Halozyme (HALO) AI Stock Analysis

• Market Cap: $7.95B
• Dividend Yield: N/A
• Average Volume (3M): 1.98M
• Price to Earnings (P/E): 25.5
• Beta (1Y): 0.37
• Revenue Growth: 31.19%
• EPS Growth: 59.01%
• Country: US
• Employees: 350
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.24
• Shares Outstanding: 118,017,000
• 10 Day Avg. Volume: 2,278,817
• 30 Day Avg. Volume: 1,980,496
• PEG Ratio: -1.04
• Price to Book (P/B): 165.22
• Price to Sales (P/S): 5.77
• P/FCF Ratio: 12.51
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: 5.60
• Enterprise Value/Gross Profit: 6.83
• Enterprise Value/Ebitda: 8.10
• 1Y Price Target: $89.00
• Price Target Upside: 32.13% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 8.18
• Revenue Forecast (FY): $1.76B

• Rating: 76 Outperform
• Price Target: $83.00 ▲(23.22% Upside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is driven primarily by strong financial performance—especially cash flow strength and scaled revenue growth—tempered by balance-sheet thinness and a step-down in profitability vs. 2024. Technicals add moderate support (positive longer-term trend with cooling near-term), while valuation is a modest headwind given the ~29 P/E. Earnings-call guidance and pipeline momentum are supportive but balanced by acquisition/litigation-related cost and uncertainty.

Positive Factors

Cash generation strength

Halozyme’s very strong operating and free cash flow in 2025 demonstrates durable cash generation that funds R&D, licensing, organic growth and acquisitions without reliance on external financing. High cash-to-earnings conversion supports capital allocation flexibility and sustained investment in delivery platforms over multiple years.

Scaled revenue & royalty growth

Rapid, multi-year scaling of topline and royalties indicates durable commercial adoption of ENHANZE-enabled products. Large royalty streams provide high-margin recurring cash flow, underpin future reinvestment and reduce dependence on one-time events, supporting predictable revenue baselines into the medium term.

Broadened technology portfolio & pipeline

Acquisitions that add Hypercon and Surf Bio diversify delivery capabilities and extend IP into the mid-2040s, strengthening competitive moats. Combined platform breadth (ENHANZE, Hypercon, auto-injectors) and a growing pipeline of ENHANZE/Hypercon programs create multiple durable commercialization vectors over the next decade.

Negative Factors

Thin equity / limited capital buffer

A very small equity base relative to total assets leaves limited capital cushion against adverse shocks or unexpected legal/operational outflows. Even with recent deleveraging, thin equity raises structural solvency risk and reduces flexibility to absorb write‑downs or fund large strategic initiatives without issuing dilutive capital.

IP / litigation uncertainty

Active patent disputes and infringement litigation create multi-year commercial and cost uncertainty because outcomes can affect licensing rights, enforcement of royalties and competitor access. Protracted legal risk may pressure margins through legal spend and could impair the durability of royalty streams if rulings restrict ENHANZE use.

Profitability volatility from acquisitions & rising SG&A

Material acquisition charges and rising SG&A introduce non-operational volatility in reported profitability and cash allocation. While strategic, such charges and higher operating costs can compress margins and complicate near-to-medium-term earnings visibility, making consistent profitability harder to sustain without clear synergy realization.

