At a glance
Halozyme Therapeutics Inc is worth $14.76B, about 51 times its fiscal 2025 earnings. Revenue grew 37.6% to $1.40B in fiscal 2025, with 22.7% kept as profit; over 5 years it has grown 39.2% a year. It pays no dividend; it spent $1.54B buying back its shares over FY2021–FY2025. The stock returned +98.8% over the past year with dividends reinvested and +27.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.3% in the 2020 crash (S&P 500: 33.7%) and 25.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 2 months after the lows.
The business in plain English
Halozyme Therapeutics, based in San Diego, makes most of its money from drug-delivery technology rather than from medicines of its own. Its main platform, ENHANZE, uses a patented enzyme called rHuPH20. The enzyme briefly breaks down hyaluronan, a natural substance under the skin that slows the flow of fluid. This lets large doses be given as a quick subcutaneous (under-the-skin) shot instead of a long intravenous (IV) drip.
Halozyme licenses ENHANZE to large drug makers, including Roche, Takeda, Pfizer, Janssen, AbbVie, Eli Lilly, Bristol-Myers Squibb, argenx and ViiV Healthcare. It collects upfront fees, milestone payments when partners reach development or sales goals, money from selling them bulk enzyme, and royalties, which are a percentage of partners' product sales. Its annual report for 2025 listed royalties on ten approved products, five of them from Roche. Royalties made up 62.1% of the $1.40 billion in revenue for 2025. Bulk enzyme sales added 9.5%, and milestones and related fees added about 8%.
Halozyme also sells two products of its own, which brought in 13.9% of revenue. Hylenex is an injectable form of the enzyme. XYOSTED is a once-weekly testosterone auto-injector for use at home. The company develops and supplies auto-injector devices for partners such as Teva, about 5% of revenue. It bought Elektrofi, renamed Hypercon, for technology that packs more drug into a smaller shot. Janssen, Eli Lilly and argenx have licensed it.
Price history
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HALO +98.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Royalties | $867.8M | 62.1% |
| Proprietary product sales | $194.6M | 13.9% |
| Bulk rHuPH20 sales | $133.0M | 9.5% |
| Sales-based milestones | $70.0M | 5% |
| Device partnered product sales | $48.8M | 3.5% |
| Event-based development and regulatory milestones and other fees | $47.0M | 3.4% |
| Upfront license and target nomination fees | $18.5M | 1.3% |
| Device licensing and development revenue | $16.9M | 1.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $481.0M, up 47.7% from a year earlier, and net income was $229.9M (+39.2%).
- For fiscal 2025, revenue was $1.40B (+37.6% year over year; +39.2% a year from FY2020 to FY2025) with a 22.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +39.2% good |
|---|---|
| Operating margin | 33.6% good |
| Free cash flow margin | 46.2% good |
| Return on equity (FY2025) | Not meaningful: shareholders’ equity is very small, often the result of years of buybacks |
| Return on assets (FY2025) | 12.5% good |
| Net cash (cash minus debt) | $-1.98B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $267.6M | $129.1M | $53.0M |
| FY2021 | $443.3M | $402.7M | $298.0M |
| FY2022 | $660.1M | $202.1M | $235.3M |
| FY2023 | $829.3M | $281.6M | $373.3M |
| FY2024 | $1.02B | $444.1M | $468.4M |
| FY2025 | $1.40B | $316.9M | $644.6M |
Valuation snapshot
| Market value | $14.76B |
|---|---|
| P/E ratio | 50.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Halozyme Therapeutics’s market value went from $1.28B at the end of 2016 to $14.76B on Oct 28, 2026, about 11.5 times as much; since the end of 2025 it is up 86%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $14.76B | +86.5% |
| 2025 | $7.91B | +30.1% |
| 2024 | $6.08B | +24.6% |
| 2023 | $4.88B | -36.5% |
| 2022 | $7.69B | +35.9% |
| 2021 | $5.66B | -2.0% |
| 2020 | $5.77B | +122.2% |
| 2019 | $2.60B | +22.9% |
| 2018 | $2.11B | -26.7% |
| 2017 | $2.88B | +125.4% |
| 2016 | $1.28B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HALO price data to Oct 28, 2026 | +93.2% | +98.8% | +57.3% | +27.8% | +31.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +93.2% |
| 2025 | +40.8% |
| 2024 | +29.4% |
| 2023 | -35.0% |
| 2022 | +41.5% |
| 2021 | -5.8% |
| 2020 | +140.9% |
| 2019 | +21.2% |
| 2018 | -27.8% |
| 2017 | +105.1% |
| 2016 | -43.0% |
| 2015 | +79.6% |
| 2014 | -35.6% |
| 2013 | +123.4% |
| 2012 | -29.4% |
| 2011 | +20.1% |
| 2010 | +34.9% |
| 2009 | +4.8% |
| 2008 | -21.2% |
| 2007 | -11.7% |
| 2006 | +342.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 47.1% over that stretch · deepest drop along the way 70.6%, back to its old high 35.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 20.5% over that stretch · deepest drop along the way 36.3%, back to its old high 1.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 3.8% over that stretch · deepest drop along the way 25.6%, back to its old high 2.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 69 sales ($30.6M), 69 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 11, 2026 | Helen Torley PRESIDENT AND CEO, Director | sell (plan) | $1.7M |
| Sep 10, 2026 | Helen Torley PRESIDENT AND CEO, Director | sell (plan) | $1.6M |
| Sep 9, 2026 | Helen Torley PRESIDENT AND CEO, Director | sell (plan) | $1.4M |
| Oct 8, 2026 | Helen Torley PRESIDENT AND CEO, Director | sell (plan) | $1.3M |
| Oct 7, 2026 | Helen Torley PRESIDENT AND CEO, Director | sell (plan) | $1.2M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.2% | Jun 30, 2025 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
| STATE STREET CORPORATION | 4.9% | Mar 31, 2025 |
ETFs with the most weight in HALO
| FBT First Trust NYSE Arca Biotechnology Index Fund | 4.27% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 3.5% |
| CSMD Congress SMid Growth ETF | 3.29% |
| PBE Invesco Biotechnology & Genome ETF | 3.21% |
| BBP Virtus LifeSci Biotech Products ETF | 2.43% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 1.99% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 1.83% |
| XBI SPDR S&P Biotech ETF | 1.75% |
What could go wrong
- One enzyme sits behind most products. Hylenex and all ENHANZE partner products rely on the rHuPH20 enzyme. A safety concern or other setback with it could hurt royalties, bulk enzyme sales, Hylenex and future partner deals together.
- Heavy reliance on a few drug partners. Royalties were 62.1% of 2025 revenue, and Roche accounted for five of the ten royalty-paying products. If a key partner fails to meet its obligations or ends an agreement, the business could suffer.
- Patent challenges could weaken licensing income. Halozyme's ability to license ENHANZE and its devices depends on valid patents. If they are found invalid, weakened by changes in patent law or tied up in costly lawsuits, licensing income could suffer.
- Large debt load and convertible notes. As of June 30, 2026, Halozyme had about $2.15 billion of debt and $163 million in cash and investments. Some debt is convertible notes, loans that can turn into shares and dilute existing holders.
- Partner delays and approvals are outside its control. Royalties and milestones depend on partners winning approval from the FDA (the US drug regulator) and others, on schedule. Failed trials, safety findings or slow progress could delay launches and the payments tied to them.
- Drug-price pressure could shrink royalties. Insurers and government programs push for lower drug prices. If partners must sell at lower prices or patients lose coverage, the royalties Halozyme earns on those sales shrink too.
Recent events
- Executive or board change
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares
- Other company announcement
- Executive or board change
- Quarterly results released
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Executive or board change
- Bylaws or fiscal year changed
For income and retirement investors
Halozyme pays no dividend and paid none from FY2021 through FY2025, so an income investor would get no cash from holding the stock. Any return would come from the share price, and turning the holding into income would mean selling shares. The company has instead spent about $1.54 billion on buybacks over those five years. Shares outstanding fell about 20% between August 2021 and July 2026. Free cash flow, the cash left after running and investing in the business, was $645 million in 2025.
The stock has fallen hard in past downturns. It dropped 70.6% from October 2007 to December 2008 and took nearly three years to recover. In the 2020 COVID crash it fell 36.3%, then got back to its earlier high within about five weeks. In 2022 it fell 25.6% between July and September, but it finished the market's January-to-October slide 3.8% higher. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Halozyme make money?
Mostly from royalties. Halozyme licenses its ENHANZE technology, which can turn drugs normally given by IV drip into quick under-the-skin injections, to drug makers such as Roche, Janssen, Takeda, argenx and Bristol-Myers Squibb. It earns a percentage of their sales. Royalties were 62.1% of the $1.40 billion in revenue for 2025. The rest came from its own products, Hylenex and XYOSTED (13.9%), bulk enzyme sales (9.5%), milestone and license fees, and auto-injector devices.
Does Halozyme pay a dividend?
No. Halozyme paid no dividends in any year from FY2021 through FY2025. It returns cash through share buybacks instead: about $1.54 billion over those five years, including $342 million in 2025. Shares outstanding fell about 20% between August 2021 and July 2026. For an income investor, this means the stock pays no regular cash, and returns depend entirely on the share price.
Which companies use Halozyme's ENHANZE technology?
Thirteen drug makers, according to Halozyme's annual report for 2025: Roche, Takeda, Pfizer, Janssen, AbbVie, Eli Lilly, Bristol-Myers Squibb, argenx, ViiV Healthcare, Chugai, Acumen, Merus and Skye Bioscience. Ten approved products paid royalties: five from Roche, two from Janssen and one each from Takeda, argenx and Bristol-Myers Squibb. Partners without approved products can pay upfront and milestone fees, but they may never generate royalties.
How much debt does Halozyme have?
About $2.15 billion as of June 30, 2026, against $163 million in cash and investments, so debt exceeded cash by roughly $1.98 billion. Part of the debt is convertible notes, which are loans that can be swapped for shares and could dilute existing holders. Shareholders' equity was only $144 million. A filing on September 22, 2026 reported a new debt or financial obligation, so the total may have changed since then.
How has Halozyme stock performed?
Strongly over the past decade, with big swings along the way. As of October 28, 2026, the share price was up 98.8% over one year. It had gained about 27.8% a year over five years and 31% a year over ten. Yet it fell 35% in 2023 and 43% in 2016, and its worst drop in about 21 years of price history was 74.3%. At a price-to-earnings ratio of 50.8, investors were paying about $51 for each $1 of 2025 earnings.