A Business at a Glance
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HALOZYME THERAPEUTICS, INC.
HALO
$10.1B
Mkt Cap
$81.93
+1.35%
HALOZYME THERAPEUTICS, INC. (HALO) has a current P/E ratio of 32.0, compared to its historical median P/E of 26.9. The stock is currently considered Fair based on its historical valuation range.
HALOZYME THERAPEUTICS, INC. (HALO) has a 5-year average return on invested capital (ROIC) of 39.5%. This indicates strong capital allocation and a potential competitive advantage.
HALOZYME THERAPEUTICS, INC. (HALO) has a market capitalization of $9.7B. It is classified as a mid-cap stock.
HALOZYME THERAPEUTICS, INC. (HALO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.53%.
Based on historical P/E analysis, HALOZYME THERAPEUTICS, INC. (HALO) appears fair. The current P/E of 32.0 is 19% above its historical median of 26.9. The estimated fair value CAGR (P/E method) is 31.4%.
HALOZYME THERAPEUTICS, INC. (HALO) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
Halozyme Therapeutics is a biopharmaceutical company that develops and licenses proprietary drug delivery technologies to enable subcutaneous administration of injectable biologics and small molecules. The company's core platform, ENHANZE, uses a recombinant human hyaluronidase enzyme (rHuPH20) to temporarily break down hyaluronan in the subcutaneous space, facilitating rapid, high-volume delivery of monoclonal antibodies and other large therapeutic molecules while reducing treatment burden and enabling home-based administration. Halozyme operates a capital-light, royalty-driven business model, licensing ENHANZE to major pharmaceutical partners including Roche, Takeda, Pfizer, Janssen, AbbVie, Lilly, BMS, argenx, ViiV, Chugai, Acumen, Merus, and Skye Bioscience; the company earns upfront fees, milestone payments, bulk rHuPH20 sales revenue, and royalties from ten currently approved commercial products. Beyond ENHANZE, Halozyme has expanded its drug delivery portfolio through acquisitions of Hypercon microparticle technology and Surf Bio hyperconcentration technology, both designed to enable higher drug concentrations and reduced injection volumes for subcutaneous delivery. The company also commercializes proprietary products including Hylenex and XYOSTED, and develops auto-injector technologies with partners including Teva and Viatris. Halozyme's competitive moat derives from its patented enzyme technology, established partnerships with global pharmaceutical leaders, and expanding portfolio of complementary delivery platforms positioned to serve diverse therapeutic modalities and disease areas.
【Strong royalty momentum continuing】 Management expects the three established blockbuster products—DARZALEX Subcutaneous, Phesgo, and VYVGART Hytrulo—to continue driving robust royalty growth through 2026–2028, with DARZALEX projected to exceed $18 billion in sales by 2028 and Phesgo conversion from intravenous to subcutaneous expected to reach 60% globally. The company is advancing a significant pipeline of new ENHANZE and Hypercon products, with six new ENHANZE targets expected to initiate Phase I testing in 2026 and two Hypercon assets projected to enter Phase I by end of 2026, positioning the combined commercial and development portfolio to nearly double from 19 to 36 products by 2028. Management plans to invest approximately $60 million annually in Hypercon and Surf Bio manufacturing capacity and development through 2026–2028 while maintaining operating leverage, and intends to deploy capital through share repurchases (at least $400 million in 2026 with a 3% annual yield target), debt retirement, and selective drug delivery acquisitions focused on high-demand, large-TAM technologies.
| Metric | Target | Period |
|---|---|---|
| Total Revenue | $1.71 billion–$1.81 billion | FY2026 |
| Royalty Revenue | $1.13 billion–$1.17 billion | FY2026 |
| Adjusted EBITDA | $1.125 billion–$1.205 billion | FY2026 |
| Non-GAAP Diluted EPS | $7.75–$8.25 | FY2026 |
| Share Buyback | at least $400 million | FY2026 |
| DARZALEX Peak Sales | exceed $18 billion | 2028 |
| Hypercon Royalty Revenue | estimated $1 billion | mid-2030s |
Total Revenue (FY2026): “we continue to expect total revenue of $1.71 billion-$1.81 billion, representing year-over-year growth of 22%-30%, driven by royalty revenues and product sales from API.”
Royalty Revenue (FY2026): “Royalty revenues of $1.13 billion-$1.17 billion, representing year-over-year growth of 30%-35%.”
Adjusted EBITDA (FY2026): “We expect adjusted EBITDA of between $1.125 billion and $1.205 billion, which includes approximately $60 million of planned investment in Hypercon and SurfBio.”
