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1. Company Snapshot

1.a. Company Description

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.

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1.b. Last Insights on HALO

Halozyme Therapeutics' recent performance has been negatively impacted by decreased stakes from several investment firms. Fisher Asset Management LLC reduced its stake by 8.6%, selling 35,771 shares, while Brandywine Global Investment Management LLC and Advisors Asset Management Inc. also decreased their holdings. Additionally, Creative Planning trimmed its holdings by 22.7%, selling 14,890 shares. Despite a "Moderate Buy" consensus rating from analysts, with seven hold and seven buy ratings, these sales have contributed to downward pressure. The company's strong Q3 earnings and revenue beat, however, have not offset these negative trends.

1.c. Company Highlights

2. Halozyme's Q3 2025 Earnings: A Strong Beat with 22% Revenue Growth

Halozyme reported a strong third quarter with total revenues reaching $354 million, representing a 22% year-over-year growth, driven primarily by a 52% increase in royalty revenue to $236 million. Adjusted EBITDA grew 35% to $248 million, and the company reported non-GAAP diluted earnings per share of $1.72, beating estimates of $1.63. The company's financial performance was bolstered by its three established blockbuster subcutaneous therapies: DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo, which saw significant sales growth. The company raised its full-year 2025 guidance, projecting total revenue of $1.3 billion to $1.375 billion, representing 28% to 35% growth.

Publication Date: Nov -09

📋 Highlights
  • Q3 2025 Revenue Growth:: Revenue reached $354 million (+22% YoY), driven by record $236 million in royalty revenue (+52% YoY).
  • Blockbuster Drug Sales:: DARZALEX subcutaneous sales hit $3.7 billion (+20%), Phesgo $2.3 billion (+54%), and VYVGART Hytrulo $1.13 billion (+96% YoY).
  • Full-Year Guidance Raised:: Projects $1.3–1.375 billion revenue (28–35% growth) and $850–880 million royalty revenue (49–54% increase).
  • Adjusted EBITDA Expansion:: Grew 35% to $248 million; full-year guidance of $885–935 million and $6.10–6.50 non-GAAP EPS.
  • Elektrofi Acquisition Impact:: Strengthens subcutaneous formulation development, with <1% dilution to non-GAAP EPS over medium term.

Growth Drivers and Pipeline Updates

The growth in royalty revenue was driven by strong sales of DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo, with sales increasing 20%, 54%, and 96% year-over-year, respectively. The company has a robust pipeline with 10 launch products and 8 programs in various stages of clinical development. Recently launched products, including OCREVUS, Tecentriq Hybreza, OPDIVO Qvantig, and RYBREVANT, are expected to contribute meaningfully in 2026. The acquisition of Elektrofi is expected to strengthen Halozyme's leadership in drug delivery and complement its strong organic growth opportunities.

Valuation and Outlook

With a P/E Ratio of 13.43 and an EV/EBITDA ratio of 10.28, the company's valuation appears reasonable given its growth prospects. Analysts estimate that the company's revenues will grow by 25.4% next year, driven by continued growth from current products and new indications. The company's balance sheet is strong, with $702 million in cash, cash equivalents, and marketable securities. The acquisition of Elektrofi is expected to be less than 5% dilutive to non-GAAP diluted EPS over the medium term.

Partnerships and Future Prospects

Halozyme is confident about signing a new ENHANZE agreement this year and is well-positioned to deliver $1 billion in annual revenue in 2027. The company's partnerships and growth drivers position it for long-term financial performance, with an approximately $30 billion total addressable market opportunity in 2028 from its three blockbusters and newer launches. The company's CEO expressed appreciation for the team's contributions and highlighted the upside in DARZALEX and VYVGART Hytrulo, with new indications launched this year.

3. NewsRoom

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American Century Companies Inc. Sells 762,886 Shares of Halozyme Therapeutics, Inc. $HALO

Dec -07

Source: defenseworld.net

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The Healthcare Sector Is Surging. Here's 1 Stock Every Investor Should Have on Their Radar.

Dec -06

Source: fool.com

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Halozyme Granted Injunction Against Merck & Co. in Germany in Keytruda Patent Case

Dec -04

Source: wsj.com

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Halozyme Wins Preliminary Injunction Against Merck's Keytruda SC in Germany

Dec -04

Source: prnewswire.com

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Fisher Asset Management LLC Decreases Stock Position in Halozyme Therapeutics, Inc. $HALO

Dec -04

Source: defenseworld.net

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Halozyme Therapeutics, Inc. (NASDAQ:HALO) Given Average Rating of “Moderate Buy” by Analysts

Dec -04

Source: defenseworld.net

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Blueshift Asset Management LLC Makes New Investment in Halozyme Therapeutics, Inc. $HALO

Dec -03

Source: defenseworld.net

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Halozyme Therapeutics, Inc. (HALO) Presents at Evercore 8th Annual Healthcare Conference Transcript

Dec -02

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.00%)

6. Segments

Enzymes and Devices

Expected Growth: 15%

Halozyme's Enzymes and Devices segment growth is driven by increasing adoption of its proprietary recombinant human hyaluronidase (rHuPH20) enzyme in oncology and ophthalmology, expansion into new therapeutic areas, and growing demand for its drug delivery devices. Additionally, partnerships with pharmaceutical companies, such as Roche and Pfizer, contribute to the segment's 15% growth.

7. Detailed Products

ENHANZE

ENHANZE is a proprietary recombinant human hyaluronidase enzyme that temporarily degrades hyaluronan, a chain of sugars found throughout the body, to facilitate the absorption of other injected drugs.

Rydapt

Rydapt is a drug used to treat adult patients with newly diagnosed acute myeloid leukemia (AML) who are FLT3 mutation-positive.

Herceptin SC

Herceptin SC is a subcutaneous injection of trastuzumab, a monoclonal antibody that targets HER2-positive breast cancer cells.

MabThera SC

MabThera SC is a subcutaneous injection of rituximab, a monoclonal antibody that targets CD20-positive B cells.

PH20

PH20 is a recombinant human hyaluronidase enzyme that temporarily degrades hyaluronan, enhancing the absorption of other injected drugs.

8. Halozyme Therapeutics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Halozyme Therapeutics, Inc. has a low threat of substitutes due to its unique enzyme-based products and proprietary technology, making it difficult for competitors to replicate.

Bargaining Power Of Customers

Halozyme Therapeutics, Inc. has a medium bargaining power of customers due to the presence of a few large pharmaceutical companies that partner with the company, giving them some negotiating power.

Bargaining Power Of Suppliers

Halozyme Therapeutics, Inc. has a low bargaining power of suppliers due to its ability to manufacture its own enzymes and control its supply chain.

Threat Of New Entrants

Halozyme Therapeutics, Inc. has a high threat of new entrants due to the growing demand for biologics and the increasing number of companies entering the market.

Intensity Of Rivalry

Halozyme Therapeutics, Inc. has a medium intensity of rivalry due to the presence of a few established players in the market, but the company's unique technology and partnerships give it a competitive edge.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 94.81%
Debt Cost 3.95%
Equity Weight 5.19%
Equity Cost 10.25%
WACC 4.27%
Leverage 1827.33%

11. Quality Control: Halozyme Therapeutics, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Royalty Pharma

A-Score: 6.2/10

Value: 4.9

Growth: 3.8

Quality: 7.4

Yield: 4.0

Momentum: 8.5

Volatility: 9.0

1-Year Total Return ->

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Exelixis

A-Score: 5.8/10

Value: 3.4

Growth: 7.9

Quality: 9.2

Yield: 0.0

Momentum: 9.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Incyte

A-Score: 5.8/10

Value: 4.2

Growth: 5.4

Quality: 9.1

Yield: 0.0

Momentum: 8.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Halozyme Therapeutics

A-Score: 5.8/10

Value: 3.5

Growth: 9.1

Quality: 7.8

Yield: 0.0

Momentum: 8.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
United Therapeutics

A-Score: 5.5/10

Value: 3.8

Growth: 8.6

Quality: 8.2

Yield: 0.0

Momentum: 8.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Arcellx

A-Score: 3.9/10

Value: 6.0

Growth: 5.7

Quality: 5.0

Yield: 0.0

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

63.33$

Current Price

63.33$

Potential

-0.00%

Expected Cash-Flows