Halozyme (HALO) AI Stock Analysis

• Market Cap: $7.51B
• Dividend Yield: N/A
• Average Volume (3M): 2.00M
• Price to Earnings (P/E): 25.5
• Beta (1Y): 0.41
• 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: 1,657,322
• 30 Day Avg. Volume: 2,004,065
• 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: 5.28
• Enterprise Value/Gross Profit: 6.45
• Enterprise Value/Ebitda: 7.65
• 1Y Price Target: $89.00
• Price Target Upside: 39.81% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 8.18
• Revenue Forecast (FY): $1.76B

• Rating: 71 Outperform
• Price Target: $70.00 ▲(9.96% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is driven primarily by strong financial performance—especially excellent free-cash-flow generation and high-margin, growing royalties—supported by upbeat 2026 guidance. This is meaningfully tempered by weak technicals (below major moving averages with negative MACD) and balance-sheet/capital-structure concerns (thin equity base and prior leverage), while valuation appears reasonable but not clearly discounted.

Positive Factors

Strong free cash flow generation

Halozyme's very strong operating cash flow and FCF in 2025, with cash conversion roughly matching net income, provide durable internal funding for R&D, business development, and deleveraging. High cash generation reduces reliance on external capital and supports multi-year licensing and commercialization activities.

High-margin, growing royalty revenue

Rapidly growing, high-margin royalty streams reflect durable commercial adoption of ENHANZE by partners. Recurring royalties on large partner blockbusters create scalable revenue that sustains margins and funds platform expansion, offering predictable cash inflows over the medium term as partner sales grow.

Expanded delivery platform and multi-year pipeline

Acquiring complementary technologies and adding programs increases addressable markets (auto-injectors, Hypercon, Surf Bio) and extends IP duration. A deeper product pipeline and diversified enabling technologies provide structural growth and multiple licensing avenues that can generate royalties and reduce single-tech dependency over years.

Negative Factors

Thin equity base despite de‑leveraging

Equity is extremely small relative to total assets, leaving a limited capital cushion against adverse events. Even with recent debt reduction, the thin equity base constrains financial flexibility, increases vulnerability to large one-time charges, and could pressure funding options if cash flow weakens.

Ongoing IP and litigation uncertainty

Active IP disputes and litigation can delay or limit partner product commercialization, create royalty interruptions, and impose sustained legal costs. Such disputes can take many quarters to resolve and materially affect long-term revenue visibility and partner willingness to in-license or expand use.

Revenue concentration in a few partner blockbusters

A large share of royalties derives from a small number of partner products. This concentration means partner commercial performance, competitive dynamics, or label/contract changes could disproportionately impact Halozyme's royalties and cash flow, making revenue sensitive to partner-specific risks over the medium term.

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 primarily makes money by licensing its ENHANZE® drug delivery technology to pharmaceutical partners and earning payments tied to partnered products and development programs. Key revenue streams include: (1) Royalties on net sales of partner products that use ENHANZE, providing recurring revenue that scales with commercial sales volume; (2) License fees and upfront payments received when partners enter into licensing agreements to use ENHANZE with specific drug candidates; (3) Milestone payments triggered when partnered programs achieve specified development, regulatory, or commercial events (e.g., clinical progress, approvals, or launch-related targets); and (4) Reimbursement and service-related revenue in some collaborations, such as payments for research, development support, or supply-related arrangements associated with enabling a partner’s use of the technology. Halozyme’s earnings are significantly influenced by the commercial performance of partnered medicines and the pace and success of partners’ development pipelines, because royalties and milestones depend on partners’ product launches, adoption, and sales. Significant partnerships are those in which major biopharma companies incorporate ENHANZE into their products; however, specific partner names or contract economics are not provided here (null).

Halozyme Financial Statement Overview

Summary

Strong scale and profitability with revenue growing to $1.40B (2025) and very high gross margins, plus standout cash generation (2025 FCF ~$645M with strong cash conversion). The main offset is balance-sheet quality (thin 2025 equity base vs. assets and historically high leverage) and profitability volatility vs. 2024 as net margin normalized materially in 2025.

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: 63.66
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 63.66 is below the 20-day moving average (MA) of 70.00, below the 50-day MA of 72.16, and below the 200-day MA of 66.66, indicating a bearish trend. The MACD of -2.28 indicates Positive momentum. The RSI at 28.93 is Positive, neither overbought nor oversold. The STOCH value of 4.79 is Positive, 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	71 Outperform	$7.51B	25.45	92.67%	―	31.19%	59.01%
ROIV	69 Neutral	$20.08B	-14.22	-18.32%	―	-83.82%	-109.22%
CORT	67 Neutral	$3.42B	37.20	15.25%	―	17.92%	-26.13%
TECH	65 Neutral	$7.96B	60.28	4.10%	0.54%	3.85%	-48.17%
MRNA	58 Neutral	$20.76B	-4.07	-30.15%	―	-56.00%	-38.95%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IONS	50 Neutral	$11.76B	-33.22	-68.82%	―	20.39%	34.00%

Halozyme Corporate Events

Halozyme Names David Ramsay Interim Chief Financial Officer

On March 12, 2026, Halozyme Therapeutics announced the appointment of David Ramsay as Interim Chief Financial Officer, effective March 23, 2026, tasking the veteran finance executive with overseeing all financial operations while the company completes its search for a permanent CFO. Ramsay, who previously served as Halozyme’s CFO during its evolution into a billion‑dollar public biopharmaceutical company, brings more than three decades of biotechnology and life‑sciences finance experience, and his compensation package includes a $50,000 monthly salary and time‑based restricted stock units that further align his interests with shareholders.

Halozyme’s leadership highlighted Ramsay’s prior role in building the company’s financial and commercialization infrastructure and emphasized his capital markets and investor relations expertise as critical to advancing current strategic priorities. The board has engaged an executive search firm to identify a long‑term finance chief, while Ramsay’s return is expected to provide continuity and credibility with investors and partners during the transition period.

The most recent analyst rating on (HALO) stock is a Hold with a $75.00 price target. To see the full list of analyst forecasts on Halozyme stock, see the HALO Stock Forecast page.