Halozyme Therapeutics (HALO)
Market Price (10/16/2026): $122.0 | Market Cap: $14.3 BilSector: Health Care | Industry: Biotechnology
Halozyme Therapeutics (HALO)
Market Price (10/16/2026): $122.0Market Cap: $14.3 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 56% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/EPrice/Earnings or Price/(Net Income) is 34x Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 69% Key risksHALO key risks include [1] the 2027 patent expiration of its core ENHANZE technology, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 56% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/EPrice/Earnings or Price/(Net Income) is 34x |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 69% |
| Key risksHALO key risks include [1] the 2027 patent expiration of its core ENHANZE technology, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/15/2026
Halozyme Therapeutics (HALO) stock has gained about 55% since 6/30/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Results and Upbeat Full-Year Guidance Boosted Confidence. Halozyme reported Q2 2026 earnings on August 6, 2026, significantly exceeding analyst expectations. The company announced non-GAAP diluted earnings per share (EPS) of $2.28, surpassing the consensus estimate of $1.79 by $0.49. Total revenue climbed 48% year-over-year to $481.0 million, outperforming analyst estimates of $402.28 million. Royalty revenue, a key growth driver, surged 50% year-over-year to $307.7 million, fueled by strong uptake of ENHANZE® partner products such as VYVGART® Hytrulo and DARZALEX® SC. Following these record results, Halozyme raised its full-year 2026 financial guidance, projecting total revenue between $1.835 billion and $1.910 billion (31% to 37% growth over 2025) and non-GAAP diluted EPS of $8.65 to $9.00 (108% to 117% growth over 2025). The day after the earnings announcement, Halozyme's stock price increased by over 20%.
2. Expansion of ENHANZE® Collaboration Agreements Drove Future Revenue Potential. The company demonstrated strong business development by signing five new ENHANZE® and Hypercon™ collaboration agreements year-to-date in 2026 through July, surpassing its original full-year target of three. These agreements included new partnerships with Vertex, Oruka, GSK, and Incyte, expanding the ENHANZE® technology into new therapeutic areas like nucleic-acid therapeutics and antibody-drug conjugates. Further bolstering this, on October 6, 2026, Halozyme announced an expanded global collaboration and license agreement with argenx, adding two new exclusive immunology ENHANZE targets, which is expected to generate additional milestone payments and long-term royalties. The continued adoption of its ENHANZE® drug delivery technology, which facilitates subcutaneous injections, was noted as a significant driver of growth.
Show more
Halozyme Therapeutics (HALO) stock has gained about 55% since 6/30/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Results and Upbeat Full-Year Guidance Boosted Confidence. Halozyme reported Q2 2026 earnings on August 6, 2026, significantly exceeding analyst expectations. The company announced non-GAAP diluted earnings per share (EPS) of $2.28, surpassing the consensus estimate of $1.79 by $0.49. Total revenue climbed 48% year-over-year to $481.0 million, outperforming analyst estimates of $402.28 million. Royalty revenue, a key growth driver, surged 50% year-over-year to $307.7 million, fueled by strong uptake of ENHANZE® partner products such as VYVGART® Hytrulo and DARZALEX® SC. Following these record results, Halozyme raised its full-year 2026 financial guidance, projecting total revenue between $1.835 billion and $1.910 billion (31% to 37% growth over 2025) and non-GAAP diluted EPS of $8.65 to $9.00 (108% to 117% growth over 2025). The day after the earnings announcement, Halozyme's stock price increased by over 20%.
2. Expansion of ENHANZE® Collaboration Agreements Drove Future Revenue Potential. The company demonstrated strong business development by signing five new ENHANZE® and Hypercon™ collaboration agreements year-to-date in 2026 through July, surpassing its original full-year target of three. These agreements included new partnerships with Vertex, Oruka, GSK, and Incyte, expanding the ENHANZE® technology into new therapeutic areas like nucleic-acid therapeutics and antibody-drug conjugates. Further bolstering this, on October 6, 2026, Halozyme announced an expanded global collaboration and license agreement with argenx, adding two new exclusive immunology ENHANZE targets, which is expected to generate additional milestone payments and long-term royalties. The continued adoption of its ENHANZE® drug delivery technology, which facilitates subcutaneous injections, was noted as a significant driver of growth.
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Updated on 10/15/2026
Halozyme Therapeutics (HALO) stock has gained about 55% since 6/30/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Results and Upbeat Full-Year Guidance Boosted Confidence. Halozyme reported Q2 2026 earnings on August 6, 2026, significantly exceeding analyst expectations. The company announced non-GAAP diluted earnings per share (EPS) of $2.28, surpassing the consensus estimate of $1.79 by $0.49. Total revenue climbed 48% year-over-year to $481.0 million, outperforming analyst estimates of $402.28 million. Royalty revenue, a key growth driver, surged 50% year-over-year to $307.7 million, fueled by strong uptake of ENHANZE® partner products such as VYVGART® Hytrulo and DARZALEX® SC. Following these record results, Halozyme raised its full-year 2026 financial guidance, projecting total revenue between $1.835 billion and $1.910 billion (31% to 37% growth over 2025) and non-GAAP diluted EPS of $8.65 to $9.00 (108% to 117% growth over 2025). The day after the earnings announcement, Halozyme's stock price increased by over 20%.
2. Expansion of ENHANZE® Collaboration Agreements Drove Future Revenue Potential. The company demonstrated strong business development by signing five new ENHANZE® and Hypercon™ collaboration agreements year-to-date in 2026 through July, surpassing its original full-year target of three. These agreements included new partnerships with Vertex, Oruka, GSK, and Incyte, expanding the ENHANZE® technology into new therapeutic areas like nucleic-acid therapeutics and antibody-drug conjugates. Further bolstering this, on October 6, 2026, Halozyme announced an expanded global collaboration and license agreement with argenx, adding two new exclusive immunology ENHANZE targets, which is expected to generate additional milestone payments and long-term royalties. The continued adoption of its ENHANZE® drug delivery technology, which facilitates subcutaneous injections, was noted as a significant driver of growth.
