Halozyme Therapeutics HALO

Nasdaq · Biological Products, (No Diagnostic Substances) · $14.8B

$122.96−5.66%Nov 5 close · Databento

Every report since 2023 →

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HALO Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $122.961D −5.66%3M +19.82%SMA20 $123.63SMA50 $115.26RSI(14) 52.3

122.96

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 52.3

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$14.8B

EV / True FCF28.3x

Revenue$1.4B +37.6%

True FCF (ex-SBC)$593.0M +37.6%

Rule of 4083.8%

ROIC15.5%

True FCF Yield4.0%

EPS, diluted$2.56 −25.4%

Modern Valuation (EOD)

Market Cap$14.8B

Enterprise Value$16.8B

EV / True FCF28.33

EV / FCF26.06

EV / Gross Profit—

EV / EBIT35.82

EV / Sales12.03

P / E (GAAP)46.68

P / FCF22.95

P / Oper. CF22.70

P / Book303.06

Owner & Cash Yields

True FCF Yield4.0%

FCF Yield4.4%

Owner Earn. Yield1.8%

Earnings Yield2.1%

Shareholder Yield+2.0%

Buyback Yield2.3%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$5.65

EPS (diluted)$2.56

Compounder & Returns

Rule of 4083.8%

ROIC15.5%

Cash ROIC (CROIC)31.4%

GP / Assets—

ROE649.2%

ROA12.5%

Gross Margin—

Oper. Margin33.6%

Net Margin22.7%

FCF Margin46.2%

True FCF Margin42.5%

Quality & Dilution

Cash Conversion203%

Accrual Ratio−13.3%

SBC % of FCF8.0%

SBC % of Rev3.7%

Reinvest. Rate13%

Sales Growth Y/Y+37.6%

Sales 3Y CAGR+28.4%

EPS Growth Y/Y−25.4%

FCF Growth Y/Y+37.6%

FCF 3Y CAGR+39.9%

Share Change Y/Y−4.3%

Balance Sheet & Scale

Revenue (FY)$1.4B

Gross Profit (FY)—

Oper. Income (FY)$469.0M

GAAP Net Income$316.9M

True FCF (ex-SBC)$593.0M

Cash & Equiv$136.4M

Total Debt$2.1B

Net Cash (Debt)$-2.0B

Net Cash % MCap−13.6%

Debt / FCF (yrs)3.3y

Current Ratio4.66114.01M sh

Price & Technicals (EOD)

Perf Week−6.27%

Perf Month+10.98%

Perf Quarter+19.24%

Perf Half Y+88.62%

Perf YTD+76.74%

SMA 20 Dist−0.54%$123.63

SMA 50 Dist+6.68%$115.26

SMA 100 Dist+22.61%$100.28

Window High−6.27%$131.18

Window Low+94.99%$63.06

RSI (14) · Vol52.336%v

Income Distribution & Cash Flow ConversionHow every dollar of HALO revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$228.8M ($16.4 / $100)

R&D Reinvestment$79.0M ($5.7 / $100)

SG&A & Other OpEx$619.8M ($44.4 / $100)

Tax & Non-Operating$152.1M ($10.9 / $100)

Net Profit Kept$316.9M ($22.7 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$316.9M (22.7% margin)

Operating Cash Flow (OCF)$651.6M(46.7% of rev)

Less: Capital Expenditures−$7.0M(0.5% of rev)

Standard Free Cash Flow (FCF)$644.6M(46.2% margin)

Less: Stock-Based Comp (SBC)−$51.6M(8.0% of FCF)

