HALOZYME THERAPEUTICS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HALOZYME THERAPEUTICS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	147	317	152	196	268	443	660	829	1,015	1,397
Cost of revenue	33.2	31.2	10.1	45.5	43.4	81.4	139	192	159	229
Gross profit	113	285	142	150	224	362	521	637	856	1,168
Research and development	151	151	150	141	34.2	35.7	66.6	76.4	79	81.5
Selling, general and administrative	45.9	53.8	60.8	77.3	45.7	50.3	144	149	154	207
Operating income	-83.2	81	-69.3	-67.6	144	276	268	338	551	469
Interest expense	20	22	18	11.6	20.4	7.53	16.9	18.8	18.1	18.1
Other non-operating income	1.33	2.59	7.58	6.99	5.43	1.1	1.05	16.3	23.8	21.5
Pre-tax income	-102	61.6	-79.8	-72.3	129	249	249	348	557	467
Income tax	1.16	-1.36	0.54	-0.01	0.22	-154	46.8	66.7	113	150
Net income	-103	63	-80.3	-72.2	129	403	202	282	444	317
EBITDA	-80.8	83.2	-66.9	-63.5	148	279	274	349	562	480
EPS, basic	-0.81	0.46	-0.56	-0.50	0.95	2.86	1.48	2.13	3.50	2.64
EPS, diluted	-0.81	0.45	-0.56	-0.50	0.91	2.74	1.44	2.10	3.43	2.56
Shares, basic (weighted)	128	136	144	144	136	141	137	132	127	120
Shares, diluted (weighted)	128	139	144	144	141	147	141	134	129	124

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	66.8	169	57.9	120	148	119	234	118	116	134
Short-term investments				301	220	622	129
Receivables	15.7	22.1	30	59.4	97.7	91	187	233	288	426
Inventory	14.6	5.15	22.6	29.4	60.7	53.9	100	128	142	176
Other current assets	21.2	13.9	20.7	33.4	28.3	40.5	45	48.6	39	64.6
Total current assets	257	510	428	543	555	926	739	746	1,085	825
Property, plant and equipment	4.26	3.52	7.47	10.9	7.29	6.79	35.1	38.1	40.9	44.4
Lease right-of-use assets			0	3.85	3.3	2	40.5	36.8	34.2	37.7
Goodwill						0	409	417	417	580
Intangible assets						0	547	473	402	981
Total assets	262	520	440	566	580	1,104	1,842	1,733	2,063	2,525
Accounts payable	3.58	7.95	4.08	6.43	1.93	1.54	17.7	11.8	10.2	20.9
Accrued liabilities	28.8	39.6	49.5	55.6	20.5	24.4	99.8	101	129	156
Deferred revenue	4.79	6.57	4.25	4.01	1.75	1.75	3.25
Short-term debt	17.4	77.2	91.5	19.5	397	89.4	13.3	0	0	0
Total current liabilities	54.6	131	149	85.6	421	117	131	112	139	177
Long-term debt	199	125	34.9	383	0	787	1,493	1,499	1,506	2,143
Other non-current liabilities	0.36	0.81	2.12	4.18	3.47	0.54	32.7	37.7	54.8	114
Total liabilities	294	312	191	474	429	907	1,672	1,649	1,700	2,477
Total debt	199	125	34.9	383	0	787	1,506	1,499	1,506	2,143
Paid-in capital	553	731	780	695	625	256	27.4	2.41	0	12
Retained earnings	-585	-522	-531	-604	-475	-58.9	143	90.6	360	54.8
Other comprehensive income	-0.01	-0.45	-0.28	0.24	0.02	-0.62	-0.92	-9.28	3.83	-18.1
Shareholders' equity	-32.5	208	249	91.8	151	197	170	83.8	364	48.8
Total equity	-32.5	208	249	91.8	151	197	170	83.8	364	48.8
Total liabilities and equity	262	520	440	566	580	1,104	1,842	1,733	2,063	2,525
Shares outstanding	130	143	145	137	135	137	135	127	123	118

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-103	63	-80.3	-72.2	129	403	202	282	444	317
Depreciation and amortization	2.41	2.16	2.39	4.07	3.28	3	6.49	11.1	10.3	11.4
Stock-based compensation	25.6	30.7	35.7	34.8	17.2	20.8	24.4	36.6	43.4	51.6
Change in receivables	16.7	-6.45	11.6	-29.4	-38.3	6.76	-83.9	-3.34	-74.2	-128
Change in inventory	-5.13	9.48	-17.5	-6.73	-31.4	7.37	-17.5	-26.9	-67.4	2.55
Change in payables	-0.24	15.6	5.7	4.64	-41.2	1.17	24.5	-12.5	47	6.21
Cash from operations	-50.4	134	-49.5	-85.4	55.5	299	240	389	479	652
Capital expenditures	-3.14	-1.35	-4.66	-4.04	-2.5	-1.46	-4.81	-15.3	-10.7	-6.97
Acquisitions					0	0	-999	0	0	-726
Purchases of investments			-311	-390	-226	-653	-255	-293	-648	-247
Sales and maturities of investments			318	388	306	248	746
Cash from investing	-76.8	-164	2.49	-5.55	78.4	-406	-487	-96.9	-263	-546
Debt issued						785	0	0
Stock issued	0	135	0	0	66.2	16.6
Share buybacks		0	0	-200	-150	-350	-200	-402	-250	-342
Cash from financing	151	132	-63.8	153	-106	77.9	362	-408	-219	-85.2
Net change in cash	23.5	102	-111	62.2	27.5	-29	115	-116	-2.52	20.6
Free cash flow	-53.5	133	-54.2	-89.5	53	298	235	373	468	645
Interest paid	3.89	20.3	16.9	9.03	6.53	3.3	6.11	11.4	10.6	11.4
Income taxes paid	1.44	3.02	0.22	0.19	0.18	-0.38	16.2	31.8	80.6	135

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $102.98 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	82.3%	Gross profit / revenue.
Operating margin	37.4%	Operating income / revenue.
EBITDA margin	38.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	36.3%	Pre-tax income / revenue.
Net margin	26.9%	Net income / revenue.
FCF margin	49.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	49.8%	Cash from operations / revenue.
Effective tax rate	25.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	14.0%	Net income / average total assets.
Return on invested capital (ROIC)	23.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	13.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	37.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	28.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	39.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	36.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	30.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	39.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-15.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	20.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	26.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-14.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	20.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	26.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-28.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	19.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-25.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	21.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	23.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	36.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	39.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	63.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	37.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	39.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	64.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-86.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-34.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-20.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	22.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	34.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.88x	Current assets / current liabilities.
Quick ratio	3.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.16x	(Cash + short-term investments) / current liabilities.
Debt / assets	93.6%	Total debt / total assets.
Liabilities / assets	101.6%	Total liabilities / total assets.
Net debt	$2.22B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.21x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	30.6x	Operating income / interest expense.
Working capital	$1.37B	Current assets - current liabilities.
Goodwill and intangibles / assets	42.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.53B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.52x	Revenue / average total assets.
Fixed asset turnover	35.2x	Revenue / average property, plant and equipment.
Inventory turnover	2.41x	Cost of revenue / average inventory.
Days inventory	151 days	365 x average inventory / cost of revenue.
Receivables turnover	3.48x	Revenue / average receivables.
Days sales outstanding	105 days	365 x average receivables / revenue.
Days payables	38 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	218 days	Days inventory + days sales outstanding - days payables.
FCF conversion	182.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.96	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.70	Revenue / diluted weighted shares.
FCF per share	$7.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.33	Cash from operations / diluted weighted shares.
Book value per share	-$0.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$13.43	Tangible book value / shares outstanding.
Cash per share	$9.04	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$11.69B	Share price x shares outstanding.
Enterprise value	$13.91B	Market cap + total debt - cash - short-term investments.
P/E	24.1x	Market cap / net income. Only when net income is positive.
P/S	6.48x	Market cap / revenue.
P/FCF	13.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.0x	Market cap / cash from operations, when positive.
EV/Sales	7.72x	Enterprise value / revenue.
EV/EBIT	20.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.6%	Free cash flow / market cap.
Earnings yield	4.2%	Net income / market cap (the inverse of P/E).
PEG	1.14x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was HALOZYME THERAPEUTICS, INC.'s revenue in fiscal 2025?

HALOZYME THERAPEUTICS, INC. reported revenue of $1.40B for fiscal 2025, 37.6% higher than the year before.

Was HALOZYME THERAPEUTICS, INC. profitable in fiscal 2025?

Yes. Net income was $316.9M, a net margin of 22.7%.

How much free cash flow did HALOZYME THERAPEUTICS, INC. generate in fiscal 2025?

Cash from operations of $651.6M minus capital expenditures of $7.0M left free cash flow of $644.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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