Halozyme Therapeutics
HALO · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
Halozyme Therapeutics reported revenue of $1.4B in the fiscal year ended Dec 2025, up 37.6% from the year before. Operating income was $469M, an operating margin of 33.6%, and net income was $317M. Operating cash flow of $652M less capital expenditure of $7M left free cash flow of $645M. Net debt was $2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $443M | $660M | $829M | $1B | $1.4B |
| Cost of revenue | $81M | $139M | $192M | $159M | $229M |
| Gross profit | $362M | $521M | $637M | $856M | $1.2B |
| Research & development | $36M | $67M | $76M | $79M | – |
| Selling, general & admin | $50M | $144M | $149M | $154M | $207M |
| Operating income | $276M | $268M | $338M | $551M | $469M |
| Interest expense | $8M | $17M | $19M | $18M | $18M |
| Pre-tax income | $249M | $249M | $348M | $557M | $467M |
| Income tax | −$154M | $47M | $67M | $113M | $150M |
| Net income | $403M | $202M | $282M | $444M | $317M |
| Diluted EPS | 2.74 | 1.44 | 2.10 | 3.43 | 2.56 |
| Diluted shares | 147M | 141M | 134M | 129M | 124M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $119M | $234M | $118M | $116M | $134M |
| Receivables | $91M | $187M | $233M | $288M | $426M |
| Inventory | $54M | $100M | $128M | $142M | $176M |
| Current assets | $926M | $739M | $746M | $1.1B | $825M |
| Net PP&E | $7M | $35M | $38M | $41M | $44M |
| Goodwill | $0 | $409M | $417M | $417M | $580M |
| Total assets | $1.1B | $1.8B | $1.7B | $2.1B | $2.5B |
| Payables | $2M | $18M | $12M | $10M | $21M |
| Deferred revenue | $2M | $3M | $4M | $10M | $35M |
| Current liabilities | $117M | $131M | $112M | $139M | $177M |
| Short-term debt | $89M | $13M | $0 | $0 | $0 |
| Long-term debt | $787M | $1.5B | $1.5B | $1.5B | $2.1B |
| Total liabilities | – | $1.7B | $1.6B | $1.7B | $2.5B |
| Shareholders' equity | $197M | $170M | $84M | $364M | $49M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $299M | $240M | $389M | $479M | $652M |
| Capital expenditure | $1M | $5M | $15M | $11M | $7M |
| Free cash flow | $298M | $235M | $373M | $468M | $645M |
| Depreciation & amortisation | $3M | $6M | $11M | $10M | $11M |
| Stock-based compensation | $21M | $24M | $37M | $43M | $52M |
| Acquisitions | $0 | $999M | $0 | $0 | $726M |
| Share buybacks | $350M | $200M | $402M | $250M | $342M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 48.9% | 25.6% | 22.4% | 37.6% |
| Operating income growth (YoY) | – | −3.0% | 26.2% | 63.4% | −15.0% |
| EPS growth (YoY) | – | −47.4% | 45.8% | 63.3% | −25.4% |
| Gross margin | 81.6% | 78.9% | 76.8% | 84.3% | 83.6% |
| Operating margin | 62.2% | 40.5% | 40.7% | 54.3% | 33.6% |
| Net margin | 90.8% | 30.6% | 34.0% | 43.7% | 22.7% |
| Return on equityBlank when equity is negative | 204.5% | 119.0% | 336.0% | 122.1% | 649.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 27.9% | 15.6% | 20.8% | 28.7% | 20.0% |
| Free cash flow margin | 67.2% | 35.6% | 45.0% | 46.1% | 46.2% |
| Cash conversion (CFO ÷ net income) | 0.74x | 1.19x | 1.38x | 1.08x | 2.06x |
| Receivable days | 75 | 103 | 103 | 104 | 111 |
| Inventory days | 242 | 262 | 242 | 325 | 282 |
| Payable days | 7 | 46 | 22 | 23 | 33 |
| Interest cover | 36.7x | 15.8x | 18.0x | 30.5x | 25.9x |
| Debt ÷ equity | 4.45x | 8.87x | 17.9x | 4.14x | 43.9x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $758M | $1.3B | $1.4B | $1.4B | $2B |
| Current ratio | 7.91x | 5.65x | 6.64x | 7.80x | 4.66x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.