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Halozyme Therapeutics, Inc. (HALO) stock

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NASDAQ: HALO Nasdaq Biotechnology Next results ~November 5, 2026

B Fundamentals grade

Halozyme Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$190

Cash-flow model

Base case. Range ~$140–$260 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 48% above it.

Price used: $128.95, November 2, 2026

Halozyme Therapeutics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Halozyme Therapeutics files

Where Halozyme Therapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.66bn, up 41.2% on a year earlier, faster than 39.1% a quarter earlier. That growth ranks 59 of 931 among all the companies we cover. Free-cash-flow margin rose to 48.5% from 45.9% a year earlier. Operating margin narrowed to 35.9% from 57.9%. The diluted share count is down 4.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $169 a share, against a share price of $124. At that price, our model says the market is pricing in about 8.0% a year of cash-flow growth for five years, slower than the 30.3% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Halozyme Therapeutics, Inc.'s trailing-twelve-month revenue grew 41.2% year on year, with a free-cash-flow margin of 48.5%. Where it stands out: free-cash-flow margin of 48.5% ranks 5 of 176 biotechnology companies we cover. Where it lags: long-term debt as % of assets of 75.2% ranks 76 of 78 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$190 per share in the base case (~$140–$260 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 49.1% while net income fell 25.8%: a 75pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $128.95 is 48% below our value per share of $190.
  • Fast growth. Revenue grew 41.2% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • High operating margin. 35.9% of revenue is left as operating profit, against a median of -189.4% for biotechnology companies we cover.
  • Strong cash generation. 48.5% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.
  • Shrinking share count. Diluted shares fell 4.2% in a year, so each share owns more of the business.

Things to watch

  • Margins narrowing. Operating margin is down 22.0 points on a year ago.
  • Insiders selling. 5 insiders sold $48M of stock over the past 365 days and none bought (96% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 75.2% ranks 76 of 78 biotechnology companies we cover (median 20.6%).
  • Heavily shorted. 15.8% of the shares available to trade are sold short (5.0 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$2.28 against an average estimate of $1.82: beat by 25.5%
Revenue
$481m, up 47.7% on a year earlier
Share reaction
+23.4% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
total revenue $1.84bn to $1.91bn (full year 2026); revenue from royalties $1.22bn to $1.25bn (full year 2026)
Next report
November 5, 2026; average EPS estimate $2.35

Halozyme Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.5%
  • 1 week+0.7%
  • 1 month+17.4%
  • This year+91.6%
  • 1 year+97.8%
  • 5 years+222.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.7B
Operating margin
35.9%
Net margin
24.9%
EPS (TTM, diluted)
$3.38

Growth

Revenue growth
+41.2%
Change in growth rate
+2.0 pts
Share count change
−4.2%

Cash

Free cash flow (TTM)
$806M
FCF margin
48.5%
Stock pay % of revenue
3.8%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Deal
  4. Insider trade
  5. Partnership
  6. Insider trade
  7. Leadership
  8. Agreement
  9. Financing
  10. Announcement
  11. Financing
  12. Announcement
  13. Insider trade
  14. Leadership
  15. Results
  16. Guidance
  17. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Halozyme Therapeutics, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 7.6% a year of cash-flow growth for five years.That is slower than the 30.3% a year revenue growth Halozyme Therapeutics has delivered.

  • Priced in7.6%
  • Last 12 months41.2%
  • 3 years a year29.1%
  • 5 years a year30.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($130.96, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$190
Price used
$130.96close November 3, 2026
Implied change
▲ +45%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Halozyme Therapeutics, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($740M, FY2026 Q2 TTM), growing 17.7% and 12.6% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$140–~$260 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Halozyme Therapeutics, Inc.'s free cash flow after stock-based pay ( $740M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Halozyme Therapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$190 ~$140–$260 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$39 ~$21–$53 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$120–$250 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$54 ~$47–$65 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$39–$190 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Halozyme Therapeutics, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ +6%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $76$110$154$213$289$387
8.5% $54$79$110$152$207$277
10% $41$60$84$116$158$211

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$17.33$9.88$20.26$14.63$17.73$42.71$40.21$56.90$36.96$47.81$67.30$128.95
Market value$2.2bn$1.3bn$2.8bn$2.1bn$2.6bn$6.0bn$5.9bn$8.0bn$5.0bn$6.2bn$8.3bn$15.8bn
+ Net debt (− = net cash)$7m$154m$36m$70m$359m$250m$777m$1.3bn$1.4bn$1.4bn$2.0bn$2.0bn
Enterprise value$2.2bn$1.4bn$2.9bn$2.2bn$2.9bn$6.3bn$6.7bn$9.3bn$6.4bn$7.6bn$10.4bn$17.7bn
Multiples
Price / sales 16.3x8.6x8.9x13.8x13.1x22.6x13.3x12.1x6.0x6.1x6.0x9.5x
Price / earnings ——44.7x——46.8x14.7x39.6x17.6x13.9x26.3x38.1x
Price / free cash flow ——21.2x——114.1x19.8x34.0x13.3x13.2x12.9x19.5x
EV / EBITDA ——34.3x——42.6x24.0x34.0x18.3x13.5x21.6x29.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

71 /100

Strong moat

How hard Halozyme Therapeutics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.9% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 78.7%, moving by 34.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 42.8%; its worst year was -73.3%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 7 of 10 years, at a median 41.9% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 16.2% over five years; stock-based pay has been a median 4.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (76 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $491m and EPS of $2.35 (range $2.33 to $2.37) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.84 +113% $1.9bn +35%
Next $10.68 +21% $2.1bn +12%

Next year's EPS estimate has moved +7.7% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +8.8% on 90 days ago. In the last 30 days, 1 analyst raised Halozyme Therapeutics, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Halozyme Therapeutics, Inc., last 90 days
$8.00 $9.00 $10.00 $11.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.12 Current fiscal year, 60 days ago: $8.58 Current fiscal year, 30 days ago: $8.58 Current fiscal year, 7 days ago: $8.58 Current fiscal year, Now: $8.84 $8.84 Next fiscal year, 90 days ago: $9.91 Next fiscal year, 60 days ago: $10.39 Next fiscal year, 30 days ago: $10.39 Next fiscal year, 7 days ago: $10.39 Next fiscal year, Now: $10.68 $10.68

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.12$9.91
60 days ago $8.58$10.39
30 days ago $8.58$10.39
7 days ago $8.58$10.39
Now $8.84$10.68

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.82 $2.28 +25.5%
Mar 2026 $1.52 $1.60 +5.3%
Dec 2025 $2.20 −$0.24 −110.9%
Sept 2025 $1.63 $1.72 +5.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Total revenue full year 2026 $1.835bn to $1.91bn Raised
    “Total revenue of $1.835 billion to $1.910 billion, representing growth of 31% to 37% over 2025 total revenue, primarily driven by increases in royalty revenue and product sales from API.” source
  • Non-GAAP diluted earnings per share full year 2026 $8.65 to $9.00 Non-GAAP Raised
    “Non-GAAP diluted earnings per share of $8.65 to $9.00, representing growth of 108% to 117% over 2025.” source
  • Revenue from royalties full year 2026 $1.22bn to $1.245bn Raised
    “Revenue from royalties of $1.220 billion to $1.245 billion, representing growth of 41% to 43% over 2025.” source
  • Adjusted EBITDA full year 2026 $1.225bn to $1.28bn Non-GAAP Raised
    “Adjusted EBITDA of $1.225 billion to $1.280 billion, representing growth of 86% to 95% over 2025, including new Hypercon™ and Surf Bio investments of approximately $60 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Halozyme Therapeutics, Inc.'s revenue by +17.7% next year and +12.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+19.7%, weight 52%) , management guidance (+19.2%, weight 21%) and the company's own record (+13.0%, weight 28%) . How the weights are set.

Analyst recommendations

9 analysts, Oct 2026
Buy778%
Hold222%
Sell00%

Monthly trend

  1. Oct 20262529
  2. Sep 20262529
  3. Aug 20262529
  4. Jul 20262439

Counts of recommendations published by analysts covering Halozyme Therapeutics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.8%
of tradable shares
Days to cover
4.97
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.1%
of shares
Employees
423
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +97.8%

$65.19 on October 31, 2025 to $128.95

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.7bn +41.2%
Net margin 47.3% 24.9% −47.4%
P/E multiple 14.9x 38.1x +155.3%
Share count 128m 122m +4.4%

Biggest factor: p/e multiple.

Last 3 years +262.4%

$35.58 on November 3, 2023 to $128.95

ThenNowEffect
Revenue (last 12 months) $774m $1.7bn +115.0%
Net margin 30.2% 24.9% −17.7%
P/E multiple 20.9x 38.1x +81.9%
Share count 138m 122m +12.6%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HALO−6%+42%−35%+29%+41%+92%
Industry peers (median)−36%−57%−17%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HALO42%58%33%50%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HALO−38%−26%−47%−34%−32%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 61% from November 6, 2015 to February 10, 2016. Getting back needed a 159% gain, reached on November 8, 2017, 637 days after the low.

Price behaviour

52-week range
$61.63 – $131.18
From 52-week high
−1.7%
vs 50-day average
+13.0%
vs 200-day average
+54.1%
Volatility (1 year)
37%
Beta vs S&P 500
0.51