Non-GAAP Diluted EPS (FY2026): “Non-GAAP diluted EPS of $7.75-$8.25, which does not assume the impact of any potential future share repurchases.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.4B | 1.0B | 829M | 660M | 443M |
| Net Income | 349M | 317M | 444M | 282M | 202M | 403M |
| EPS | $2.96 | $2.56 | $3.43 | $2.10 | $1.44 | $2.74 |
| Free Cash Flow | 668M | 645M | 468M | 373M | 235M | 298M |
| ROIC | 17.3% | 16.7% | 27.3% | 19.6% | 26.4% | 107.6% |
| Gross Margin | - | 56.4% | 84.3% | 76.8% | 78.9% | 77.8% |
| Debt/Equity | 9.76 | 43.89 | 4.14 | 17.89 | 8.87 | 4.45 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 512M | 469M | 551M | 338M | 268M | 276M |
| Operating Margin | 33.9% | 33.6% | 54.3% | 40.7% | 40.5% | 62.2% |
| ROE | 158.8% | 153.6% | 198.4% | 222.1% | 110.2% | 231.4% |
| Shares Outstanding | 119M | 124M | 129M | 134M | 140M | 147M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 75M | 135M | 147M | 317M | 152M | 196M | 268M | 443M | 660M | 829M | 1.0B | 1.4B | 1.5B |
| Gross Margin | 69.8% | 78.3% | 77.4% | 90.2% | 93.3% | 76.8% | 83.8% | 77.8% | 78.9% | 76.8% | 84.3% | 56.4% | N/A |
| R&D | 80M | 93M | 151M | 151M | 150M | 141M | 34M | 36M | 67M | 76M | 79M | 81M | 92M |
| SG&A | 36M | 40M | 46M | 54M | 61M | 77M | 46M | 50M | 144M | 149M | 154M | 207M | 223M |
| EBIT | -63M | -27M | -83M | 81M | -69M | -68M | 144M | 276M | 268M | 338M | 551M | 469M | 512M |
| Op. Margin | -83.7% | -20.3% | -56.7% | 25.6% | -45.7% | -34.5% | 53.9% | 62.2% | 40.5% | 40.7% | 54.3% | 33.6% | 33.9% |
| Net Income | -68M | -32M | -103M | 63M | -80M | -72M | 129M | 403M | 202M | 282M | 444M | 317M | 349M |
| Net Margin | -90.8% | -23.9% | -70.2% | 19.9% | -52.9% | -36.9% | 48.2% | 90.8% | 30.6% | 34.0% | 43.7% | 22.7% | 23.1% |
| Non-Recurring | 1.2M | 1.2M | -8K | -46K | -5K | -1.4M | 772K | 0 | -129K | -611K | -1.5M | 46M | 46M |
| Returns on Capital | |||||||||||||
| ROIC | -113.0% | -39.7% | -86.7% | 92.1% | -26.0% | -19.0% | 113.7% | 107.6% | 26.4% | 19.6% | 27.3% | 16.7% | 17.3% |
| ROE | -165.3% | -76.4% | N/A | 71.6% | -35.1% | -42.4% | 106.3% | 231.4% | 110.2% | 222.1% | 198.4% | 153.6% | 158.8% |
| ROA | -51.1% | -18.5% | -46.5% | 16.1% | -16.7% | -14.4% | 22.5% | 47.8% | 13.7% | 15.8% | 23.4% | 13.8% | 13.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -48M | -37M | -50M | 134M | -50M | -85M | 55M | 299M | 240M | 389M | 479M | 652M | 677M |
| Free Cash Flow | -49M | -39M | -54M | 133M | -54M | -89M | 53M | 298M | 235M | 373M | 468M | 645M | 668M |
| Owner Earnings | -65M | -60M | -78M | 101M | -88M | -124M | 35M | 276M | 209M | 341M | 425M | 589M | 607M |
| CapEx | 1.4M | 2.4M | 3.1M | 1.4M | 4.7M | 4.0M | 2.5M | 1.5M | 4.8M | 15M | 11M | 7.0M | 9.8M |
| Maint. CapEx | 1.8M | 1.7M | 2.4M | 2.2M | 2.4M | 4.1M | 3.3M | 3.0M | 6.5M | 11M | 10M | 11M | 13M |
| Growth CapEx | 0 | 683K | 727K | 0 | 2.3M | 0 | 0 | 0 | 0 | 4.2M | 433K | 0 | 0 |
| D&A | 1.8M | 1.7M | 2.4M | 2.2M | 2.4M | 4.1M | 3.3M | 3.0M | 6.5M | 11M | 10M | 11M | 13M |
| CapEx/OCF | N/A | N/A | N/A | 1.0% | N/A | N/A | 4.5% | 0.5% | 2.0% | 3.9% | 2.2% | 1.1% | 1.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 200M | 150M | 350M | 200M | 402M | 250M | 342M | 342M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 7.7% | 2.5% | 6.0% | 2.5% | 8.1% | 4.0% | 4.0% | 3.5% |
