Recent News
On April 30, 2026 the company announced the appointment of Darren Snellgrove as Chief Financial Officer, effective June 8, 2026, with details of compensation and transition disclosed. On June 15, 2026 Halozyme confirmed it expects zero to minimal impact to royalty revenue from a newly released Medicare drug-price negotiation draft rule, reiterating durability of royalty streams through at least 2035.
Technical Analysis
ADX at 14.99 indicates no strong underlying trend; trend strength remains weak, which limits the probability of a decisive breakout despite other bullish signals.
Directional indicators show DI+ at 18.08 (dip & reversal) and DI- at 15.17 (peak & reversal); both signal a bullish directional bias, but the low ADX suggests that the bullish bias likely produces a contained, low-momentum advance rather than a trending breakout.
MACD sits at 0.56 with a MACD signal of 0.66; the MACD trend registers a dip & reversal (bullish momentum), yet the MACD remains below its signal line, so a confirming momentum crossover has not completed and upside momentum stays conditional.
MRO reads 27.34 (peak & reversal) and remains positive, indicating price sits above target and carries potential for mean reversion; the MRO profile therefore introduces downside pressure unless price extends materially above current levels.
RSI at 53.53 (dip & reversal) conveys a mildly constructive momentum posture without overbought conditions, supporting a limited continuation rather than an impulsive run.
Price sits above key averages — close $71.15 versus 50-day $68.01 and 200-day $69.10 — and the 12-day EMA shows a dip & reversal while the 20-day average rests at $70.28; price near the upper Bollinger band (upper 1σ ≈ $71.52) implies available upside remains modest before encounter with short-term resistance. SuperTrend lower support near $66.16 provides a technical floor for short-term pullbacks.
Fundamental Analysis
Total revenue $376,708,000 with YoY revenue growth of 49.38% and QoQ revenue change of -160.37% (as reported). Gross margin 78.97% and operating margin 48.98% reflect strong profitability on current revenue. EBIT stands at $185,835,000 with an EBIT margin of 49.33%, materially above the industry peer mean of -1.16% and above the industry peer high of 25.24%.
Reported EPS $1.60 vs. estimate $1.52 produced an EPS surprise of +5.26%. Forward EPS equals $2.47 with a forward P/E of 27.80, while the trailing P/E reads 41.76; P/B stands at 36.05 (industry peer mean ~7.55). Free cash flow $176,337,000 yields a free-cash-flow yield of 2.23% and free-cash-flow growth YoY of 26.83%.
Cash and short-term investments total $318,622,000 and operating cash flow $180,078,000 support a current ratio of 2.76 and quick ratio of 2.33. Net debt $1,834,890,000 and total debt $2,144,639,000 yield debt-to-equity ~9.76x and debt-to-EBITDA ~9.77x, with interest coverage around 33.74x; leverage sits high in absolute terms versus equity size but interest servicing appears covered.
Return on equity approximates 68.32% and return on assets about 5.77%, reflecting capital-light, royalty-driven economics amplified by a small equity base. Asset turnover remains low at 14.49%. WMDST values the stock as over-valued, reflecting elevated valuation multiples (trailing P/E ~41.8, P/B ~36.1, enterprise multiple ~44.38) relative to cash-flow yield and the balance-sheet leverage profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-11 |
| NEXT REPORT DATE: | 2026-08-10 |
| CASH FLOW | Begin Period Cash Flow | $ 136.4 M |
| Operating Cash Flow | $ 180.1 M | |
| Capital Expenditures | $ -3.74 M | |
| Change In Working Capital | $ -26.20 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 175.6 M | |
| End Period Cash Flow | $ 312.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 376.7 M | |
| Forward Revenue | $ 184.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 79.2 M | |
| Depreciation | $ 4.2 M | |
| Depreciation and Amortization | $ 33.7 M | |
| Research and Development | $ 25.6 M | |
| Total Operating Expenses | $ 192.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 297.5 M | |
| EBITDA | $ 219.6 M | |
| EBIT | $ 185.8 M | |
| Operating Income | $ 184.5 M | |
| Interest Income | — | |
| Interest Expense | $ 5.5 M | |
| Net Interest Income | $ -5.51 M | |
| Income Before Tax | $ 180.3 M | |
| Tax Provision | $ 30.3 M | |
| Tax Rate | 16.8 % | |
| Net Income | $ 150.0 M | |
| Net Income From Continuing Operations | $ 150.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.52 | |
| EPS Actual | $ 1.60 | |
| EPS Difference | $ 0.08 | |
| EPS Surprise | 5.263 % | |
| Forward EPS | $ 2.47 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.7 B | |
| Intangible Assets | $ 1.5 B | |
| Net Tangible Assets | $ -1.31 B | |
| Total Current Assets | $ 1.0 B | |
| Cash and Short-Term Investments | $ 318.6 M | |
| Cash | $ 309.7 M | |
| Net Receivables | $ 468.2 M | |
| Inventory | $ 155.5 M | |
| Long-Term Investments | $ 53.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 14.1 M | |
| Short-Term Debt | $ 208.7 M | |
| Total Current Liabilities | $ 363.2 M | |
| Net Debt | $ 1.8 B | |
| Total Debt | $ 2.1 B | |
| Total Liabilities | $ 2.5 B | |
| EQUITY | ||
| Total Equity | $ 219.6 M | |
| Retained Earnings | $ 204.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 1.85 | |
| Shares Outstanding | 118.523 M | |
| Revenue Per-Share | $ 3.18 | |
| VALUATION | Market Capitalization | $ 7.9 B |
| Enterprise Value | $ 9.7 B | |
| Enterprise Multiple | 44.381 | |
| Enterprise Multiple QoQ | -129.371 % | |
| Enterprise Multiple YoY | -7.204 % | |
| Enterprise Multiple IPRWA | high: 75.51 HALO: 44.381 median: 27.492 mean: 8.831 low: -126.596 |
|
| EV/R | 25.868 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 12.169 | |
| Asset To Liability | 1.09 | |
| Debt To Capital | 0.907 | |
| Debt To Assets | 0.802 | |
| Debt To Assets QoQ | -5.426 % | |
| Debt To Assets YoY | 16.921 % | |
| Debt To Assets IPRWA | high: 1.112 HALO: 0.802 mean: 0.165 median: 0.031 low: 0.0 |
|
| Debt To Equity | 9.765 | |
| Debt To Equity QoQ | -77.754 % | |
| Debt To Equity YoY | 212.391 % | |
| Debt To Equity IPRWA | HALO: 9.765 high: 1.864 mean: 0.194 median: 0.051 low: -1.172 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 36.054 | |
| Price To Book QoQ | -79.21 % | |
| Price To Book YoY | 137.738 % | |
| Price To Book IPRWA | HALO: 36.054 high: 20.609 mean: 7.548 median: 5.613 low: -11.267 |
|
| Price To Earnings (P/E) | 41.757 | |
| Price To Earnings QoQ | -113.944 % | |
| Price To Earnings YoY | -21.942 % | |
| Price To Earnings IPRWA | high: 74.242 HALO: 41.757 mean: -2.824 median: -15.427 low: -125.804 |
|
| PE/G Ratio | -0.054 | |
| Price To Sales (P/S) | 21.021 | |
| Price To Sales QoQ | 12.181 % | |
| Price To Sales YoY | -23.875 % | |
| Price To Sales IPRWA | high: 864.732 mean: 64.949 median: 30.918 HALO: 21.021 low: 0.192 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 27.804 | |
| Forward PE/G | -0.036 | |
| Forward P/S | 43.294 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 17.677 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.145 | |
| Asset Turnover Ratio QoQ | -23.86 % | |
| Asset Turnover Ratio YoY | 16.558 % | |
| Asset Turnover Ratio IPRWA | high: 0.403 HALO: 0.145 mean: 0.102 median: 0.094 low: 0.0 |
|
| Receivables Turnover | 0.835 | |
| Receivables Turnover Ratio QoQ | -27.416 % | |
| Receivables Turnover Ratio YoY | -4.192 % | |
| Receivables Turnover Ratio IPRWA | high: 6.246 mean: 1.27 median: 1.226 HALO: 0.835 low: 0.013 |
|
| Inventory Turnover | 0.477 | |
| Inventory Turnover Ratio QoQ | 9.785 % | |
| Inventory Turnover Ratio YoY | 51.269 % | |
| Inventory Turnover Ratio IPRWA | high: 2.532 mean: 0.501 HALO: 0.477 median: 0.358 low: 0.003 |
|
| Days Sales Outstanding (DSO) | 109.308 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 281.304 | |
| Cash Conversion Cycle Days QoQ | -19.304 % | |
| Cash Conversion Cycle Days YoY | -30.473 % | |
| Cash Conversion Cycle Days IPRWA | high: 1575.417 HALO: 281.304 mean: 227.673 median: 208.031 low: -1586.264 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.589 | |
| CapEx To Revenue | -0.01 | |
| CapEx To Depreciation | -0.886 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.2 B | |
| Net Invested Capital | $ 2.4 B | |
| Invested Capital | $ 2.4 B | |
| Net Tangible Assets | $ -1.31 B | |
| Net Working Capital | $ 639.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.877 | |
| Current Ratio | 2.762 | |
| Current Ratio QoQ | -40.735 % | |
| Current Ratio YoY | -67.094 % | |
| Current Ratio IPRWA | high: 32.587 mean: 3.954 HALO: 2.762 median: 2.404 low: 0.016 |
|
| Quick Ratio | 2.334 | |
| Quick Ratio QoQ | -36.298 % | |
| Quick Ratio YoY | -68.016 % | |
| Quick Ratio IPRWA | high: 9.985 mean: 2.772 median: 2.568 HALO: 2.334 low: 0.054 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.768 | |
| Cost Of Debt | 0.214 % | |
| Interest Coverage Ratio | 33.739 | |
| Interest Coverage Ratio QoQ | -272.708 % | |
| Interest Coverage Ratio YoY | 2.91 % | |
| Interest Coverage Ratio IPRWA | high: 604.866 HALO: 33.739 median: -14.877 mean: -77.694 low: -1643.72 |
|
| Operating Cash Flow Ratio | 0.452 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 20.271 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.837 % | |
| Revenue Growth | -16.615 % | |
| Revenue Growth QoQ | -160.368 % | |
| Revenue Growth YoY | 49.375 % | |
| Revenue Growth IPRWA | high: 242.212 % median: -7.18 % mean: -10.032 % HALO: -16.615 % low: -242.388 % |
|
| Earnings Growth | -766.667 % | |
| Earnings Growth QoQ | 572.792 % | |
| Earnings Growth YoY | 6339.874 % | |
| Earnings Growth IPRWA | high: 200.0 % median: -5.479 % mean: -12.672 % low: -247.826 % HALO: -766.667 % |
|
| MARGINS | ||
| Gross Margin | 78.966 % | |
| Gross Margin QoQ | -4.358 % | |
| Gross Margin YoY | -3.376 % | |
| Gross Margin IPRWA | high: 100.0 % median: 81.912 % HALO: 78.966 % mean: 77.426 % low: -98.223 % |
|
| EBIT Margin | 49.331 % | |
| EBIT Margin QoQ | -332.299 % | |
| EBIT Margin YoY | -11.928 % | |
| EBIT Margin IPRWA | high: 2524.194 % HALO: 49.331 % median: 23.412 % mean: -115.686 % low: -7259.515 % |
|
| Return On Sales (ROS) | 48.981 % | |
| Return On Sales QoQ | -8.067 % | |
| Return On Sales YoY | -12.553 % | |
| Return On Sales IPRWA | high: 100.302 % HALO: 48.981 % median: 20.658 % mean: -115.688 % low: -7394.476 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 176.3 M | |
| Free Cash Flow Yield | 2.227 % | |
| Free Cash Flow Yield QoQ | -368.637 % | |
| Free Cash Flow Yield YoY | 6.25 % | |
| Free Cash Flow Yield IPRWA | high: 11.709 % HALO: 2.227 % median: 0.11 % mean: -0.536 % low: -45.34 % |
|
| Free Cash Growth | -351.303 % | |
| Free Cash Growth QoQ | 150.99 % | |
| Free Cash Growth YoY | 2682.818 % | |
| Free Cash Growth IPRWA | high: 253.163 % mean: 4.749 % median: -16.22 % low: -239.224 % HALO: -351.303 % |
|
| Free Cash To Net Income | 1.175 | |
| Cash Flow Margin | 43.538 % | |
| Cash Flow To Earnings | 1.093 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 5.773 % | |
| Return On Assets QoQ | -196.765 % | |
| Return On Assets YoY | 4.131 % | |
| Return On Assets IPRWA | high: 38.074 % HALO: 5.773 % median: -8.352 % mean: -13.834 % low: -67.817 % |
|
| Return On Capital Employed (ROCE) | 8.047 % | |
| Return On Equity (ROE) | 0.683 | |
| Return On Equity QoQ | -123.553 % | |
| Return On Equity YoY | 178.993 % | |
| Return On Equity IPRWA | high: 0.797 HALO: 0.683 median: -0.116 mean: -0.348 low: -1.265 |
|
| DuPont ROE | 111.788 % | |
| Return On Invested Capital (ROIC) | 6.54 % | |
| Return On Invested Capital QoQ | -289.127 % | |
| Return On Invested Capital YoY | 6.828 % | |
| Return On Invested Capital IPRWA | high: 41.877 % HALO: 6.54 % median: 2.185 % mean: 0.213 % low: -51.333 % |
|