3. Favorable Patent Litigation Win Against Merck in Europe Strengthened Intellectual Property. On October 7, 2026, Halozyme secured a significant legal victory when a Dutch specialized patent court ruled that Merck's subcutaneous Keytruda infringes Halozyme's MDASE patent EP 2,797,622. This ruling resulted in an injunction across multiple European markets, prohibiting the manufacture, sale, marketing, import, and distribution of Merck's Keytruda SC/QLEX. This outcome validates Halozyme's intellectual property and provides substantial commercial leverage, which analysts expect could lead to favorable settlements or licensing agreements.
4. Positive Analyst Upgrades and Increased Price Targets Indicated Strong Market Confidence. Following the robust Q2 2026 results and the favorable patent ruling, multiple analyst firms upgraded their ratings and raised price targets for Halozyme. H.C. Wainwright, for instance, raised its price target to $130 from $115 with a "Buy" rating, explicitly linking the upgrade to the second European injunction against Merck. Similarly, TD Cowen maintained its "Buy" rating and increased its price target to $130 from $105 on October 13, 2026. Zacks Research also upgraded the stock to a "Strong Buy" from a "Hold" on October 15, 2026.
5. Notable Insider Selling Occurred, Yet Stock Performance Remained Strong. Despite the positive stock trend, there was significant insider selling activity during the period. President and CEO Helen Torley executed multiple transactions, including a sale of 60,000 shares worth approximately $6.61 million on October 6, 2026. Other sales by the CEO included 60,000 shares worth approximately $5.5 million on October 8, 2026; 60,000 shares worth around $5.3 million on September 12, 2026; and 60,000 shares valued at approximately $5.17 million on August 20, 2026. In total, insiders sold shares worth approximately $13.5 million over the last ninety days.
Show less
Halozyme Therapeutics (HALO) stock has gained about 55% since 6/30/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Results and Upbeat Full-Year Guidance Boosted Confidence. Halozyme reported Q2 2026 earnings on August 6, 2026, significantly exceeding analyst expectations. The company announced non-GAAP diluted earnings per share (EPS) of $2.28, surpassing the consensus estimate of $1.79 by $0.49. Total revenue climbed 48% year-over-year to $481.0 million, outperforming analyst estimates of $402.28 million. Royalty revenue, a key growth driver, surged 50% year-over-year to $307.7 million, fueled by strong uptake of ENHANZE® partner products such as VYVGART® Hytrulo and DARZALEX® SC. Following these record results, Halozyme raised its full-year 2026 financial guidance, projecting total revenue between $1.835 billion and $1.910 billion (31% to 37% growth over 2025) and non-GAAP diluted EPS of $8.65 to $9.00 (108% to 117% growth over 2025). The day after the earnings announcement, Halozyme's stock price increased by over 20%.
2. Expansion of ENHANZE® Collaboration Agreements Drove Future Revenue Potential. The company demonstrated strong business development by signing five new ENHANZE® and Hypercon™ collaboration agreements year-to-date in 2026 through July, surpassing its original full-year target of three. These agreements included new partnerships with Vertex, Oruka, GSK, and Incyte, expanding the ENHANZE® technology into new therapeutic areas like nucleic-acid therapeutics and antibody-drug conjugates. Further bolstering this, on October 6, 2026, Halozyme announced an expanded global collaboration and license agreement with argenx, adding two new exclusive immunology ENHANZE targets, which is expected to generate additional milestone payments and long-term royalties. The continued adoption of its ENHANZE® drug delivery technology, which facilitates subcutaneous injections, was noted as a significant driver of growth.
3. Favorable Patent Litigation Win Against Merck in Europe Strengthened Intellectual Property. On October 7, 2026, Halozyme secured a significant legal victory when a Dutch specialized patent court ruled that Merck's subcutaneous Keytruda infringes Halozyme's MDASE patent EP 2,797,622. This ruling resulted in an injunction across multiple European markets, prohibiting the manufacture, sale, marketing, import, and distribution of Merck's Keytruda SC/QLEX. This outcome validates Halozyme's intellectual property and provides substantial commercial leverage, which analysts expect could lead to favorable settlements or licensing agreements.
4. Positive Analyst Upgrades and Increased Price Targets Indicated Strong Market Confidence. Following the robust Q2 2026 results and the favorable patent ruling, multiple analyst firms upgraded their ratings and raised price targets for Halozyme. H.C. Wainwright, for instance, raised its price target to $130 from $115 with a "Buy" rating, explicitly linking the upgrade to the second European injunction against Merck. Similarly, TD Cowen maintained its "Buy" rating and increased its price target to $130 from $105 on October 13, 2026. Zacks Research also upgraded the stock to a "Strong Buy" from a "Hold" on October 15, 2026.
5. Notable Insider Selling Occurred, Yet Stock Performance Remained Strong. Despite the positive stock trend, there was significant insider selling activity during the period. President and CEO Helen Torley executed multiple transactions, including a sale of 60,000 shares worth approximately $6.61 million on October 6, 2026. Other sales by the CEO included 60,000 shares worth approximately $5.5 million on October 8, 2026; 60,000 shares worth around $5.3 million on September 12, 2026; and 60,000 shares valued at approximately $5.17 million on August 20, 2026. In total, insiders sold shares worth approximately $13.5 million over the last ninety days.
