had a friend or a loved one undergoing IV treatment in an infusion center, you know why that matters. With subcutaneous, we can shorten the treatment time for patients and reduce the treatment burden of them receiving their care. In multiple studies, patients when asked if they've received both IV and subQ, the vast majority prefer subcutaneous over intravenous. There's also benefits for the healthcare system. With the use of subQ, we see less healthcare resource utilization, less cost, less congestion in infusion centers, and the ability to have higher patient throughput, all important factors in the U.S. and outside the U.S. As well. ENHANZE, as I mentioned, is our largest revenue contributor. This is our patented de-risk commercial platform that enables rapid large volume subcutaneous delivery of intravenous drugs. Shown on the left is how it works.
ENHANZE basically when injected, co-formulated with a partner product, creates a temporary space underneath the skin that enables the fluid to disperse in the subcutaneous space, be exposed to the lymphatics and get absorbed. It also reduces the back pressure by allowing that spreading. Today, we have five approved products at volumes from 5 mLs up to hundreds of mLs that are injected at a single setting at a rate, in general, about 5 mLs per minute. Now, if you didn't have ENHANZE and you were trying to do a subcutaneous injection, after about 2 milliliters, you'd start to see a lot of pain and swelling, and there would be very strong back pressure that would prevent you from being able to inject anything else.
For the products we have approved today, they simply couldn't have been approved with the way they're used today, with the speed they're treated without the benefit of adding ENHANZE. The five products are approved in over 100 markets so far, we're also incredibly excited about the breadth of our portfolio that's in development. We have two partner products that are under regulatory review today that I'll review. Four partner products that are in or will soon start phase III development, and eight additional partner products that are in or have completed phase I. I'll also highlight that our commercial experience is strong with more than 600,000 patients now treated with ENHANZE-enabled products. That's important because that factor has played a key part in our ability to have signed 12 agreements with leading pharma and biotech companies.
I'm often asked, with this broad portfolio and so many opportunities and development, is there opportunity for new ENHANZE deals? The answer is a resounding yes. As is shown in slide 10, we've done an analysis to look and see what IV targets might be available, drugs that are a specific mechanism of action where they are predicted to be at large volume. You can see across areas like oncology, hematology, autoimmune disease, we've identified 60 distinct mechanisms of action where we think there's a potential for ENHANZE to be used. Our current partners could elect to move forward with these targets as new opportunities for themselves, or this is also the opportunity we seek with new partners who may want to license the use of ENHANZE with these exclusively or non-exclusively. I'll move now to an overview of our auto-injector platform.
We have a number of auto-injectors that are both commercialized and in development. They inject up to volumes of 2.25 mL, and so we call these small volume auto-injectors. This is already an established business with more than 8 million units either sold to our partners or used by Halozyme in our commercial products in 2022. When we saw this auto-injector platform, we were very excited about the potential to use it. Where the Antares auto-injector that we licensed or we acquired is differentiated is that it can be used when drugs are very viscous because it's a very powerful way to inject, but it also is highly reliable. This is why, as an example, Teva is using it for their EpiPen, which has to be highly reliable because that's used in situations of allergy.
We're very excited to now seek to get some additional partners with this small volume auto-injector, but I will say we're as if not more excited by the potential to combine our two platforms, ENHANZE plus this knowledge about auto-injector development, to be able to create a new auto-injector. This is the large volume auto-injector I mentioned earlier. We see the feasibility of being able to inject up to 10 mls in under one minute with our auto-injector. Now, this is something we are uniquely positioned to do because we have ENHANZE, and we've got this great set of engineers who are able to create these very effective auto-injectors. We made super progress since we acquired Antares in the middle of the year, having developed a prototype that we took into some animal testing.