| Stock-Based Comp | 15M | 21M | 26M | 31M | 36M | 35M | 17M | 21M | 24M | 37M | 43M | 52M | 58M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 279K | 20M | 2.9M | 77M | 13M | 0 | 4.9M | 4.9M |
| Balance Sheet | |||||||||||||
| Net Debt | -86M | -59M | 12M | -267M | -228M | -19M | 29M | 136M | 1.1B | 1.4B | 1.4B | 2.0B | 1.8B |
| Cash & Equiv. | 61M | 43M | 67M | 169M | 58M | 120M | 148M | 119M | 234M | 118M | 116M | 134M | 310M |
| Long-Term Debt | 50M | 28M | 199M | 125M | 35M | 383M | 0 | 787M | 1.5B | 1.5B | 1.5B | 2.1B | 1.9B |
| Debt/Equity | 1.21 | 1.16 | -6.67 | 0.97 | 0.51 | 4.39 | 2.63 | 4.45 | 8.87 | 17.89 | 4.14 | 43.89 | 9.76 |
| Interest Coverage | -11.3 | -5.3 | -4.2 | 3.7 | -3.8 | -5.8 | 7.1 | 36.7 | 15.8 | 18.0 | 30.5 | 25.9 | 26.8 |
| Equity | 41M | 43M | -32M | 208M | 249M | 92M | 151M | 197M | 170M | 84M | 364M | 49M | 220M |
| Total Assets | 166M | 182M | 262M | 520M | 440M | 566M | 580M | 1.1B | 1.8B | 1.7B | 2.1B | 2.5B | 2.7B |
| Total Liabilities | 125M | 139M | 294M | 312M | 191M | 474M | 429M | 907M | 1.7B | 1.6B | 1.7B | 2.5B | 2.5B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 547M | 473M | 402M | 981M | 952M |
| Retained Earnings | -450M | -483M | -585M | -522M | -531M | -604M | -475M | -59M | 143M | 91M | 360M | 55M | 205M |
| Working Capital | 137M | 109M | 202M | 379M | 278M | 458M | 133M | 809M | 608M | 634M | 946M | 648M | 640M |
| Current Assets | 161M | 172M | 257M | 510M | 428M | 543M | 555M | 926M | 739M | 746M | 1.1B | 825M | 1.0B |
| Current Liabilities | 24M | 62M | 55M | 131M | 149M | 86M | 421M | 117M | 131M | 112M | 139M | 177M | 363M |
| Per Share Data | |||||||||||||
| EPS | -0.56 | -0.25 | -0.81 | 0.45 | -0.56 | -0.50 | 0.91 | 2.74 | 1.44 | 2.10 | 3.43 | 2.56 | 2.96 |
| Owner EPS | -0.53 | -0.46 | -0.62 | 0.72 | -0.61 | -0.86 | 0.25 | 1.88 | 1.49 | 2.54 | 3.29 | 4.76 | 5.12 |
| Book Value | 0.34 | 0.33 | -0.26 | 1.49 | 1.74 | 0.64 | 1.06 | 1.34 | 1.21 | 0.63 | 2.81 | 0.39 | 1.85 |
| Cash Flow/Share | -0.39 | -0.29 | -0.40 | 0.96 | -0.35 | -0.59 | 0.39 | 2.04 | 1.71 | 2.90 | 3.70 | 5.26 | 3.05 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 122.1M | 128.9M | 127.2M | 139.9M | 143.4M | 144.5M | 141.9M | 147.0M | 140.4M | 134.1M | 129.5M | 123.8M | 118.5M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 46.0 | N/A | N/A | 46.3 | 14.6 | 39.4 | 17.7 | 14.0 | 26.9 | 27.7 |
| P/FCF | N/A | N/A | N/A | 21.8 | N/A | N/A | 112.8 | 19.7 | 33.8 | 13.3 | 13.3 | 13.2 | 14.5 |
| EV/EBIT | N/A | N/A | N/A | 33.4 | N/A | N/A | 44.4 | 22.1 | 33.7 | 18.5 | 13.6 | 22.2 | 22.6 |
| Price/Book | 28.4 | 51.1 | N/A | 13.9 | 8.2 | 28.3 | 39.5 | 29.8 | 46.9 | 59.4 | 17.1 | 174.6 | 44.2 |
| Price/Sales | 16.9 | 16.2 | 8.8 | 6.4 | 17.0 | 12.2 | 13.9 | 14.0 | 9.2 | 6.5 | 6.1 | 5.5 | 6.4 |
| FCF Yield | -4.2% | -1.8% | -4.2% | 4.6% | -2.6% | -3.4% | 0.9% | 5.1% | 3.0% | 7.5% | 7.5% | 7.6% | 6.9% |
| Market Cap | 1.2B | 2.2B | 1.3B | 2.9B | 2.0B | 2.6B | 6.0B | 5.9B | 8.0B | 5.0B | 6.2B | 8.5B | 9.7B |
| Avg. Price | 10.44 | 16.94 | 10.20 | 14.41 | 17.96 | 16.51 | 26.15 | 42.24 | 43.44 | 40.12 | 47.58 | 62.09 | 81.93 |
| Year-End Price | 9.62 | 17.04 | 9.91 | 20.71 | 14.28 | 17.98 | 42.10 | 39.97 | 56.74 | 37.15 | 48.13 | 68.87 | 81.93 |
HALOZYME THERAPEUTICS, INC. passes 7 of 9 quality checks, indicating strong fundamentals.
