Recent News
Jan 5, 2026 — Halozyme and Skye Bioscience announced a global collaboration and license to evaluate nimacimab co-formulated with ENHANZE® for obesity. Jan 8, 2026 — Halozyme and Takeda disclosed a global collaboration and exclusive license to apply ENHANZE® to vedolizumab. Mar 3, 2026 — Halozyme participated in the TD Cowen 46th Annual Healthcare Conference, presenting business and pipeline updates.
Technical Analysis
Directional indicators: ADX at 29.53 signals a strong trend; DI+ at 16.36 decreasing and DI- at 30.32 increasing together indicate a bearish directional bias. This directional setup pressures near-term price action relative to current valuation.
MACD stands at -2.17 with the MACD line decreasing and below the signal line (-1.60), indicating bearish momentum and no bullish MACD cross to offset downward bias.
MRO reads -30.84, which places price below the model target and implies upward potential toward the target; treat this as a countervailing mean-reversion pressure against prevailing bearish momentum.
RSI at 44.81 and decreasing shows fading relative strength and reinforces the short-term downside bias while not yet in oversold extremes.
Price versus moving averages and cloud: the close $63.65 sits below the 12-day EMA $66.27 (EMA decreasing), the 26-day EMA $68.69, the 20-day average $66.88 and the 200-day average $66.80, reflecting price trading beneath key trend references. Ichimoku lines (Tenkan $67.38, Kijun $72.72, Senkou A $73.66, Senkou B $70.31) lie above price, supporting technical resistance overhead.
Bollinger context: the close tests beneath the 1× lower band ($64.16), highlighting short-term weakness and elevated probability of either further downside to the 2× band ($61.44) or a volatility-driven bounce back toward the band center.
Fundamental Analysis
Revenue and margin profile: Total revenue $451,767,000 with revenue growth year-over-year 9.07% and quarter-over-quarter 2.14%. Gross margin stands at 82.56% and operating margin at 53.28%, reflecting high-margin licensing/royalty economics from ENHANZE®-enabled products. Operating margin compares favorably with the industry peer mean of approximately -29.12% and the industry peer median of 27.57%.
Profitability and earnings: Net income totaled -$141,591,000 and EBIT registered -$95,938,000 (EBIT margin -21.24%). EPS actual was -$0.24 versus an estimate of $2.20, producing an EPS surprise ratio of -110.91%, which underscores headline negative GAAP profitability despite strong operating margin at the company level.
Cash, liquidity and leverage: Cash and short-term investments totaled $142,820,000 against total debt $2,142,630,000, leaving net debt roughly $2,008,810,000 and a debt-to-equity ratio of 43.89x. Current ratio stands at 4.66x and quick ratio 3.66x, indicating short-term liquidity, but solvency metrics reflect heavy leverage relative to equity.
Cash flow and capital deployment: Operating cash flow $219,029,000 contrasts with free cash flow -$70,169,000 and free cash flow yield -0.83%, showing operational cash generation partially offset by capital and acquisition outflows; free cash growth declined QoQ and YoY per the supplied figures.
Valuation signals: Price-to-book sits at 173.42x and forward P/E about 27.33x on forward EPS $2.46, while enterprise value measures produce an EV/Revenue-type ratio near 23.16x. The current valuation as determined by WMDST: over-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-17 |
| NEXT REPORT DATE: | 2026-05-19 |
| CASH FLOW | Begin Period Cash Flow | $ 419.7 M |
| Operating Cash Flow | $ 219.0 M | |
| Capital Expenditures | $ -289.20 M | |
| Change In Working Capital | $ -9.43 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -283.24 M | |
| End Period Cash Flow | $ 136.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 451.8 M | |
| Forward Revenue | $ -231.29 M | |
| COSTS | ||
| Cost Of Revenue | $ 78.8 M | |
| Depreciation | $ 3.3 M | |