Our goal in 2023 is now to move forward into clinical tests by the middle of the year. We've been sharing the prototype as well as the plans with current partners and potential new partners, and we're excited in 2023 to work with some of these partners to move it forward to further develop this exciting new opportunity, which could make a large difference for patients. With that, I'll drill in more onto the ENHANZE opportunity. ENHANZE is a remarkable success story, resulting in durable revenue potential and still strong future growth opportunities. This is a result of the breadth of the portfolio we have, but also the structure of the contracts we have.
In particular, the opportunity we have to get co-formulation patents if something novel is identified, because for Halozyme, that can result in a longer duration of time we get royalties, but also maintain the royalty rate at a higher level at the mid-single digit royalty level. We categorize our pipeline in waves based on when we think it can potentially launch, and this timing is based on what's been our average time for development so far, which is five years from first in human to approval. Waves 1 and 2 are on the far left, with the Wave 2 products, DARZALEX FASPRO and Fezgo, launching relatively recently in mid-2022. This is the group of products that is driving today's royalty revenue growth. We move to Wave 3, these are the products that we anticipate will be launched between 2023 and 2025.
The four products here are all approved in at least one indication as an IV, an important de-risker. These, as I mentioned, can launch anytime between 2023 and 2025. The Wave 4 product is a diverse and large portfolio of 10 products with the potential to launch between 2025 and 2027. eight of these products are in or have completed phase I development, and II are in or will shortly start phase III development. Progress in our pipeline and development results in milestones. For the 2021-2023 period, we're now projecting milestone revenues at $330 million-$360 million, and the 2022-2024 milestone revenue projection is unchanged at $450 million-$500 million.
You can imagine this wave upon wave of approvals is going to result in wave upon wave of royalty streams, and this is resulting in a very strong royalty growth story. For 2027, on a non-risk adjusted basis, we project the potential for $1 billion in royalty revenues coming from that Wave 1 to 4 product and also the impact of the co-formulation patents. I'll point your attention also to 2031. In 2031, we project royalty revenues will be above $1 billion. The drivers of this are the continued growth of the Wave 3 and wave 4 products in particular, new Wave 5 products. Those would be products that enter the clinic this year, next year, and the following year that have the potential to be approved and launched at that period of time.
Also the continued impact for co-formulation patents and the potential to have signed some deals with partners using our new rHuPH20 which is more room stable and has longer intellectual property. These may seem like large numbers to you, the $1 billion and the $1 billion plus, but I'm happy to report we're already almost halfway there with the five products we currently have. Reminding you that in the next several years, we're expecting an additional four products to be approved. For the 2023 period, we project royalty revenues of $445 million-$455 million. If we look back to just 2020, our royalty revenues were under $100 million. What's made the difference here has been the launch of the wave two products, DARZALEX FASPRO and also Fezgo.
And I'll go into a little bit more detail on those products now and the continued growth that exists for them, before I turn to the wave four products. If we look at DARZALEX, I'm sure everybody's familiar with it. This is Janssen's terrific drug for multiple myeloma. It is continuing its strong growth story with analysts projecting revenues of $14.5 billion in 2028, up from the $8 billion projected for this year. What's driving this is their continued penetration into the earlier lines of therapy, gaining more patients and longer duration of therapy. Today, DARZALEX IV is given as an IV infusion. It can take anything from 4-6 hours for many patients. DARZALEX SubQ, which in the U.S. is also called FASPRO, is given in just 3-5 minutes as a SubQ.
4-6 hours versus 3-5 minutes. This really is a very strong value proposition and why we've seen such strong global conversion to the subcutaneous version. The panel on the right shows DARZALEX FASPRO share. That's the U.S. share where it's already at 85% after just two and a half years. Outside the U.S., the share conversion is also at over 80%. We predict continued growth of DARZALEX revenue for Halozyme. The two drivers are very clear in this slide. The first one is DARZALEX use is increasing. Even after so many years on the market, there is still strong growth because it's gaining more and more patients every year. We're also going to continue that share conversion, and more and more patients are going to be using the SubQ version, thinking about that value proposition again.
