Halozyme Therapeutics Inc

HALO

Healthcare|Biotechnology|USA

$76.19

-2.42 (-3.08%)

DCF (FCF)

$39.38

Earnings Power

$18.42

Financials

Financial Snapshot

Market Cap

$9.04B

Enterprise Value

$-1.83B

Revenue (TTM)

$1.51B

Net Income (TTM)

$348.8M

Cash & Equivalents

—

Net Cash/Share

$-18.01

Free Cash Flow (TTM)

$379.9M

Operating CF (TTM)

$677.4M

Debt/Equity

9.77

Cash Runway & Burn Rate

Company is cash-flow positive.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$205.0M	$469.2M	$354.5M	$421.3M	$368.0M	$740.9M	$362.8M	$336.0M	$596.1M	$142.8M	$318.6M
Operating Cash Flow	$-50.4M	$134.1M	$-49.5M	$-85.4M	$55.5M	$299.4M	$240.1M	$388.6M	$479.1M	$651.6M	$677.4M
Free Cash Flow	$-53.5M	$132.7M	$-54.2M	$-89.5M	$53.0M	$298.0M	$235.3M	$373.3M	$468.4M	$356.8M	$379.9M
Capital Expenditure	$-3.1M	$-1.4M	$-4.7M	$-4.0M	$-2.5M	$-1.5M	$-4.8M	$-15.3M	$-10.7M	$-294.7M	$-297.5M
Financing Cash Flow	$150.6M	$131.7M	$-63.8M	$153.2M	$-106.3M	$77.9M	$362.4M	$-408.0M	$-218.9M	$-85.2M	$-83.5M

R&D Spending

R&D (TTM)

$92.3M

R&D Intensity

6.1%

R&D Growth YoY

+13.2%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$146.7M	$316.6M	$151.9M	$196.0M	$267.6M	$443.3M	$660.1M	$829.3M	$1.02B	$1.40B	$1.51B
R&D Expense	$150.8M	$150.6M	$150.3M	$140.8M	$34.2M	$35.7M	$66.6M	$76.4M	$79.0M	$81.5M	$92.3M
R&D % of Revenue	102.8%	47.6%	98.9%	71.8%	12.8%	8.0%	10.1%	9.2%	7.8%	5.8%	6.1%
SG&A	$45.9M	$53.8M	$60.8M	$77.3M	$45.7M	$50.3M	$143.5M	$149.2M	$154.3M	$207.1M	$222.6M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$146.7M	$316.6M	$151.9M	$196.0M	$267.6M	$443.3M	$660.1M	$829.3M	$1.02B	$1.40B	$1.51B
Cost of Goods Sold	$33.2M	$31.2M	$10.1M	$45.5M	$43.4M	$81.4M	$139.3M	$192.4M	$159.4M	$228.8M	$259.6M
Gross Profit	$113.5M	$285.5M	$141.7M	$150.4M	$224.2M	$361.9M	$520.8M	$636.9M	$855.9M	$1.17B	$1.25B
R&D	$150.8M	$150.6M	$150.3M	$140.8M	$34.2M	$35.7M	$66.6M	$76.4M	$79.0M	$81.5M	$92.3M
SG&A	$45.9M	$53.8M	$60.8M	$77.3M	$45.7M	$50.3M	$143.5M	$149.2M	$154.3M	$207.1M	$222.6M
Operating Income	$-83.2M	$81.0M	$-69.3M	$-67.6M	$144.3M	$275.9M	$267.5M	$337.6M	$551.5M	$802.6M	$845.6M
Interest Expense	$-20.0M	$-22.0M	$-18.0M	$-11.6M	$-20.4M	$-7.5M	$-16.9M	$-18.8M	$-18.1M	$-18.1M	$-19.1M
Pretax Income	$-101.9M	$61.6M	$-79.8M	$-72.3M	$129.3M	$248.5M	$248.9M	$348.3M	$557.1M	$466.9M	$503.4M
Net Income	$-103.0M	$63.0M	$-80.3M	$-72.2M	$129.1M	$402.7M	$202.1M	$281.6M	$444.1M	$316.9M	$348.8M
EPS (Diluted)	-0.81	0.45	-0.56	-0.50	0.91	2.74	1.44	2.10	3.43	2.56	2.78
EBITDA	$-79.5M	$85.8M	$-59.4M	$-56.6M	$153.0M	$259.0M	$315.5M	$451.9M	$656.5M	$573.1M	$623.8M
Shares Out. (M)	127.96	139.07	143.60	144.33	141.46	146.80	140.61	134.20	129.42	123.90	122.88

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$66.8M	$168.7M	$57.9M	$120.2M	$147.7M	$118.7M	$234.2M	$118.4M	$115.8M	$133.8M	$309.7M
Marketable Securities	$138.2M	$300.5M	$296.6M	$301.1M	$220.3M	$622.2M	$128.6M	$217.6M	$480.2M	$9.0M	$8.9M
Total Current Assets	$256.5M	$510.4M	$427.8M	$543.4M	$554.8M	$926.3M	$739.0M	$746.4M	$1.09B	$825.2M	$1.00B
Total Assets	$261.5M	$519.9M	$440.2M	$565.9M	$579.9M	$1.10B	$1.84B	$1.73B	$2.06B	$2.53B	$2.67B
Total Current Liabilities	$54.6M	$131.3M	$149.4M	$85.6M	$421.4M	$117.1M	$130.8M	$112.5M	$139.1M	$177.1M	$363.2M
Long-Term Debt	$199.2M	$125.1M	$34.9M	$383.0M	$0.00	$787.3M	$1.49B	$1.50B	$1.51B	$2.14B	$1.94B
Total Liabilities	$294.0M	$311.6M	$191.4M	$474.1M	$428.9M	$907.5M	$1.67B	$1.65B	$1.70B	$2.48B	$2.45B
Stockholders' Equity	$-32.5M	$208.4M	$248.9M	$91.8M	$151.0M	$197.0M	$169.8M	$83.8M	$363.8M	$48.8M	$219.6M
Retained Earnings	$-585.3M	$-522.4M	$-531.4M	$-603.7M	$-474.6M	$-58.9M	$143.2M	$90.5M	$359.9M	$54.8M	$204.8M

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-50.4M	$134.1M	$-49.5M	$-85.4M	$55.5M	$299.4M	$240.1M	$388.6M	$479.1M	$651.6M	$677.4M
Capital Expenditure	$-3.1M	$-1.4M	$-4.7M	$-4.0M	$-2.5M	$-1.5M	$-4.8M	$-15.3M	$-10.7M	$-294.7M	$-297.5M
Free Cash Flow	$-53.5M	$132.7M	$-54.2M	$-89.5M	$53.0M	$298.0M	$235.3M	$373.3M	$468.4M	$356.8M	$379.9M
Investing Cash Flow	$-76.8M	$-163.7M	$2.5M	$-5.5M	$78.4M	$-406.3M	$-487.0M	$-96.9M	$-262.7M	$-545.8M	$-458.3M
Financing Cash Flow	$150.6M	$131.7M	$-63.8M	$153.2M	$-106.3M	$77.9M	$362.4M	$-408.0M	$-218.9M	$-85.2M	$-83.5M
Issuance of Stock	$0.00	$134.9M	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Repurchase of Stock	$0.00	$0.00	$0.00	$-200.0M	$-150.1M	$-350.1M	$-200.0M	$-402.4M	$-250.0M	$-342.4M	$-38.9M
Issuance of Debt	$203.0M	$0.00	$0.00	$447.4M	$0.00	$784.9M	$1.07B	$0.00	$0.00	$1.47B	$0.00
Payments of Debt	$-54.3M	$-16.0M	$-77.5M	$-108.1M	$-19.6M	$-369.1M	$-447.5M	$-13.5M	$0.00	$-1.02B	$0.00
Stock Based Comp.	$25.6M	$30.7M	$35.7M	$34.8M	$17.2M	$20.8M	$24.4M	$36.6M	$43.4M	$51.6M	$57.5M
Net Change in Cash	$23.5M	$102.0M	$-110.8M	$62.2M	$27.5M	$-29.0M	$115.5M	$-116.3M	$-2.5M	$20.6M	$135.7M

Dilution Tracker

Shares Outstanding

123M

5-Year Share Growth

-16.3%

Stock Issuance (TTM)

$0.00

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	127.96	139.07	143.60	144.33	141.46	146.80	140.61	134.20	129.42	123.90	122.88
YoY Change %	—	8.7%	3.3%	0.5%	-2.0%	3.8%	-4.2%	-4.6%	-3.6%	-4.3%	-0.8%
Stock Issuance	$0.00	$134.9M	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Repurchase	$0.00	$0.00	$0.00	$-200.0M	$-150.1M	$-350.1M	$-200.0M	$-402.4M	$-250.0M	$-342.4M	$-38.9M
Stock Based Comp.	$25.6M	$30.7M	$35.7M	$34.8M	$17.2M	$20.8M	$24.4M	$36.6M	$43.4M	$51.6M	$57.5M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	77.4%	90.2%	93.3%	76.8%	83.8%	81.6%	78.9%	76.8%	84.3%	83.6%	82.8%
Operating Margin %	-56.7%	25.6%	-45.7%	-34.5%	53.9%	62.2%	40.5%	40.7%	54.3%	57.5%	56.1%
Net Margin %	-70.2%	19.9%	-52.9%	-36.9%	48.2%	90.8%	30.6%	34.0%	43.7%	22.7%	23.1%
EBITDA Margin %	-54.2%	27.1%	-39.1%	-28.9%	57.2%	58.4%	47.8%	54.5%	64.7%	41.0%	41.4%
FCF Margin %	-36.5%	41.9%	-35.7%	-45.6%	19.8%	67.2%	35.6%	45.0%	46.1%	25.5%	25.2%
ROE %	-1959.0%	71.6%	-35.1%	-42.4%	106.3%	231.4%	110.2%	222.1%	198.4%	153.6%	109.9%
ROA %	-46.5%	16.1%	-16.7%	-14.4%	22.5%	47.8%	13.7%	15.8%	23.4%	13.8%	14.9%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)27.41

Historical11.61 / 23.36 / 268.19

Industry Med.27.41

P/S6.20

Historical5.21 / 10.59 / 30.09

Industry Med.9.51

P/B41.12

Historical8.24 / 26.08 / 196.21

Industry Med.2.93

EV/EBITDA17.41

Historical-202.34 / 14.74 / 139.02

Industry Med.13.14

EV/Revenue7.20

Historical6.34 / 10.76 / 30.79

Industry Med.8.71

P/FCF24.68

Historical11.99 / 20.41 / 137.30

Industry Med.27.54

Intrinsic Value Models

DCF (FCF Based)

$39.38

Peter Lynch Value

$91.28

Median P/S Value

$131.01

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	At Loss	45.02	At Loss	At Loss	46.93	14.68	39.51	17.60	13.94	26.29	27.41
PS Ratio	8.62	8.90	13.83	13.06	22.57	13.31	12.12	5.98	6.09	5.97	6.20
PB Ratio	0.00	13.89	8.51	26.42	38.17	28.08	45.30	55.92	16.18	162.56	41.12
EV/EBITDA	-16.25	30.62	-31.82	-42.53	37.89	21.87	28.00	12.94	10.35	17.32	17.41
EV/Revenue	8.80	8.29	12.44	12.27	21.66	12.78	13.38	7.05	6.69	7.11	7.20

Analyst Estimates & Quality

Altman Z-Score

3.81

Safe

Piotroski F-Score

Moderate

Beneish M-Score

-1.90

Unlikely Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$1,777M	$2,001M	$2,184M
Net Income	$959M	$1,149M	$1,264M
EPS	6.70	9.12	9.81
Book Value per Share	6.36	15.12	25.16
Operating Cash Flow per Share	8.02	10.95	12.54
Operating CF	$985.46M	$1,345.48M	$1,540.85M

Dividends

Revenue Segments

By Business

Segment	2025
Research, development and commercialization of our proprietary enzymes and devices, Hypercon	$1.40B

By Geography

Segment	2025
United States	$823.0M
All other foreign	$33.3M
Belgium	$217.5M
Japan	$46.4M
Switzerland	$276.4M