Halozyme vs Harmony Biosciences
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put Halozyme and Harmony Biosciences side by side, using each one’s latest annual report. Here is what stands out:
- Halozyme is the larger business, with $1.4B of revenue in fiscal 2025 against $869M for Harmony Biosciences, about 1.6 times as much.
- Halozyme grew revenue faster (37.6%, against 21.5%).
- Halozyme kept more of each dollar of sales as operating profit (33.6% operating margin, against 24.0%).
- Halozyme turned more of its sales into free cash flow (46.2% FCF margin, against 40.1%).
- Harmony Biosciences earned a higher return on the capital invested in it (48.9%, against 19.2%).
- Investors pay more for each dollar of Halozyme’s earnings: a P/E of 37.3x against 11.9x for Harmony Biosciences.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Halozyme
HALO
7/10
Revenue growthGross marginOperating marginNet marginFCF marginReturn on equityShare count change
Harmony Biosciences
HRMY
2/10
5-year growthReturn on capital
Side by side
Best in the row
| Latest fiscal year | HALO FY25 | HRMY FY25 |
|---|---|---|
| Size | ||
| Market cap | $15.5B | $2.2B |
| Revenue | $1.4B | $869M |
| Free cash flow | $645M | $348M |
| Net income | $317M | $159M |
| Growth | ||
| Revenue growth | 37.6% | 21.5% |
| 5-year growth | 39.2% | 40.3% |
| Share count change | −4.3% | 1.2% |
| Profitability | ||
| Gross margin | 83.6% | 77.2% |
| Operating margin | 33.6% | 24.0% |
| Net margin | 22.7% | 18.3% |
| FCF margin | 46.2% | 40.1% |
| Return on capital | 19.2% | 48.9% |
| Return on equity | 153.6% | 20.8% |
| Balance sheet | ||
| Net debt | $2.0B | −$612M |
| Net debt / EBITDA | 4.2x | — |
| Dividends and buybacks | $342M | $0.0M |
| Valuation & quality | ||
| P/E | 37.3x | 11.9x |
| Piotroski F-score | 5 | 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.