Halozyme Therapeutics (HALO)
Market Price (5/22/2026): $68.52 | Market Cap: $8.1 BilSector: Health Care | Industry: Biotechnology
Halozyme Therapeutics (HALO)
Market Price (5/22/2026): $68.52Market Cap: $8.1 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 39% 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 45%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.22, Short 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 12% | 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 39% |
| 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 45%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.22, Short 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 12% |
| Key risksHALO key risks include [1] the 2027 patent expiration of its core ENHANZE technology, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Profit-taking and valuation concerns after reaching an all-time high.
Halozyme Therapeutics' stock reached an all-time high closing price of $81.23 on February 6, 2026. This peak likely triggered profit-taking by investors, as the rapid ascent and robust growth expectations may have been substantially priced into the stock, leading to a natural pullback without new, significantly upwardly revised long-term catalysts immediately emerging.
2. Reaffirmed, but not substantially raised, full-year guidance following strong Q1 results.
Despite reporting strong first-quarter 2026 results on May 11, 2026, with an Earnings Per Share (EPS) of $1.60, beating analyst estimates by 5.3% to 5.96%, and revenue of $376.71 million, exceeding expectations by 5.1% to 6.1%, Halozyme only reiterated its full-year 2026 guidance. The company maintained its non-GAAP EPS projection of $7.75–$8.25 and revenue guidance of $1.71 billion–$1.81 billion. This decision not to significantly increase the full-year outlook after an impressive Q1 might have tempered investor expectations for accelerated growth, contributing to the stock's trend.
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Stock Movement Drivers
Fundamental Drivers
The -4.4% change in HALO stock from 1/31/2026 to 5/21/2026 was primarily driven by a -51.7% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.71 | 68.52 | -4.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,243 | 1,508 | 21.4% |
| Net Income Margin (%) | 47.9% | 23.1% | -51.7% |
| P/E Multiple | 14.1 | 23.2 | 64.4% |
| Shares Outstanding (Mil) | 117 | 118 | -0.8% |
| Cumulative Contribution | -4.4% |
Market Drivers
1/31/2026 to 5/21/2026| Return | Correlation | |
|---|---|---|
| HALO | -4.4% | |
| Market (SPY) | 7.6% | 34.8% |
| Sector (XLV) | -3.9% | 53.3% |
Fundamental Drivers
The 5.1% change in HALO stock from 10/31/2025 to 5/21/2026 was primarily driven by a 63.5% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 65.19 | 68.52 | 5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,179 | 1,508 | 28.0% |
| Net Income Margin (%) | 47.3% | 23.1% | -51.1% |
| P/E Multiple | 14.2 | 23.2 | 63.5% |
| Shares Outstanding (Mil) | 121 | 118 | 2.7% |
| Cumulative Contribution | 5.1% |
Market Drivers
10/31/2025 to 5/21/2026| Return | Correlation | |
|---|---|---|
| HALO | 5.1% | |
| Market (SPY) | 9.5% | 28.2% |
| Sector (XLV) | 3.6% | 49.7% |
Fundamental Drivers
The 11.6% change in HALO stock from 4/30/2025 to 5/21/2026 was primarily driven by a 48.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.42 | 68.52 | 11.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,015 | 1,508 | 48.6% |
| Net Income Margin (%) | 43.7% | 23.1% | -47.1% |
| P/E Multiple | 17.5 | 23.2 | 32.7% |
| Shares Outstanding (Mil) | 126 | 118 | 7.0% |
| Cumulative Contribution | 11.6% |
Market Drivers
4/30/2025 to 5/21/2026| Return | Correlation | |
|---|---|---|
| HALO | 11.6% | |
| Market (SPY) | 35.5% | 16.1% |
| Sector (XLV) | 7.3% | 45.5% |
Fundamental Drivers
The 113.3% change in HALO stock from 4/30/2023 to 5/21/2026 was primarily driven by a 128.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.13 | 68.52 | 113.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 660 | 1,508 | 128.5% |
| Net Income Margin (%) | 30.6% | 23.1% | -24.5% |
| P/E Multiple | 21.5 | 23.2 | 7.9% |
| Shares Outstanding (Mil) | 135 | 118 | 14.5% |
| Cumulative Contribution | 113.3% |
Market Drivers
4/30/2023 to 5/21/2026| Return | Correlation | |
|---|---|---|
| HALO | 113.3% | |
| Market (SPY) | 85.6% | 26.8% |
| Sector (XLV) | 16.6% | 41.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HALO Return | -6% | 42% | -35% | 29% | 41% | 2% | 62% |
| Peers Return | 37% | -2% | 25% | -7% | -4% | -5% | 42% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| HALO Win Rate | 42% | 58% | 33% | 50% | 58% | 40% | |
| Peers Win Rate | 67% | 48% | 50% | 45% | 50% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| HALO Max Drawdown | -38% | -26% | -47% | -34% | -32% | -24% | |
| Peers Max Drawdown | -15% | -32% | -28% | -25% | -33% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ABBV, PFE, BDX, WST, AMPH.
