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 $153.96 per share. The share price was $102.98 on November 10, 2026, 33% 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% | $86.52 | -16% |
| Base | 15.0% | 9.0% | $153.96 | +50% |
| Bull | 20.0% | 8.0% | $279.55 | +171% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $205.03 | $220.95 | $240.41 | $264.73 | $296.01 |
| 8.0% | $166.67 | $176.99 | $189.19 | $203.84 | $221.73 |
| 9.0% | $138.76 | $145.82 | $153.96 | $163.46 | $174.70 |
| 10.0% | $117.59 | $122.61 | $128.30 | $134.81 | $142.31 |
| 11.0% | $101.03 | $104.71 | $108.83 | $113.46 | $118.70 |
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