| Depreciation and Amortization | $ 26.7 M | |
| Research and Development | $ 31.9 M | |
| Total Operating Expenses | $ 211.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 373.0 M | |
| EBITDA | $ -69.26 M | |
| EBIT | $ -95.94 M | |
| Operating Income | $ 240.7 M | |
| Interest Income | — | |
| Interest Expense | $ 4.9 M | |
| Net Interest Income | $ -4.91 M | |
| Income Before Tax | $ -100.85 M | |
| Tax Provision | $ 40.7 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -141.59 M | |
| Net Income From Continuing Operations | $ -141.59 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.20 | |
| EPS Actual | $ -0.24 | |
| EPS Difference | $ -2.44 | |
| EPS Surprise | -110.909 % | |
| Forward EPS | $ 2.46 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.5 B | |
| Intangible Assets | $ 1.6 B | |
| Net Tangible Assets | $ -1.51 B | |
| Total Current Assets | $ 825.2 M | |
| Cash and Short-Term Investments | $ 142.8 M | |
| Cash | $ 133.8 M | |
| Net Receivables | $ 434.3 M | |
| Inventory | $ 176.5 M | |
| Long-Term Investments | $ 56.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 20.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 177.1 M | |
| Net Debt | $ 2.0 B | |
| Total Debt | $ 2.1 B | |
| Total Liabilities | $ 2.5 B | |
| EQUITY | ||
| Total Equity | $ 48.8 M | |
| Retained Earnings | $ 54.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.41 | |
| Shares Outstanding | 117.782 M | |
| Revenue Per-Share | $ 3.84 | |
| VALUATION | Market Capitalization | $ 8.5 B |
| Enterprise Value | $ 10.5 B | |
| Enterprise Multiple | -151.104 | |
| Enterprise Multiple QoQ | -521.174 % | |
| Enterprise Multiple YoY | -507.208 % | |
| Enterprise Multiple IPRWA | high: 102.834 median: 58.093 mean: 23.025 low: -145.027 HALO: -151.104 |
|
| EV/R | 23.165 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 51.734 | |
| Asset To Liability | 1.02 | |
| Debt To Capital | 0.978 | |
| Debt To Assets | 0.848 | |
| Debt To Assets QoQ | 24.748 % | |
| Debt To Assets YoY | 16.269 % | |
| Debt To Assets IPRWA | high: 0.934 HALO: 0.848 mean: 0.251 median: 0.191 low: 0.0 |
|
| Debt To Equity | 43.894 | |
| Debt To Equity QoQ | 1364.082 % | |
| Debt To Equity YoY | 960.533 % | |
| Debt To Equity IPRWA | HALO: 43.894 high: 1.62 mean: 0.4 median: 0.109 low: -1.035 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 173.421 | |
| Price To Book QoQ | 1001.537 % | |
| Price To Book YoY | 851.748 % | |
| Price To Book IPRWA | HALO: 173.421 high: 19.432 median: 5.801 mean: 5.125 low: -10.511 |
|
| Price To Earnings (P/E) | -299.47 | |
| Price To Earnings QoQ | -734.382 % | |
| Price To Earnings YoY | -800.886 % | |
| Price To Earnings IPRWA | high: 105.518 median: 56.51 mean: 15.787 low: -145.713 HALO: -299.47 |
|
| PE/G Ratio | 2.628 | |
| Price To Sales (P/S) | 18.738 | |
| Price To Sales QoQ | -16.325 % | |
| Price To Sales YoY | -15.766 % | |
| Price To Sales IPRWA | high: 438.506 mean: 40.868 median: 20.207 HALO: 18.738 low: -75.758 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 27.328 | |
| Forward PE/G | -0.24 | |
| Forward P/S | -36.6 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -5.195 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.19 | |
| Asset Turnover Ratio QoQ | 14.862 % | |
| Asset Turnover Ratio YoY | 33.548 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 HALO: 0.19 mean: 0.116 median: 0.109 low: -0.066 |
|
| Receivables Turnover | 1.15 | |
| Receivables Turnover Ratio QoQ | 9.37 % | |
| Receivables Turnover Ratio YoY | 11.263 % | |
| Receivables Turnover Ratio IPRWA | high: 5.263 mean: 1.429 median: 1.333 HALO: 1.15 low: -1.505 |
|
| Inventory Turnover | 0.435 | |
| Inventory Turnover Ratio QoQ | 44.571 % | |
| Inventory Turnover Ratio YoY | 41.288 % | |
| Inventory Turnover Ratio IPRWA | high: 3.387 mean: 0.741 median: 0.473 HALO: 0.435 low: 0.009 |
|
| Days Sales Outstanding (DSO) | 79.34 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 348.597 | |
| Cash Conversion Cycle Days QoQ | -15.95 % | |
| Cash Conversion Cycle Days YoY | 9.064 % | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 HALO: 348.597 median: 192.562 mean: 188.131 low: -1243.489 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.697 | |
| CapEx To Revenue | -0.64 | |
| CapEx To Depreciation | -87.53 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.2 B | |
| Net Invested Capital | $ 2.2 B | |
| Invested Capital | $ 2.2 B | |
| Net Tangible Assets | $ -1.51 B | |
| Net Working Capital | $ 648.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.806 | |
| Current Ratio | 4.66 | |
| Current Ratio QoQ | 193.606 % | |
| Current Ratio YoY | -40.279 % | |
| Current Ratio IPRWA | high: 30.664 mean: 5.488 HALO: 4.66 median: 2.901 low: 0.35 |
|
| Quick Ratio | 3.663 | |
| Quick Ratio QoQ | 168.339 % | |
| Quick Ratio YoY | -45.992 % | |
| Quick Ratio IPRWA | high: 13.851 HALO: 3.663 mean: 2.631 median: 2.464 low: 0.279 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -30.937 | |
| Cost Of Debt | 0.212 % | |
| Interest Coverage Ratio | -19.535 | |
| Interest Coverage Ratio QoQ | -137.591 % | |
| Interest Coverage Ratio YoY | -148.53 % | |
| Interest Coverage Ratio IPRWA | high: 404.333 mean: 40.542 median: 3.319 HALO: -19.535 low: -696.975 |
|
| Operating Cash Flow Ratio | -1.033 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 29.947 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 13.69 % | |
| Revenue Growth | 27.523 % | |
| Revenue Growth QoQ | 214.046 % | |
| Revenue Growth YoY | 907.43 % | |
| Revenue Growth IPRWA | high: 280.972 % HALO: 27.523 % mean: 12.991 % median: 3.233 % low: -200.0 % |
|
| Earnings Growth | -113.953 % | |
| Earnings Growth QoQ | -1615.534 % | |
| Earnings Growth YoY | 14379.416 % | |
| Earnings Growth IPRWA | high: 175.0 % mean: -20.236 % median: -27.5 % HALO: -113.953 % low: -233.333 % |
|
| MARGINS | ||
| Gross Margin | 82.564 % | |
| Gross Margin QoQ | -2.183 % | |
| Gross Margin YoY | -3.87 % | |
| Gross Margin IPRWA | high: 102.453 % HALO: 82.564 % median: 79.505 % mean: 78.36 % low: -13.436 % |
|
| EBIT Margin | -21.236 % | |
| EBIT Margin QoQ | -133.698 % | |
| EBIT Margin YoY | -134.629 % | |
| EBIT Margin IPRWA | high: 1116.376 % median: 21.964 % HALO: -21.236 % mean: -28.114 % low: -2536.231 % |
|
| Return On Sales (ROS) | 53.279 % | |
| Return On Sales QoQ | -13.387 % | |
| Return On Sales YoY | -13.12 % | |
| Return On Sales IPRWA | high: 1116.376 % HALO: 53.279 % median: 27.569 % mean: -29.123 % low: -2536.231 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -70.17 M | |
| Free Cash Flow Yield | -0.829 % | |
| Free Cash Flow Yield QoQ | -137.46 % | |
| Free Cash Flow Yield YoY | -131.33 % | |
| Free Cash Flow Yield IPRWA | high: 19.179 % median: 0.416 % mean: 0.344 % HALO: -0.829 % low: -27.145 % |
|
| Free Cash Growth | -139.967 % | |
| Free Cash Growth QoQ | -277.443 % | |
| Free Cash Growth YoY | -358.896 % | |
| Free Cash Growth IPRWA | high: 144.964 % median: -24.526 % mean: -26.409 % HALO: -139.967 % low: -201.25 % |
|
| Free Cash To Net Income | 0.496 | |
| Cash Flow Margin | -40.503 % | |
| Cash Flow To Earnings | 1.292 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -5.966 % | |
| Return On Assets QoQ | -172.783 % | |
| Return On Assets YoY | -191.042 % | |
| Return On Assets IPRWA | high: 32.959 % median: 1.475 % mean: -1.755 % HALO: -5.966 % low: -47.9 % |
|
| Return On Capital Employed (ROCE) | -4.086 % | |
| Return On Equity (ROE) | -2.901 | |
| Return On Equity QoQ | -934.159 % | |
| Return On Equity YoY | -870.233 % | |
| Return On Equity IPRWA | high: 0.657 median: 0.055 mean: 0.017 low: -0.879 HALO: -2.901 |
|
| DuPont ROE | -51.235 % | |
| Return On Invested Capital (ROIC) | -3.458 % | |
| Return On Invested Capital QoQ | -139.104 % | |
| Return On Invested Capital YoY | -122.389 % | |
| Return On Invested Capital IPRWA | high: 19.946 % median: 3.016 % mean: 0.985 % HALO: -3.458 % low: -50.412 % |
|