True FCF (Owner Cash ex-SBC)$593.0M(42.5% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$443.3M	$660.1M	$829.3M	$1.0B	$1.4B	+37.6%	+33.2%
Cost of Revenue (COGS)	$81.4M	$139.3M	$192.4M	$159.4M	$228.8M	+43.5%	+29.5%
Research & Development (R&D)	$35.7M	$66.6M	$76.4M	$79.0M	$79.0M	+0.0%	+22.0%
Selling, General & Admin (SG&A)	$50.3M	$143.5M	$149.2M	$154.3M	$207.1M	+34.2%	+42.4%
Operating Income (EBIT)	$275.9M	$267.5M	$337.6M	$551.5M	$469.0M	−15.0%	+14.2%
Interest Expense	$7.5M	$16.9M	$18.8M	$18.1M	$18.1M	+0.2%	+24.6%
Income Tax Expense	$-154.2M	$46.8M	$66.7M	$113.0M	$150.0M	+32.7%	—
GAAP Net Income	$402.7M	$202.1M	$281.6M	$444.1M	$316.9M	−28.6%	−5.8%
Diluted EPS	$2.74	$1.44	$2.10	$3.43	$2.56	−25.4%	−1.7%
Diluted Shares	146.8M	140.6M	134.2M	129.4M	123.9M	−4.3%	−4.1%
Balance Sheet
Cash & Equivalents	$119.2M	$234.7M	$118.4M	$115.8M	$136.4M	+17.8%	+3.4%
Inventory	$53.9M	$100.1M	$127.6M	$141.9M	$176.5M	+24.4%	+34.5%
Total Current Assets	$926.3M	$739.0M	$746.4M	$1.1B	$825.2M	−24.0%	−2.8%
Total Assets	$1.1B	$1.8B	$1.7B	$2.1B	$2.5B	+22.4%	+23.0%
Total Current Liabilities	$117.1M	$130.8M	$112.5M	$139.1M	$177.1M	+27.3%	+10.9%
Total Debt (Short + Long Term)	$876.7M	$1.5B	$1.5B	$1.5B	$2.1B	+42.3%	+25.0%
Total Liabilities	$3.5B	$1.7B	$1.6B	$1.7B	$2.5B	+45.7%	−8.5%
Stockholders' Equity	$197.0M	$169.8M	$83.8M	$363.8M	$48.8M	−86.6%	−29.4%
Net Cash / (Net Debt)	$-757.5M	$-1.3B	$-1.4B	$-1.4B	$-2.0B	−44.3%	—
Invested Capital	$954.4M	$1.5B	$1.5B	$1.8B	$2.1B	+17.2%	+21.1%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$299.4M	$240.1M	$388.6M	$479.1M	$651.6M	+36.0%	+21.5%
Depreciation & Amortization (D&A)	$3.0M	$6.5M	$11.1M	$10.3M	$11.4M	+11.0%	+39.6%
Stock-Based Compensation (SBC)	$20.8M	$24.4M	$36.6M	$43.4M	$51.6M	+18.9%	+25.4%
Capital Expenditures (CapEx)	$1.5M	$4.8M	$15.3M	$10.7M	$7.0M	−34.8%	+47.9%
Free Cash Flow (FCF)	$298.0M	$235.3M	$373.3M	$468.4M	$644.6M	+37.6%	+21.3%
True FCF (ex-SBC Owner Cash)	$277.2M	$210.9M	$336.7M	$425.0M	$593.0M	+39.5%	+20.9%
Share Repurchases (Buybacks)	$350.1M	$200.0M	$402.4M	$250.0M	$342.4M	+36.9%	−0.6%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what HALO did at the next close after each story

Sep 16

Halozyme proposes $1.05 billion convertible notes due 2033

PR Newswire · 4:30 PM ET

+1.14%

What happened · big days

19 big days in a year, and what we hold on each

A big day is a close more than 3.66% from the one before, three times HALO’s median day (1.22%). On 8 of the 19, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.66%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayHALOWhat we hold that dayGroup (median of 4) · each

1 Nov 24, 2025+5.20%
Before our storiesgroup −0.0%, did not move with it
1Nov 24, 2025+5.20%
Before our stories
−0.0% did not move with itMRNA +1.8 · BIIB +0.9 · AMGN −1.0 · GILD −1.1
2 Dec 1, 2025−4.62%
Before our storiesgroup −2.3%, moved with HALO
2Dec 1, 2025−4.62%
Before our stories
−2.3% moved with HALOMRNA −7.0 · BIIB −2.4 · AMGN −2.3 · GILD −1.2
3 Jan 2, 2026+4.47%
Before our storiesgroup +0.6%, did not move with it
3Jan 2, 2026+4.47%
Before our stories
+0.6% did not move with itMRNA +4.7 · BIIB +1.0 · AMGN +0.1 · GILD −0.9
4 Jan 8, 2026−3.97%
Before our storiesgroup −3.2%, moved with HALO
4Jan 8, 2026−3.97%
Before our stories
−3.2% moved with HALOMRNA −5.7 · AMGN −3.4 · GILD −3.0 · BIIB −0.5
5 Jan 28, 2026+3.72%
Before our storiesgroup −0.6%, did not move with it
5Jan 28, 2026+3.72%
Before our stories
−0.6% did not move with itBIIB +0.4 · MRNA −0.3 · GILD −0.9 · AMGN −2.6
6 Feb 2, 2026+3.82%
Before our storiesgroup +0.1%, did not move with it
6Feb 2, 2026+3.82%
Before our stories
+0.1% did not move with itAMGN +0.8 · GILD +0.7 · BIIB −0.4 · MRNA −3.5
7 Feb 18, 2026−9.01%
Resultsgroup +0.5%, did not move with it
7Feb 18, 2026−9.01%
ResultsFirst close after the Feb 17 results filing
+0.5% did not move with itGILD −1.6 · BIIB −0.8 · AMGN +1.7 · MRNA +6.1
8 Mar 5, 2026−3.80%
Before our storiesgroup −2.6%, moved with HALO
8Mar 5, 2026−3.80%
Before our stories
−2.6% moved with HALOMRNA −6.9 · AMGN −3.1 · GILD −2.1 · BIIB −1.0
9 Mar 12, 2026−4.39%
Before our storiesgroup −2.8%, moved with HALO
9Mar 12, 2026−4.39%
Before our stories
−2.8% moved with HALOMRNA −4.6 · BIIB −2.9 · AMGN −2.6 · GILD −0.5
10 Mar 31, 2026+4.02%
Before our storiesgroup +1.5%, did not move with it
10Mar 31, 2026+4.02%
Before our stories
+1.5% did not move with itMRNA +5.3 · GILD +2.2 · AMGN +0.8 · BIIB −2.3
11 Apr 17, 2026+3.98%
Before our storiesgroup +0.1%, did not move with it
11Apr 17, 2026+3.98%
Before our stories
+0.1% did not move with itAMGN +1.7 · BIIB +0.8 · GILD −0.7 · MRNA −1.8
12 May 12, 2026+6.81%
Resultsgroup +0.9%, did not move with it
12May 12, 2026+6.81%
ResultsFirst close after the May 11 results filing
+0.9% did not move with itAMGN +2.0 · GILD +1.1 · MRNA +0.7 · BIIB +0.7
13 Jun 3, 2026+5.34%
Before our storiesgroup +3.4%, moved with HALO
13Jun 3, 2026+5.34%
Before our stories
+3.4% moved with HALOMRNA +7.5 · BIIB +3.8 · AMGN +3.0 · GILD +1.1
14 Jul 23, 2026+3.88%
Nothing on HALOgroup +0.9%, did not move with it
14Jul 23, 2026+3.88%
Nothing on HALONo HALO story, brief or results filing in our record that day
+0.9% did not move with itAMGN +1.5 · BIIB +1.5 · GILD +0.4 · MRNA −1.8
15 Aug 7, 2026+20.24%
Resultsgroup +1.7%, did not move with it
15Aug 7, 2026+20.24%
ResultsFirst close after the Aug 6 results filing
+1.7% did not move with itMRNA +9.9 · GILD +1.8 · AMGN +1.5 · BIIB +0.8
16 Aug 17, 2026+4.40%
Nothing on HALOgroup +0.7%, did not move with it
16Aug 17, 2026+4.40%
Nothing on HALONo HALO story, brief or results filing in our record that day
+0.7% did not move with itMRNA +1.8 · AMGN +1.0 · GILD +0.4 · BIIB −0.3
17 Oct 14, 2026+6.57%
Nothing on HALOgroup +3.5%, moved with HALO
17Oct 14, 2026+6.57%
Nothing on HALONo HALO story, brief or results filing in our record that day
+3.5% moved with HALOMRNA +4.7 · GILD +3.8 · AMGN +3.2 · BIIB +1.7
18 Oct 15, 2026+4.01%
Nothing on HALOgroup +2.2%, moved with HALO
18Oct 15, 2026+4.01%
Nothing on HALONo HALO story, brief or results filing in our record that day
+2.2% moved with HALOMRNA +4.5 · GILD +2.5 · AMGN +1.9 · BIIB +1.1
19 Nov 5, 2026−5.66%
Nothing on HALOgroup −4.0%, moved with HALO
19Nov 5, 2026−5.66%
Nothing on HALONo HALO story, brief or results filing in our record that day
−4.0% moved with HALOMRNA −6.5 · BIIB −4.1 · GILD −4.0 · AMGN −3.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of AMGN, GILD, MRNA and BIIB that day, the largest companies in HALO’s SEC industry; “moved with HALO” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). HALO reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Nov 3, 2025

day 1+2.79%day 6+5.94%

Reported Feb 17, 2026

day 1−9.01%day 6−12.59%

Reported May 11, 2026

day 1+6.81%day 6+3.49%

Reported Aug 6, 2026

day 1+20.24%day 6+15.04%

Next report: expected early-to-mid FebruaryEstimated from the dates of its last four results filings. Not announced. Four reports is a small sample.

Every report since 2023 →

Each line is HALO’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

HALO against four biotech peers, a year at 100

HALO is up 80.2% in a year. Moderna is up 9.8 times. Of these four, Biogen (+56.9%), Amgen (+43.8%) and Gilead Sciences (+41.0%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale so a 9.8-fold rise and a 41.0% rise both read honestly.

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HALO +80.2%. Moderna ×9.8, Biogen +56.9%, Amgen +43.8%, Gilead Sciences +41.0%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in HALO’s SEC industry (Biological Products, (No Diagnostic Substances)) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

AMGN	Amgen	$258.7B	−3.80%
GILD	Gilead Sciences	$216.3B	−3.96%
MRNA	Moderna	$103.2B	−6.55%
BIIB	Biogen	$37.6B	−4.14%
EXEL	Exelixis	$18.0B	−5.55%
NBIX	Neurocrine Biosciences	$16.9B	−3.79%
TECH	BIO-TECHNE	$11.4B	−0.10%
KYMR	Kymera Therapeutics	$11.3B	−5.97%