HALOZYME THERAPEUTICS, INC. trades at 32.0x trailing earnings, compared to its 15-year median P/E of 26.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.0x vs a median of 16.5x. The company's 5-year average ROIC is 39.5% with a gross margin of 74.8%. Total shareholder yield (buybacks) is 3.5%. At current prices, the estimated annualized return to fair value is +58.7%.
HALOZYME THERAPEUTICS, INC. (HALO) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
HALOZYME THERAPEUTICS, INC. (HALO) has a net profit margin of 22.7%. This is a strong margin indicating high profitability.
HALOZYME THERAPEUTICS, INC. (HALO) generated $645 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HALOZYME THERAPEUTICS, INC. (HALO) has a debt-to-equity ratio of 43.89. This indicates higher leverage, which may increase financial risk.
HALOZYME THERAPEUTICS, INC. (HALO) reported earnings per share (EPS) of $2.56 in its most recent fiscal year.
HALOZYME THERAPEUTICS, INC. (HALO) has a return on equity (ROE) of 153.6%. This indicates the company generates strong returns for shareholders.
HALOZYME THERAPEUTICS, INC. (HALO) has a 5-year average gross margin of 74.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for HALOZYME THERAPEUTICS, INC. (HALO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HALOZYME THERAPEUTICS, INC. (HALO) has a book value per share of $0.39, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the three established blockbuster products—DARZALEX Subcutaneous, Phesgo, and VYVGART Hytrulo—to continue driving robust royalty growth through 2026–2028, with DARZALEX projected to exceed $18 billion in sales by 2028 and Phesgo conversion from intravenous to subcutaneous expected to reach 60% globally. The company is advancing a significant pipeline of new ENHANZE and Hypercon products, with six new ENHANZE targets expected to initiate Phase I testing in 2026 and two Hypercon assets projected to enter Phase I by end of 2026, positioning the combined commercial and development portfolio to nearly double from 19 to 36 products by 2028. Management plans to invest approximately $60 million annually in Hypercon and Surf Bio manufacturing capacity and development through 2026–2028 while maintaining operating leverage, and intends to deploy capital through share repurchases (at least $400 million in 2026 with a 3% annual yield target), debt retirement, and selective drug delivery acquisitions focused on high-demand, large-TAM technologies.
Based on recent SEC filings and earnings calls, HALOZYME THERAPEUTICS, INC. (HALO) has provided the following forward guidance: Total Revenue: $1.71 billion–$1.81 billion (FY2026); Royalty Revenue: $1.13 billion–$1.17 billion (FY2026); Adjusted EBITDA: $1.125 billion–$1.205 billion (FY2026); Non-GAAP Diluted EPS: $7.75–$8.25 (FY2026); Share Buyback: at least $400 million (FY2026), plus 2 additional metrics.
Share Buyback (FY2026): “we are pleased to announce a new $1 billion share buyback authorization with an expectation of buying back at least $400 million of our shares in 2026.”
DARZALEX Peak Sales (2028): “DARZALEX is expected to continue the strong trajectory, with sales projected to exceed $18 billion in 2028.”
Hypercon Royalty Revenue (mid-2030s): “Hypercon will drive a separate and additional royalty engine projected to achieve an estimated $1 billion in royalty revenue in the mid-2030s.”