Friday 6 November 2026 Export HALO’s income statement to Excel — free account

Halozyme Therapeutics, Inc.

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

104.06 18.90 −15.37%

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Market cap: $14.0B
P/E: 29.5×
Fwd P/E: 17.9×
Dividend yield: —
F-score: 5/9
Altman Z: 3.46
Beneish M: −2.59
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Halozyme Therapeutics, Inc. (HALO) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
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%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Royalties	868 62.14%	571 56.24%	448 54.01%	360 54.61%	204 45.99%	89 33.11%	70 35.66%	79 52.01%	64 20.06%
Proprietary product sales	195 13.93%	167 16.41%	131 15.78%	73 11.04%	23 5.25%	17 6.36%	17 8.67%	15 9.91%	15 4.79%
Bulk rHuPH20 sales	133 9.52%	86 8.50%	115 13.92%	82 12.43%	81 18.26%	39 14.56%	49 25.03%	13 8.38%	35 11.13%
Sales-based milestones	70 5.01%	30 2.95%	0 0.00%	10 1.51%	50 11.28%	15 5.61%	0 0.00%	0 0.00%	1 0.45%
Device partnered product sales	49 3.50%	51 4.98%	55 6.58%	36 5.47%	0 0.00%	0 0.00%	—	—	—
Event-based development and regulatory milestones and other fees	47 3.37%	73 7.14%	69 8.32%	59 8.94%	42 9.47%	70 25.97%	6 2.81%	16 10.54%	16 5.15%
Upfront license and target nomination fees	18 1.32%	27 2.66%	2 0.24%	30 4.54%	42 9.47%	37 13.93%	53 27.04%	26 17.34%	173 54.58%
Device licensing and development revenue	17 1.21%	11 1.12%	10 1.15%	10 1.46%	—	—	—	—	—
Research and Development Services	—	—	—	—	1 0.27%	1 0.47%	2 0.79%	2 1.52%	12 3.84%
ENHANZE drug product [Member]	—	—	—	—	—	—	—	0 0.30%	0 0.00%
Revenues under collaborative agreements	152	141	81	109	135	123	60	45	203
Product sales, net	376	303	301	191	104	56	66	28	50
Revenue	1,397	1,015	829	660	443	268	196	152	317

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Bulk rHuPH20 And ENHANZE	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.