| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | 3 | 2 | 1 | 1 | 2 | 2 | 2 | 3 | 2 | 2 | 2 |
| total | individual payouts | |
|---|---|---|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 336.00 | 596.07 | 142.82 | 231.00 |
| Receivables | 234.21 | 308.46 | 441.27 | 455.83 |
| Inventory | 127.60 | 141.86 | 176.48 | 137.14 |
| Other | — | — | — | — |
| 746.42 | 1,085.34 | 825.21 | 933.02 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 11.82 | 10.25 | 20.90 | 23.61 |
| ST’ Debt | — | — | — | 208.97 |
| Other | — | — | — | — |
| 112.49 | 139.10 | 177.09 | 344.44 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 376.71 | 481.00 | — | — |
—
|
| ’25 | 264.86 | 325.72 | 354.26 | 451.77 |
1,396.61
|
| ’24 | 195.88 | 231.35 | 290.08 | 298.01 |
1,015.32
|
| ’23 | 162.14 | 221.04 | 216.03 | 230.04 |
829.25
|
| ’22 | 117.28 | 152.37 | 208.98 | 181.50 |
660.12
|
| ’21 | 89.02 | 136.46 | 115.83 | 102.00 |
443.31
|
| ’20 | 25.35 | 55.22 | 65.32 | 121.70 |
267.59
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 180.08 | 240.89 | — | — |
—
|
| ’25 | 154.22 | 99.71 | 178.60 | 219.03 |
651.56
|
| ’24 | 129.43 | 55.79 | 115.38 | 178.47 |
479.06
|
| ’23 | 86.96 | 66.84 | 132.41 | 102.35 |
388.57
|
| ’22 | 47.80 | 40.23 | 69.64 | 82.45 |
240.11
|
| ’21 | 58.30 | 36.89 | 121.74 | 82.52 |
299.44
|
| ’20 | (4.84) | 3.29 | 6.08 | 50.92 |
55.45
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 176.34 | 236.72 | — | — |
—
|
| ’25 | 153.27 | 98.15 | 624.44 | (231.27) |
644.59
|
| ’24 | 125.88 | 53.21 | 425.46 | (136.18) |
468.37
|
| ’23 | 75.59 | 68.47 | 325.16 | (95.94) |
373.28
|
| ’22 | 47.31 | 55.28 | 68.63 | 90.09 |
261.31
|
| ’21 | 58.03 | 36.36 | 121.24 | 82.36 |
297.98
|
| ’20 | (4.22) | 2.78 | 6.03 | 49.44 |
54.03
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1.22 | 1.90 | — | — |
—
|
| ’25 | 0.93 | 1.33 | 1.43 | (1.20) |
2.56
|
| ’24 | 0.60 | 0.72 | 1.05 | 1.06 |
3.43
|
| ’23 | 0.29 | 0.56 | 0.61 | 0.65 |
2.10
|
| ’22 | 0.43 | 0.16 | 0.44 | 0.42 |
1.44
|
| ’21 | 0.19 | 0.62 | 1.48 | 0.46 |
2.74
|
| ’20 | (0.04) | 0.19 | 0.25 | 0.50 |
0.91
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 31.36 | 29.85 | 33.15 | 47.50 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 59.46 | 57.00 | 65.53 | 79.50 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 393 | 373 | 350 | 423 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.68 | 2.22 | 2.90 | 3.30 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 660.12 | 829.25 | 1,015.32 | 1,396.61 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 78.90% | 76.80% | 84.30% | 83.62% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 248.92 | 348.33 | 557.13 | 466.88 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 37.71% | 42.01% | 54.87% | 33.43% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 202.13 | 281.59 | 444.09 | 316.89 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 58.59 | 85.84 | 77.74 | 92.26 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.82 | 6.29 | 8.01 | 11.65 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 1.48 | 2.13 | 3.50 | 2.64 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.75 | 2.95 | 3.78 | 5.44 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.15 | (0.12) | (0.08) | (0.06) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.91 | 2.83 | 3.69 | 5.38 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.24 | 0.64 | 2.87 | 0.41 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 136.84 | 131.93 | 126.83 | 119.84 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 37.25 | 17.47 | 13.66 | 25.79 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.43 | 5.95 | 5.97 | 5.77 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 44.43 | 58.86 | 16.67 | 165.22 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.16 | 7.39 | 6.90 | 7.72 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 33.25 | 16.42 | 14.96 | 16.72 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 240.11 | 388.57 | 479.06 | 651.56 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.20 | (15.29) | (10.70) | (6.97) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 261.31 | 373.28 | 468.37 | 644.59 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 608.22 | 633.93 | 946.24 | 648.12 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,506.10 | 1,499.25 | 1,505.80 | 2,142.63 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,143.31 | 1,163.25 | 909.72 | 1,999.81 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 169.80 | 83.81 | 363.82 | 48.81 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.72% | 15.75% | 23.39% | 13.81% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.73% | 16.92% | 27.06% | 14.31% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 110.23% | 222.07% | 198.42% | 153.59% | ‡‡‡‡‡ | — | — |
ROE
|
Halozyme Therapeutics (HALO) is revolutionizing biotech with its ENHANZE platform, enabling subcutaneous delivery of biologics and powering lucrative royalties from partners like Roche, Pfizer, and Janssen. Revenue has exploded from $147 million in 2016 to $1.02 billion in 2024—a 592% surge at over 30% CAGR—driven by efficiency gains like revenue per employee tripling to $2.9 million. Analysts forecast continued acceleration to $1.39 billion in 2025 (37% YoY) and nearly $2 billion by 2027, fueled by oncology and immunology demand, FDA approvals, and new deals.
Profitability has transformed HALO from mid-2010s losses into a cash machine, with net income hitting $444 million in 2024 (EBT margins at 54.9%) and EPS soaring from -$0.81 to $3.50, projected to $8.90 by 2027. Free cash flow jumped 1,058% to support buybacks and growth, while a resilient balance sheet covers debt 2x over. Trading at a discounted 13.7x trailing P/E (forward 10.7x by 2026), HALO looks undervalued versus peers, with stock gains historically tracking earnings beats.
Routine insider selling amid highs signals confidence, not concern, as catalysts like ENHANZE expansions, partnership ramps, and 25%+ CAGR loom. Wall Street sees upside potential, but the bull case points to 50%+ returns over 2-3 years in this patient-friendly injectable shift—read the full analysis for the powder keg details.
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