stockrow
Friday 6 November 2026
Export HALO’s income statement to Excel — free account
Halozyme Therapeutics, Inc.
HALO Healthcare Biotechnology
Halozyme Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 37.6% from fiscal 2024.
- Revenue
- +39.2%
- EPS
- +45.6%
- Free cash flow
- −58.6%
- Total debt
- +115.1%
Quarter to September 2026, against a year earlier
104.45
18.51
−15.05%
Follow HALO
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 147 | 317 | 152 | 196 | 268 | 443 | 660 | 829 | 1,015 | 1,397 | 1,802 | +28.5% | 1,881 | 2,100 | 2,339 | +18.8% | |
| Gross margin, % | 77.36 | 90.16 | 93.33 | 76.76 | 83.79 | 81.64 | 78.90 | 76.80 | 84.30 | 83.62 | 82.27 | +6.3 pt | ||||||
| EBT | (102) | 62 | (80) | (72) | 129 | 249 | 249 | 348 | 557 | 467 | 655 | n/m | ||||||
| EBT margin, % | (69.44) | 19.46 | (52.54) | (36.86) | 48.32 | 56.06 | 37.71 | 42.01 | 54.87 | 33.43 | 36.34 | +102.9 pt | ||||||
| Net income | (103) | 63 | (80) | (72) | 129 | 403 | 202 | 282 | 444 | 317 | 485 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 1.15 | 2.32 | 1.06 | 1.36 | 1.96 | 3.15 | 4.82 | 6.29 | 8.01 | 11.65 | 15.84 | +29.4% | |||||
| Earnings | (0.81) | 0.46 | (0.56) | (0.50) | 0.95 | 2.86 | 1.48 | 2.13 | 3.50 | 2.64 | 4.20 | n/m | ||||||
| Cash flow | (0.39) | 0.98 | (0.34) | (0.59) | 0.41 | 2.13 | 1.75 | 2.95 | 3.78 | 5.44 | 7.89 | n/m | ||||||
| Capex | (0.02) | (0.01) | (0.03) | (0.03) | (0.01) | (0.01) | 0.15 | (0.12) | (0.08) | (0.06) | 0.00 | +10.1% | ||||||
| Free cash flow | (0.42) | 0.97 | (0.38) | (0.62) | 0.40 | 2.12 | 1.91 | 2.83 | 3.69 | 5.38 | 7.89 | n/m | ||||||
| Book value | (0.25) | 1.53 | 1.73 | 0.64 | 1.11 | 1.40 | 1.24 | 0.64 | 2.87 | 0.41 | (0.49) | n/m | ||||||
| Shares, m | 128 | 136 | 144 | 144 | 136 | 141 | 137 | 132 | 127 | 120 | 117 | (0.7%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 50.50 | 0.00 | 0.00 | 44.49 | 14.11 | 37.25 | 17.47 | 13.66 | 25.79 | 29.50 | 20.3 | |||||
| P/S | 8.71 | 8.70 | 13.83 | 13.06 | 21.74 | 12.76 | 11.43 | 5.95 | 5.97 | 5.77 | 7.82 | 10.8 | ||||||
| P/B | 0.00 | 13.23 | 8.44 | 27.89 | 38.51 | 28.71 | 44.43 | 58.86 | 16.67 | 165.22 | 0.00 | 40.2 | ||||||
| EV/Sales | 8.79 | 7.86 | 12.33 | 12.96 | 23.32 | 13.06 | 13.16 | 7.39 | 6.90 | 7.72 | 9.03 | 11.3 | ||||||
| EV/FCF | (24.10) | 18.75 | (34.58) | (28.39) | 115.50 | 19.43 | 33.25 | 16.42 | 14.96 | 16.72 | 18.37 | 14.8 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (50) | 134 | (49) | (85) | 55 | 299 | 240 | 389 | 479 | 652 | 898 | n/m | |||||
| Capex | (3) | (1) | (5) | (4) | (1) | (1) | 21 | (15) | (11) | (7) | (12) | +9.3% | ||||||
| Free cash flow | (54) | 133 | (54) | (89) | 54 | 298 | 261 | 373 | 468 | 645 | 898 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 202 | 379 | 278 | 458 | 133 | 809 | 608 | 634 | 946 | 648 | 1,371 | +13.8% | |||||
| Net debt | 12 | (267) | (228) | (19) | 29 | 136 | 1,143 | 1,163 | 910 | 2,000 | 2,176 | +77.1% | ||||||
| Shareholders’ equity | (32) | 208 | 249 | 92 | 151 | 197 | 170 | 84 | 364 | 49 | (55) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (46.48) | 16.12 | (16.73) | (14.36) | 22.53 | 47.82 | 13.72 | 15.75 | 23.39 | 13.81 | 17.05 | +60.3 pt | |||||
| ROIC | 0.00 | 0.00 | (208.92) | (57.81) | 50.02 | 51.83 | 12.73 | 16.92 | 27.06 | 14.31 | 19.87 | +14.3 pt | ||||||
| ROE | (1,958.98) | 71.60 | (35.14) | (42.41) | 106.33 | 231.44 | 110.23 | 222.07 | 198.42 | 153.59 | 216.38 | +2,112.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 259 | 255 | 281 | 132 | 136 | 145 | 393 | 373 | 350 | 423 | — | +5.6% | |||||
| Revenue/emp, $m | 0.57 | 1.24 | 0.54 | 1.48 | 1.97 | 3.06 | 1.68 | 2.22 | 2.90 | 3.30 | — | +21.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Royalties | 868 | 62.14% |
|---|---|---|
| Proprietary product sales | 195 | 13.93% |
| Bulk rHuPH20 sales | 133 | 9.52% |
| Sales-based milestones | 70 | 5.01% |
| Device partnered product sales | 49 | 3.50% |
| Event-based development and regulatory milestones and other fees | 47 | 3.37% |
| Upfront license and target nomination fees | 18 | 1.32% |