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Stock Movement Drivers
Fundamental Drivers
The 55.2% change in HALO stock from 6/30/2026 to 10/15/2026 was primarily driven by a 30.0% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10152026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.27 | 121.51 | 55.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,508 | 1,664 | 10.3% |
| Net Income Margin (%) | 23.1% | 24.9% | 7.5% |
| P/E Multiple | 26.5 | 34.5 | 30.0% |
| Shares Outstanding (Mil) | 118 | 117 | 0.7% |
| Cumulative Contribution | 55.2% |
Market Drivers
6/30/2026 to 10/15/2026| Return | Correlation | |
|---|---|---|
| HALO | 55.2% | |
| Market (SPY) | 3.4% | 2.5% |
| Sector (XLV) | 9.6% | 42.1% |
Fundamental Drivers
The 88.0% change in HALO stock from 3/31/2026 to 10/15/2026 was primarily driven by a 43.6% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10152026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.63 | 121.51 | 88.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,397 | 1,664 | 19.1% |
| Net Income Margin (%) | 22.7% | 24.9% | 9.6% |
| P/E Multiple | 24.0 | 34.5 | 43.6% |
| Shares Outstanding (Mil) | 118 | 117 | 0.3% |
| Cumulative Contribution | 88.0% |
Market Drivers
3/31/2026 to 10/15/2026| Return | Correlation | |
|---|---|---|
| HALO | 88.0% | |
| Market (SPY) | 19.0% | 8.3% |
| Sector (XLV) | 19.2% | 44.9% |
Fundamental Drivers
The 65.7% change in HALO stock from 9/30/2025 to 10/15/2026 was primarily driven by a 115.8% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10152026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.34 | 121.51 | 65.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,179 | 1,664 | 41.2% |
| Net Income Margin (%) | 47.3% | 24.9% | -47.4% |
| P/E Multiple | 16.0 | 34.5 | 115.8% |
| Shares Outstanding (Mil) | 121 | 117 | 3.5% |
| Cumulative Contribution | 65.7% |
Market Drivers
9/30/2025 to 10/15/2026| Return | Correlation | |
|---|---|---|
| HALO | 65.7% | |
| Market (SPY) | 16.8% | 17.1% |
| Sector (XLV) | 26.6% | 44.2% |
Fundamental Drivers
The 218.1% change in HALO stock from 9/30/2023 to 10/15/2026 was primarily driven by a 115.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10152026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.20 | 121.51 | 218.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 774 | 1,664 | 115.0% |
| Net Income Margin (%) | 30.2% | 24.9% | -17.7% |
| P/E Multiple | 21.5 | 34.5 | 60.0% |
| Shares Outstanding (Mil) | 132 | 117 | 12.3% |
| Cumulative Contribution | 218.1% |
Market Drivers
9/30/2023 to 10/15/2026| Return | Correlation | |
|---|---|---|
| HALO | 218.1% | |
| Market (SPY) | 86.7% | 24.8% |
| Sector (XLV) | 41.5% | 43.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HALO Return | -6% | 42% | -35% | 29% | 41% | 74% | 174% |
| Peers Return | 42% | -8% | 1% | 1% | 1% | 22% | 66% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| HALO Win Rate | 42% | 58% | 33% | 50% | 58% | 70% | |
| Peers Win Rate | 71% | 50% | 46% | 48% | 54% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HALO Max Drawdown | -38% | -26% | -47% | -34% | -32% | -24% | |
| Peers Max Drawdown | -14% | -31% | -27% | -21% | -30% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CATL, ABBV, PFE, BDX, WST.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/15/2026 (YTD)
How Low Can It Go
| Event | HALO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.1% | -18.8% |
| % Gain to Breakeven | 20.6% | 23.1% |
| Time to Breakeven | 63 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.2% | -9.5% |
| % Gain to Breakeven | 28.5% | 10.5% |
| Time to Breakeven | 197 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.3% | -6.7% |
| % Gain to Breakeven | 62.2% | 7.1% |
| Time to Breakeven | 395 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.1% | -24.5% |
| % Gain to Breakeven | 28.4% | 32.4% |
| Time to Breakeven | 64 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.3% | -33.7% |
| % Gain to Breakeven | 52.3% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.6% | -19.2% |
| % Gain to Breakeven | 40.0% | 23.8% |
| Time to Breakeven | 326 days | 105 days |
In The Past
Halozyme Therapeutics's stock fell -17.1% during the 2025 US Tariff Shock. Such a loss loss requires a 20.6% gain to breakeven.
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| Event | HALO | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.2% | -9.5% |
| % Gain to Breakeven | 28.5% | 10.5% |
| Time to Breakeven | 197 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.3% | -6.7% |
| % Gain to Breakeven | 62.2% | 7.1% |
| Time to Breakeven | 395 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.1% | -24.5% |
| % Gain to Breakeven | 28.4% | 32.4% |
| Time to Breakeven | 64 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.3% | -33.7% |
| % Gain to Breakeven | 52.3% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.6% | -19.2% |
| % Gain to Breakeven | 40.0% | 23.8% |
| Time to Breakeven | 326 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -33.0% | -3.7% |
| % Gain to Breakeven | 49.2% | 3.9% |
| Time to Breakeven | 9 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -63.7% | -12.2% |
| % Gain to Breakeven | 175.7% | 13.9% |
| Time to Breakeven | 672 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.5% | -6.8% |
| % Gain to Breakeven | 32.5% | 7.3% |
| Time to Breakeven | 23 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.1% | -17.9% |
| % Gain to Breakeven | 26.7% | 21.8% |
| Time to Breakeven | 71 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.4% | -15.4% |
| % Gain to Breakeven | 37.7% | 18.2% |
| Time to Breakeven | 507 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -62.1% | -53.4% |
| % Gain to Breakeven | 163.5% | 114.4% |
| Time to Breakeven | 180 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.5% | -8.6% |
| % Gain to Breakeven | 29.0% | 9.5% |
| Time to Breakeven | 33 days | 47 days |
In The Past
Halozyme Therapeutics's stock fell -17.1% during the 2025 US Tariff Shock. Such a loss loss requires a 20.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Halozyme Therapeutics (HALO)
Halozyme Therapeutics, Inc. is a biopharma technology platform company specializing in enhancing the delivery of injectable drugs. Its core innovation is the proprietary ENHANZE drug delivery technology, which utilizes a recombinant human hyaluronidase enzyme (rHuPH20). This technology allows for the subcutaneous (under the skin) administration of various therapeutic molecules, including biologics like monoclonal antibodies, small molecules, and fluids, making injections more convenient and efficient for patients and healthcare providers.
While Halozyme offers Hylenex recombinant, a direct product of its rHuPH20 enzyme for facilitating subcutaneous fluid administration and drug dispersion, its primary business model revolves around licensing its ENHANZE technology. This technology is incorporated into numerous partner products, significantly expanding their market reach and patient convenience. Key examples include therapies such as Perjeta, RITUXAN HYCELA, MabThera SC, HYQVIA, Tecentriq, OCREVUS, DARZALEX, and nivolumab, used across a wide spectrum of diseases.
Halozyme's primary customers are leading global pharmaceutical and biotechnology companies, which license and integrate the ENHANZE technology into their own drug pipelines. These strategic collaborations include major players like F. Hoffmann-La Roche, Pfizer, Janssen Biotech, AbbVie, Eli Lilly and Company, and Bristol-Myers Squibb, among others. Through these partnerships, Halozyme's technology ultimately benefits patients worldwide suffering from conditions such as various cancers (e.g., non-Hodgkin lymphoma, CLL, non-small cell lung cancer, multiple myeloma), immunodeficiency disorders, multiple sclerosis, autoimmune diseases, and HIV.
AI Analysis | Feedback
Here are 1-3 brief analogies for Halozyme Therapeutics (HALO):
- The "Intel Inside" for injectable drugs.
- Dolby Laboratories for drug administration.
AI Analysis | Feedback
- ENHANZE Drug Delivery Technology: A patented recombinant human hyaluronidase enzyme (rHuPH20) that enables the subcutaneous delivery of injectable biologics, small molecules, and fluids.
- Hylenex Recombinant: A formulation of rHuPH20 used to facilitate subcutaneous fluid administration and enhance the dispersion and absorption of other injected drugs.
- Perjeta (subcutaneous formulation): A therapeutic biologic delivered subcutaneously for cancer treatment, enabled by ENHANZE technology through a partnership.
- RITUXAN HYCELA / MabThera SC: Subcutaneous formulations for treating non-Hodgkin lymphoma and chronic lymphocytic leukemia, leveraging ENHANZE technology.
- HYQVIA: A subcutaneous immunoglobulin treatment for immunodeficiency disorders, enhanced by ENHANZE for improved delivery.
- DARZALEX (subcutaneous formulation): An injectable biologic in development for multiple myeloma and amyloidosis, utilizing ENHANZE for subcutaneous administration.
AI Analysis | Feedback
Halozyme Therapeutics (HALO) is a biopharma technology platform company that primarily sells its ENHANZE drug delivery technology through collaborations and licensing agreements with other pharmaceutical and biotech companies. Its major customers are these partner companies:
- Roche (OTCQX: RHHBY)
- Takeda Pharmaceutical Company Limited (NYSE: TAK)
- Pfizer Inc. (NYSE: PFE)
- Johnson & Johnson (NYSE: JNJ)
- AbbVie, Inc. (NYSE: ABBV)
- Eli Lilly and Company (NYSE: LLY)
- Bristol-Myers Squibb Company (NYSE: BMY)
- AstraZeneca (NASDAQ: AZN)
- Argenx SE (NASDAQ: ARGX)
- Amgen (NASDAQ: AMGN)
- GSK (NYSE: GSK)
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Halozyme Therapeutics (HALO) Management Team:
Helen Torley, President and Chief Executive Officer
Dr. Helen Torley has served as President and Chief Executive Officer of Halozyme Therapeutics since January 2014. She is also a member of the company's Board of Directors. Prior to joining Halozyme, Dr. Torley was Executive Vice President and Chief Commercial Officer at Onyx Pharmaceuticals, a subsidiary of Amgen, where she was responsible for the successful launch of Kyprolis in the U.S. and oversaw the development and commercial collaboration with Bayer on Nexavar and Stivarga. She spent 14 years in various management positions at Amgen in the Nephrology and Bone Health Business Units. Before Amgen, she held senior positions at Bristol-Myers Squibb, including Regional Vice President of Cardiovascular and Metabolic Sales and Head of Cardiovascular Global Marketing. Dr. Torley began her industry career at Sandoz/Novartis, ultimately serving as Vice President of Medical Affairs. She has led multiple successful product launches throughout her career, including Kyprolis, Prolia, Sensipar, and Miacalcin. Dr. Torley initially practiced as a physician specializing in rheumatology after graduating from medical school.
David Ramsay, Interim Chief Financial Officer
David Ramsay has been appointed Interim Chief Financial Officer of Halozyme Therapeutics, effective March 23, 2026. He will oversee all financial operations while the company conducts a search for a permanent CFO. Mr. Ramsay brings over 30 years of strategic financial leadership experience across the biotechnology and life sciences sectors. He previously served as Halozyme's Chief Financial Officer from 2003 to 2009 and again from 2013 to 2015, during which time he played a key role in the company's evolution from a private enterprise to a billion-dollar public biopharmaceutical company. Before his current interim appointment, Mr. Ramsay was Senior Vice President and Chief Financial Officer of Bonti, Inc. until its sale to Allergan plc in October 2018.
Cortney Caudill, Senior Vice President and Chief Operating Officer
Cortney Caudill serves as the Senior Vice President and Chief Operating Officer at Halozyme Therapeutics. Further detailed background information beyond her title at Halozyme was not immediately available in the search results.
Mark Snyder, Senior Vice President, General Counsel, Chief Compliance Officer and Secretary
Mark Snyder holds the positions of Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary at Halozyme Therapeutics. Further detailed background information beyond his titles at Halozyme was not immediately available in the search results.
Dimitrios Chondros, Senior Vice President, Chief Medical Officer
Dimitrios Chondros serves as Senior Vice President and Chief Medical Officer at Halozyme Therapeutics. Further detailed background information beyond his titles at Halozyme was not immediately available in the search results.