I'll move now to Fezgo. This is Roche's fixed dose combination of Perjeta and Herceptin used in patients with breast cancer. Today, if you receive the IV, you would receive Perjeta and Herceptin sequentially, and that would take several hours. For the subcutaneous, it's given in just 5 to 8 minutes. Already, Fezgo has demonstrated strong success, annualizing at about $900 million a year. Perjeta, as you see shown in this slide for 2022, is a $4.4 billion. Still a lot of opportunity for conversion with the slide on the right showing that Roche today estimates that there's about 30% conversion of patients to Fezgo on a global basis in the early launch markets.
Once again, strong value proposition, a lot of opportunity ahead of us to convert that Perjeta into more Fezgo sales and royalties for Halozyme. With that, let me move to the wave three products. Recalling these are the ones that have the potential to launch 23-25. Just two comments from this slide as I'll go into each of these products in a bit more detail in a moment. Firstly, all of the products are approved as an IV in at least 1 indication. That means they've undergone regulatory review and an appropriate risk-benefit has been established. That's a de-risker for our development, as you can imagine. Also the first two products shown here, Efgartigimod and Atezolizumab, have also read out positive subQ phase III studies and have initiated the regulatory filings.
In of note, for argenx, the PDUFA date is coming up in just a few weeks on March 20, 2023. Again, drilling into these products, each of them is a leader or an emerging leader in their disease area with strong growth ahead. Indeed, analysts are projecting that this group of products will attain $30 billion in revenues by 2028. Just contrast that to the exciting portfolio in the Wave 2, DARZALEX and Fezgo. This is dramatically higher than that opportunity. What's gonna matter to Halozyme is obviously going to be what is going to be the rate of conversion and what is going to be the peak of conversion, recalling that we receive on average a mid-single-digit royalty on net sales today. With that, let me go into Efgartigimod.
This is our next potential launch with that PDUFA date I mentioned, coming up in just a few weeks. Analysts project that Efgartigimod has the potential to deliver $4.7 billion in revenues in 2028. The two leading indications are myasthenia gravis and CIDP, and they're making up the majority of this revenue. In the middle panel are the six indications we're working on with argenx for subQ development. Notably, in four of these indications, they are only developing a subQ underscoring why we're so excited about this particular indication. Efgartigimod subQ will be delivered in about 1 minute for patients, a strong value proposition versus the hour or more the other available therapies in this area have. In 2023, in addition to the potential approval, we have multiple data readouts expected, beginning with CIDP, which is now expected in the second quarter.
I'll move to Atezolizumab subQ. This is Roche's anti-PD-L1 projected by analysts to be a $7 billion drug by 2028. It's used in two types of settings. It's often used as monotherapy or with oral therapy. The indications there would be non-small cell lung cancer and melanoma. If we can bring in subQ to this, the patient can have a totally non-IV regimen where the subQ Tecentriq is delivered in just seven minutes. Obviously, important for patients. In the IV combinations where Tecentriq is used with other IVs, non-small cell lung cancer and hepatocellular carcinoma, again, the ability to receive Tecentriq in just seven minutes will streamline their care and reduce the burden for some patients who can be really very sick indeed.
Roche has initiated the regulatory filings, as I mentioned, setting up the potential for a 2023 launch of Atezolizumab subQ. Nivolumab is similarly exciting, BMS's leading PD-1 inhibitor. Analysts here project $13.4 billion in sales. To date, BMS has two subQ studies ongoing, one in renal cell carcinoma and the second in melanoma. That's for easier indications where Nivolumab is used alone or with oral therapy again. Analysts project that this actually will be about a half of the sales of Nivolumab in the future. Once again, a non-IV regimen, which is going to be exciting for patients. Other indications of non-small cell lung cancer and bladder cancer, where it's used with other IVs, this is an opportunity to streamline. The last of our Wave 3 products is Ocrelizumab.