Halozyme Business Overview & Revenue Model

Company Description

Halozyme Therapeutics, Inc. operates as a biopharma technology platform company in the United States, Switzerland, Ireland, Belgium, Japan, and internationally. The company's products are based on the ENHANZE drug delivery technology, a patented recombinant human hyaluronidase enzyme (rHuPH20) that enables the subcutaneous delivery of injectable biologics, such as monoclonal antibodies and other therapeutic molecules, as well as small molecules and fluids. Its flagship product is Hylenex recombinant, a formulation of rHuPH20 to facilitate subcutaneous fluid administration for achieving hydration to enhance the dispersion and absorption of other injected drugs in subcutaneous urography and to improve resorption of radiopaque agents. The company also develops Perjeta; RITUXAN HYCELA and MabThera SC for the treatment of non-Hodgkin lymphoma and chronic lymphocytic leukemia (CLL); RITUXAN SC for patients with CLL; and HYQVIA for the treatment of immunodeficiency disorders. In addition, it is developing Tecentriq for non-small cell lung cancer; OCREVUS for multiple sclerosis; DARZALEX for the treatment of patients with amyloidosis, smoldering myeloma, and multiple myeloma; nivolumab for the treatment of solid tumors; ARGX-113, a human neonatal Fc receptor; ARGX-117 to treat autoimmune diseases; and BMS-986179, an anti-CD-73 antibody. The company has collaborations with F. Hoffmann-La Roche, Ltd.; Hoffmann-La Roche, Inc.; Baxalta US Inc.; Baxalta GmbH; Pfizer Inc.; Janssen Biotech, Inc.; AbbVie, Inc.; Eli Lilly and Company; Bristol-Myers Squibb Company; Alexion Pharma Holding; ARGENX BVBA; Horizon Therapeutics plc; National Institute of Allergy and Infectious Diseases; Centre for the AIDS Programme of Research in South Africa; and ViiV Healthcare Limited for small and large molecule targets for the treatment and prevention of HIV. Halozyme Therapeutics, Inc. was founded in 1998 and is based in San Diego, California.

How the Company Makes Money

Halozyme generates revenue through a combination of product sales, royalties, and collaborations with pharmaceutical companies. The company earns significant income from its proprietary products, particularly Hylenex, which is used in various therapeutic applications. Additionally, Halozyme enters into partnership agreements with larger pharmaceutical firms, allowing these companies to utilize its proprietary enzyme technology in their drug development processes. These collaborations often include upfront payments, milestone payments, and ongoing royalties based on the sales of products that incorporate Halozyme's technology. Partnerships with major companies in the biotech and pharmaceutical sectors further enhance Halozyme's revenue streams, positioning the company to benefit financially from the success of its partners' products.

Halozyme Financial Statement Overview

Summary

Strong overall fundamentals driven by meaningful revenue scale-up ($268M in 2020 to $1.40B in 2025) and standout cash generation (2025 operating cash flow ~$652M; free cash flow ~$645M) with high cash-to-earnings conversion. Offsetting this strength are balance-sheet quality concerns (very thin 2025 equity base relative to assets despite debt dropping to $0) and reduced profitability vs. 2024 (net margin down to ~22.7% from ~43.7%).

Income Statement

Revenue has scaled meaningfully from $268M (2020) to $1.40B (2025) with strong recent growth (+12.4% in 2025). Profitability remains very strong, with consistently high gross margins (~77%–84%) and solid 2025 net margin (~22.7%). The key weakness is volatility in earnings power versus 2024: net margin fell from ~43.7% (2024) to ~22.7% (2025), and 2025 operating profitability appears weaker/less consistent versus prior years despite higher revenue.

Balance Sheet

Balance sheet risk looks mixed and somewhat unstable across years. Total debt dropped to $0 in 2025 (a clear positive versus ~$1.5B in 2022–2024), but equity is extremely low in 2025 (~$48.8M) relative to assets (~$2.53B), suggesting limited capital buffer. Prior years also showed elevated leverage (very high debt vs. equity in 2022–2024), which increases financial risk even though the latest year shows a major de-leveraging.