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The key risks to Halozyme Therapeutics (HALO) include:
- Dependency on partner success and collaborations: Halozyme's business model heavily relies on its ENHANZE drug delivery technology being licensed to and successfully utilized by major pharmaceutical companies for their injectable biologics. The commercial success, regulatory approval, and continued development of partner drugs (such as Perjeta, RITUXAN HYCELA, Tecentriq, OCREVUS, and DARZALEX) are critical revenue drivers for Halozyme through royalties and milestones. Any clinical trial failures, regulatory hurdles, or lower-than-expected commercial performance of these partner products, or a decision by partners not to renew or expand existing collaborations, could significantly impact Halozyme's revenue and financial performance.
- Intellectual property protection and patent expiration: The core of Halozyme's technology platform is its patented recombinant human hyaluronidase enzyme (rHuPH20). The ability to maintain and enforce these patents, as well as the eventual expiration of key patents, poses a significant risk. Loss of patent protection could allow competitors to develop and commercialize similar technologies without licensing, thereby eroding Halozyme's competitive advantage and revenue streams.
- Competition from alternative drug delivery technologies: While ENHANZE offers a unique solution for subcutaneous drug delivery, the pharmaceutical landscape is dynamic. The emergence of new or improved alternative drug delivery methods, or even entirely new therapeutic modalities that reduce or eliminate the need for enhanced subcutaneous delivery, could diminish the demand for Halozyme's technology platform, affecting its market position and growth prospects.
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AI Analysis | Feedback
Halozyme Therapeutics' core offerings, including its ENHANZE drug delivery technology and Hylenex recombinant product, operate within significant global addressable markets.
The global hyaluronidase market, which includes recombinant human hyaluronidase (rHuPH20) like Halozyme's ENHANZE enzyme and Hylenex, was valued at over USD 1.8 billion in 2025 and is projected to reach USD 6.4 billion by the end of 2035, growing at a Compound Annual Growth Rate (CAGR) of 15.2% from 2026 to 2035. In 2026, this market is assessed at USD 2 billion.
The broader global subcutaneous drug delivery market, which Halozyme's ENHANZE technology facilitates by enabling the subcutaneous administration of biologics, is projected to grow from USD 34.9 billion in 2025 to USD 66.7 billion by 2035, at a CAGR of 6.7% over the forecast period.
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Halozyme Therapeutics (HALO) is projected to experience revenue growth over the next two to three years driven by several key factors.
Here are the expected drivers of future revenue growth for Halozyme Therapeutics:
- Continued Growth in ENHANZE® Royalty Revenue: Halozyme anticipates sustained and significant growth in royalty revenue from its ENHANZE® drug delivery technology, particularly from blockbuster partner products. Key contributors to this growth include DARZALEX SC (Janssen), Phesgo (Roche), and VYVGART Hytrulo (argenx), which have demonstrated strong sales uptake across various geographies. The company expects royalty revenue to exceed $1 billion in 2026, representing a 30% to 35% growth over 2025.
- Expansion of the ENHANZE® Platform through New Collaborations: Halozyme is actively expanding its ENHANZE® platform by securing new collaboration and licensing agreements. In 2025, the company added three new collaboration and licensing agreements and gained one new target nomination from Roche. Halozyme plans to sign at least three new licensing agreements in 2026, including new ENHANZE collaborations, which will broaden the pipeline of ENHANZE-enabled products and future revenue streams.
- Regulatory Approvals and Geographic Expansion of Partner Products: New regulatory approvals and expanded indications for ENHANZE®-enabled products in various markets are expected to fuel revenue growth. Recent examples include Janssen's global approvals for Rybrevant SC in the U.S., China, and Japan, and new indication approvals for DARZALEX Faspro. Furthermore, a new European patent for ENHANZE®, valid until 2029 for DARZALEX SC, helps secure ongoing royalty rates in the region.
- Integration and Leverage of Acquired Drug Delivery Technologies: The acquisitions of Elektrofi's Hypercon™ technology and Surf Bio's hyperconcentration technology in 2025 are strategic moves to diversify and extend Halozyme's drug delivery portfolio. These technologies are anticipated to meaningfully expand the company's long-term royalty opportunity into the mid-2040s. Halozyme expects to sign one to two new Hypercon collaborations in 2026, further leveraging these new assets.
- Growth in XYOSTED® Product Sales: While royalty revenue remains the primary driver, Halozyme also anticipates continued growth in product sales from its proprietary product, XYOSTED®. This contributes to the company's overall total revenue growth.
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Share Repurchases
- Halozyme Therapeutics completed repurchases of 11,177,781 shares for a total of $592.37 million under a buyback plan announced on February 20, 2024.
- In December 2021, Halozyme's Board of Directors authorized a new share repurchase program for up to $750 million of its outstanding common stock over three years.
- Under this program, Halozyme entered into a new $250 million accelerated share repurchase (ASR) program in January 2025, with another $250 million share repurchase announced in May 2025.
Share Issuance
- Halozyme Therapeutics has primarily been repurchasing shares rather than issuing them, as evidenced by a net issuance of common stock amounting to -$571.1 million based on the financial report for September 30, 2025.
- The company's shares outstanding have consistently declined year-over-year, including a 6% decline for the quarter ending September 30, 2025, and a 3.56% decline in 2024.
Inbound Investments
- No information regarding large, one-off inbound investments by third-parties, such as strategic equity investments or private equity firm stakes in Halozyme Therapeutics, was found over the last 3-5 years. Halozyme's business model includes upfront licensing fees, milestone payments, and royalties from collaborative agreements, which are part of its operating revenue.
Outbound Investments
- While Halozyme's capital allocation strategy includes potential mergers and acquisitions (M&A) to expand its platform, no significant outbound investments or acquisitions by Halozyme Therapeutics have been reported in the last 3-5 years.
Capital Expenditures
- Halozyme Therapeutics's Capital Expenditures amounted to -$294.7 million for its fiscal year ending December 31, 2025.
- Capital expenditures in the most recent quarter (Q4 2025) totaled -$3.03 million USD.
- The company's FY2026 adjusted EBITDA outlook includes an investment of approximately $60 million in new initiatives such as Hypercon and Surf Bio, indicating a focus on expanding business operations and revenue base.
Peer Outperformance in Biotechnology
HALO has outperformed 94% of its 362 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that HALO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
88%
of 452 industry peers · 83.1% return
3Y
87%
of 398 industry peers · 228.3% return
5Y
94%
of 362 industry peers · 221.8% return
No Biotechnology peer with a comparable growth profile has beaten HALO by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is HALO's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 16.3% | 52.8% | 104.0% | CAH 479% · MCK 401% · COR 196% |
| Health Care Services | 20 | 20.2% | 39.3% | 14.5% | HIMS 232% · RDNT 145% · DGX 85% |
| Managed Health Care | 8 | 45.5% | -1.8% | 5.4% | OSCR 117% · HQY 46% · ELV 17% |
| Health Care Facilities | 24 | 3.1% | 17.0% | 4.6% | THC 333% · NHC 288% · ENSG 147% |
| Health Care Equipment | 50 | -2.1% | 3.1% | -13.1% | UFPT 366% · GKOS 269% · TMDX 184% |
| Pharmaceuticals | 61 | -13.2% | -1.4% | -31.7% | LQDA 961% · KNSA 589% · CORT 466% |
| Health Care Supplies | 12 | 25.3% | -5.0% | -34.3% | LNTH 330% · HAE 73% · MMSI 29% |
| Life Sciences Tools & Services | 109 | -17.2% | -10.2% | -66.7% | NTRA 265% · MEDP 230% · GH 60% |
| Biotechnology ← | 363 | -27.2% | -29.9% | -81.8% | DNTH 1011% · ELVN 973% · ADMA 875% |
| Health Care Technology | 22 | -33.2% | -63.0% | -83.5% | VEEV -4% · DOCS -57% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 158.49 |
| Mkt Cap | 40.4 |
| Rev LTM | 23,250 |
| Op Inc LTM | 3,344 |
| FCF LTM | 2,509 |
| FCF 3Y Avg | 2,768 |
| CFO LTM | 3,262 |
| CFO 3Y Avg | 3,487 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.4% |
| Rev Chg 3Y Avg | 5.2% |
| Rev Chg Q | 10.2% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 26.1% |
| Op Inc Chg 3Y Avg | 11.2% |
| Op Mgn LTM | 26.7% |
| Op Mgn 3Y Avg | 21.3% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 21.0% |
| CFO/Rev 3Y Avg | 23.0% |
| FCF/Rev LTM | 17.2% |
| FCF/Rev 3Y Avg | 15.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 40.4 |
| P/S | 7.8 |
| P/Op Inc | 16.0 |
| P/EBIT | 24.3 |
| P/E | 48.2 |
| P/CFO | 17.5 |
| Total Yield | 3.6% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 4.8% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Clinical Pipeline
| Drug Candidate | Indication | Phase 3 Trials | Est. Primary Completion |
|---|---|---|---|
| XYOSTED (testosterone enanthate) | Male hypogonadism | 1 | Mar 2028 |
Active Phase 3 studies led by the company. Source: ClinicalTrials.gov · Updated 8/28/2026
Price Behavior
Price Behavior
| Market Price | $121.51 | |
| Market Cap ($ Bil) | 14.2 | |
| First Trading Date | 03/16/2004 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $108.19 | $80.34 |
| DMA Trend | up | up |
| Distance from DMA | 12.3% | 51.2% |
| 3M | 1YR | |
| Volatility | 49.3% | 37.5% |
| Downside Capture | -33.39 | 8.43 |
| Upside Capture | 169.21 | 67.00 |
| Correlation (S&P 500) | 10.1% | 18.4% |
HALO Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.41 | 0.81 | 0.29 | 0.36 | 0.54 | 0.68 |
| Up Beta | -0.78 | -0.60 | -0.18 | 0.75 | 1.09 | 0.63 |
| Down Beta | 4.36 | 2.19 | -0.03 | 0.50 | 0.45 | 0.87 |
| Up Capture | 37% | 197% | 125% | 68% | 48% | 46% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 21 | 32 | 65 | 128 | 402 |
| Down Capture | -43% | -75% | -84% | -82% | 17% | 71% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 20 | 31 | 60 | 123 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HALO | |
|---|---|---|---|---|
| HALO | 82.7% | 37.5% | 1.67 | - |
| Sector ETF (XLV) | 23.9% | 16.0% | 1.14 | 45.1% |
| Equity (SPY) | 17.6% | 12.7% | 0.99 | 16.6% |
| Gold (GLD) | 0.5% | 29.5% | 0.02 | 16.3% |
| Commodities (DBC) | 50.9% | 20.7% | 1.88 | -10.3% |
| Real Estate (VNQ) | 4.7% | 13.7% | 0.08 | 18.0% |
| Bitcoin (BTCUSD) | -28.1% | 43.7% | -0.63 | 10.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HALO | |
|---|---|---|---|---|
| HALO | 25.6% | 40.5% | 0.67 | - |
| Sector ETF (XLV) | 8.1% | 15.2% | 0.34 | 42.0% |
| Equity (SPY) | 13.4% | 17.1% | 0.60 | 31.5% |
| Gold (GLD) | 18.5% | 18.9% | 0.79 | 5.7% |
| Commodities (DBC) | 9.7% | 19.5% | 0.38 | 0.1% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 31.1% |
| Bitcoin (BTCUSD) | 8.7% | 51.8% | 0.35 | 11.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HALO | |
|---|---|---|---|---|
| HALO | 25.7% | 42.5% | 0.68 | - |
| Sector ETF (XLV) | 11.0% | 16.7% | 0.54 | 42.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 37.0% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 5.3% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 9.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 28.0% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 7.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 20.2% | 17.4% | 28.5% |
| 5/11/2026 | 6.8% | 1.6% | 6.2% |
| 2/17/2026 | -9.0% | -12.6% | -20.9% |
| 11/3/2025 | 2.8% | 2.7% | -4.9% |
| 8/5/2025 | 2.5% | 5.3% | 20.7% |
