Halozyme Therapeutics, Inc.HALO
NasdaqGS•Healthcare•Biotechnology
Halozyme Therapeutics, Inc., a biopharmaceutical company, researches, develops, and commercializes of proprietary enzymes and devices in the United States, Switzerland, Belgium, Japan, and internationally. The company's products are based on the patented recombinant human hyaluronidase enzyme (rHuPH20) that enables delivery of injectable biologics, such as monoclonal antibodies and other therapeutic molecules, as well as small molecules and fluids. It offers Hylenex recombinant, a formulation of rHuPH20 that facilitates subcutaneous (SC) administration to enhance the dispersion and absorption of other injected drugs in SC urography and to enhance resorption of radiopaque agents; and XYOSTED, an injection for SC administration of testosterone replacement therapy. The company also provides Herceptin (trastuzumab) under the brand name Herceptin Hylecta; and Phesgo to treat breast cancer; Mabthera SC for chronic lymphocytic leukemia treatment; Tecentriq SC for IV infusion; Ocrevus SC for multiple sclerosis; HYQVIA to treat primary immunodeficiency disorders; DARZALEX to treat amyloidosis, and smoldering and multiple myeloma; epinephrine Injection to treat allergic reactions; nivolumab and relatlimab to treat metastatic or unresectable melanoma; teriparatide injections; ARGX-113; and ARGX-117 to treat severe autoimmune diseases in multifocal motor neuropathy. It has collaborations and licensing agreements with F. Hoffmann-La Roche, Ltd. and Hoffmann-La Roche, Inc.; Takeda Pharmaceuticals International AG and Baxalta US Inc.; Pfizer Inc.; Janssen Biotech, Inc.; AbbVie, Inc.; Eli Lilly and Company; Bristol Myers Squibb Company; argenx BVBA; ViiV Healthcare; Chugai Pharmaceutical Co., Ltd.; Acumen Pharmaceuticals, Inc.; Merus N.V.; and Skye Bioscience, Inc. The company was founded in 1998 and is headquartered in San Diego, California.
Halozyme Therapeutics, Inc. (HALO) reported trailing twelve months revenue of $1.51B as of March 2026, a 39.1% increase year-over-year. Quarterly revenue reached $376.71M, reflecting continued top-line momentum.
Halozyme Therapeutics, Inc. generated $348.84M in TTM net income, with quarterly EBITDA of $188.74M. The operating margin contracted from 53.4% to 49.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (49.0%) and net margin (39.8%) indicates moderate non-operating costs. Net margin has narrowed from 44.6% a year ago, reflecting increased costs or interest expense.
HALO trades at a P/E of 23.5x (in line with broad market averages) and a P/S of 5.4x. The price-to-book ratio of 37.4x indicates a significant premium over book value.
The company generated $176.34M in free cash flow over the trailing twelve months, a 15.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.67B in total assets with $1.94B in long-term debt against $219.64M in stockholders equity for a debt-to-equity ratio of 8.8, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 46.4%. The business may lack pricing power or face rising costs.'
Consistently high ROE averaging 189.9% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~72.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 30.6% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 8.8 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 7.1% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation