olivLaw · US equity research
Halozyme Therapeutics, Inc. HALO
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Halozyme Therapeutics is a biopharmaceutical company that licenses its ENHANZE technology, which turns intravenous drug administration into subcutaneous injections, and earns mainly royalties. In the second quarter of 2026 total revenue reached 481 million USD and the company raised its annual guidance, making it relevant for readers following biologic drug delivery.
At the close of 02 Nov 2026, Halozyme Therapeutics, Inc. (HALO) stock was 128.95 USD (−1.50% on the day), with market capitalisation 14.6 bn USD, P/E 38.0 on diluted EPS of 3.39 USD over the last 12 months, beta 0.60, 52-week range 61.63–131.18 USD. Latest reported quarter (Q2 2026): revenue of 481.0 m USD (+47.7% YoY), net income of 229.9 m USD (+39.2% YoY), diluted EPS 1.90 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 71.5
- overbought (≥ 70)
- Bollinger (20, 2)
- 105.38 – 136.73
- in the upper half of the band · %B 0.75 · band width 25.9%
- SMA 50 / 200
- 114.12 / 83.66
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 5.39 / 4.81
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +17.4% | −2.3% | +19.7 pp | — |
| 3 months | +56.7% | −0.8% | +57.5 pp | — |
| 6 months | +99.7% | +4.7% | +95.0 pp | — |
| Year to date | +91.6% | +10.2% | +81.4 pp | — |
| 1 year | +97.8% | +10.3% | +87.6 pp | −15.6% |
| 3 years | +262.4% | +73.0% | +189.4 pp | −25.1% |
| 5 years | +222.0% | +61.8% | +160.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 290.1 m | 298.0 m | 264.9 m | 325.7 m | 354.3 m | 451.8 m | 376.7 m | 481.0 m |
| Cost of revenue | 49.4 m | 42.1 m | 48.4 m | 46.4 m | 55.2 m | 78.8 m | 79.2 m | 79.2 m |
| Research & development | 18.5 m | 20.4 m | 14.8 m | 17.5 m | 17.3 m | — | 25.6 m | 27.7 m |
| SG&A | 41.2 m | 42.2 m | 42.4 m | 41.6 m | 46.1 m | 77.0 m | 57.9 m | 57.0 m |
| Operating income | 163.2 m | 175.5 m | 141.5 m | 202.4 m | 217.9 m | -92.9 m | 184.5 m | 287.7 m |
| Depreciation & amortisation | 2.6 m | 2.7 m | 2.7 m | 2.7 m | 2.7 m | 3.3 m | 4.2 m | 4.5 m |
| Interest expense | 4.5 m | 4.5 m | 4.5 m | 4.4 m | 4.3 m | 4.9 m | 5.5 m | 5.6 m |
| Pre-tax income | 165.1 m | 178.2 m | 143.8 m | 204.9 m | 219.0 m | -100.8 m | 180.3 m | 284.9 m |
| Income tax | 28.1 m | 41.2 m | 25.7 m | 39.8 m | 43.7 m | 40.7 m | 30.3 m | 55.0 m |
| Net income | 137.0 m | 137.0 m | 118.1 m | 165.2 m | 175.2 m | -141.6 m | 150.0 m | 229.9 m |
| Diluted EPS | 1.05 | 1.06 ≈ | 0.93 | 1.33 | 1.43 | -1.16 ≈ | 1.22 | 1.90 |
| Operating cash flow | 115.4 m ≈ | 178.5 m | 154.2 m | 99.7 m ≈ | 178.6 m ≈ | 219.0 m | 180.1 m | 240.9 m ≈ |
| Capex | 1.5 m ≈ | 3.1 m | 950.0 k | 1.6 m ≈ | 3.0 m ≈ | 1.4 m | 3.7 m | 4.2 m ≈ |
| Share repurchases | 0 ≈ | 250.0 m | — | — | 38.9 m ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 89 percentile of its own 28-quarter history (min 0.0, median 18.2, max 164.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 151.9 m | 196.0 m | 267.6 m | 443.3 m | 660.1 m | 829.3 m | 1.0 bn | 1.4 bn |
| Revenue YoY | −52.0% | +29.1% | +36.5% | +65.7% | +48.9% | +25.6% | +22.4% | +37.6% |
| Net income | -80.3 m | -72.2 m | 129.1 m | 402.7 m | 202.1 m | 281.6 m | 444.1 m | 316.9 m |
| Net income YoY | −227.6% | unavailable | unavailable | +212.0% | −49.8% | +39.3% | +57.7% | −28.6% |
| Diluted EPS | -0.56 | -0.50 | 0.91 | 2.74 | 1.44 | 2.10 | 3.43 | 2.56 |
| Diluted EPS YoY | −224.4% | unavailable | unavailable | +201.1% | −47.4% | +45.8% | +63.3% | −25.4% |
| net % | -52.9% | -36.9% | 48.2% | 90.8% | 30.6% | 34.0% | 43.7% | 22.7% |
| Free cash flow | -54.2 m | -89.5 m | 53.0 m | 298.0 m | 235.3 m | 373.3 m | 468.4 m | 644.6 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 133.8 m USD
- Financial debt
- 2.1 bn USD
- Net debt
- 2.0 bn USD
- Equity
- 48.8 m USD
- Total assets
- 2.5 bn USD
- Debt / equity
- 43.89x
- Current ratio
- 4.66x
- ROE
- 153.6%
- ROA
- 13.8%
- FCF margin
- 46.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 267.6 m | 443.3 m | 660.1 m | 829.3 m | 1.0 bn | 1.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 43.4 m | 81.4 m | 139.3 m | 192.4 m | 159.4 m | 228.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 224.2 m ≈ | 361.9 m ≈ | 520.8 m ≈ | 636.9 m ≈ | 855.9 m ≈ | 1.2 bn ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Research & development | 34.2 m | 35.7 m | 66.6 m | 76.4 m | 79.0 m | — | SEC (XBRL)· 18 Feb 2025verified |
| SG&A | 45.7 m | 50.3 m | 143.5 m | 149.2 m | 154.3 m | 207.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 144.3 m | 275.9 m | 267.5 m | 337.6 m | 551.5 m | 469.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 3.3 m | 3.0 m | 6.5 m | 11.1 m | 10.3 m | 11.4 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 147.5 m ≈ | 278.9 m ≈ | 274.0 m ≈ | 348.7 m ≈ | 561.7 m ≈ | 480.4 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 20.4 m | 7.5 m | 16.9 m | 18.8 m | 18.1 m | 18.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | 129.3 m | 248.5 m | 248.9 m | 348.3 m | 557.1 m | 466.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 217.0 k | -154.2 m | 46.8 m | 66.7 m | 113.0 m | 150.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 129.1 m | 402.7 m | 202.1 m | 281.6 m | 444.1 m | 316.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | 0.91 | 2.74 | 1.44 | 2.10 | 3.43 | 2.56 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 141.5 m | 146.8 m | 140.6 m | 134.2 m | 129.4 m | 123.9 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 147.7 m | 118.7 m | 234.2 m | 118.4 m | 115.9 m | 133.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 97.7 m | 91.0 m | 187.0 m | 233.3 m | 288.2 m | 426.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | 60.7 m | 53.9 m | 100.1 m | 127.6 m | 141.9 m | 176.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 554.8 m | 926.3 m | 739.0 m | 746.4 m | 1.1 bn | 825.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 7.3 m | 6.8 m | 35.1 m | 38.1 m | 40.9 m | 44.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | — | 0 | 409.0 m | 416.8 m | 416.8 m | 580.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 546.7 m | 472.9 m | 401.8 m | 981.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 579.9 m | 1.1 bn | 1.8 bn | 1.7 bn | 2.1 bn | 2.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 1.9 m | 1.5 m | 17.7 m | 11.8 m | 10.2 m | 20.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 397.2 m | 89.4 m | 13.3 m | 0 | 0 | 0 | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 0 | 787.3 m | 1.5 bn | 1.5 bn | 1.5 bn | 2.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 421.4 m | 117.1 m | 130.8 m | 112.5 m | 139.1 m | 177.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | — | — | 1.7 bn | 1.6 bn | 1.7 bn | 2.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 151.0 m † | 197.0 m † | 169.8 m † | 83.8 m † | 363.8 m † | 48.8 m † | SEC (XBRL)· 17 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 55.5 m | 299.4 m | 240.1 m | 388.6 m | 479.1 m | 651.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 2.5 m | 1.5 m | 4.8 m | 15.3 m | 10.7 m | 7.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 53.0 m ≈ | 298.0 m ≈ | 235.3 m ≈ | 373.3 m ≈ | 468.4 m ≈ | 644.6 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | 78.4 m | -406.3 m | -487.0 m | -96.9 m | -262.7 m | -545.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | -106.3 m | 77.9 m | 362.4 m | -408.0 m | -218.9 m | -85.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 150.1 m | 350.1 m | 200.0 m | 402.4 m | 250.0 m | 342.4 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 14.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality98
- Growth100
- Valuation30
- Balance sheet61
- Returns36
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 72.66 – 189.52 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)111.87 – 189.52 (Mid 141.29)WACC 8.7% · starting FCFF 820.6 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 11.2%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E72.66 – 90.55 (Mid 80.61)4 companies used · median multiple 23.8x · quartiles 21.4x – 26.7xAMGN, EXEL, NBIX, QGEN
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 21.7% | 100 (vs peers) | 11% |
| Net margin · Quality | 24.9% | 94 (vs peers) | 7% |
| FCF conversion · Quality | 194.9% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 28.4% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 21.1% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 3.2x | 22 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 29.4x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 38.0x | 29 (vs peers) | 11% |
| EV/EBITDA · Valuation | 27.2x | 0 (on a fixed band) | 11% |
| FCF yield · Valuation | 5.5% | 69 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 2.5% | 36 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet61/100 · 3/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality98/100 · 3/3 factors with a value
- Returns· partial36/100 · 1/2 factors with a value
- Valuation30/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HALOZYME THERAPEUTICS, INC. (HALO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 37.6%; net margin 24.9%; ROE 173.7%; net debt/EBITDA 3.2x.
The estimated value range is 92.26–140.03 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 110.95 USD, the price of 128.95 USD leaves a potential of -14.0% (value / price − 1) and a margin of safety of -16.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 21.7%
- Net margin: 24.9%
- FCF conversion: 194.9%
- Revenue CAGR 3Y: 28.4%
- EPS CAGR 3Y: 21.1%
- Interest coverage: 29.4x
- Current ratio: 2.7x
What contradicts it
- Net debt / EBITDA: 3.2x
- P/E (TTM): 38.0x
- EV/EBITDA: 27.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 251.6 bn | 28.9 | 91.5% | 23.0% | +10.0% | +35% / +73% |
| GILDGilead Sciences, Inc. | 211.3 bn | — | -22.3% | -12.5% | +2.4% | +35% / +122% |
| MRNAModerna, Inc. | 88.2 bn | — | -39.0% | -141.4% | −39.9% | +750% / +184% |
| RVMDRevolution Medicines, Inc. | 40.3 bn | — | -79.1% | — | unavailable | +142% / +707% |
| BIIBBiogen Inc. | 36.8 bn | 106.4 | 1.9% | 3.4% | +2.2% | +37% / +6% |
| EXELExelixis, Inc. | 17.1 bn | 21.0 | 44.3% | 35.5% | +7.0% | +59% / +222% |
| NBIXNeurocrine Biosciences, Inc. | 14.7 bn | 21.6 | 20.4% | 19.0% | +21.4% | −4% / +25% |
| HALOHalozyme Therapeutics, Inc. | 14.6 bn | 38.0 | 173.7% | 24.9% | +37.6% | +98% / +262% |
| RGENRepligen Corp | 11.1 bn | — | -0.6% | -1.5% | +16.4% | +1% / +10% |
| QGENQiagen N.V. | 10.9 bn | 26.0 | 11.6% | 20.3% | +5.7% | +5% / +19% |
| CRSPCrispr Therapeutics AG | 4.8 bn | — | -25.6% | -1,812.1% | −90.6% | −7% / −25% |
| IOVAIovance Biotherapeutics, Inc. | 3.6 bn | — | -40.4% | -89.1% | +60.6% | +225% / +32% |
| BEAMBeam Therapeutics Inc. | 2.7 bn | — | -8.1% | -54.7% | +120.0% | +2% / −8% |
| RXRXRecursion Pharmaceuticals, Inc. | 2.4 bn | — | -48.7% | -697.1% | +26.9% | −17% / −44% |
| MAZEMaze Therapeutics, Inc. | 1.7 bn | — | -37.3% | -5,343.6% | unavailable | −20% / unavailable |
| NVAXNovavax Inc | 1.6 bn | — | — | -59.9% | +64.7% | +35% / +73% |
| ALVOAlvotech | 1.4 bn | 44.8 | — | 4.8% | +19.7% | −12% / −53% |
| EVAXEvaxion A | 1.2 bn | — | -100.2% | -102.4% | +125.1% | −51% / −93% |
| DNAGinkgo Bioworks Holdings, Inc. | 627.6 m | — | -56.3% | -260.0% | −25.1% | +6% / −81% |
| RGNXREGENXBIO Inc. | 472.7 m | — | -137.6% | -112.6% | +104.5% | −47% / −63% |