| 5/6/2025 | 18.1% | -15.4% | -9.8% |
| 2/18/2025 | -0.2% | 0.2% | 11.1% |
| 10/31/2024 | 13.0% | 18.0% | -3.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 19 | 18 | 14 |
| # Negative | 4 | 5 | 9 |
| Median Positive | 6.6% | 7.1% | 16.1% |
| Median Negative | -4.5% | -8.0% | -9.8% |
| Max Positive | 20.2% | 31.6% | 43.2% |
| Max Negative | -9.0% | -15.4% | -33.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 20.2% | 17.4% | 28.5% |
| 5/11/2026 | 6.8% | 1.6% | 6.2% |
| 2/17/2026 | -9.0% | -12.6% | -20.9% |
| 11/3/2025 | 2.8% | 2.7% | -4.9% |
| 8/5/2025 | 2.5% | 5.3% | 20.7% |
| 5/6/2025 | 18.1% | -15.4% | -9.8% |
| 2/18/2025 | -0.2% | 0.2% | 11.1% |
| 10/31/2024 | 13.0% | 18.0% | -3.9% |
| 8/6/2024 | 4.2% | 7.8% | 17.5% |
| 5/7/2024 | 1.9% | 6.3% | 24.8% |
| 2/20/2024 | 6.6% | 10.7% | 12.2% |
| 11/6/2023 | 10.0% | 6.4% | 13.4% |
| 8/8/2023 | -1.6% | 1.6% | -9.6% |
| 5/9/2023 | 12.8% | 8.9% | 11.7% |
| 2/21/2023 | 0.8% | -3.4% | -33.8% |
| 11/8/2022 | 8.5% | 17.9% | 26.2% |
| 8/9/2022 | 1.8% | 2.7% | -8.4% |
| 5/10/2022 | 1.0% | 16.4% | 17.7% |
| 2/22/2022 | 2.9% | 8.7% | 14.6% |
| 8/9/2021 | 2.0% | 2.1% | 4.0% |
| 5/10/2021 | -7.4% | -8.0% | -14.6% |
| 2/23/2021 | 9.0% | -4.7% | -12.1% |
| 11/2/2020 | 11.3% | 31.6% | 43.2% |
| SUMMARY STATS | |||
| # Positive | 19 | 18 | 14 |
| # Negative | 4 | 5 | 9 |
| Median Positive | 6.6% | 7.1% | 16.1% |
| Median Negative | -4.5% | -8.0% | -9.8% |
| Max Positive | 20.2% | 31.6% | 43.2% |
| Max Negative | -9.0% | -15.4% | -33.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | Reported | 1.83 Bil | 1.87 Bil | 1.91 Bil | 6.4% | Raised | Guidance: 1.76 Bil for 2026 | |
| 2026 Royalty Revenue | Reported | 1.22 Bil | 1.23 Bil | 1.25 Bil | 7.2% | Raised | Guidance: 1.15 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 1.23 Bil | 1.25 Bil | 1.28 Bil | 7.5% | Raised | Guidance: 1.17 Bil for 2026 | |
| 2026 Non-GAAP Diluted EPS | Reported | 8.65 | 8.83 | 9 | 10.3% | Raised | Guidance: 8 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | Reported | 1.71 Bil | 1.76 Bil | 1.81 Bil | 0 | Affirmed | Guidance: 1.76 Bil for 2026 | |
| 2026 Royalty Revenue | Reported | 1.13 Bil | 1.15 Bil | 1.17 Bil | 0 | Affirmed | Guidance: 1.15 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 1.12 Bil | 1.17 Bil | 1.21 Bil | 0 | Affirmed | Guidance: 1.17 Bil for 2026 | |
| 2026 Non-GAAP Diluted EPS | Reported | 7.75 | 8 | 8.25 | 0 | Affirmed | Guidance: 8 for 2026 | |
| 2026 Share Repurchases | Reported | 400.00 Mil | ||||||
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | Reported | 1.71 Bil | 1.76 Bil | 1.81 Bil | 31.6% | Higher New | Actual: 1.34 Bil for 2025 | |
| 2026 Royalty Revenue | Reported | 1.13 Bil | 1.15 Bil | 1.17 Bil | 32.9% | Higher New | Actual: 865.00 Mil for 2025 | |
| 2026 Total Revenue Growth | Reported | 22.0% | 26.0% | 30.0% | ||||
| 2026 Royalty Revenue Growth | Reported | 30.0% | 32.5% | 35.0% | ||||
| 2026 Adjusted EBITDA | Reported | 1.12 Bil | 1.17 Bil | 1.21 Bil | 28.0% | Higher New | Actual: 910.00 Mil for 2025 | |
| 2026 Adjusted EBITDA Growth | Reported | 71.0% | 77.0% | 83.0% | ||||
| 2026 Non-GAAP Diluted EPS | Reported | 7.75 | 8 | 8.25 | 27.0% | Higher New | Actual: 6.3 for 2025 | |
| 2026 Non-GAAP Diluted EPS Growth | Reported | 87.0% | 93.0% | 99.0% | ||||
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Total Revenue | Reported | 1.30 Bil | 1.34 Bil | 1.38 Bil | 1.7% | Raised | Guidance: 1.31 Bil for 2025 | |
| 2025 Royalty Revenue | Reported | 850.00 Mil | 865.00 Mil | 880.00 Mil | 2.7% | Raised | Guidance: 842.50 Mil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 885.00 Mil | 910.00 Mil | 935.00 Mil | 2.2% | Raised | Guidance: 890.00 Mil for 2025 | |
| 2025 Non-GAAP Diluted EPS | Reported | 6.1 | 6.3 | 6.5 | 1.6% | Raised | Guidance: 6.2 for 2025 | |
Insider Activity
Updated 10/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 10082026 | 109.40 | 20,000 | 2,187,909 | 83,991,647 | Form |
| 2 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 10082026 | 111.55 | 20,000 | 2,231,049 | 85,647,736 | Form |
| 3 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 10082026 | 109.58 | 20,000 | 2,191,543 | 84,131,132 | Form |
| 4 | Posard, Matthew L | Direct | Sell | 10022026 | 108.54 | 5,230 | 567,661 | 5,818,685 | Form | |
| 5 | Posard, Matthew L | Direct | Sell | 9172026 | 107.74 | 18,996 | 2,046,581 | 6,339,165 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 10082026 | 109.40 | 20,000 | 2,187,909 | 83,991,647 | Form |
| 2 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 10082026 | 111.55 | 20,000 | 2,231,049 | 85,647,736 | Form |
| 3 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 10082026 | 109.58 | 20,000 | 2,191,543 | 84,131,132 | Form |
| 4 | Posard, Matthew L | Direct | Sell | 10022026 | 108.54 | 5,230 | 567,661 | 5,818,685 | Form | |
