Halozyme Therapeutics, Inc. (HALO) Stock

Halozyme Therapeutics, Inc. (HALO) is a Healthcare stock trading at $106.14 (as of 2026-08-20), with a market capitalization of $12.05B and a trailing P/E of 29.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Halozyme Therapeutics, Inc. operates as a biopharma technology platform company in the United States, Switzerland, Ireland, Belgium, Japan, and internationally. The company's products are based on the ENHANZE drug delivery technology, a patented recombinant human hyaluronidase enzyme (rHuPH20) that enables the subcutaneous delivery of injectable biologics, such as monoclonal antibodies and other therapeutic molecules, as well as small molecules and fluids. Its flagship product is Hylenex recombinant, a formulation of rHuPH20 to facilitate subcutaneous fluid administration for achieving hydration to enhance the dispersion and absorption of other injected drugs in subcutaneous urography and to improve resorption of radiopaque agents. The company also develops Perjeta; RITUXAN HYCELA and MabThera SC for the treatment of non-Hodgkin lymphoma and chronic lymphocytic leukemia (CLL); RITUXAN SC for patients with CLL; and HYQVIA for the treatment of immunodeficiency disorders. In addition, it is developing Tecentriq for non-small cell lung cancer; OCREVUS for multiple sclerosis; DARZALEX for the treatment of patients with amyloidosis, smoldering myeloma, and multiple myeloma; nivolumab for the treatment of solid tumors; ARGX-113, a human neonatal Fc receptor; ARGX-117 to treat autoimmune diseases; and BMS-986179, an anti-CD-73 antibody. The company has collaborations with F. Hoffmann-La Roche, Ltd.; Hoffmann-La Roche, Inc.; Baxalta US Inc.; Baxalta GmbH; Pfizer Inc.; Janssen Biotech, Inc.; AbbVie, Inc.; Eli Lilly and Company; Bristol-Myers Squibb Company; Alexion Pharma Holding; ARGENX BVBA; Horizon Therapeutics plc; National Institute of Allergy and Infectious Diseases; Centre for the AIDS Programme of Research in South Africa; and ViiV Healthcare Limited for small and large molecule targets for the treatment and prevention of HIV. Halozyme Therapeutics, Inc. was founded in 1998 and is based in San Diego, California.

Understand Halozyme Therapeutics, Inc.: how it makes money

Halozyme Therapeutics makes an injectable drug delivery technology platform (ENHANZE, based on rHuPH20) that enables subcutaneous administration of biologics, and it earns money primarily from partner product-linked revenue such as Halazim royalty revenue and Riborvant subcutaneous revenue.

Halozyme's profit model is structurally tied to ENHANZE-enabled subcutaneous delivery adoption, where it captures economics from partner product usage, reflected in revenue streams like Halazim royalty revenue and Riborvant subcutaneous revenue.

Revenue by segment (latest quarter)
Halazim Royalties$0.3B
Riborvant Subcutaneous$0.2B

Business quality (Exceptional): High reported profitability in the latest quarter, but the model appears concentrated in a small set of ENHANZE-linked revenue streams, so it is sensitive to partner product performance and delivery adoption.

Valuation: At 24× earnings, HALO trades 43% above the Pharmaceutical Products average (17×). Note: one-time items can distort reported P/E.

Bull case

  • Platform-linked recurring economics: The largest revenue streams shown are Halazim royalty revenue and Riborvant subcutaneous revenue, both connected to ENHANZE-enabled delivery.
  • Strong reported margins: In the quarter ended 2026-03-31, gross margin was 79.0% and operating margin was 49.0%.

Bear case

  • Concentration risk in a few revenue streams: The segment revenue breakdown provided is heavily driven by two ENHANZE-linked lines, which can raise volatility if either line weakens.
  • Potential dependence on partner uptake: Because the economics shown are tied to subcutaneous delivery usage, slower partner adoption or product demand could reduce royalty and subcutaneous revenue.
  • Limited contribution from some categories: Loyalty Revenue is shown as 0.0 in the provided revenue candidates, indicating that not all potential revenue lines are contributing.
Valuation — source: SEC EDGAR (first-party)
Price$106.14
Market Cap$12.05B
P/E Ratio29.1
EV / EBITDA22.9
Price / Book83.92
Price / Sales7.24
FCF Yield6.7%
DCF Value (model)$13.66
DCF Upside vs Price-87.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.40B
Net Margin22.7%
Revenue Growth (YoY)47.7%
EPS Growth (YoY)44.1%
FCF Growth (YoY)141.2%
Financial Health — source: SEC EDGAR
Altman Z-Score4.54 (safe)
Piotroski F-Score5/9 (moderate)
Valuation vs Sector & Industry
Stock P/E29.1
Sector P/E (Healthcare)21.6
Industry P/E (Pharmaceutical Products)17.2
vs Sector34.9%
vs Industry69.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($857.32M)
Institutional Holders Tracked10
Congressional Trades (recent)7
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOHelen I. Torley
Employees350
CountryUS
IPO Date2004-03-16

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HALO earnings history · HALO institutional & insider holders · HALO KPIs & operating metrics · HALO financials · HALO investor presentations & press releases · HALO SEC filings · HALO peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.