| FENCFennec Pharmaceuticals Inc. | 369.6 m | — | -18.6% | -5.5% | −6.1% | +29% / +23% |
| SRZNSurrozen, Inc. | 341.1 m | — | — | -2,885.3% | −67.4% | +75% / +303% |
| XFORX4 Pharmaceuticals, Inc | 332.1 m | — | -113.1% | -1,040.1% | +150.0% | −8% / −86% |
| ALGSAligos Therapeutics, Inc. | 196.0 m | — | -113.6% | -2,031.1% | −39.5% | −52% / −74% |
| CGENCompugen Ltd | 187.2 m | 5.2 | 44.8% | 48.6% | +161.1% | +27% / +200% |
1- and 3-year price returns: for HALO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 90.52 Total return -30% · Per year -30% | 159.31 Total return 24% · Per year 24% | 238.96 Total return 85% · Per year 85% |
| 3 years | 107.37 Total return -17% · Per year -6% | 210.68 Total return 63% · Per year 18% | 344.10 Total return 167% · Per year 39% |
| 5 years | 127.36 Total return -1% · Per year -0% | 278.63 Total return 116% · Per year 17% | 495.51 Total return 284% · Per year 31% |
- Exit P/E± 52.67
- Net margin± 36.87
- Annual revenue growth± 27.50
- Annual dilution± 3.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Halozyme Therapeutics is a biopharmaceutical company that licenses its ENHANZE technology, which turns intravenous drug administration into subcutaneous injections, and earns mainly royalties. In the second quarter of 2026 total revenue reached 481 million USD and the company raised its annual guidance, making it relevant for readers following biologic drug delivery 3.
SWOT
Strengths
- Strong growth in royalty revenue, with partner products already approved and commercialized.
- A broad collaboration portfolio with large pharmaceutical companies that diversifies revenue sources.
- Patented technology with clinical and commercial advantages demonstrated for its partners.
Weaknesses
- Dependence on the commercial success of partner products, which the company does not directly control.
- Higher amortization and research costs after recent acquisitions.
- Reliance on external suppliers of bulk rHuPH20 and on third parties for distribution.
Opportunities
- New collaborations with companies such as Vertex, Oruka, GSK and Incyte could expand future royalties.
- The Hypercon and Surf Bio technologies could open new injectable product categories.
- If new approved indications for partner products expand, royalty growth could continue.
Threats
- Patent litigation and review proceedings could slow or complicate the company's activity.
- Drug pricing pressure and policy changes could affect partner revenues.
- Competition from other subcutaneous delivery technologies could reduce market share.
Risks
- Regulatory approvalshigh
Partner products might not receive or maintain the approvals they need, which would reduce royalty revenue.
- Dependence on partnershigh
If a partner fails to meet its obligations or a key agreement is terminated, the company's business could be affected.
- Supply of rHuPH20medium
Interruptions at contract manufacturers could delay development and commercialization of products.
- Patent litigationmedium
The lawsuit against Merck and the PTAB proceedings could generate costs and uncertainty around the MDASE technology.
- Adverse events and recallslow
Adverse events or recalls of partner products could reduce sales and create legal liability.
Investment thesis
What would need to be true (bull case)
- Rapid royalty growth and raised 2026 guidance suggest the licensing model could generate rising revenue.
- The large number of new collaborations signed in 2026 could widen the future revenue base.
- The share repurchase program and operating cash generation could support value for shareholders.
What would break the thesis
- Revenue depends heavily on the success of partner products, which the company does not control, which could introduce volatility.
- Patent litigation and higher costs could compress short-term margins.
- Competition and pricing pressure in the pharmaceutical industry could limit future growth.
What to watch
- Quarterly results and any change to revenue guidanceQ3 2026
- Status of the Merck lawsuit and PTAB proceedings2026
- Regulatory approvals for new indications of partner products2026
- Progress of the share repurchase program of up to one billion USD2028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Halozyme develops and licenses drug delivery technologies, especially ENHANZE, based on its proprietary enzyme rHuPH20, which supports subcutaneous administration of injectable biologics that were previously given intravenously 1. The company does not only sell the technology: it receives upfront licensing payments, milestone payments tied to development and sales, and royalties on sales of partner products containing ENHANZE 1. It also sells its own Hylenex and XYOSTED products and develops the Hypercon and Surf Bio technologies for drug concentration 1.
The revenue structure is dominated by royalties, so revenue depends on the commercial success of partner products rather than on the company's own sales. By the end of 2025 Halozyme had thirteen collaborations, ten approved products and further candidates in development, and in 2026 it signed new agreements with Vertex, Oruka, GSK, Incyte and an undisclosed partner 13. The acquisitions of Elektrofi (renamed Halozyme Hypercon) and Surf Bio expanded the technology portfolio in late 2025 12.
Share repurchases and financing through convertible notes and a revolving credit facility are important parts of the financial strategy. In November 2025 the company issued convertible notes of 750 million USD each due in 2031 and 2032, and extended its revolving credit facility to 750 million USD 1. In May 2026 it announced a program to repurchase up to one billion USD of stock by the end of 2028 3.
Segments
Market context
The market targeted is that of injectable biologics, where moving from intravenous to subcutaneous administration can reduce treatment time and patient burden 1. The company argues that ENHANZE can enable fixed doses, longer dosing intervals and home administration 1. Growth in this market depends on partners' regulatory approvals and clinical adoption of subcutaneous formulations 1.
The market is shaped by pricing pressure and trade policy, and the company notes uncertainties around tariffs and pharmaceutical pricing policies 2. It is not yet clear from the sources how fast the adoption of subcutaneous formulations will spread, so the market outlook remains partly uncertain 1.
Trends
- Launch of subcutaneous formulationstailwind
Several partner products using ENHANZE were approved or extended in 2025 and 2026, including DARZALEX FASPRO and RYBREVANT FASPRO, which strengthens the royalty base 13.
- Growth in new collaborationstailwind
Halozyme signed five new agreements in 2026, exceeding its annual goal, which could widen future royalty sources 3.
- Patent litigationmixed
The company sued Merck over its MDASE technology and faces post-grant reviews, which could raise legal costs 13.
- Amortization and research costsheadwind
Amortization and research expenses rose after recent acquisitions, which could compress short-term margins 3.
Competitive position
Halozyme competes with other subcutaneous delivery technologies and with formulation developers, and partners may build their own or alternative solutions. The sources do not detail all competitors, so the analysis is limited to the collaborators and partners named 1.
Its competitive position rests on ENHANZE already being commercialized in ten products and licensed to large companies, which could make it harder for rivals to enter the same market 13.
- Roche
Major ENHANZE partner with five commercial products, including subcutaneous versions of Herceptin and Tecentriq 1.
- Janssen
Partner with two commercial products, including DARZALEX FASPRO and RYBREVANT FASPRO 1.
- Merck
Company in a dispute with Halozyme over the subcutaneous formulation of Keytruda, involving MDASE patents 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Halozyme Therapeutics (HALO) Proposes $1.05B in Convertibles. Is More Time Worth the Cost?Yahoo Finance — News · 21 Sept 2026 · EN
- Record Revenue Growth Boosts Halozyme SharesYahoo Finance — News · 11 Sept 2026 · EN
- Halozyme Investor Conferences Put ENHANZE and Expanded Drug Delivery Portfolio in FocusYahoo Finance — News · 02 Sept 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 30 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report30 Sept 2026Departure or appointment of officers
- Current report22 Sept 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
- Current report18 Sept 2026Other events · Financial statements and exhibits
- Current report16 Sept 2026Other events · Financial statements and exhibits
- Current report18 Aug 2026Departure or appointment of officers
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report02 Jul 2026Departure or appointment of officers
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Halozyme Therapeutics, Inc. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Halozyme Therapeutics, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Halozyme Therapeutics, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.