Cash Flow

Cash generation is a standout strength. Operating cash flow improved to ~$652M in 2025 and free cash flow to ~$645M, with positive free-cash-flow growth (+7.0% in 2025). Cash conversion is strong, with free cash flow closely matching net income (roughly 96%–99% in recent years), indicating high earnings quality and strong cash profitability.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.40B	1.02B	829.25M	660.12M	443.31M
Gross Profit	1.09B	855.91M	636.89M	520.81M	361.90M
EBITDA	904.34M	656.54M	451.95M	315.51M	259.04M
Net Income	316.89M	444.09M	281.59M	202.13M	402.71M
Balance Sheet
Total Assets	2.53B	2.06B	1.73B	1.84B	1.10B
Cash, Cash Equivalents and Short-Term Investments	142.82M	596.07M	336.00M	362.79M	740.92M
Total Debt	0.00	1.51B	1.50B	1.51B	876.67M
Total Liabilities	2.48B	1.70B	1.65B	1.67B	907.48M
Stockholders Equity	48.81M	363.82M	83.81M	169.80M	196.95M
Cash Flow
Free Cash Flow	644.59M	468.37M	373.28M	235.30M	297.98M
Operating Cash Flow	651.56M	479.06M	388.57M	240.11M	299.44M
Investing Cash Flow	-545.81M	-262.72M	-96.91M	-487.00M	-406.29M
Financing Cash Flow	-85.17M	-218.86M	-407.99M	362.37M	77.86M

Halozyme Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 67.36
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HALO, the sentiment is Negative. The current price of 67.36 is below the 20-day moving average (MA) of 73.98, below the 50-day MA of 72.43, and above the 200-day MA of 66.29, indicating a neutral trend. The MACD of -1.36 indicates Positive momentum. The RSI at 35.29 is Neutral, neither overbought nor oversold. The STOCH value of 27.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HALO.

Halozyme Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HALO	76 Outperform	$7.95B	25.45	153.59%	―	31.19%	59.01%
ROIV	69 Neutral	$21.27B	-14.22	-17.11%	―	-83.82%	-109.22%
CORT	67 Neutral	$3.62B	36.27	14.79%	―	17.92%	-26.13%
TECH	65 Neutral	$8.74B	60.28	3.96%	0.54%	3.85%	-48.17%
MRNA	58 Neutral	$21.26B	-4.07	-28.87%	―	-56.00%	-38.95%
IONS	53 Neutral	$12.42B	-33.22	-70.72%	―	20.39%	34.00%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Halozyme Corporate Events

Halozyme Approves Stock Grant for CEO Incentive

On December 4, 2025, Halozyme Therapeutics’ Board approved a performance-based restricted stock unit grant for CEO Dr. Helen Torley, aimed at incentivizing her to drive company growth. The grant’s vesting depends on achieving specific stock price targets over four years, with a retention component requiring Dr. Torley’s continued employment.

The most recent analyst rating on (HALO) stock is a Buy with a $71.00 price target. To see the full list of analyst forecasts on Halozyme stock, see the HALO Stock Forecast page.

Halozyme Elects James Lang to Board of Directors

On December 4, 2025, Halozyme Therapeutics, Inc. announced the election of James Lang to its Board of Directors, with his term set to end at the company’s annual meeting in 2027. Lang will receive compensation in line with the company’s director compensation program, and his election is not tied to any specific arrangements or related person transactions, indicating a straightforward appointment process.

The most recent analyst rating on (HALO) stock is a Buy with a $71.00 price target. To see the full list of analyst forecasts on Halozyme stock, see the HALO Stock Forecast page.

Halozyme Announces CFO Transition Plan

On November 18, 2025, Halozyme Therapeutics, Inc. announced a transition plan involving Nicole LaBrosse, the Senior Vice President and Chief Financial Officer. LaBrosse will continue in her role until a new CFO is hired or until March 30, 2026, after which she will depart for a new opportunity. The Transition and Release Agreement outlines benefits for LaBrosse, including a 2025 bonus, severance payment, and equity award vesting, contingent on her compliance with the agreement’s terms.

The most recent analyst rating on (HALO) stock is a Buy with a $90.00 price target. To see the full list of analyst forecasts on Halozyme stock, see the HALO Stock Forecast page.