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Exelixis vs Halozyme Therapeutics: revenue, profit, margins and growth compared

Exelixis brought in $2.3B of revenue in fiscal 2025, Halozyme Therapeutics $1.4B in fiscal 2025. Revenue changed by +7.0% at Exelixis and +37.6% at Halozyme Therapeutics on the year before, so Halozyme Therapeutics grew faster. Exelixis kept 33.7% of its revenue as net profit, Halozyme Therapeutics 22.7%. Free cash flow was $875.8M at Exelixis and $644.6M at Halozyme Therapeutics.

Side by side, latest fiscal year

EXELHALO
Fiscal year endedFY2025 (January 2, 2026)FY2025 (December 31, 2025)
Revenue$2.3B$1.4B
Revenue growth+7.0%+37.6%
Net income$782.6M$316.9M
Net margin33.7%22.7%
Free cash flow$875.8M$644.6M
Free cash flow margin37.7%46.2%
Earnings per share (diluted)$2.78$2.56
Cash$482.5M$133.8M
Debtn/a$2.1B
Price to earnings20.944.5
Market value$14.4B$12.9B
Dividend yieldn/an/a
Rank by revenue in sector#100 of 523 · Health care#129 of 523 · Health care

Over the years

Revenue
EXEL FY2018: $853.8MEXEL FY2019: $967.8MEXEL FY2020: $987.5MEXEL FY2021: $1.4BEXEL FY2022: $1.6BEXEL FY2023: $1.8BEXEL FY2024: $2.2BEXEL FY2025: $2.3BHALO FY2018: $151.9MHALO FY2019: $196MHALO FY2020: $267.6MHALO FY2021: $443.3MHALO FY2022: $660.1MHALO FY2023: $829.3MHALO FY2024: $1BHALO FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
EXEL $2.3BHALO $1.4B
Net income
EXEL FY2018: $690.1MEXEL FY2019: $321MEXEL FY2020: $111.8MEXEL FY2021: $231.1MEXEL FY2022: $182.3MEXEL FY2023: $207.8MEXEL FY2024: $521.3MEXEL FY2025: $782.6MHALO FY2018: -$80.3MHALO FY2019: -$72.2MHALO FY2020: $129.1MHALO FY2021: $402.7MHALO FY2022: $202.1MHALO FY2023: $281.6MHALO FY2024: $444.1MHALO FY2025: $316.9MFY18FY19FY20FY21FY22FY23FY24FY25
EXEL $782.6MHALO $316.9M
Net margin
EXEL FY2018: 80.8%EXEL FY2019: 33.2%EXEL FY2020: 11.3%EXEL FY2021: 16.1%EXEL FY2022: 11.3%EXEL FY2023: 11.4%EXEL FY2024: 24.0%EXEL FY2025: 33.7%HALO FY2018: -52.9%HALO FY2019: -36.9%HALO FY2020: 48.2%HALO FY2021: 90.8%HALO FY2022: 30.6%HALO FY2023: 34.0%HALO FY2024: 43.7%HALO FY2025: 22.7%FY18FY19FY20FY21FY22FY23FY24FY25
EXEL 33.7%HALO 22.7%
Revenue growth
EXEL FY2019: +13.3%EXEL FY2020: +2.0%EXEL FY2021: +45.3%EXEL FY2022: +12.3%EXEL FY2023: +13.6%EXEL FY2024: +18.5%EXEL FY2025: +7.0%HALO FY2019: +29.1%HALO FY2020: +36.5%HALO FY2021: +65.7%HALO FY2022: +48.9%HALO FY2023: +25.6%HALO FY2024: +22.4%HALO FY2025: +37.6%FY19FY20FY21FY22FY23FY24FY25
EXEL +7.0%HALO +37.6%
Free cash flow
EXEL FY2018: $382.4MEXEL FY2019: $514.1MEXEL FY2020: $178.6MEXEL FY2021: $346.6MEXEL FY2022: $334.9MEXEL FY2023: $292.9MEXEL FY2024: $671.5MEXEL FY2025: $875.8MHALO FY2018: -$54.2MHALO FY2019: -$89.5MHALO FY2020: $53MHALO FY2021: $298MHALO FY2022: $235.3MHALO FY2023: $373.3MHALO FY2024: $468.4MHALO FY2025: $644.6MFY18FY19FY20FY21FY22FY23FY24FY25
EXEL $875.8MHALO $644.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Exelixis and Halozyme Therapeutics

Which is bigger by revenue, Exelixis or Halozyme Therapeutics?

Exelixis is bigger by revenue: $2.3B in fiscal 2025, against $1.4B for Halozyme Therapeutics in fiscal 2025.

Which keeps more of its revenue as profit, Exelixis or Halozyme Therapeutics?

Exelixis had a net margin of 33.7% in fiscal 2025; Halozyme Therapeutics had 22.7% in fiscal 2025.

Which grew revenue faster, Exelixis or Halozyme Therapeutics?

In their latest fiscal years revenue changed by +7.0% at Exelixis and +37.6% at Halozyme Therapeutics.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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