| 5 | Posard, Matthew L | Direct | Sell | 9172026 | 107.74 | 18,996 | 2,046,581 | 6,339,165 | Form | |
| 6 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 9112026 | 107.24 | 20,000 | 2,144,856 | 82,338,883 | Form |
| 7 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 9112026 | 107.17 | 20,000 | 2,143,319 | 82,279,890 | Form |
| 8 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 9112026 | 107.43 | 20,000 | 2,148,536 | 82,480,141 | Form |
| 9 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 8192026 | 107.00 | 20,000 | 2,139,976 | 82,151,539 | Form |
| 10 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 8192026 | 104.18 | 20,000 | 2,083,525 | 79,984,427 | Form |
| 11 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 8192026 | 102.60 | 20,000 | 2,052,091 | 78,777,733 | Form |
| 12 | Connaughton, Bernadette | Direct | Sell | 8112026 | 102.80 | 1,626 | 167,153 | 4,154,970 | Form | |
| 13 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 7092026 | 79.77 | 1,923 | 153,391 | 61,242,985 | Form |
| 14 | Connaughton, Bernadette | Direct | Sell | 7022026 | 76.71 | 1,625 | 124,651 | 3,225,114 | Form | |
| 15 | Krishnan, Mahesh | Direct | Sell | 6302026 | 75.00 | 7,304 | 547,800 | 1,084,650 | Form | |
| 16 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 6032026 | 69.07 | 10,000 | 690,653 | 53,026,948 | Form |
| 17 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 6032026 | 66.39 | 20,000 | 1,327,745 | 50,970,818 | Form |
| 18 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 6032026 | 67.58 | 20,000 | 1,351,610 | 51,886,953 | Form |
| 19 | Connaughton, Bernadette | Direct | Sell | 6022026 | 66.21 | 1,625 | 107,591 | 2,891,324 | Form | |
| 20 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 5132026 | 69.19 | 10,000 | 691,908 | 53,123,316 | Form |
| 21 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 5132026 | 71.75 | 20,000 | 1,435,027 | 55,089,250 | Form |
| 22 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 5132026 | 65.35 | 20,000 | 1,306,940 | 50,172,109 | Form |
| 23 | Connaughton, Bernadette | Direct | Sell | 5052026 | 63.48 | 1,625 | 103,155 | 2,443,853 | Form | |
| 24 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 4072026 | 63.50 | 10,000 | 634,982 | 48,752,617 | Form |
| 25 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 4022026 | 64.24 | 20,000 | 1,284,721 | 49,319,147 | Form |
| 26 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 4022026 | 65.38 | 20,000 | 1,307,516 | 50,194,232 | Form |
| 27 | Caudill, Cortney | SVP, CHIEF OPERATING OFFICER | Direct | Sell | 3102026 | 67.64 | 8,857 | 599,087 | 477,200 | Form |
| 28 | Caudill, Cortney | SVP, CHIEF OPERATING OFFICER | Direct | Sell | 3102026 | 67.80 | 20,000 | 1,356,072 | 974,067 | Form |
| 29 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 3042026 | 70.21 | 10,000 | 702,114 | 53,906,883 | Form |
| 30 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 3042026 | 69.01 | 20,000 | 1,380,149 | 52,982,528 | Form |
| 31 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 3042026 | 69.69 | 20,000 | 1,393,894 | 53,510,214 | Form |
| 32 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 2052026 | 78.64 | 10,000 | 786,366 | 55,731,222 | Form |
| 33 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 2052026 | 77.24 | 20,000 | 1,544,820 | 54,742,178 | Form |
| 34 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 2052026 | 76.12 | 20,000 | 1,522,317 | 53,944,759 | Form |
| 35 | Connaughton, Bernadette | Direct | Sell | 1062026 | 70.25 | 2,000 | 140,500 | 2,818,641 | Form | |
| 36 | Caudill, Cortney | SVP, CHIEF OPERATING OFFICER | Direct | Sell | 12192025 | 65.19 | 4,263 | 277,905 | 830,325 | Form |
| 37 | Connaughton, Bernadette | Direct | Sell | 12012025 | 71.60 | 829 | 59,356 | 3,016,007 | Form | |
| 38 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 12012025 | 68.92 | 16,569 | 1,141,925 | 48,844,455 | Form |
| 39 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 11122025 | 70.55 | 20,000 | 1,410,990 | 51,763,526 | Form |
| 40 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 11122025 | 69.13 | 20,000 | 1,382,600 | 50,722,013 | Form |
| 41 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 11122025 | 68.72 | 20,000 | 1,374,339 | 50,418,917 | Form |
| 42 | Connaughton, Bernadette | Direct | Sell | 11122025 | 68.48 | 2,000 | 136,960 | 2,941,353 | Form | |
| 43 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 10032025 | 69.03 | 20,000 | 1,380,638 | 50,650,022 | Form |
| 44 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 10032025 | 71.20 | 20,000 | 1,424,083 | 52,243,827 | Form |
| 45 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 10032025 | 75.35 | 20,000 | 1,507,024 | 55,286,617 | Form |
| 46 | Connaughton, Bernadette | Direct | Sell | 10012025 | 75.24 | 2,000 | 150,481 | 3,382,211 | Form |
Investor Activity (13F)
Updated Oct 16, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/15/2026