Halozyme Therapeutics (HALO) expects zero to minimal royalty revenue impact from a proposed rule issued Friday by the US Centers for Medicare & Medicaid Services for the Medicare Drug Price Negotiation Program, the company said Monday.

The company said the projection, based on its analysis of the proposed rule and the statutory framework established under the One Big Beautiful Bill Act, reflects an expected zero to minimal impact on royalty revenue through at least 2035.

The projection is backed by statements within the proposed rule affirming that orphan drug protections remain applicable, the company said.