[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 5/21/2026 (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)
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)
AI Analysis | Feedback
nullAI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
nullAI 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
Latest Trefis Analyses
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 10032025 | HALO | Halozyme Therapeutics | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -6.5% | -7.7% | -10.7% |
| 12312023 | HALO | Halozyme Therapeutics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 41.7% | 29.8% | -8.9% |
| 01312022 | HALO | Halozyme Therapeutics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 40.2% | 49.6% | -5.5% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 107.38 |
| Mkt Cap | 31.9 |
| Rev LTM | 12,294 |
| Op Inc LTM | 1,969 |
| FCF LTM | 1,758 |
| FCF 3Y Avg | 1,664 |
| CFO LTM | 2,273 |
| CFO 3Y Avg | 2,171 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.0% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | 8.9% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 19.3% |
| Op Inc Chg 3Y Avg | 10.9% |
| Op Mgn LTM | 23.0% |
| Op Mgn 3Y Avg | 23.1% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 22.8% |
| CFO/Rev 3Y Avg | 25.0% |
| FCF/Rev LTM | 16.7% |
| FCF/Rev 3Y Avg | 17.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 31.9 |
| P/S | 3.8 |
| P/Op Inc | 11.4 |
| P/EBIT | 16.9 |
| P/E | 29.6 |
| P/CFO | 12.1 |
| Total Yield | 5.0% |
| Dividend Yield | 1.5% |
| FCF Yield 3Y Avg | 5.5% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.6% |
| 3M Rtn | -4.2% |
| 6M Rtn | -0.7% |
| 12M Rtn | 21.2% |
| 3Y Rtn | -14.2% |
| 1M Excs Rtn | -5.0% |
| 3M Excs Rtn | -11.4% |
| 6M Excs Rtn | -14.7% |
| 12M Excs Rtn | -6.4% |
| 3Y Excs Rtn | -94.0% |
Price Behavior
| Market Price | $68.52 | |
| Market Cap ($ Bil) | 8.1 | |
| First Trading Date | 03/16/2004 | |
| Distance from 52W High | -15.6% | |
| 50 Days | 200 Days | |
| DMA Price | $65.66 | $69.09 |
| DMA Trend | up | down |
| Distance from DMA | 4.4% | -0.8% |
| 3M | 1YR | |
| Volatility | 30.8% | 29.9% |
| Downside Capture | 98.05 | 34.76 |
| Upside Capture | 49.69 | 52.56 |
| Correlation (SPY) | 43.8% | 24.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.48 | 1.10 | 0.94 | 0.76 | 0.56 | 0.72 |
| Up Beta | 1.74 | 1.44 | 1.43 | 1.44 | 0.85 | 0.60 |
| Down Beta | 5.36 | 0.68 | 0.67 | 0.28 | 0.50 | 0.83 |
| Up Capture | 46% | 66% | 46% | 55% | 28% | 54% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 22 | 31 | 65 | 133 | 401 |
| Down Capture | 217% | 140% | 113% | 74% | 53% | 87% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 21 | 33 | 60 | 118 | 348 |
[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 | 27.4% | 29.8% | 0.82 | - |
| Sector ETF (XLV) | 12.0% | 14.7% | 0.55 | 42.1% |
| Equity (SPY) | 26.8% | 12.1% | 1.67 | 24.8% |
| Gold (GLD) | 37.5% | 26.8% | 1.16 | 13.9% |
| Commodities (DBC) | 43.5% | 18.6% | 1.80 | -16.7% |
| Real Estate (VNQ) | 12.0% | 13.4% | 0.59 | 28.2% |
| Bitcoin (BTCUSD) | -27.2% | 41.8% | -0.65 | 12.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HALO | |
|---|---|---|---|---|
| HALO | 9.6% | 39.5% | 0.34 | - |
| Sector ETF (XLV) | 5.4% | 14.6% | 0.19 | 41.7% |
| Equity (SPY) | 13.8% | 17.0% | 0.64 | 33.8% |
| Gold (GLD) | 19.3% | 18.0% | 0.87 | 4.6% |
| Commodities (DBC) | 10.8% | 19.4% | 0.44 | 1.2% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 32.1% |
| Bitcoin (BTCUSD) | 9.3% | 55.6% | 0.37 | 12.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HALO | |
