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HALO

Halozyme Therapeutics, Inc.

HALO

Halozyme Therapeutics, Inc. • NASDAQ
$71.40 ▼ -1.73% (-1.26)
Market Cap $8.40 B
52w High $79.50
52w Low $46.26
Dividend Yield 0%
P/E 15.06
Volume 855.88K
Outstanding Shares 117.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $354.264M ▲ $81.101M ▲ $175.225M ▲ 49.462% ▼ $1.49 ▲ $284.625M ▲
Q2-2025 $325.719M ▲ $76.919M ▲ $165.16M ▲ 50.706% ▲ $1.36 ▲ $229.834M ▲
Q1-2025 $264.861M ▼ $74.923M ▼ $118.095M ▼ 44.588% ▼ $0.96 ▼ $168.802M ▼
Q4-2024 $298.008M ▲ $80.452M ▲ $137.012M ▲ 45.976% ▼ $1.08 $203.169M ▲
Q3-2024 $290.084M $77.461M $137.011M 47.231% $1.08 $190.033M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $701.963M ▲ $2.221B ▲ $1.717B ▼ $503.915M ▲
Q2-2025 $548.177M ▼ $2.054B ▼ $1.721B ▲ $332.748M ▼
Q1-2025 $747.922M ▲ $2.197B ▲ $1.714B ▲ $482.27M ▲
Q4-2024 $596.074M ▼ $2.063B ▼ $1.7B ▲ $363.821M ▼
Q3-2024 $666.306M $2.118B $1.665B $452.703M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $175.225M ▲ $178.597M ▲ $201.609M ▲ $-22.402M ▲ $357.804M ▲ $175.567M ▲
Q2-2025 $165.16M ▲ $99.711M ▼ $84.788M ▲ $-298.966M ▼ $-114.467M ▼ $98.148M ▼
Q1-2025 $118.095M ▼ $154.221M ▼ $-90.422M ▼ $-3.321M ▲ $60.478M ▲ $153.271M ▼
Q4-2024 $137.012M ▲ $178.467M ▲ $29.48M ▲ $-246.415M ▼ $-38.468M ▼ $175.415M ▲
Q3-2024 $137.011M $115.376M $-167.483M $18.561M $-33.546M $113.859M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
bulk rHuPH20
bulk rHuPH20
 $30.00M ▲$0 ▼$30.00M ▲$20.00M ▼
Collaborative Agreements
Collaborative Agreements
 $50.00M ▲$80.00M ▲$20.00M ▼$40.00M ▲
Product
Product
 $90.00M ▲$140.00M ▲$150.00M ▲$180.00M ▲
Royalty
Royalty
 $160.00M ▲$300.00M ▲$170.00M ▼$210.00M ▲
Salesbased Milestone
Salesbased Milestone
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Upfront fees
Upfront fees
 $30.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Halozyme’s income statement shows a business that has scaled very well. Revenue has risen steadily for several years, and profits have grown even faster than sales, which suggests a high‑margin, asset‑light model. Both operating profit and net income are solidly positive and have generally moved upward over time, though there are signs of some year‑to‑year lumpiness, likely from milestone payments or special items typical of licensing businesses. Overall, the company looks profitable, with improving earnings power per share, but investors should remember that royalty and milestone streams can be uneven by nature.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has grown quickly and used meaningful debt to do it. Total assets have climbed, helped by acquisitions and intellectual property, but cash on hand is relatively modest compared with the size of its borrowings. Shareholders’ equity is positive but thin, indicating a leveraged structure, likely influenced by buybacks and deal financing. This can enhance returns when things go well but leaves less room for error if royalties slow or credit conditions tighten. The story here is a valuable platform supported by a more aggressive capital structure that depends on continued strong cash generation.

Cash Flow

Cash Flow Cash flow is a key strength. Halozyme consistently converts its profits into cash, and operating cash flow has risen over time in step with earnings. With very light capital spending needs, most of that cash falls straight through to free cash flow, which is robust for a company of its size. This reflects the economics of a licensing and royalty model: limited need for factories or heavy equipment, and high incremental margins. As long as its partnered products continue to sell well, the company appears capable of funding its operations, servicing debt, and pursuing selective growth initiatives from internal cash.

Competitive Edge

Competitive Edge Competitively, Halozyme occupies a valuable niche as an enabler rather than a traditional drug developer. Its ENHANZE platform allows major pharmaceutical partners to convert intravenous therapies into much more convenient under‑the‑skin injections, improving patient experience and lowering system costs. Once a partner has reformulated and obtained approval, switching away from ENHANZE would be difficult and expensive, which makes these relationships sticky. The customer list is filled with large, global drug makers, and multiple successful commercial products already rely on the technology. The main competitive risks are the emergence of alternative delivery platforms, concentration in a handful of big partners and drugs, and long‑term dependence on patent protection and regulatory outcomes.

Innovation and R&D

Innovation and R&D Innovation is the core of Halozyme’s value. Rather than chasing many new drugs of its own, the company concentrates its research on drug‑delivery technologies: ENHANZE, high‑volume auto‑injectors, and, more recently, highly concentrated formulations gained through the Elektrofi acquisition. This focused R&D strategy aims to make more therapies injectable at home, in larger volumes, and with less time in the clinic. The pipeline of partnered programs across cancer, immune disorders, and infectious disease suggests a long runway if partners continue to adopt and expand use of the platform. Key uncertainties include how quickly new collaborations are signed, how many pipeline programs reach approval, and how durable the patent estate remains as the decade progresses.

Summary

Overall, Halozyme looks like a high‑margin, cash‑generative drug‑delivery platform business built around a differentiated technology and deep ties to big pharma. Its income statement and cash flow highlight strong profitability and efficient scaling, while the balance sheet shows that management has leaned on debt to accelerate growth and returns. The competitive position is underpinned by patents, technical know‑how, and high switching costs once products are reformulated, but it is also exposed to partner performance, patent timelines, and innovation by rivals. Future outcomes will largely depend on three things: continued uptake of ENHANZE by new and existing partners, successful integration and commercialization of next‑generation delivery tools like auto‑injectors and Hypercon formulations, and prudent management of leverage as the royalty base grows and matures.

NEWS

November 25, 2025 · 8:30 AM UTC

Halozyme to Participate in the 8th Annual Evercore Healthcare Conference

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November 18, 2025 · 8:50 AM UTC

Halozyme Completes Acquisition of Elektrofi, Expanding Breadth of Offerings in Drug Delivery

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November 17, 2025 · 7:00 AM UTC

Merus and Halozyme Enter Global Collaboration and License Agreement to Develop Subcutaneous Formulation of Petosemtamab

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November 7, 2025 · 8:30 AM UTC

FDA Approved DARZALEX Faspro® for Adult Patients with High-Risk Smoldering Multiple Myeloma

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November 6, 2025 · 11:37 PM UTC

Halozyme Therapeutics, Inc. Announces Pricing of Private Offering of $650 Million of Convertible Senior Notes due 2031 and $650 Million of Convertible Senior Notes due 2032

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