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

Halozyme Therapeutics brought in $1.4B of revenue in fiscal 2025, Moderna $1.9B in fiscal 2025. Revenue changed by +37.6% at Halozyme Therapeutics and -39.9% at Moderna on the year before, so Halozyme Therapeutics grew faster. Halozyme Therapeutics kept 22.7% of its revenue as net profit, Moderna -145.2%. Free cash flow was $644.6M at Halozyme Therapeutics and -$2.1B at Moderna.

Side by side, latest fiscal year

HALOMRNA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.4B$1.9B
Revenue growth+37.6%-39.9%
Net income$316.9M-$2.8B
Net margin22.7%-145.2%
Free cash flow$644.6M-$2.1B
Free cash flow margin46.2%-106.2%
Earnings per share (diluted)$2.56-$7.26
Cash$133.8M$2.6B
Debt$2.1B$590M
Price to earnings44.5n/a
Market value$12.9B$79.4B
Dividend yieldn/an/a
Rank by revenue in sector#129 of 523 · Health care#111 of 523 · Health care

Over the years

Revenue
HALO FY2018: $151.9MHALO FY2019: $196MHALO FY2020: $267.6MHALO FY2021: $443.3MHALO FY2022: $660.1MHALO FY2023: $829.3MHALO FY2024: $1BHALO FY2025: $1.4BMRNA FY2018: $135.1MMRNA FY2019: $60.2MMRNA FY2020: $803MMRNA FY2021: $18.5BMRNA FY2022: $19.3BMRNA FY2023: $6.8BMRNA FY2024: $3.2BMRNA FY2025: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
HALO $1.4BMRNA $1.9B
Net income
HALO FY2018: -$80.3MHALO FY2019: -$72.2MHALO FY2020: $129.1MHALO FY2021: $402.7MHALO FY2022: $202.1MHALO FY2023: $281.6MHALO FY2024: $444.1MHALO FY2025: $316.9MMRNA FY2018: -$384.7MMRNA FY2019: -$514MMRNA FY2020: -$747MMRNA FY2021: $12.2BMRNA FY2022: $8.4BMRNA FY2023: -$4.7BMRNA FY2024: -$3.6BMRNA FY2025: -$2.8BFY18FY19FY20FY21FY22FY23FY24FY25
HALO $316.9MMRNA -$2.8B
Net margin
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%MRNA FY2018: -284.8%MRNA FY2019: -853.7%MRNA FY2020: -93.0%MRNA FY2021: 66.1%MRNA FY2022: 43.4%MRNA FY2023: -68.8%MRNA FY2024: -110.0%MRNA FY2025: -145.2%FY18FY19FY20FY21FY22FY23FY24FY25
HALO 22.7%MRNA -145.2%
Revenue growth
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%MRNA FY2019: -55.4%MRNA FY2020: +1,233.7%MRNA FY2021: +2,200.2%MRNA FY2022: +4.3%MRNA FY2023: -64.4%MRNA FY2024: -52.7%MRNA FY2025: -39.9%FY19FY20FY21FY22FY23FY24FY25
HALO +37.6%MRNA -39.9%
Free cash flow
HALO FY2018: -$54.2MHALO FY2019: -$89.5MHALO FY2020: $53MHALO FY2021: $298MHALO FY2022: $235.3MHALO FY2023: $373.3MHALO FY2024: $468.4MHALO FY2025: $644.6MMRNA FY2018: -$436.6MMRNA FY2019: -$491MMRNA FY2020: $2BMRNA FY2021: $13.3BMRNA FY2022: $4.6BMRNA FY2023: -$3.8BMRNA FY2024: -$4.1BMRNA FY2025: -$2.1BFY18FY19FY20FY21FY22FY23FY24FY25
HALO $644.6MMRNA -$2.1B

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

Questions about Halozyme Therapeutics and Moderna

Which is bigger by revenue, Halozyme Therapeutics or Moderna?

Moderna is bigger by revenue: $1.9B in fiscal 2025, against $1.4B for Halozyme Therapeutics in fiscal 2025.

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

Halozyme Therapeutics had a net margin of 22.7% in fiscal 2025; Moderna had -145.2% in fiscal 2025.

Which grew revenue faster, Halozyme Therapeutics or Moderna?

In their latest fiscal years revenue changed by +37.6% at Halozyme Therapeutics and -39.9% at Moderna.

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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