|---|---|---|---|---|
| HALO | 23.0% | 43.0% | 0.63 | - |
| Sector ETF (XLV) | 9.8% | 16.5% | 0.48 | 43.1% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 38.4% |
| Gold (GLD) | 13.2% | 16.0% | 0.68 | 3.2% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 9.8% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 28.1% |
| Bitcoin (BTCUSD) | 67.3% | 66.9% | 1.06 | 6.9% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | 6.8% | 1.6% | |
| 1/28/2026 | 3.7% | 8.9% | -1.4% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 18 | 12 |
| # Negative | 6 | 5 | 10 |
| Median Positive | 4.2% | 7.1% | 16.3% |
| Median Negative | -1.7% | -4.6% | -7.9% |
| Max Positive | 18.1% | 31.6% | 43.2% |
| Max Negative | -7.4% | -15.4% | -33.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | 1.71 Bil | 1.76 Bil | 1.81 Bil | 0 | Affirmed | Guidance: 1.76 Bil for 2026 | |
| 2026 Royalty Revenue | 1.13 Bil | 1.15 Bil | 1.17 Bil | 0 | Affirmed | Guidance: 1.15 Bil for 2026 | |
| 2026 Adjusted EBITDA | 1.12 Bil | 1.17 Bil | 1.21 Bil | 0 | Affirmed | Guidance: 1.17 Bil for 2026 | |
| 2026 Non-GAAP Diluted EPS | 7.75 | 8 | 8.25 | 0 | Affirmed | Guidance: 8 for 2026 | |
| 2026 Share Repurchases | 400.00 Mil | Higher New | Actual: 0 for 2025 | ||||
Prior: Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | 1.71 Bil | 1.76 Bil | 1.81 Bil | 31.6% | Higher New | Guidance: 1.34 Bil for 2025 | |
| 2026 Royalty Revenue | 1.13 Bil | 1.15 Bil | 1.17 Bil | 33.0% | Higher New | Guidance: 865.00 Mil for 2025 | |
| 2026 Adjusted EBITDA | 1.12 Bil | 1.17 Bil | 1.21 Bil | 28.0% | Higher New | Guidance: 910.00 Mil for 2025 | |
| 2026 Non-GAAP Diluted EPS | 7.75 | 8 | 8.25 | 27.0% | Higher New | Guidance: 6.3 for 2025 | |
| 2026 Total Revenue Growth | 22.0% | 26.0% | 30.0% | ||||
| 2026 Royalty Revenue Growth | 30.0% | 32.5% | 35.0% | ||||
| 2026 Adjusted EBITDA Growth | 71.0% | 77.0% | 83.0% | ||||
| 2026 Non-GAAP Diluted EPS Growth | 87.0% | 93.0% | 99.0% | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 5132026 | 69.19 | 10,000 | 691,908 | 53,123,316 | Form |
| 2 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 5132026 | 71.75 | 20,000 | 1,435,027 | 55,089,250 | Form |
| 3 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 5132026 | 65.35 | 20,000 | 1,306,940 | 50,172,109 | Form |
| 4 | Connaughton, Bernadette | Direct | Sell | 5052026 | 63.48 | 1,625 | 103,155 | 2,443,853 | Form | |
| 5 | Torley, Helen | PRESIDENT AND CEO | Direct | Sell | 4072026 | 63.50 | 10,000 | 634,982 | 48,752,617 | Form |
HALO Trade Sentinel
OVERWEIGHT (Score 9-10)
CONVICTION RATIONALE
The probability-adjusted skew of 4.33x is well above the 2.0x threshold for a high conviction investment. This is driven by a combination of a cheap absolute and relative valuation (CHEAP), a defensible and widening moat, and a powerful, high-visibility earnings growth trajectory (Alpha Driver) that is not fully reflected in the current stock price. The primary risk is long-dated and appears overly discounted by the market, creating an attractive asymmetric risk/reward profile.
STOCK ARCHETYPE
High-Beta CompounderHalozyme fits the 'High-Beta Compounder' archetype due to its high-growth, high-margin, asset-light royalty model. Its value is intrinsically tied to the durability of its patented ENHANZE technology platform and the accelerating adoption of its partners' blockbuster drugs, leading to significant operating leverage and high investor expectations reflected in its valuation.
INVESTMENT THESIS
The primary driver for Halozyme is the accelerating, high-margin royalty revenue stream generated from its ENHANZE platform. This growth is directly fueled by the increasing sales volume of blockbuster drugs from partners like J&J (DARZALEX SC), Roche (Phesgo), and argenx (VYVGART Hytrulo), which are converting from intravenous to more convenient subcutaneous delivery.
- Royalty revenue is projected to grow 49-54% in 2025, representing the vast majority of the company's 28-35% total revenue growth.
- The underlying market for subcutaneous drug delivery is expanding at a 7-9% CAGR, providing a durable secular tailwind.
- Management has consistently raised guidance, with the latest 2026 forecast projecting royalty revenue to exceed $1B, growing another 30-35% YoY.
- Key royalty driver DARZALEX SC is projected to reach $14.1B in global sales in 2025, a 21% YoY increase.
PRIMARY RISK
The most significant risk is the patent cliff for the core ENHANZE enzyme (rHuPH20), which expires in 2027 in the U.S. and 2029 in the EU. This threatens the long-term sustainability of the company's primary source of high-margin royalty revenue.
- The core ENHANZE patent expiration date is a known event, creating a long-term valuation overhang.
- Recently acquired technologies from Elektrofi and Surf Bio, which have patent protection into the mid-2040s, are not expected to generate significant royalties until the 2030s, creating a potential revenue gap.
| KPI | Threshold | Rationale |
|---|---|---|
| Royalty Revenue Growth (YoY) | >30% | This is the primary driver of the business model's operating leverage and the core of the long thesis. Sustained growth above 30% confirms the continued, rapid adoption of partners' key drugs. |
| Partner Drug Sales (e.g., DARZALEX SC) | Monitor for any deceleration below consensus forecasts | Given the high concentration of royalties from a few key drugs, any slowdown in their sales is the most direct leading indicator of a potential earnings miss for Halozyme. |
| New ENHANZE Collaboration Announcements | 1-2 new major partnerships per year | New deals with major pharma partners validate the continued relevance of the ENHANZE platform and extend the royalty pipeline, providing a partial hedge against the 2027-2029 patent cliff. |
The Growth Runway vs. The Patent Cliff
BULL VIEW
Acquisitions with IP into the 2040s and accelerating ENHANZE royalty growth (+51% YoY) ensure a seamless transition and durable, high-margin growth.
CORE TENSION
Can strategic acquisitions of new technology (Elektrofi, Surf Bio) build a durable revenue bridge before the core ENHANZE patents expire in 2027-2029?
PREVAILING SENTIMENT
Company raised 2026 royalty guidance to $1.13-$1.17B (30-35% YoY growth) and acquired technologies with patent protection into the mid-2040s, directly addressing the patent cliff concern.
BEAR VIEW
The new technologies are unproven and won't generate material revenue until the 2030s, creating a potential earnings gap as the ENHANZE cliff approaches.
| Timeline | Event & Metric To Watch |
|---|---|
Feb 18, 2026 | Q4 2025 Earnings Call Watch: Detailed 2026 guidance commentary. Any conservatism after the bullish Jan 28 pre-announcement could disappoint the market's now-elevated expectations. |
April - May 2026 | Partner Earnings Reports (J&J, Roche, argenx) Watch: Sales trajectory of DARZALEX SC, Phesgo, and VYVGART Hytrulo. Any deceleration in these key products directly impacts HALO's primary revenue stream. |
Mid-to-Late 2026 | First Clinical Trial Updates for Hypercon Technology Watch: Announcement of the first partner advancing a Hypercon-formulated product into clinical trials. This validates the Elektrofi acquisition thesis. |
Anytime | Competitor Technology Partnership Announcement Watch: A major pharmaceutical firm announcing a significant partnership with a competitor like Alteogen for a subcutaneous delivery technology. |
| Date | Event | Stock Impact |
|---|---|---|
Aug 5, 2025 | Q2 2025 Earnings & Raised FY25 Guidance Details: Reported 65% YoY growth in royalty revenue and raised full-year 2025 financial guidance for the second time. Announced a third $250M share repurchase tranche. | Modest 1.37% gain $59.99 -> $60.81 |
Nov 3, 2025 | Q3 2025 Earnings & Raised FY25 Guidance Details: Reported record royalty revenue of $236M (+52% YoY) and raised full-year 2025 guidance. Also announced the planned departure of CFO Nicole LaBrosse by March 2026. | Modest 1.55% gain $65.19 -> $66.20 |
Nov 18, 2025 | Completed Acquisition of Elektrofi Details: Announced the successful completion of its acquisition of Elektrofi and its Hypercon ultra-high concentration technology, a key strategic move to address the upcoming patent cliff. | Muted (-0.65%) $70.56 -> $70.10 |
Dec 18, 2025 | FDA Approval for J&J's RYBREVANT FASPRO Details: The U.S. FDA approved Johnson & Johnson's RYBREVANT FASPRO, co-formulated with ENHANZE, for a new lung cancer indication, expanding the royalty base for Halozyme. | Muted (-0.99%) $65.77 -> $65.11 |
Jan 8, 2026 | New ENHANZE Collaboration with Takeda Details: Announced a global collaboration and license agreement with Takeda for ENHANZE technology. Despite positive news, the stock pulled back after a strong run-up. | Fell notably by -3.97% $75.11 -> $72.13 |
Jan 28, 2026 | Preliminary FY25 Results & Raised FY26 Guidance Details: Company pre-announced FY25 revenue beating prior guidance and significantly raised FY26 guidance, projecting royalty revenue growth of 30-35%. Also announced acquisition of Surf Bio. | Rose significantly by 3.72% $70.22 -> $72.83 |
Position Sizing
7% - 10%
AGGRESSIVE
The stock has a Moderate, compressing volatility profile. Fundamentals are excellent: Bullish sentiment, high visibility, and a widening moat. This is a 'Fat Pitch' scenario justifying an aggressive position.
Diversification Alternatives
RPRX
SECTOROffers diversification across a broad portfolio of drug royalties, reducing single-product or single-partner concentration risk inherent in HALO.
ARWR
INDUSTRYArrowhead's TRiM platform represents a different, potentially disruptive approach to drug delivery (RNAi), with a pipeline targeting large cardiovascular and metabolic markets.
Halozyme is a high-margin biotechnology platform company whose core asset, the ENHANZE technology, generates growing, durable royalty revenue by converting partners' blockbuster intravenous drugs into more convenient subcutaneous injections.
Filter all news through the lens of ENHANZE platform adoption and royalty stream durability.
New ENHANZE partnership agreements with major pharma companies; positive clinical trial data from partners for ENHANZE-enabled products; expansion of ENHANZE into new therapeutic areas like obesity; acquisitions of complementary drug-delivery technologies that extend patent life and capabilities.
Patent expirations on core rHuPH20 enzyme (key patent now extends to 2029 in Europe); major partner (e.g., Janssen, Roche, argenx) brings a competing delivery technology in-house; significant partner drug (e.g., DARZALEX) faces biosimilar competition, eroding the royalty base.
Quarter-to-quarter fluctuations in milestone revenue, which is inherently lumpy; minor sales of proprietary products like Hylenex, which are not core to the valuation thesis; individual clinical trial setbacks for early-stage, non-partnered programs.
Repricing Catalyst
The primary catalyst is the accelerating adoption and sales ramp of key partner drugs using ENHANZE, particularly DARZALEX SC (Janssen), Phesgo (Roche), and VYVGART Hytrulo (argenx). Management guidance for 2026 projects royalty revenue to surpass $1.13 billion, representing 30%+ YoY growth, and total revenue to reach ~$1.76 billion, driving non-GAAP EPS growth of approximately 90% due to the high-margin nature of royalties.
ENHANZE Royalty Platform
$867800.0B TTM (62% of Total) · 95% MarginWhat It Is
A patented recombinant human hyaluronidase enzyme (rHuPH20) licensed under the brand ENHANZE®, which is co-formulated with partners' biologic drugs.
Who Pays & How
Pharmaceutical companies like Janssen (a J&J company), Roche, and argenx pay Halozyme royalties on sales of their blockbuster drugs (e.g., DARZALEX, Phesgo, VYVGART). They pay to convert their drugs from lengthy intravenous (IV) infusions to quick, 5-minute subcutaneous (SC) injections, which improves patient convenience, reduces healthcare system costs, and can extend a drug's product lifecycle.
Competition
Product Sales & Collaborations
$528800.0B TTM (38% of Total) · 45% MarginWhat It Is
Sales of bulk rHuPH20 (API) to partners for clinical and commercial use; sales of proprietary commercial products (Hylenex, XYOSTED); milestone and other payments from collaboration agreements.
Who Pays & How
Collaboration partners (e.g. Pfizer, Takeda, argenx) pay for bulk API to manufacture their ENHANZE-enabled drugs. They also make milestone payments as their drugs advance through clinical trials and achieve commercial sales.
Competition
Industry Resources
External Quote Links
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