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Biotech that licenses its ENHANZE technology, which lets pharma partners convert IV infusion drugs into faster subcutaneous injections.
Biotech that licenses its ENHANZE technology, which lets pharma partners convert IV infusion drugs into faster subcutaneous injections.
Earns royalties as a percentage of partners' sales of drugs using ENHANZE, plus upfront and milestone payments when new partners sign or drugs advance, so a small team collects from big partners' marketing power. Buying Antares Pharma in 2022 added auto-injector devices and some of its own marketed products.
Moat: wide (IP / patents, switching costs). A patent-protected enzyme platform embedded in approved blockbuster drug formulations creates a durable royalty annuity.
Headquarters: San Diego, California, US · Founded: 1992 · Employees: 423
Size Halozyme Therapeutics (HALO) is a United States Health Care company (Biotechnology) with a market value of $11.8B, the 703rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $103.63 on 6 Nov 2026.
Performance Over six months the shares gained 61.6%, against +9.0% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 41.1% over the last twelve months (peer median +26.0%); the operating margin is 56.8% (peer median 9.4%).
Valuation It trades at 10.7× forward earnings against a peer median of 35.9× (3rd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +39%, so the hurdle is -37 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 27.4 points above its cost of capital (8.8% WACC).
Credit Halozyme Therapeutics has 2 bonds outstanding ($680M).
Short interest Short interest is 12.0% of the free float (15 Oct 2026).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.66B | $1.40B | $1.02B | $829M | $660M |
| Revenue growth | — | +38% | +22% | +26% | — |
| Gross profit | $1.27B | $1.09B | $785M | $563M | $478M |
| EBITDA | $1.06B | $904M | $633M | $422M | $339M |
| Net income | $414M | $317M | $444M | $282M | $202M |
| Free cash flow | $806M | $645M | $468M | $373M | $235M |
| Capital expenditure | $12.4M | $6.97M | $10.7M | $15.3M | $4.81M |
| Total debt | $2.15B | $2.18B | $1.54B | $1.54B | $1.51B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Halozyme Therapeutics HALO | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% |
| ALTEOGEN 196170.KS | $10.3B | -46% | +61% | 53% | 47.0× | 29.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HALO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.7% | -3.0% | 9th lowest of 21 |
| 6-month return | +61.6% | +9.0% | 4th highest of 21 |
| Distance from 52-week high | -22.7% | -25.5% | 11th highest of 21 |
| Revenue growth (TTM) | +41.1% | +26.0% | 8th highest of 18 |
| Operating margin | 56.8% | 9.4% | highest of 18 |
| Forward P/E | 10.7× | 35.9× | 3rd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 2.5% | 18.7% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +39.2% | +16.6% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -36.7 pp | -5.5 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +27.4 pp | -3.2 pp | 2nd highest of 17 |
| EV / EBITDA | 12.9× | 23.7× | 2nd cheapest of 9 |
| Net debt / EBITDA | 1.8× | -1.1× | 3rd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Halozyme Therapeutics HALO | United States | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% | +39.2% |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 35.9× | 31.3% | +5.5% |
| Kymera Therapeutics KYMR | United States | $11.2B | +53% | +134% | -396% | n/a | n/a | n/a |
| Cspc Pharma 1093.HK | Hong Kong | $12.4B | +5% | +25% | 28% | 9.3× | -10.3% | +0.1% |
| BioMarin Pharmaceutical BMRN | United States | $10.9B | +4% | +20% | 19% | 10.3× | 6.5% | +12.0% |
| Elanco Animal Health ELAN | United States | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% | +7.6% |
| Sichuan Kelun Pharmaceutical 002422.SZ | China | $10.8B | +30% | 0% | 9% | 37.3× | 7.2% | +2.3% |
| Summit Therapeutics SMMT | United States | $13.1B | -10% | n/a | n/a | n/a | n/a | n/a |
| ALTEOGEN 196170.KS | South Korea | $10.3B | -46% | +61% | 53% | 47.0× | 29.8% | +38.5% |
| Vaxcyte PCVX | United States | $10.1B | +21% | n/a | n/a | n/a | n/a | n/a |
| BridgeBio Pharma BBIO | United States | $14.5B | +10% | +167% | -37% | n/a | n/a | n/a |
| Krystal Biotech KRYS | United States | $8.92B | -2% | +26% | 48% | 34.7× | 11.9% | +26.0% |
| Genscript Biotech 1548.HK | Hong Kong | $8.81B | +96% | +53% | 12% | 297.9× | 36.5% | +19.8% |
| Neurocrine Biosciences NBIX | United States | $16.7B | +8% | +38% | 25% | 18.2× | -1.7% | +22.3% |
| Arrowhead Pharmaceuticals ARWR | United States | $8.22B | -20% | +17% | -34% | n/a | n/a | n/a |
| Twist Bioscience TWST | United States | $7.95B | +112% | +19% | -32% | n/a | n/a | n/a |
| 10x Genomics TXG | United States | $7.72B | +174% | -4% | -14% | n/a | 41.8% | +16.6% |
| Caris Life Sciences CAI | United States | $7.13B | +56% | +85% | 15% | 86.1× | 18.7% | +85.4% |
| Axsome Therapeutics AXSM | United States | $6.96B | -39% | +54% | -19% | 75.5× | n/a | n/a |
| CG Oncology CGON | United States | $6.74B | +9% | +1,030% | -4,056% | n/a | n/a | n/a |
| Immunovant IMVT | United States | $6.31B | +5% | n/a | n/a | n/a | n/a | n/a |
Halozyme Therapeutics has 2 bonds outstanding with $680M face value.