Halozyme Therapeutics, Inc.
- Open
- 77.46
- Day high
- 78.95
- Day low
- 77.19
- Prev close
- 77.18
- Volume
- 1.6M
- Mkt cap
- $9.0B
- P/E (TTM)
- 25.9
- EPS (TTM)
- $3.02
- P/B
- 40.9
- P/S
- 6.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$8.2M over the last 3 months (0 open-market buys, 26 sales)
- 🏛Institutions mixed (13F)
Halozyme Therapeutics, Inc. (HALO) is a Healthcare company listed on NASDAQ. The stock is up 48% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 26 sales (SEC Form 4).
Halozyme Therapeutics, Inc. (HALO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HALO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $1.54 | $1.60 | +3.9% | $377M | +5.0% |
| Feb 17, 2026 | $2.15 | $-0.24 | -111.2% | $452M | +18.4% |
| Feb 18, 2025 | $1.17 | $1.26 | +7.7% | $298M | +4.3% |
| Oct 31, 2024 | $0.98 | $1.27 | +29.6% | $290M | -0.9% |
| Feb 20, 2024 | $0.83 | $0.82 | -1.2% | $230M | -0.5% |
| Feb 21, 2023 | $0.47 | $0.48 | +2.1% | $181M | -5.5% |
| Feb 22, 2022 | $0.41 | $0.42 | +2.4% | $102M | +0.5% |
| Nov 2, 2021 | $0.42 | $0.55 | +31.0% | $116M | +8.3% |
| Feb 23, 2021 | $0.53 | $0.50 | -5.7% | $122M | +1.3% |
| Feb 24, 2020 | $-0.18 | $-0.24 | -33.3% | $54M | +60.0% |
| May 7, 2019 | $0.01 | $0.01 | -28.1% | $57M | +0.0% |
| Feb 21, 2019 | $-0.01 | $-0.01 | -64.5% | $60M | -66.7% |
HALO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Krishnan Maheshdirector | Option | 7,304 | $38.46 |
| Jun 30, 2026 | Krishnan Maheshdirector | Sell | 7,304 | $75.00 |
| Jun 15, 2026 | Snyder Mark Howardofficer: SVP, CHIEF LEGAL OFFICER | Tax | 2,715 | $69.50 |
| Jun 15, 2026 | Snyder Mark Howardofficer: SVP, CHIEF LEGAL OFFICER | Option | 5,034 | — |
| Jun 3, 2026 | Torley Helendirector, officer: PRESIDENT AND CEO | Option | 10,000 | $12.07 |
| Jun 3, 2026 | Torley Helendirector, officer: PRESIDENT AND CEO | Sell | 400 | $66.37 |
| Jun 3, 2026 | Torley Helendirector, officer: PRESIDENT AND CEO | Option | 20,000 | $12.07 |
| Jun 3, 2026 | Torley Helendirector, officer: PRESIDENT AND CEO | Sell | 3,400 | $66.75 |
| Jun 3, 2026 | Torley Helendirector, officer: PRESIDENT AND CEO | Sell | 2,000 | $68.74 |
| Jun 3, 2026 | Torley Helendirector, officer: PRESIDENT AND CEO | Sell | 12,989 | $67.41 |
| Jun 3, 2026 | Torley Helendirector, officer: PRESIDENT AND CEO | Sell | 16,600 | $66.31 |
| Jun 3, 2026 | Torley Helendirector, officer: PRESIDENT AND CEO | Sell | 5,401 | $68.35 |
| Jun 3, 2026 | Torley Helendirector, officer: PRESIDENT AND CEO | Sell | 6,100 | $69.69 |
| Jun 3, 2026 | Torley Helendirector, officer: PRESIDENT AND CEO | Sell | 1,500 | $67.67 |
| Jun 3, 2026 | Torley Helendirector, officer: PRESIDENT AND CEO | Sell | 1,610 | $66.39 |
Source: HALO SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full HALO insider & 13F page →Halozyme Therapeutics, Inc. company profile
Overview
Halozyme Therapeutics, Inc. (NASDAQ:HALO) is a San Diego-based biopharma technology platform company founded in 1998 that went public in 2004. The company has evolved from a traditional biotechnology firm into a specialized drug delivery technology platform, leveraging its proprietary ENHANZE technology to enable pharmaceutical companies to convert intravenous biologics into more convenient subcutaneous formulations. Over the past decade, Halozyme has transformed its business model from primarily developing its own drugs to licensing its platform technology to major pharmaceutical partners, creating a highly scalable and profitable royalty-based revenue stream.
Business
Halozyme operates in the biotechnology sector, specifically focusing on drug delivery technology platforms. The company's core offering is the ENHANZE drug delivery technology, which is based on a patented recombinant human hyaluronidase enzyme (rHuPH20). To understand what this does, it's helpful to know that many modern medicines, particularly biologics like monoclonal antibodies used in cancer and autoimmune treatments, are traditionally administered intravenously in hospitals or clinics - a process that can take hours and requires medical supervision. ENHANZE technology acts as a biological "spreading agent" that temporarily breaks down hyaluronic acid in tissue, creating channels that allow large therapeutic molecules to be absorbed when injected subcutaneously (under the skin). This transforms lengthy IV infusions into quick subcutaneous injections that can often be self-administered at home, similar to how diabetics inject insulin. The technology enables injection volumes up to 10ml in as little as 30 seconds, compared to traditional subcutaneous injections limited to 1-2ml. The company's business consists of three main revenue segments: 1. Royalty Revenue (approximately 60% of total revenue): Generated from licensed ENHANZE technology used in partner pharmaceutical products. Major products include DARZALEX subcutaneous for multiple myeloma, Phesgo for breast cancer, and VYVGART Hytrulo for autoimmune diseases. 2. Product Sales (approximately 25% of total revenue): Direct sales of commercial products including XYOSTED (testosterone therapy), TLANDO (testosterone replacement), and Hylenex (tissue permeability modifier). 3. Collaboration Revenue (approximately 15% of total revenue): Upfront payments, milestones, and development fees from pharmaceutical partners licensing ENHANZE technology for their drug candidates.
Revenue model
Halozyme's business model centers on technology licensing and royalties, which provides highly scalable and durable revenue streams. The company licenses its ENHANZE technology to pharmaceutical partners who pay upfront fees, development milestones, and ongoing royalties typically ranging from mid-single digits to low double digits on net sales of commercialized products. The primary revenue drivers include royalty payments from successful partner products, with major contributors being Johnson & Johnson's DARZALEX subcutaneous ($11.7 billion in annual sales), Roche's Phesgo ($2 billion in annual sales), and argenx's VYVGART Hytrulo ($2.2 billion in annual sales). These royalties provide predictable, growing income as partner products gain market share and expand into new indications. The company also generates revenue through direct product sales of specialty pharmaceuticals acquired through its 2022 acquisition of Antares Pharma, including testosterone therapies and other injectable products sold primarily in the U.S. market. Several factors influence Halozyme's margins and growth trajectory. Positive margin drivers include the asset-light nature of royalty revenue (requiring minimal incremental investment), patent protection extending into the 2040s for some products, expanding adoption of subcutaneous delivery in healthcare, and the potential for partners to expand approved products into new therapeutic indications. The company benefits from healthcare trends favoring home-based care and patient convenience, particularly accelerated by COVID-19. Margin pressures could arise from increasing competition in drug delivery technologies, potential pricing pressure from healthcare cost containment initiatives, patent expiration risks for underlying partner drugs, and the high R&D costs associated with developing next-generation auto-injector technologies. Additionally, the company's product sales business faces typical pharmaceutical industry challenges including generic competition and payer reimbursement pressures.
Competitive moat
Halozyme possesses a moderately strong competitive moat built primarily on intellectual property, regulatory barriers, and network effects. The company's ENHANZE technology is protected by an extensive patent portfolio extending into the 2040s for some applications, with particularly strong protection in Europe through 2029. The regulatory pathway for drug delivery technologies creates significant barriers, as partners must conduct clinical trials demonstrating bioequivalence and safety for subcutaneous formulations, making switching costs high once a partner commits to ENHANZE. The company benefits from network effects as its growing portfolio of successful commercial products attracts new pharmaceutical partners seeking proven drug delivery solutions. With nine approved products and a robust pipeline, Halozyme has established credibility that competitors struggle to match. The specialized nature of enzyme-based drug delivery technology and the company's two decades of development experience create additional competitive advantages. However, the moat faces several challenges. Competitive threats include alternative drug delivery technologies such as antibody-drug conjugates, long-acting formulations, and other subcutaneous delivery platforms being developed by companies like Roche (with its own HLE BioPharma technology) and emerging biotech firms. Large pharmaceutical companies could potentially develop competing technologies in-house, though this would require significant time and investment. The company's dependence on partner success creates vulnerability - if key products like DARZALEX or Phesgo face competitive pressure or safety issues, Halozyme's royalty streams could be significantly impacted. Additionally, the eventual patent expiration of core ENHANZE technology, while still years away, represents a long-term threat to the company's competitive positioning.
Risks & safety
Halozyme demonstrates a strong margin of safety with robust financial metrics and conservative capital structure, though valuation appears full at current levels. **Financial Strength:** - Cash position: $176 million with minimal debt burden - Strong cash generation: $479 million operating cash flow in 2024, $468 million free cash flow - Current ratio: 8.4x indicating excellent liquidity - Debt-to-equity ratio: 3.1x, primarily from acquisition-related obligations rather than traditional debt **Valuation Metrics:** - P/E ratio: 16.6x based on strong earnings growth - EV/EBITDA: 13.6x, reasonable for a growing technology platform - Price-to-book: 16.3x, elevated due to asset-light business model - Graham number suggests modest overvaluation relative to conservative metrics **Other Considerations:** - Highly predictable royalty revenue stream provides earnings visibility - Growing portfolio of commercial products reduces concentration risk - Strong free cash flow supports capital return programs ($250 million share buyback planned for 2025) - Limited cyclical exposure due to healthcare end markets - Patent protection extending into 2040s for key technologies provides long-term revenue visibility
Recent development
Over the past few years, Halozyme has executed a strategic transformation from a traditional biotech company to a dominant drug delivery technology platform. The company's most significant move was the 2022 acquisition of Antares Pharma for approximately $960 million, which diversified revenue streams beyond royalties and added commercial pharmaceutical products including testosterone therapies and auto-injector capabilities. The company has aggressively expanded its ENHANZE technology platform, growing from five commercial products in 2022 to nine approved products by 2024, with a tenth (Amivantamab) potentially pending approval. Key product launches included VYVGART Hytrulo for generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, OCREVUS subcutaneous for multiple sclerosis, and TECENTRIQ subcutaneous for various cancer indications. Halozyme has strengthened its intellectual property portfolio with patent extensions, notably securing European patent protection for ENHANZE through March 2029, and introducing the MDASE patent portfolio for modified hyaluronidase enzymes. The company has also expanded partnership agreements, particularly with argenx, adding four new ENHANZE targets to their collaboration. A major strategic initiative has been developing next-generation auto-injector technologies, including high-volume auto-injectors capable of delivering up to 10ml in 30 seconds. The company signed its first development agreement for high-volume auto-injector technology and is advancing small-volume auto-injector programs into Phase 1 studies. The company has implemented an aggressive capital allocation strategy, including substantial share repurchase programs ($250 million planned for 2025) while maintaining capacity for strategic acquisitions focused on drug delivery platforms that can generate long-term royalty revenues.
HALO company profile · for informational purposes only — not investment advice.
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