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
10 up, 2 down
typical move ±7.8%
After a week
9 up, 3 down
typical move ±9.8%
After a month
7 up, 5 down
typical move ±13.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +23.4% +0.5% +20.4% +31.8%
May 11, 2026 +10.6% +0.1% +5.2% +10.0%
February 17, 2026 −7.8% +0.7% −11.4% −19.9%
January 28, 2026 +4.4% −0.2% +11.0% −1.0%
November 3, 2025 +4.4% −1.0% +4.3% −0.8%
August 5, 2025 +3.9% +0.3% +6.8% +22.4%
May 6, 2025 +15.7% −0.4% −17.1% −11.7%
February 18, 2025 −0.9% +0.5% −0.5% +10.3%
January 8, 2025 +3.1% −1.4% +8.2% +12.0%
October 31, 2024 +13.0% −1.5% +17.9% −4.0%
August 6, 2024 +3.9% +0.2% +7.4% +17.2%
May 7, 2024 +2.8% +0.1% +7.2% +25.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Halozyme Therapeutics, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Halozyme Therapeutics, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Halozyme Therapeutics, Inc.
$500M $1B $1.5B $2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $780.7M Revenue (TTM), FY23 Q4: $829.3M Revenue (TTM), FY24 Q1: $863M Revenue (TTM), FY24 Q2: $873.3M Revenue (TTM), FY24 Q3: $947.4M Revenue (TTM), FY24 Q4: $1B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $1.2B Revenue (TTM), FY25 Q3: $1.2B Revenue (TTM), FY25 Q4: $1.4B Revenue (TTM), FY26 Q1: $1.5B Revenue (TTM), FY26 Q2: $1.7B $1.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $780.7M
FY23 Q4 $829.3M
FY24 Q1 $863M
FY24 Q2 $873.3M
FY24 Q3 $947.4M
FY24 Q4 $1B
FY25 Q1 $1.1B
FY25 Q2 $1.2B
FY25 Q3 $1.2B
FY25 Q4 $1.4B
FY26 Q1 $1.5B
FY26 Q2 $1.7B
Revenue growth, TTM YoY Halozyme Therapeutics, Inc.
0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 34.5% Revenue growth, TTM YoY, FY23 Q4: 25.6% Revenue growth, TTM YoY, FY24 Q1: 22.4% Revenue growth, TTM YoY, FY24 Q2: 12.9% Revenue growth, TTM YoY, FY24 Q3: 21.3% Revenue growth, TTM YoY, FY24 Q4: 22.4% Revenue growth, TTM YoY, FY25 Q1: 25.6% Revenue growth, TTM YoY, FY25 Q2: 35.0% Revenue growth, TTM YoY, FY25 Q3: 31.2% Revenue growth, TTM YoY, FY25 Q4: 37.6% Revenue growth, TTM YoY, FY26 Q1: 39.1% Revenue growth, TTM YoY, FY26 Q2: 41.2% 41.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 34.5%
FY23 Q4 25.6%
FY24 Q1 22.4%
FY24 Q2 12.9%
FY24 Q3 21.3%
FY24 Q4 22.4%
FY25 Q1 25.6%
FY25 Q2 35.0%
FY25 Q3 31.2%
FY25 Q4 37.6%
FY26 Q1 39.1%
FY26 Q2 41.2%
Operating margin (TTM) Halozyme Therapeutics, Inc.
30% 40% 50% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 39.8% Operating margin (TTM), FY23 Q4: 40.7% Operating margin (TTM), FY24 Q1: 44.0% Operating margin (TTM), FY24 Q2: 46.0% Operating margin (TTM), FY24 Q3: 50.4% Operating margin (TTM), FY24 Q4: 54.3% Operating margin (TTM), FY25 Q1: 55.1% Operating margin (TTM), FY25 Q2: 57.9% Operating margin (TTM), FY25 Q3: 59.3% Operating margin (TTM), FY25 Q4: 33.6% Operating margin (TTM), FY26 Q1: 33.9% Operating margin (TTM), FY26 Q2: 35.9% 35.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 39.8%
FY23 Q4 40.7%
FY24 Q1 44.0%
FY24 Q2 46.0%
FY24 Q3 50.4%
FY24 Q4 54.3%
FY25 Q1 55.1%
FY25 Q2 57.9%
FY25 Q3 59.3%
FY25 Q4 33.6%
FY26 Q1 33.9%
FY26 Q2 35.9%
FCF margin (TTM) Halozyme Therapeutics, Inc.
40% 42% 44% 46% 48% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 45.3% FCF margin (TTM), FY23 Q4: 45.0% FCF margin (TTM), FY24 Q1: 49.1% FCF margin (TTM), FY24 Q2: 46.8% FCF margin (TTM), FY24 Q3: 41.5% FCF margin (TTM), FY24 Q4: 46.1% FCF margin (TTM), FY25 Q1: 45.7% FCF margin (TTM), FY25 Q2: 45.9% FCF margin (TTM), FY25 Q3: 48.5% FCF margin (TTM), FY25 Q4: 46.2% FCF margin (TTM), FY26 Q1: 44.3% FCF margin (TTM), FY26 Q2: 48.5% 48.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 45.3%
FY23 Q4 45.0%
FY24 Q1 49.1%
FY24 Q2 46.8%
FY24 Q3 41.5%
FY24 Q4 46.1%
FY25 Q1 45.7%
FY25 Q2 45.9%
FY25 Q3 48.5%
FY25 Q4 46.2%
FY26 Q1 44.3%
FY26 Q2 48.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Halozyme Therapeutics took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.4B
  2. Cost of revenue $229M · 16.4%
  3. Gross profit $1.2B · 83.6%
  4. Research and development $81.5M · 5.8%
  5. Selling, general and admin $207M · 14.8%
  6. Other operating costs $410M · 29.4%
  7. Operating income $469M · 33.6%
  8. Income tax $150M · 10.7%
  9. Net income $317M · 22.7%