This is Roche's product for multiple sclerosis, the number one MS drug in both Europe and the EU 5, projected by analysts now to exceed $8 billion by 2028. This is a product that can alleviate the treatment duration for patients. I took a slide from one of Roche's recent presentations, where you can see the IV regimens today shown in the purple and the orange. The shortest time, if you take the treatment time and the required observation time for a patient re-receiving Ocrelizumab, is 3.5 hours, with many patients having to take up to 6 hours for that. Instead, shown at the bottom in blue, the goal is that the first two treatments with Ocrelizumab subQ would be 1 hour, including the treatment and observation time, but subsequent doses would be just 10 minutes.
That's gonna be a dramatic change for patients, but importantly, also the potential to alleviate some of the capacity constraints in infusion centers. I'll move now to Wave Four. Just a couple of comments here. Firstly, I hope you're struck by how broad and diverse and exciting the opportunities we have in Wave Four. Again, many of these products, as are shown in the bolded letters, are already approved as an IV, an important de-risker. We're excited that two of these products, Nivolumab and Relatimab and Amivantamab, have already moved into or very soon to move into phase III development, bringing them closer to that decision on approvability and royalty revenues for Halozyme. With that, let me just review our additional revenue stream coming from the acquisition of Antares, and that's the testosterone replacement therapy portfolio.
XYOSTED is our once a week subcutaneous, virtually painless, patient-administered treatment for testosterone replacement. Today, many patients instead are using an IM that has to be given into the buttock, can be difficult to inject and result in pain. It is our goal to grow XYOSTED to over $100 million in revenue in 2023, which represents about 20% growth over the run rate since the acquisition. Our goal is to do that by converting patients from the IM, noting that for each 1% share conversion we get, that is about $20 million in net sales. TLANDO is also a treatment for testosterone replacement. This is an oral therapy. We're continuing to work to get access at the pharmacy benefit managers. We have not reached agreement with them on what an appropriate rebate rate is.
Until we get to that agreement and access is established, we are projecting low revenues for TLANDO in 2023. I'll close on our revenue durability and financial strength. The story I've shown you with the strong revenue and the strong cash flow resulting in us putting in place a compelling capital allocation strategy. The priorities are shown here. This has been in place for the last several years, and for 2023, it's unchanged. First of all, our first priority is to invest to maximize revenue growth and durability across all of the platforms I've discussed. We also are going to continue to return capital to our shareholders, and we've elected to do that through share repurchases. We're in the middle of our second share repurchase program, which was approved at the end of 2021.
We've already repurchased 350 of the target $750 million. For 2023, it's our goal to repurchase an additional $150 million. We will also continue to seek to grow through external growth through M&A, seeking additional platforms or opportunities where we see them to be de-risked and to provide the opportunity for revenue growth and durability. 2023 is the beginning of the potential acceleration, as I've mentioned already, in the number of royalty-generating products. We've got continued expectations of royalty revenue growth for DARZALEX and Fezgo, as I described. Two potential new approvals coming from Efgartigimod and Atezolizumab. Two important data readouts that bring into site very, in 2024, potential new additional revenue streams. Ongoing phase III that are coming all more closer to being new royalty streams for Halozyme.
In addition to this, we're going to continue to work with our current partners to advance and mature their portfolios and seek to gain new agreements with partners, with the goal of achieving one new ENHANZE deal, one new ENHANZE plus high volume auto-injector deal, and one small volume auto-injector deal. Let me close by saying why I think 2023 is going to be such an exciting and compelling year for Halozyme, once again, reiterating our guidance. This is our fourth straight year of revenue growth with an expected $850 million-$845 million. It is another year of strong royalty revenue growth, exceeding $445 million. Our EBITDA growth is going to continue to allow us to fuel our growth investments as well as to return capital to our shareholders.
With that, I thank you for your attention.
Great. As a reminder, if you want to ask a question, just raise your hand or remember, we could probably hear you, but somebody will bring you a mic or you can just submit a question over the portal.
Yes, if I can just. This is Nicole LaBrosse. She is our CFO, has been in the role for the last year. All the terrific financial progress you've seen with the company has been under her leadership.
