What is Halozyme Therapeutics, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Halozyme Therapeutics, Inc.'s reported free cash flow gives $155.87 per share. The share price was $113.90 on September 25, 2026, 27% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $88.43 | -22% |
| Base | 15.0% | 9.0% | $155.87 | +37% |
| Bull | 20.0% | 8.0% | $281.46 | +147% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $206.94 | $222.86 | $242.32 | $266.65 | $297.92 |
| 8.0% | $168.58 | $178.90 | $191.11 | $205.75 | $223.65 |
| 9.0% | $140.67 | $147.73 | $155.87 | $165.38 | $176.61 |
| 10.0% | $119.50 | $124.52 | $130.21 | $136.72 | $144.22 |
| 11.0% | $102.94 | $106.62 | $110.74 | $115.37 | $120.61 |
Where the presets come from
Base: years 1 to 5 grow at Halozyme Therapeutics, Inc.'s revenue growth rate over the last 5 fiscal years (39.2% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions