I agree that the big difference in net income between GAAP and non-GAAP is probably part of the negative reaction. Also, the uncertainty about what they'll do with their cash is making investors nervous. But I would say the biggest concern is the overreliance on Darzalex FasPro. The "legacy" products' royalties are declining and we still have only 2 products in Phase 3 trials. And the big question is, do we have anything in the pipeline that will be as strong a product as SC Darzalex? The answer is clearly no. Darzalex royalties will probably peak somewhere between $300M and $400M, so we will need a lot products approved to have a decent chance to get close to $1B in royalties. It's still pretty uncertain whether the next products will be approved in 2023 or 2025.
Graig Suvannavejh -- Goldman Sachs -- Analyst
Great, thank you for taking my question, and congrats on all the great progress. I've got two questions if I could. My first just has to do with the broader portfolio, in particular, the 16 products that you list on slide 5. I'm just wondering if you could maybe remind us if there is certain products where the current IV infusion times are perhaps considered longer perhaps than others that might facilitate greater conversion over to any potential subcu that might get eventually improved?
And then my second question, just wanted to revisit the Company's prior comments around looking for additional technologies. And I'm just wondering, as we have been talking about this over the past several quarters, I'm curious if there have been any changes in the BD environment, whether it is the number of potential assets, the quality of the assets or potentially the prices on the assets that may have meaningfully changed? Thanks very much.
Helen Torley -- President, Chief Executive Officer and Member of the Board of Directors
All right, so turning to slide 5, I think, Greg as we're taking a look at the products that are listed here, there are a whole range of infusion times as you point out. And obviously some of them are perhaps 30-minute IV, some of them more range toward the 1.5 hours to two hours. What I think is important is duration of infusion is one aspect, but what we're seeing with our partners is not simply reducing the time of administration that are other, I think important strategic plays that they are pursuing here.
If we think about some of the products, where the goal might be to get the patients to be able to use the product at home more easily, there a subcu is a significant advantage obviously over an IV. We've got other partners who are working to develop drugs in combination. So similar to what Roche succeeded with Phesgo of two antibodies together, and that was -- I'll mention that Bristol-Myers Squibb, when they started working with us, have a vision to be able to take care more into the community oncology setting to make it easier for patients.
And so as you think about what the value proposition is, I think there's a strategy, there's a duration of administration, all very important. And for each of the products that we, you see listed here as well as the five that we expect to start this year, there is a compelling value proposition as to why this will bring competitive differentiation for each partner for them to take it to the market.
If I could move to the question of BD, yes, as we mentioned, our goal is to seek to find another platform that we can do what we've done with ENHANZE, which is licenses to multiple partners and be able to grow revenues perhaps beyond what the originator was able to do. And so we are very actively looking at different opportunities at the moment, Graig. I would say the environment has got a good number of assets, pricing is perhaps a little bit down as to what it was perhaps four months, five months ago. So that is a bit of a positive.
But I would say no major change in the overall environment of the assets that we are looking at, and we will take our time. We have the luxury of time based on the strong growth we're projecting for ENHANZE. So we're not rushing into this. We're looking for something that we feel is a great fit for our capabilities and our business model, and we will complement that -- them effectively. So we're going to find the right thing.
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