Great. I guess the first question would be the total revenue guidance you provided for 2023 came in a little below what we were projecting, a little below consensus estimates. It seems like much of that was driven by a delta on the milestone revenue as opposed to the royalty revenue. Is that a deferral of some milestones that had been expected in 2023 that maybe now will come in 2024? Or what's the right way to think about that?
Yeah, thanks for that. Yeah, it was milestones. When we put some of our revenue projections into place, it does based on what we believe and our partners tell us will be their timing for key events, such as starting clinical studies, and that obviously can shift. We did see some shifting of milestones that we expected in 2023, into 2024. That really is why the 2021 to 2023 guidance is a little lower, but we're maintaining the 2022 to 2024 guidance because we're still expecting those milestones to occur.
With respect to the royalty outlook for 2023, is this still mainly driven by DARZALEX? To what extent are the other products kind of contributors?
Yeah. DARZALEX is going to remain the key driver. It's just so large and it's growing very nicely. Fezgo, as you will have noticed, has become a more important product, annualizing now at $900 million in total sales, of which we get the on average mid-single-digit royalty. Both of those are key. We've a modest contribution in for Efgartigimod, just given we don't know for sure what the timing of launch would be. We did not include Atezolizumab this year because its timing for approval is very much towards the end of the year. Still a DARZALEX story, but these other products, and Fezgo in particular, starting to have more and more impact.
Okay. You've pointed to a XYOSTED number for 2023. How should we think about that in the context of the overall Antares kind of product portfolio? Is that the lion's share?
Yeah. It's certainly on the proprietary products, so the largest proprietary product. On the other part of the acquisition that we generate revenues from are partnerships with regard to the auto-injectors. The other largest product on that product line is EpiPen, where we receive revenues from royalties and from product sales. Those are the two largest current revenue contributors.
Okay. Can you talk about I'm trying to kinda calculate margins in my head here, but the EBITDA guidance, I think is also a little bit lower than we had been expecting. Is that a function of the difference on the top line, or are there any meaningful changes in kind of profitability in 2023 relative to 2022?
Yeah. I'll let Nicole take that.
I'll probably also just point to, you know, not only what we saw on the top line, but also, it's now reflecting a full year post-acquisition, so full year of operating expense post-acquisition. You know, some changes in transaction costs year-over-year. Cost of goods going up with product sales going up as well.
We've talked about DARZALEX kind of being the big driver today. What's the next most important product we need to focus on after DARZALEX?
We, we do like to think about that as that Wave3 I talked about, because they will all be launching in the next several years upon approval and represent a $30 billion opportunity. Each of them, as I described, is going to be a multi-mega billion dollar brand. The value proposition for the SubQ, we believe is very strong. Tessa Romero, we look at that more as a portfolio and all of them having strong potential to continue to grow as DARZALE X continues to go grow.
I mean, I think when you think about Daratumumab being approved in 2015, the amount of growth it's having year-over-year, so many years later as a brand because of this ability to penetrate into the earlier lines of therapy and the longer duration of therapy is lifting our royalty revenues as well, because the majority of use is SubQ. I think that's something people, I think, underestimate the impact of that growth.
Mm-hmm. What about on the, kinda corporate development side in terms of signing new deals? Is 2023 gonna shape up to be a active year on that front in terms of new partnerships?
I certainly have set a goal internally that we get an ENHANZE deal, an ENHANZE plus high volume deal, and a small volume deal. I can say that we're having many conversations. It is a broad set of conversations with different sizes of biotech and pharma that really convinces me there's a lot of opportunity out there. It definitely is our goal to sign multiple deals in 2023.
Okay. Can you talk through some examples of synergies between the ENHANZE platform and the auto-injector platforms, how you could potentially, I guess, combine them?
I mean, I think the first one is this large volume auto-injector. Today you can't inject more than 2 mLs easily. What we're focusing on is what we identified was an opportunity in the market for between 5 and 10 mLs. The ability to get that in well under a minute just doesn't exist today. Because if you can imagine taking a needle and plunging it into your thigh and trying to push 5 mLs in, that would be quite difficult if you didn't have ENHANZE. I think that's the most important synergy because the ENHANZE works to clear that subQ space to allow the fluid to spread and stop the backpressure.
We're uniquely positioned really to be the ones bringing this forward because we have ENHANZE that really is what's going to make the difference there. Now, in our current portfolio, most of our approved products to date are higher than 10 mLs, but there are a few products in development that are lower than that. We're talking to those partners about the potential to use our auto-injector. We're also talking to other companies who we've identified have products in development that fit into that volume profile, where we think there's a great opportunity to develop with our auto-injector and ENHANZE.
With the ENHANZE patent expirations coming up in 2024 and 2027, can you talk about what your expectations are for the company's portfolio of royalties through that timeframe?
We expect, as you saw in the slide, to continue to grow our royalty revenues through 2031, which I showed in the slide. We will be the leading operating royalty company in 2031. The reason for that are these waves of products, the growth of the products that we are predicting that are in Wave 3, four, and five in particular, but importantly also this effect of our co-formulation patents. Those are important in that they extend the duration of royalties. We generally receive royalties for ten years, but it can extend it longer than that. It also can maintain our royalty rate in many of our contracts at that mid-single digit royalty rate.
We see this compounding effect of the new royalty streams, the impact of the co-formulation patents allowing us to continue to grow royalty revenues through 2031.
Should we expect that to be like a consistent year-over-year growth, i.e., even in sort of 2028, for example?
We haven't provided that level of detail, but there certainly are dynamics where that would entirely be possible because this getting the co-formulation patents stops the step down. Yes, we see a lot of opportunity to do that. There will be some step downs 'cause we don't assume that we'll get a co-formulation patent on every drug. That's where the new launches with the new revenue coming in from the new products helps offset any step downs. As we model how based on the contracts that we know what we think will happen, we see a great opportunity for strong growth.
In the contracts, if there is a step down, will we see that in, based on Europe, sort of in 2024 or 2025 so that we can kind of almost tell if a certain product is gonna step down in the U.S. looking at a couple of years? Will you think we'll be able to like kinda parse that out from the numbers?
I don't believe so. Let's say we don't give multi-year guidance, so you're gonna have to wait and see. No, I don't believe so.
Okay. We're a little ways out from the Antares acquisition now. It's not a full year, but a little ways. What's your current appetite for business development, what kind of assets are you interested in?
Yeah. We the Antares acquisition has gone very well with the integration of that. I will say we're now turning our attention more and more to being aware of and looking to see if there are additional assets at out there. We're not in any rush for it. You've seen the strong growth story I've just presented. We'll take our time, and we'll be thoughtful to find the right profile, just as we did between 2019 and 2022. We're looking for de-risk assets that fits our profile. We're looking for either assets or platforms that we can license or where we see other ways to drive meaningful growth and revenue and that they have durable revenue. That fits our profile in terms of what we are looking for.
It could be in drug delivery, but we're also open to looking outside of drug delivery if it fits that high revenue growth, durable revenue growth, as well as importantly as having a clear line of sight to it being accretive, if not immediately, very quickly.
How do you balance deploying cash for business development versus returning cash to shareholders?
Yeah. Nicole, I'll give you that one.
We continue a really balanced approach to that. We're deploying our capital through really we look at it as three buckets. We're reinvesting in the business and investing in our in our revenue durability in long term. We're investing in share repurchases. We're about halfway through a three-year, $750 million plan, and we'll continue to execute on that. We've planned for up to $100 million of repurchases in 2023. Also continue to explore opportunities to grow via M&A. We really view it as a balanced approach as these three buckets are what we see will grow the long-term revenue durability and growth for the company.
Okay. If there's no more questions, I think we're about out of time. We'll wrap it up. Thank you.
Thank you very much.
Thank you.
I'd go ahead and take