| Device licensing and development revenue | 17 | 1.21% |
| Gross margin | 83.62% | |
| Operating margin | 33.58% | |
| Pre-tax margin | 33.43% |
Halozyme Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| EXEL Exelixis, Inc. | $16.8B | 19.9× | 20.2× | +10.19% (above 0%: growing) | +22.22% (above 0%: growing) | −4.83% (below 0%: shrinking) | 96.02% | 40.75% | Compare |
| ASND Ascendis Pharma A/S | $16.6B | 18.3× | 15.4× | +119.88% (above 0%: growing) | n/m | +2,335.93% (above 0%: growing) | 91.85% | 64.98% | Compare |
| JAZZ Jazz Pharmaceuticals PLC | $14.6B | 62.6× | 35.9× | +10.38% (above 0%: growing) | n/m | −60.40% (below 0%: shrinking) | 91.10% | (33.26%) | Compare |
| BBIO BridgeBio Pharma, Inc. | $14.5B | — (loss-making) | — (loss-making) | +192.60% (above 0%: growing) | n/m | +60.46% (above 0%: growing) | 94.21% | (3.30%) | Compare |
| HALO Halozyme Therapeutics, Inc. | $14.0B | 29.5× | 17.9× | +39.15% (above 0%: growing) | +45.64% (above 0%: growing) | −58.64% (below 0%: shrinking) | 83.27% | 59.83% | |
| TECH Bio-Techne Corp | $11.4B | 62.2× | 54.2× | +1.33% (above 0%: growing) | n/m | −6.83% (below 0%: shrinking) | 65.82% | 23.13% | Compare |
| SMMT Summit Therapeutics PLC | $11.3B | — (loss-making) | — (loss-making) | −100.00% (below 0%: shrinking) | n/m | −112.80% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| KYMR Kymera Therapeutics, Inc. | $10.9B | — (loss-making) | — (loss-making) | +466.40% (above 0%: growing) | n/m | −186.64% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| BMRN BioMarin Pharmaceutical Inc. | $10.9B | — (loss-making) | 32.7× | +32.02% (above 0%: growing) | n/m | −52.25% (below 0%: shrinking) | 79.95% | (8.01%) | Compare |
| Median of peers | $12.9B | 41.0× | 32.7× | +21.20% | — | −29.54% | 91.48% | 0.00% |
From the latest earnings call
- CEO Helen Torley said newer partner products increased their royalty contribution, while four new collaboration and licensing agreements were signed during the quarter.
- CFO Darren Snellgrove said Halozyme expects royalties to grow sequentially through the second half, although increases may be smaller than between the first and second quarters.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
108.82%
Held by the ten largest
43.00%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 13.27m | 11.64% | +6.04k |
| Vanguard | 11.64m | 10.21% | +153.07k |
| State Street | 5.18m | 4.54% | +241.58k |
| Invesco | 3.18m | 2.79% | −834.50k |
| Morgan Stanley | 2.83m | 2.48% | +270.29k |
| Boston Partners | 2.77m | 2.43% | +89.89k |
| Bank of America | 2.74m | 2.40% | −172.55k |
| Geode Capital Management | 2.52m | 2.21% | +14.17k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | 2.51m | 2.20% | −14.92k |
| SNYDER CAPITAL MANAGEMENT L P | 2.40m | 2.10% | +73.02k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 23 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 23.17m | 39.73m | 157.57 |
| 2024 | 12.74m | 20.75m | 111.94 |
| 2023 | 11.82m | (3.61m) | 86.54 |
| 2022 | 9.70m | 22.82m | 133.22 |
| 2021 | 7.45m | 5.99m | 94.15 |
Ownership
Directors and executive officers, together
2.50%
Vanguard Group Inc.
11.20%
BlackRock, Inc
10.60%
State Street Corporation
5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Halozyme Therapeutics, Inc. (HALO) Latest News
6 Nov
5 Nov
15 Oct
13 Oct
8 Oct
7 Oct
HALO metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Halozyme Therapeutics is a biopharmaceutical company that helps other drugmakers deliver medicines by injection under the skin. Founded in 1998 and based in San Diego, it is led by President and Chief Executive Officer Helen I. Torley.
Its principal technology, ENHANZE, uses Halozyme’s enzyme rHuPH20 to temporarily break down a substance in the tissue beneath the skin. That makes it easier for injected fluid to move through the tissue. Drugmakers can combine the enzyme with their own medicines to develop products for subcutaneous, or under-the-skin, delivery. In some cases, this offers an alternative to an intravenous infusion and can shorten administration time.