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. In the quarter to June 2026, revenue grew 47.7%, EPS grew 44.1%, free cash flow grew 141.2% and total debt rose 42.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Halozyme Therapeutics, Inc. (HALO) Beneish M-score
Halozyme Therapeutics, Inc.'s Beneish M-score for fiscal 2025 is −2.59; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.59 | (0.26) |
| FY2024 | −2.33 | 0.41 |
| FY2023 | −2.74 | (2.16) |
| FY2022 | −0.57 | (0.83) |
| FY2021 | 0.26 | 1.51 |
| FY2020 | −1.25 | 0.31 |
| FY2019 | −1.56 | (0.21) |
| FY2018 | −1.35 | (0.48) |
| FY2017 | −0.87 | 3.74 |
| FY2016 | −4.61 | (4.83) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.04 | — | 0.96 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.46 | — | 0.59 | |
| Sales growth index | 1.38 | — | 1.23 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.13) | — | −0.62 | |
| Leverage index | 1.15 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.59 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SMMT Summit Therapeutics PLC compare | −5.0× |
| JAZZ Jazz Pharmaceuticals PLC compare | −3.0× |
| CORT Corcept Therapeutics Incorporated compare | −2.8× |
| EXEL Exelixis, Inc. compare | −2.6× |
| HALO Halozyme Therapeutics, Inc. | −2.6× |
| TECH Bio-Techne Corp compare | −2.5× |
| ASND Ascendis Pharma A/S compare | −2.5× |
| BMRN BioMarin Pharmaceutical Inc. compare | −2.5× |
| BBIO BridgeBio Pharma, Inc. compare | 8.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI