Halozyme Therapeutics, Inc. key statistics and ratios
In fiscal 2025, Halozyme Therapeutics, Inc. had return on equity of 153.6% and a net margin of 22.7%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Return on equity | — | — | −126.5% | −179.2% | — | — | −76.4% | — | 71.6% | −35.1% | −42.4% | 106.3% | — | 110.2% | — | 198.4% | 153.6% | — |
| Return on assets | — | −58.3% | −25.2% | −53.4% | −70.6% | −51.1% | −18.5% | −46.5% | 16.1% | −16.7% | −14.4% | 22.5% | 47.8% | 13.7% | 15.8% | 23.4% | 13.8% | 16.2% |
| Effective tax rate | — | — | — | — | — | — | — | — | −2.2% | — | — | 0.2% | — | 18.8% | 19.2% | 20.3% | 32.1% | 29.1% |
| R&D as % of revenue | 414.1% | 380.0% | 102.6% | 165.5% | 176.4% | 105.8% | 69.0% | 102.8% | 47.6% | 98.9% | 71.8% | 12.8% | 8.0% | 10.1% | 9.2% | 7.8% | 5.8% | 6.2% |
| SG&A as % of revenue | 111.2% | 111.0% | 32.3% | 58.6% | 59.0% | 47.7% | 29.6% | 31.3% | 17.0% | 40.0% | 39.4% | 17.1% | 11.4% | 21.7% | 18.0% | 15.2% | 14.8% | 14.3% |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Net margin | 47.2% | 46.0% | 44.6% | 50.7% | 49.5% | −31.3% | 39.8% | 47.8% |
| R&D as % of revenue | 6.4% | 6.9% | 5.6% | 5.4% | 4.9% | 7.1% | 6.8% | 5.8% |
| SG&A as % of revenue | 14.2% | 14.2% | 16.0% | 12.8% | 13.0% | 17.1% | 15.4% | 11.8% |
Financial health
- 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.
Moat
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).
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