Exelixis vs Halozyme
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KIRA’s take AI analyst
I put Exelixis and Halozyme side by side, using each one’s latest annual report. Here is what stands out:
- Exelixis is the larger business, with $2.3B of revenue in fiscal 2025 against $1.4B for Halozyme, about 1.7 times as much.
- Halozyme grew revenue faster (37.6%, against 7.0%).
- Exelixis kept more of each dollar of sales as operating profit (37.6% operating margin, against 33.6%).
- Halozyme turned more of its sales into free cash flow (46.2% FCF margin, against 37.8%).
- Exelixis earned a higher return on the capital invested in it (64.9%, against 19.2%).
- Investors pay more for each dollar of Halozyme’s earnings: a P/E of 37.3x against 20.5x for Exelixis.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Exelixis
EXEL
7/11
Gross marginOperating marginNet marginReturn on capitalPiotroski F-scoreNet debt / EBITDAShare count change
Halozyme
HALO
4/11
Revenue growth5-year growthFCF marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | EXEL FY25 | HALO FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.9B | $15.5B |
| Revenue | $2.3B | $1.4B |
| Free cash flow | $876M | $645M |
| Net income | $783M | $317M |
| Growth | ||
| Revenue growth | 7.0% | 37.6% |
| 5-year growth | 18.6% | 39.2% |
| Share count change | −4.8% | −4.3% |
| Profitability | ||
| Gross margin | 96.4% | 83.6% |
| Operating margin | 37.6% | 33.6% |
| Net margin | 33.7% | 22.7% |
| FCF margin | 37.8% | 46.2% |
| Return on capital | 64.9% | 19.2% |
| Return on equity | 35.5% | 153.6% |
| Balance sheet | ||
| Net debt | −$1.1B | $2.0B |
| Net debt / EBITDA | −1.2x | 4.2x |
| Dividends and buybacks | $948M | $342M |
| Valuation & quality | ||
| P/E | 20.5x | 37.3x |
| Piotroski F-score | 6 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.