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Halozyme

HALO Nasdaq Biotechnology Financials FY2016–FY2025

Halozyme's revenue rose 37.5% to $1.4 billion in fiscal 2025. Its operating margin was 33.6%, down from 54.3% a year earlier. Free cash flow was $645 million, up 37.6%. It paid out $342 million in dividends and buybacks, 53% of free cash flow. The diluted share count fell 4.3%.

Last close · Oct 23, 2026

$125.63

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$1.4B
37.6% vs prior year
Operating margin Operating income as a share of revenue.
33.6%
20.7 pts
Net income Profit after all expenses, interest and tax.
$317M
28.6%
Free cash flow Cash from operations minus capital spending.
$645M
37.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
19.2%
15.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$15.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
36.6x
On $3.43 EPS (TTM)

What Halozyme does

No business description yet.

Legal name
HALOZYME THERAPEUTICS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001159036-26-000024
0001159036

Revenue and margins

Halozyme had $1.4B of revenue in fiscal 2025, up 37.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $645M in fiscal 2025, 46.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Halozyme returned $342M to shareholders in fiscal 2025, 53% of free cash flow. The diluted share count fell 4.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Halozyme yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.0B and divides by 123.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 36.6x · peers 16.0x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Halozyme can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $741M$363M$336M$596M$143M
Debt incl. finance leases $787M$1.5B$1.5B$1.5B$2.1B
Net debt / EBITDA 0.2x4.2x3.3x1.6x4.2x
Debt / equity 4.0x8.9x—4.1x—
Interest coverage 36.7x15.8x18.0x30.5x25.9x
Current ratio 7.9x5.7x6.6x7.8x4.7x
Quick ratio 7.5x4.9x5.5x6.8x3.7x
Total assets $1.1B$1.8B$1.7B$2.1B$2.5B
Total liabilities $908M$1.7B$1.6B$1.7B$2.5B
Shareholders' equity $197M$170M$83.8M$364M$48.8M
Net debt (− = net cash) $46.4M$1.1B$1.2B$910M$2.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$16.4M

4 insiders

Of sales under plans

100%

$16.4M

DateInsiderTradeSharesPriceValueFiling
Sep 16, 2026 Matthew L. PosardDirector Sold plan 18,996 $107.74 $2.0M Form 4
Sep 11, 2026 Helen TorleyPresident and CEO, Director Sold plan 20,000 $107.24 $2.1M Form 4
Sep 10, 2026 Helen TorleyPresident and CEO, Director Sold plan 20,000 $107.16 $2.1M Form 4
Sep 9, 2026 Helen TorleyPresident and CEO, Director Sold plan 20,000 $107.43 $2.1M Form 4
Aug 19, 2026 Helen TorleyPresident and CEO, Director Sold plan 20,000 $107.00 $2.1M Form 4
Aug 18, 2026 Helen TorleyPresident and CEO, Director Sold plan 20,000 $104.17 $2.1M Form 4
Aug 17, 2026 Helen TorleyPresident and CEO, Director Sold plan 20,000 $102.60 $2.1M Form 4
Aug 10, 2026 Bernadette ConnaughtonDirector Sold plan 1,626 $102.80 $0.2M Form 4
Jul 8, 2026 Helen TorleyPresident and CEO, Director Sold plan 1,923 $79.77 $0.2M Form 4
Jul 1, 2026 Bernadette ConnaughtonDirector Sold plan 1,625 $76.71 $0.1M Form 4
Jun 29, 2026 Mahesh KrishnanDirector Sold plan 7,304 $75.00 $0.5M Form 4
Jun 3, 2026 Helen TorleyPresident and CEO, Director Sold plan 10,000 $69.07 $0.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✓
F-score 6 / 99 / 95 / 9
Accruals ratio −6.0%−1.8%−14.6%
Altman Z'' 3.935.603.02

