Halozyme Therapeutics, Inc.

Biological Products, (No Diagnostic Substances)

HALOMixed9 of 10 basics passed

$111.35

+1.38%

Market cap $12.6B

$111.35

+1.38%

Market cap $12.6B

Halozyme Therapeutics Inc is a biotechnology company focused on developing and commercializing novel oncology therapies. The company seeks to create therapies focused on human enzymes that alter tumors.

It is a $12.6B healthcare company. Revenue grew 41.2% over the last year, it keeps 25¢ of every dollar of sales as profit, and its net debt equals ~2.5 years of free cash flow. It trades at 30.3× earnings — near the highest of its own history.

Website: halozyme.com
Location: San Diego, CA
Employees: 423
Sector: Healthcare
Founded: 1998

Share price · 3 years

$37.89 → $111.35+193.9%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.66B
Profit: keeps 25¢ of every $1 sold; $414M
Free cash flow: cash left after running the business; $806M
Net debt: debt minus cash on hand; $2.01B
P/E: years of profit in the price; 30.3
EPS: earnings per share, TTM; $3.34
Shares: down 11% since 2017 — buybacks; 123.9M
Volatility: beta vs the market — under 1 swings less; 0.94

Revenue, last 10 years

52-week range

Low $61.63$111.35High $115.22

Today's price is 93% of the way from the year's low to its high.

P/E vs its history5y

30.3×median 18.6×

Higher than 92% of past days — near the highest of its own history.

Valuation vs own history

P/E

30.3×

P/S

7.5×

46%

EV/EBITDA

24.2×

17%

P/B

87.3×

FCF yield

6.4%

60%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

-$5.71Mnet selling

Purchases$0

Sales$5.71M

Insiders trading, last 14d0 buy · 1 sell

Standing in Healthcare

Size$12.6Btop 71%
Revenue growth+28%top 12%
Net margin25%top 14%
Return on equity181%top 3%
P/E30.3×top 59%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong growth and profitability; Valuation and Moat lag behind.

Valuation44

P/E vs own history92th pct · 0/25
FCF yield6.4% · 20/25
P/S7.5x · 12/25
EV/EBITDA21.0x · 12/25

Growth75

Revenue CAGR33.2% · 25/25
Net income CAGR-5.8% · 0/25
EPS CAGR ~5Y22.9% · 25/25
Fwd implied growth165.2% · 25/25

Profitability95

ROIC15.4% · 20/25
ROE180.6% · 25/25
Net margin24.9% · 25/25
Operating margin35.6% · 25/25

Health50

Altman Zn/a · 0/25
Current ratio2.71 · 25/25
Interest coverage143.5x · 25/25
Net cash / debtD/A 80% · 0/25

Quality65

Piotroski F5/9 · 15/25
Beneish M-3.15 · 25/25
FCF conversion195% · 25/25
Margin stabilityσ 50.1% · 0/25

Moat48

ROIC >12% years6/9 yrs · 13/25
Median gross margin82.6% · 25/25
FCF-positive years7/10 yrs · 10/25
Worst-year net marginworst -70.2% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Revenue crossed $1B
$1.02B for the year
FY2024Financial
Best year on record
$444M net income
FY2020Financial
Positive free cash flow every year since
6-year streak
FY2017Financial
Turned profitable
$63.0M net income after a loss year
FY2017Financial
Became debt-free
cash now exceeds total debt
1998Founded
The company was founded in 1998 and went public in 2004

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$27 638 today — price return only

$1.4B revenue in FY2025

Revenue up 41.2% year over year

Profitable 6 years in a row

Positive free cash flow 6 years in a row

423 employees

ROIC of 15.4%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (82.4%)
Strongly profitable — 24.9% net margin
Revenue growing 41.2% year over year
Strong cash conversion — FCF is 48.5% of revenue
Interest covered 143.5× by operating earnings

Watch-outs

Loss-making in 3 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 10 checks passed

Revenue growing — the company sells more than a year ago+41.2% YoY
Profitable — makes more than it spends$414M TTM
Profit growing — earnings are higher than last year+21.2% YoY
Generates cash — cash left after running and investing$806M TTM
Debt under control — could handle its obligations~2.5y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$12.6B market cap
Not printing shares — share count not ballooning — you keep your slice-12.4% shares over ~5y
Proven track record — years of profitability behind it7/10 profitable years
Financially stable — balance sheet not near distresshealth score 50/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 30.3

Peer comparisonHalozyme Therapeutics, Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
HALO this company	$12.6B	30.3	+41.2%	24.9%	Mixed
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: HALO vs LLY · HALO vs JNJ · HALO vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 10Hold 3

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.66B · net income $414M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$1.66B

YoY 41.2%

Net income (TTM)

$414M

Margin 24.9%

Gross margin

82.4%

Operating margin

35.6%

P/E ratio

30.3

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.3	0.4	0.7	0.8	1.0	1.4
Gross profit	0.2	0.4	0.5	0.6	0.9	1.2
Operating income (EBIT)	0.1	0.3	0.3	0.3	0.6	0.5
Net income	0.1	0.4	0.2	0.3	0.4	0.3
EPS (diluted)	0.91	2.74	1.44	2.10	3.43	2.56

Cash flowFree cash flow $806M · operating cash flow $819M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$806M

Margin 48.5%

Operating cash flow (TTM)

$819M

FCF margin

48.5%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.1	0.3	0.2	0.4	0.5	0.7
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.1	0.3	0.2	0.4	0.5	0.6
FCF margin	19.8%	67.2%	35.6%	45.0%	46.1%	46.2%

Balance sheetAssets $2.53B · net debt $2.01B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $2.53B of assets is financed

98%

Liabilities $2.48B — borrowed moneyEquity $48.8M — owners' stake

Cash vs debt

Total debt $2.14B − cash $134M = net debt $2.01B

Cash on hand covers 6% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

143.5x

EBIT ÷ interest expense

ROE

180.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.4	0.7	0.4	0.1	0.1	0.1
Total assets	0.6	1.1	1.8	1.7	2.1	2.5
Total liabilities	0.4	0.9	1.7	1.6	1.7	2.5
Total debt	0.0	0.8	1.5	1.5	1.5	2.1
Equity	0.2	0.2	0.2	0.1	0.4	0.0
Net debt	-0.4	0.0	1.1	1.4	1.4	2.0

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of HALO on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $111.35 · market cap $12.6B.