Halozyme (HALO)
Health Care · Biopharmaceutical drug delivery technology and enzyme licensing
Halozyme monetizes its patented hyaluronidase enzyme and microparticle drug delivery technologies through partnerships with major pharma, earning milestone payments and royalties from approved therapies that achieve faster, higher-volume subcutaneous administration.
What Halozyme does
Halozyme is a biopharmaceutical company that develops and licenses proprietary drug delivery technologies, primarily ENHANZE (based on recombinant human hyaluronidase enzyme, rHuPH20), which enables subcutaneous administration of high-dose, high-volume biologics and other therapeutic molecules. The company generates revenue through licensing agreements with major pharmaceutical partners, milestone payments, bulk enzyme sales, and royalties from approved partner products, as well as through its own commercial products like Hylenex and XYOSTED. Halozyme also markets Hypercon microparticle technology for hyperconcentration of drugs to reduce injection volume, and is developing Surf Bio hyperconcentration technology and advanced auto-injector devices.
Themes: ["Subcutaneous drug delivery technology","Biologic and monoclonal antibody delivery","Drug-device combination products","Biopharmaceutical licensing and royalties","Hyperconcentration technology","Patient convenience and reduced treatment burden"]
Fundamentals
- Price$78.62 as of 2026-07-09 close
- Market cap$9.6B as of 2026-07-10
- 1-year return+39.0% as of 2026-07-09 close
- P/E27.56 as of 2026-07-10
- Net margin+23.1% as of 2026-07-10
- Gross margin+82.8% as of 2026-07-10
- ROE+126.3% as of 2026-07-10
- Debt / equity9.76 as of 2026-07-10
- Revenue growth (YoY)+39.1% as of 2026-07-10
- Revenue CAGR (3y)+28.4% SEC XBRL
- Beta0.86 as of 2026-07-10
Key risks (from latest filing)
["Dependence on partner commercialization: Revenue is heavily reliant on licensing agreements with major pharmaceutical companies (Roche, Takeda, Pfizer, Janssen, AbbVie, Lilly, BMS, etc.); decline in partner sales or collaboration termination would significantly impact royalty streams.","Regulatory and competitive pressure: ENHANZE technology operates in competitive drug delivery space; patent expirations and entry of competing delivery technologies could reduce licensing value and royalty potential.","Long development timelines and product risk: Pipeline products (Surf Bio, Hypercon partnerships) require regulatory approval and successful partner commercialization; clinical or commercial failure would limit future revenue growth."]
Competitors & peers
- Amgen (AMGN) - biologics and drug delivery innovation
- Eli Lilly (LLY) - injectable therapeutics and drug delivery systems
- Pfizer (PFE) - parenteral drug formulations and delivery
- Johnson & Johnson (JNJ) - injectable biologics platforms
- Baxter International - infusion and drug delivery technologies
- West Pharmaceutical Services (WST) - injectable drug delivery systems
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.