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Halozyme HALO $15.2B 37.6% 33.6% 46.2% 19.2% 36.6x 5
Moderna MRNA $79.6B −39.9% −158.1% −106.2% −65.4% — 2 Compare →
Harmony Biosciences HRMY $2.1B 21.5% 24.0% 40.1% 48.9% 11.7x 5 Compare →
Exelixis EXEL $16.8B 7.0% 37.6% 37.8% 64.9% 20.3x 6 Compare →
Arrowhead Pharmaceuticals ARWR $8.3B 23,258.2% 11.9% 18.9% — — 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $147M $317M $152M $196M $268M $443M $660M $829M $1.0B $1.4B
Gross profit $114M $286M $142M $150M $224M $362M $521M $637M $856M $1.2B
Research and development $151M $151M $150M $141M $34.2M $35.7M $66.6M $76.4M $79.0M $81.5M
Operating income −$83.2M $81.0M −$69.3M −$67.6M $144M $276M $268M $338M $552M $469M
Interest expense $20.0M $22.0M $18.0M $11.6M $20.4M $7.5M $16.9M $18.8M $18.1M $18.1M
Pretax income −$102M $61.6M −$79.8M −$72.3M $129M $249M $249M $348M $557M $467M
Income tax $1.2M −$1.4M $0.5M $0.0M $0.2M −$154M $46.8M $66.7M $113M $150M
Net income −$103M $63.0M −$80.3M −$72.2M $129M $403M $202M $282M $444M $317M
Diluted EPS −$0.81 $0.45 −$0.56 −$0.50 $0.91 $2.74 $1.44 $2.10 $3.43 $2.56
Diluted shares 0.13B 0.14B 0.14B 0.14B 0.14B 0.15B 0.14B 0.13B 0.13B 0.12B
Cash flow
Cash from operations −$50.4M $134M −$49.5M −$85.4M $55.5M $299M $240M $389M $479M $652M
Capital expenditure $3.1M $1.3M $4.7M $4.0M $2.5M $1.5M $4.8M $15.3M $10.7M $7.0M
Free cash flow −$53.5M $133M −$54.2M −$89.5M $53.0M $298M $235M $373M $468M $645M
Depreciation and amortization $2.4M $2.2M $2.4M $4.1M $3.3M $3.0M $6.5M $11.1M $10.3M $11.4M
Stock-based compensation $25.6M $30.7M $35.7M $34.8M $17.2M $20.8M $24.4M $36.6M $43.4M $51.6M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $999M $0.0M $0.0M $726M
Share buybacks $0.0M $0.0M $0.0M $200M $150M $350M $200M $402M $250M $342M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $200M $150M $350M $200M $402M $250M $342M
Balance sheet
Cash and short-term investments $66.8M $169M $57.9M $421M $368M $741M $363M $336M $596M $143M
Total debt $199M $125M $34.9M $383M $0.0M $787M $1.5B $1.5B $1.5B $2.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $257M $510M $428M $543M $555M $926M $739M $746M $1.1B $825M
Current liabilities $54.6M $131M $149M $85.6M $421M $117M $131M $113M $139M $177M
Inventory $14.6M $5.1M $22.6M $29.4M $60.7M $53.9M $100M $128M $142M $177M
Property and equipment, net $4.3M $3.5M $7.5M $10.9M $7.3M $6.8M $35.1M $38.1M $40.9M $44.4M
Total assets $262M $520M $440M $566M $580M $1.1B $1.8B $1.7B $2.1B $2.5B
Total liabilities $294M $312M $191M $474M $429M $908M $1.7B $1.6B $1.7B $2.5B
Shareholders' equity −$32.5M $208M $249M $91.8M $151M $197M $170M $83.8M $364M $48.8M
Margins
Gross margin 77.4% 90.2% 93.3% 76.8% 83.8% 81.6% 78.9% 76.8% 84.3% 83.6%
Operating margin −56.7% 25.6% −45.7% −34.5% 53.9% 62.2% 40.5% 40.7% 54.3% 33.6%
EBITDA margin −55.1% 26.3% −44.1% −32.4% 55.1% 62.9% 41.5% 42.0% 55.3% 34.4%
Net margin −70.2% 19.9% −52.9% −36.9% 48.2% 90.8% 30.6% 34.0% 43.7% 22.7%
FCF margin −36.5% 41.9% −35.7% −45.7% 19.8% 67.2% 35.7% 45.0% 46.1% 46.2%
Returns
Return on capital −103.0% 61.2% −28.1% −38.2% — — 27.9% 21.3% 34.9% 19.2%
Return on capital employed −51.0% 27.2% −20.4% −17.5% 45.2% 48.2% 19.8% 20.3% 31.1% 22.0%
Return on equity — 71.6% −35.1% −42.4% 106.3% 231.4% 110.2% 222.1% 198.4% 153.6%
Return on assets −46.5% 16.1% −16.7% −14.4% 22.5% 47.8% 13.7% 15.8% 23.4% 13.8%
Growth
Revenue growth 8.6% 115.8% −52.0% 29.1% 36.5% 65.7% 48.9% 25.6% 22.4% 37.6%
Net income growth — — −227.6% — — 212.0% −49.8% 39.3% 57.7% −28.6%
EPS growth — — −224.4% — — 201.1% −47.5% 45.8% 63.3% −25.4%
FCF growth — — −140.8% — — 462.8% −21.0% 58.6% 25.5% 37.6%
Share count change 1.0% 8.7% 3.3% 0.5% −2.0% 3.8% −4.2% −4.6% −3.6% −4.3%
Financial health
Net debt / EBITDA — −0.5x — — −2.5x 0.2x 4.2x 3.3x 1.6x 4.2x
Debt / equity — 0.6x 0.1x 4.2x 0.0x 4.0x 8.9x — 4.1x —
Interest coverage −4.2x 3.7x −3.8x −5.8x 7.1x 36.7x 15.8x 18.0x 30.5x 25.9x
Current ratio 4.7x 3.9x 2.9x 6.4x 1.3x 7.9x 5.7x 6.6x 7.8x 4.7x
Quick ratio 4.4x 3.9x 2.7x 6.0x 1.2x 7.5x 4.9x 5.5x 6.8x 3.7x
Capital allocation
Capex / revenue 2.1% 0.4% 3.1% 2.1% 0.9% 0.3% 0.7% 1.8% 1.1% 0.5%
Stock comp / revenue 17.4% 9.7% 23.5% 17.7% 6.4% 4.7% 3.7% 4.4% 4.3% 3.7%
Payouts / FCF — 0.0% — — 283.5% 117.5% 85.0% 107.8% 53.4% 53.1%
Quality scores
Piotroski F-score 2.0 7.0 3.0 2.0 7.0 5.0 4.0 6.0 9.0 5.0
Altman Z'' −4.5 3.3 0.5 1.2 0.9 6.5 3.5 3.9 5.6 3.0
Accruals ratio −23.8% −18.2% −6.4% 2.6% 12.9% 12.3% −2.6% −6.0% −1.8% −14.6%

Source: SEC EDGAR XBRL filings (CIK 0001159036). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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