Shares of revenue. Source: Halozyme Therapeutics's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 14 14 56 42 55 75 135 147 317 152 196 268 443 660 829 1,015 1,397 1,664
Gross profit — — — — — — — — 285 142 150 224 362 521 637 856 1,168 1,371
EBITDA −57 −53 −19 −53 −79 −61 −26 −81 83 −67 −64 148 279 274 349 562 480 612
Operating income −58 −54 −20 −54 −80 −63 −27 −83 81 −69 −68 144 276 268 338 551 469 597
Net income −58 −53 −20 −54 −83 −68 −32 −103 63 −80 −72 129 403 202 282 444 317 414
Diluted EPS −$0.67 −$0.56 −$0.19 −$0.48 −$0.74 −$0.56 −$0.25 −$0.81 $0.45 −$0.56 −$0.50 $0.91 $2.74 $1.44 $2.10 $3.43 $2.56 $3.38
Growth (year on year)
Revenue — −0.3% +311.7% −24.5% +29.5% +37.5% +79.3% +8.6% +115.8% −52.0% +29.1% +36.5% +65.7% +48.9% +25.6% +22.4% +37.6% +41.2%
EBITDA — — — — — — — — — −180.5% — — +89.0% −1.7% +27.2% +61.1% −14.5% −11.7%
Operating income — — — — — — — — — −185.6% — — +91.3% −3.0% +26.2% +63.4% −15.0% −12.5%
Net income — — — — — — — — — −227.6% — — +212.0% −49.8% +39.3% +57.7% −28.6% −25.8%
Diluted EPS — — — — — — — — — −224.4% — — +201.1% −47.4% +45.8% +63.3% −25.4% −22.5%
Margins
Gross margin — — — — — — — — 90.2% 93.3% 76.8% 83.8% 81.6% 78.9% 76.8% 84.3% 83.6% 82.4%
EBITDA margin −417.0% −387.2% −33.4% −124.1% −144.5% −81.3% −19.1% −55.1% 26.3% −44.1% −32.4% 55.1% 62.9% 41.5% 42.0% 55.3% 34.4% 36.8%
Operating margin −427.6% −398.2% −35.4% −126.7% −146.8% −83.7% −20.3% −56.7% 25.6% −45.7% −34.5% 53.9% 62.2% 40.5% 40.7% 54.3% 33.6% 35.9%
Net margin −426.9% −390.8% −35.2% −126.5% −152.3% −90.8% −23.9% −70.2% 19.9% −52.9% −36.9% 48.2% 90.8% 30.6% 34.0% 43.7% 22.7% 24.9%
Free-cash-flow margin −304.4% −337.9% −62.6% −155.2% −94.2% −64.9% −29.2% −36.5% 41.9% −35.7% −45.6% 19.8% 67.2% 35.6% 45.0% 46.1% 46.2% 48.5%
Cash flow
Cash from operations −40 −45 −34 −64 −49 −48 −37 −50 134 −50 −85 55 299 240 389 479 652 819
Capital spending 1 1 1 1 2 1 2 3 1 5 4 3 1 5 15 11 7 12
Free cash flow −42 −46 −35 −66 −52 −49 −39 −54 133 −54 −89 53 298 235 373 468 645 806
Stock-based pay 5 5 6 8 10 15 21 26 31 36 35 17 21 24 37 43 52 63
Free cash flow after stock pay −46 −51 −41 −74 −61 −64 −60 −79 102 −90 −124 36 277 211 337 425 593 743
Balance sheet
Cash 67 83 52 100 27 61 43 67 169 58 120 148 119 234 118 116 134 163
Total debt 0 0 0 30 50 50 50 221 205 128 480 397 896 1,538 1,525 1,525 2,180 2,147
Net debt (negative = net cash) −67 −83 −52 −70 23 −11 7 154 36 70 359 250 777 1,304 1,407 1,409 2,046 1,984
Diluted shares — — 103m 111m 113m 123m 127m 128m 139m 144m 144m 141m 147m 141m 134m 129m 124m 122m
Returned to shareholders
Buybacks — — — — — — — — 0 0 200 150 350 200 402 250 342 —
Total returned — — — — — — — — 0 0 200 150 350 200 402 250 342 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $2.6bn
Short-term assets $933mLonger-term assets $1.6bn
What it owes, and who funded it · $2.6bn
Short-term liabilities $344mLonger-term liabilities $2.1bnShareholders' equity $144m
  • Short-term assets cover short-term liabilities $933m of assets due within a year against $344m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $933m short-term assets against $2.1bn of longer-dated liabilities.
  • More cash than debt $163m of cash against $2.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 1495% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 400% to 1495% over five years.
  • A year's operating cash flow covers at least 20% of debt $819m of operating cash flow against $2.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $597m against $20m of interest.

From Halozyme Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$995M
Diluted share count
−4.2%
year over year
R&D spending
6.2%
of revenue
Sales & admin spending
14.3%
of revenue
Days sales outstanding
99 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated HALO ALKS INSM MDGL LKFT MRNA Median
Revenue, last 12 months $1.7bn $1.7bn $1.5bn $1.3bn $1.3bn $2.2bn $56m
Revenue growth, last 12 months 41.2% 10.8% 240.0% 149.0% 321.6% −27.6% 12.6%
Revenue growth, 3-year average 29.1% 4.5% 75.6% — — −40.6% 13.7%
Revenue growth, latest quarter 47.7% 27.0% 268.4% 71.2% — 2.1% 10.2%
Gross margin 82.4% 84.6% 84.4% — 97.3% 23.4% 82.9%
Operating margin 35.9% 7.0% −37.1% −25.1% 26.5% −149.0% −189.4%
Operating margin, 3-year average 46.6% 17.2% −179.0% <−999% −39.1% −115.7% −363.5%
Net margin 24.9% 4.0% −39.9% −25.3% 28.9% −141.4% −169.8%
Cash from operations / revenue 49.2% 15.1% −39.2% −15.4% −23.1% −48.2% −168.0%
Free-cash-flow margin 48.5% 13.3% −41.3% −16.1% −24.4% −55.8% −162.4%
Free-cash-flow margin, 3-year average 47.0% 22.3% −143.2% <−999% −127.4% −82.7% −310.0%
Stock pay / revenue 3.8% 7.1% 11.0% 9.5% 2.2% 20.7% 20.0%
Change in share count −4.2% 1.1% 13.7% 14.8% 0.0% 2.0% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 41.2% 12.6% 59 of 172
Change in growth rate Growth +2.0pp -0.1pp 68 of 172
Gross margin Profitability 82.4% 82.4% 38 of 75
Operating margin Profitability 35.9% -189.4% 13 of 175
Net margin Profitability 24.9% -157.3% 21 of 180
Free-cash-flow margin Cash generation 48.5% -145.4% 5 of 176
Stock pay as % of revenue Cash generation 3.8% 19.2% 27 of 179
Long-term debt as % of assets Balance sheet 75.2% 20.6% 76 of 78
Change in share count Balance sheet -4.2% 7.9% 5 of 156
Days sales outstanding Balance sheet 99 days 75 days 67 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Royalty $868M ▲ 52.0%
Products $376M ▲ 24.0%
Proprietary Products Sales $195M ▲ 16.8%
Collaborative Agreements $152M ▲ 8.2%
Bulk R Hu PH20 $133M ▲ 54.1%
Salesbasedmilestone $70M ▲ 133.3%
Device Partnered Products $48.8M ▼ 3.4%
Event Based Development and Regulatory Milestone and Other Fees $47M ▼ 35.2%
Upfront Fees $18.5M ▼ 31.6%
Device Licensing and Development $16.9M ▲ 48.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From Halozyme Therapeutics, Inc.'s 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.7B
Institutions reporting
663
Shares held vs prior quarter
▲ 3.2%
Positions opened / closed
95 / 65

Top buyers and sellers, Q2 2026: 363 institutions bought and 269 sold ; the biggest buyer was Assenagon Asset Management S.A (+2.0M shares) and the biggest seller Jupiter Asset Management Ltd (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1B 13.3M 10.7% 0.0%
Vanguard Capital Management LLC $419M 5.4M 4.3% ▲ 1.5%
Vanguard Portfolio Management LLC $415M 5.3M 4.3% ▲ 0.9%
State Street Corp $405M 5.2M 4.2% ▲ 4.9%
Invesco Ltd. $249M 3.2M 2.6% ▼ 20.8%
Morgan Stanley $222M 2.8M 2.3% ▲ 10.5%
Boston Partners $217M 2.8M 2.2% ▲ 3.3%
Bank Of America Corp $215M 2.7M 2.2% ▼ 5.9%
Geode Capital Management, LLC $197M 2.5M 2.0% ▲ 0.6%
William Blair Investment Management, LLC $197M 2.5M 2.0% ▼ 0.6%
Snyder Capital Management L P $188M 2.4M 1.9% ▲ 3.1%
Dimensional Fund Advisors LP $164M 2.1M 1.7% ▲ 0.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Halozyme Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $48.1M 105 trades by 5 insiders · 96% under pre-set plans
Net ▼ $48.1M net selling
Insider Date Trade Shares Price Value
Torley Helen PRESIDENT AND CEO October 8, 2026 Sell pre-set plan 200 $110.51 $22,102
Torley Helen PRESIDENT AND CEO October 8, 2026 Sell pre-set plan 11,900 $110.00 $1.3M
Torley Helen PRESIDENT AND CEO October 8, 2026 Sell pre-set plan 3,090 $108.91 $336,526
Torley Helen PRESIDENT AND CEO October 8, 2026 Sell pre-set plan 4,810 $108.18 $520,341
Torley Helen PRESIDENT AND CEO October 7, 2026 Sell pre-set plan 200 $113.69 $22,739
Torley Helen PRESIDENT AND CEO October 7, 2026 Sell pre-set plan 900 $112.78 $101,502
Torley Helen PRESIDENT AND CEO October 7, 2026 Sell pre-set plan 10,300 $111.84 $1.2M
Torley Helen PRESIDENT AND CEO October 7, 2026 Sell pre-set plan 8,600 $111.03 $954,867
Torley Helen PRESIDENT AND CEO October 6, 2026 Sell pre-set plan 1,780 $110.81 $197,245
Torley Helen PRESIDENT AND CEO October 6, 2026 Sell pre-set plan 9,920 $109.89 $1.1M
Torley Helen PRESIDENT AND CEO October 6, 2026 Sell pre-set plan 6,000 $109.33 $656,004
Torley Helen PRESIDENT AND CEO October 6, 2026 Sell pre-set plan 2,300 $107.90 $248,175

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 10 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of Halozyme Therapeutics, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded September 29, 2026, filed October 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 9, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded March 24, 2025, filed April 7, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 29, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 11, 2026
  • February 17, 2026
  • January 28, 2026
  • November 3, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Halozyme Therapeutics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Halozyme Therapeutics, Inc. in brief

What does Halozyme Therapeutics, Inc. do?
Halozyme Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Halozyme Therapeutics, Inc.'s stock ticker?
Halozyme Therapeutics, Inc. trades under the ticker HALO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Halozyme Therapeutics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Halozyme Therapeutics, Inc. reported revenue of $1.7B, 41.2% higher than a year earlier, according to its SEC filings.
What is Halozyme Therapeutics, Inc.'s free cash flow?
Halozyme Therapeutics, Inc.'s free-cash-flow margin is 48.5% of revenue over the trailing twelve months, ranking 5 of the 176 biotechnology companies we cover.
What is Halozyme Therapeutics, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Halozyme Therapeutics, Inc.'s free cash flow after stock-based pay gives ~$190 per share in the base case, and ~$140–$260 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Halozyme Therapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Halozyme Therapeutics, Inc.'s market cap?
On November 2, 2026, Halozyme Therapeutics, Inc.'s market capitalisation was about $15.8B, with a price-to-earnings ratio of 38.1 and net debt of $2B. Market figures come from third-party market data and may be delayed.
How much debt does Halozyme Therapeutics, Inc. have?
Halozyme Therapeutics, Inc.'s debt-to-equity ratio is 1495.5%, from its latest balance sheet (399.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Halozyme Therapeutics, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Halozyme Therapeutics, Inc. are Alkermes plc., Insmed Inc, Madrigal Pharmaceuticals, Inc., Lakefront Biotherapeutics NV and Moderna. The side-by-side comparison below sets their revenue, margins and growth against Halozyme Therapeutics, Inc.'s.
Are insiders buying or selling Halozyme Therapeutics, Inc. stock?
Over the last 12 months, Halozyme Therapeutics, Inc.'s directors and officers reported 0 open-market purchases and 105 sales on Form 4. The insider trading page charts every trade.
When is Halozyme Therapeutics, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Halozyme Therapeutics, Inc. announces its own schedule.