Revenue growth accelerated to 47.7% year-over-year in 2026Q2, with gross margin expanding to 83.5% and operating margin reaching 59.8%, though a one-time charge in 2025Q4 caused a net loss of $141.6M.
Halozyme Therapeutics, Inc. (HALO) annual income statement — 25-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 1.66B | 1.4B | 1.02B | 829.25M | 660.12M | 443.31M | 267.59M | 195.99M | 151.86M | 316.61M | 146.69M | 135.06M | 75.33M | 54.8M | 42.33M | 56.09M | 13.62M | 13.67M | 8.76M | 3.8M | 981.75K | 127.21K | 0 | 25.7K | 87.77K | 24.68K |
| Revenue Growth % | 41.15% | 37.55% | 22.44% | 25.62% | 48.91% | 65.67% | 36.53% | 29.06% | -52.04% | 115.84% | 8.61% | 79.28% | 37.47% | 29.47% | -24.54% | 311.67% | -0.35% | 55.99% | 130.66% | 287.02% | 671.76% | - | -100% | -70.71% | 255.56% | - |
| Cost of Goods Sold | 363.07M | 305.44M | 159.42M | 192.36M | 139.3M | 81.41M | 43.37M | 45.55M | 10.14M | 31.15M | 33.21M | 29.25M | 22.73M | 6.25M | 1.09M | 257.83K | 985.28K | 311.89K | 332.32K | 240.43K | 436.99K | 51.97K | 0 | 27K | 49.67K | 15.86K |
| COGS % of Revenue | - | 21.87% | 15.7% | 23.2% | 21.1% | 18.36% | 16.21% | 23.24% | 6.67% | 9.84% | 22.64% | 21.65% | 30.18% | 11.4% | 2.59% | 0.46% | 7.23% | 2.28% | 3.79% | 6.33% | 44.51% | 40.85% | - | 105.05% | 56.6% | 64.24% |
| Gross Profit | 1.3B | 1.09B | 855.91M | 636.89M | 520.81M | 361.9M | 224.23M | 150.45M | 141.73M | 285.46M | 113.48M | 105.81M | 52.6M | 48.55M | 41.23M | 55.83M | 12.64M | 13.36M | 8.43M | 3.56M | 544.76K | 75.24K | 0 | -1.3K | 38.09K | 8.83K |
| Gross Margin % | 78.18% | 78.13% | 84.3% | 76.8% | 78.9% | 81.64% | 83.79% | 76.76% | 93.33% | 90.16% | 77.36% | 78.35% | 69.83% | 88.6% | 97.41% | 99.54% | 92.77% | 97.72% | 96.21% | 93.67% | 55.49% | 59.15% | - | -5.05% | 43.4% | 35.76% |
| Gross Profit Growth % | - | 27.49% | 34.39% | 22.29% | 43.91% | 61.4% | 49.04% | 6.15% | -50.35% | 151.54% | 7.25% | 101.16% | 8.34% | 17.76% | -26.15% | 341.72% | -5.39% | 58.44% | 136.91% | 553.34% | 624.01% | - | 100% | -103.41% | 331.52% | - |
| Operating Expenses | 356.18M | 274.88M | 304.43M | 299.32M | 253.28M | 86M | 79.97M | 218.06M | 211.06M | 204.46M | 196.69M | 133.26M | 115.64M | 128.99M | 94.86M | 75.67M | 66.9M | 71.82M | 58.87M | 31.71M | 16.13M | 13.64M | 9.09M | 77.79K | 77.48K | 48.53K |
| OpEx % of Revenue | - | 19.68% | 29.98% | 36.09% | 38.37% | 19.4% | 29.89% | 111.26% | 138.98% | 64.58% | 134.09% | 98.67% | 153.5% | 235.38% | 224.11% | 134.91% | 491.02% | 525.32% | 671.67% | 834.56% | 1642.75% | 10719.88% | - | 302.64% | 88.28% | 196.61% |
| Selling, General & Admin | 224.29M | 193.39M | 154.34M | 149.18M | 143.53M | 50.32M | 45.74M | 77.25M | 60.8M | 53.82M | 45.85M | 40.03M | 35.94M | 32.35M | 24.81M | 18.1M | 15.12M | 15.2M | 14.63M | 11.16M | 6.91M | 3.42M | 2.57M | 77.79K | 350 | 48.53K |
| SG&A % of Revenue | - | 13.85% | 15.2% | 17.99% | 21.74% | 11.35% | 17.09% | 39.42% | 40.04% | 17% | 31.26% | 29.64% | 47.71% | 59.03% | 58.62% | 32.28% | 111% | 111.21% | 166.97% | 293.59% | 704.14% | 2685.8% | - | 302.64% | 0.4% | 196.61% |
| Research & Development | 102.37M | 81.49M | 79.05M | 76.36M | 66.61M | 35.67M | 34.24M | 140.8M | 150.25M | 150.64M | 150.84M | 93.24M | 79.7M | 96.64M | 70.04M | 57.56M | 51.77M | 56.61M | 44.23M | 20.55M | 9.21M | 10.22M | 6.52M | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.83% | 7.79% | 9.21% | 10.09% | 8.05% | 12.79% | 71.84% | 98.94% | 47.58% | 102.83% | 69.03% | 105.79% | 176.35% | 165.49% | 102.63% | 380.01% | 414.11% | 504.7% | 540.97% | 938.61% | 8034.08% | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 71.05M | 73.77M | 43.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77.13K | 0 |
| Operating Income | 944.49M | 816.29M | 551.48M | 337.57M | 267.53M | 275.9M | 144.25M | -67.61M | -69.33M | 81M | -83.21M | -27.45M | -63.04M | -80.43M | -53.63M | -19.84M | -54.26M | -58.46M | -50.43M | -28.15M | -15.58M | -13.56M | -9.09M | -79.09K | -39.39K | -39.71K |
| Operating Margin % | 56.77% | 58.45% | 54.32% | 40.71% | 40.53% | 62.24% | 53.91% | -34.5% | -45.65% | 25.58% | -56.72% | -20.33% | -83.68% | -146.78% | -126.7% | -35.37% | -398.25% | -427.6% | -575.47% | -740.89% | -1587.26% | -10660.74% | - | -307.69% | -44.88% | -160.85% |
| Operating Income Growth % | - | 48.02% | 63.36% | 26.18% | -3.03% | 91.26% | 313.36% | 2.48% | -185.59% | 197.35% | -203.11% | 56.45% | 21.63% | -49.99% | -170.3% | 63.44% | 7.19% | -15.91% | -79.16% | -80.65% | -14.91% | -49.23% | -11390.37% | -100.8% | 0.8% | - |
| EBITDA | 1.03B | 904.34M | 632.79M | 422.43M | 317.17M | 278.9M | 147.54M | -63.54M | -66.94M | 83.16M | -80.8M | -25.77M | -61.27M | -79.21M | -52.55M | -18.74M | -52.75M | -57.01M | -49.39M | -27.57M | -15.34M | -13.36M | -8.96M | -79.09K | -14.31K | -39.76K |
| EBITDA Margin % | 61.63% | 64.75% | 62.32% | 50.94% | 48.05% | 62.91% | 55.14% | -32.42% | -44.08% | 26.27% | -55.08% | -19.08% | -81.34% | -144.54% | -124.15% | -33.42% | -387.18% | -417.04% | -563.51% | -725.72% | -1562.41% | -10498.53% | - | -307.69% | -16.31% | -161.07% |
| EBITDA Growth % | 34.15% | 42.91% | 49.8% | 33.19% | 13.72% | 89.03% | 332.19% | 5.08% | -180.49% | 202.92% | -213.48% | 57.93% | 22.64% | -50.74% | -180.35% | 64.47% | 7.48% | -15.44% | -79.11% | -79.76% | -14.85% | -48.98% | -11234.41% | -452.66% | 64.01% | - |
| D&A (Non-Cash Add-back) | 80.88M | 88.05M | 81.31M | 84.86M | 49.64M | 3M | 3.28M | 4.07M | 2.39M | 2.16M | 2.41M | 1.68M | 1.76M | 1.23M | 1.08M | 1.1M | 1.51M | 1.44M | 1.05M | 576.49K | 244K | 206.35K | 123.35K | 0 | 25.08K | -54 |
| EBIT | 313.15M | 485M | 575.23M | 367.09M | 265.87M | 256.04M | 149.68M | -60.62M | -69.33M | 81M | -81.88M | -27.03M | -62.79M | -80.2M | -53.55M | -19.77M | -54.26M | -58.46M | -50.43M | -28.15M | -15.58M | -13.56M | -9.09M | 0 | -39.39K | -39.71K |
| Net Interest Income | -8.06M | -18.13M | -18.09M | -18.76M | -16.95M | -7.53M | -20.38M | -11.63M | -18.04M | -21.98M | -19.98M | -5.2M | -5.58M | -3.27M | 59.03K | 0 | 49.02K | 97.74K | 1.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 59.03K | 0 | 49.02K | 97.74K | 1.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.13M | 18.13M | 18.09M | 18.76M | 16.95M | 7.53M | 20.38M | 11.63M | 18.04M | 21.98M | 19.98M | 5.2M | 5.58M | 3.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -361.15M | -349.42M | 5.66M | 10.76M | -18.61M | -27.38M | -14.95M | -4.64M | -10.46M | -19.39M | -18.65M | -4.78M | -5.34M | -3.04M | 73K | 69.09K | 1.02M | 97.74K | 1.72M | 4.25M | 830.87K | 286.04K | -3.53K | 0 | -25.08K | 54 |
| Pretax Income | 583.34M | 466.88M | 557.13M | 348.33M | 248.92M | 248.52M | 129.3M | -72.25M | -79.79M | 61.61M | -101.86M | -32.23M | -68.38M | -83.48M | -53.55M | -19.77B | -53.24M | -58.36M | -48.72M | 0 | 0 | -13.28M | -9.09M | 0 | -64.46K | -39.65K |
| Pretax Margin % | 35.06% | 33.43% | 54.87% | 42.01% | 37.71% | 56.06% | 48.32% | -36.86% | -52.54% | 19.46% | -69.44% | -23.86% | -90.76% | -152.33% | -126.53% | -35248.9% | -390.79% | -426.88% | -555.87% | - | - | -10435.88% | - | - | -73.45% | -160.63% |
| Income Tax | 169.74M | 149.99M | 113.04M | 66.73M | 46.79M | -154.19M | 217K | -11K | 537K | -1.36M | 1.16M | 0 | 0 | 2.05M | -1.14M | -1.16M | 0 | 0 | -63K | -4.25M | -830.87K | 0 | 3.53K | 79.09K | 800 | 0 |
| Effective Tax Rate % | 29.1% | 32.13% | 20.29% | 19.16% | 18.8% | -62.04% | 0.17% | 0.02% | -0.67% | -2.21% | -1.14% | 0% | 0% | -2.45% | 2.13% | 0.01% | 0% | 0% | 0.13% | - | - | 0% | -0.04% | - | -1.24% | 0% |
| Net Income | 413.6M | 316.89M | 444.09M | 281.59M | 202.13M | 402.71M | 129.09M | -72.24M | -80.33M | 62.97M | -103.02M | -32.23M | -68.38M | -83.48M | -53.55M | -19.77M | -53.24M | -58.36M | -48.65M | -23.9M | -14.75M | -13.28M | -9.09M | -79.09K | -65.26K | -39.65K |
| Net Margin % | 24.86% | 22.69% | 43.74% | 33.96% | 30.62% | 90.84% | 48.24% | -36.86% | -52.9% | 19.89% | -70.23% | -23.86% | -90.76% | -152.33% | -126.53% | -35.25% | -390.79% | -426.88% | -555.15% | -628.93% | -1502.63% | -10435.88% | - | -307.69% | -74.36% | -160.63% |
| Net Income Growth % | -25.78% | -28.64% | 57.71% | 39.31% | -49.81% | 211.97% | 278.69% | 10.07% | -227.57% | 161.12% | -219.64% | 52.86% | 18.09% | -55.88% | -170.88% | 62.87% | 8.77% | -19.95% | -103.61% | -61.99% | -11.12% | -46.02% | -11394.83% | -21.19% | -64.59% | - |
| Net Income (Continuing) | 413.6M | 316.89M | 444.09M | 281.59M | 202.13M | 402.71M | 129.09M | -72.24M | -80.33M | 62.97M | -103.02M | -32.23M | -68.38M | -83.48M | -53.55M | -19.77M | -53.24M | -58.36M | -48.65M | -23.9M | -14.75M | -13.28M | -9.09M | -79.09K | -65.26K | -39.65K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.41 | 2.56 | 3.43 | 2.10 | 1.44 | 2.74 | 0.91 | -0.50 | -0.56 | 0.45 | -0.81 | -0.25 | -0.56 | -0.74 | -0.48 | -0.19 | -0.56 | -0.67 | -0.61 | -0.32 | -0.24 | -0.26 | -0.26 | -0.01 | -0.01 | -0.03 |
| EPS Growth % | -23.34% | -25.36% | 63.33% | 45.83% | -47.45% | 201.1% | 282% | 10.71% | -224.44% | 155.56% | -224% | 55.36% | 24.32% | -54.17% | -152.63% | 66.07% | 16.42% | -9.84% | -90.63% | -33.33% | 7.69% | 0% | -2141.38% | 18.31% | 57.1% | - |
| EPS (Basic) | - | 2.64 | 3.50 | 2.13 | 1.48 | 2.86 | 0.95 | -0.50 | -0.56 | 0.46 | -0.81 | -0.25 | -0.56 | -0.74 | -0.48 | -0.19 | -0.56 | -0.67 | -0.61 | -0.32 | -0.24 | -0.26 | -0.26 | -0.01 | -0.01 | -0.03 |
| Diluted Shares Outstanding | 121.22M | 123.9M | 129.42M | 134.2M | 140.61M | 146.8M | 141.46M | 144.33M | 143.6M | 139.07M | 127.96M | 126.7M | 122.69M | 112.81M | 111.08M | 102.57M | 94.36M | 86.7M | 79.84M | 74.32M | 62.61M | 50.32M | 35.41M | 6.83M | 4.6M | 1.2M |
| Basic Shares Outstanding | 117.27M | 119.84M | 126.83M | 131.93M | 136.84M | 140.65M | 136.21M | 144.33M | 143.45M | 136.42M | 127.19M | 126.7M | 122.69M | 112.81M | 111.08M | 102.57M | 94.36M | 86.7M | 79.84M | 74.32M | 62.61M | 50.32M | 35.41M | 6.83M | 4.6M | 1.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying HALO stock.
For fiscal year 2025, Halozyme Therapeutics, Inc. (HALO) reported total revenue of $1.40B. This represents a 5657631.4% increase compared to $0.0M in 2001.
Halozyme Therapeutics, Inc. (HALO) is profitable, generating $316.9M in net income for the fiscal year ending 2025 with a net profit margin of 22.7%.
Halozyme Therapeutics, Inc. (HALO) reported an operating income of $816.3M, resulting in an operating profit margin of 58.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Halozyme Therapeutics, Inc. (HALO) generated $1.09B in gross profit for the year, representing a gross profit margin of 78.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dependence on royalty partners
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
Halozyme's revenue surged 47.7% year-over-year in 2026Q2 to $481.0M, according to the latest quarterly report, marking the fourth consecutive quarter of accelerating growth, driven by robust royalty and product sales.
The revenue trajectory shows a clear acceleration from 4.7% growth in 2024Q2 to 47.7% in 2026Q2, with sequential gains in every quarter. This suggests strong underlying demand for the company's drug delivery technology and expanding partnerships. The growth appears durable as it is broad-based across quarters, not a one-time spike, and is supported by increasing royalty revenues from partners.
Gross Margin Expansion Reflects Mix Shift
Gross margin improved to 83.5% in 2026Q2 from 75.2% in 2024Q2, as reported in financial statements, indicating a favorable product mix and pricing power, though quarterly volatility suggests sensitivity to product mix.
The gross margin trend is upward but not linear, with dips in 2025Q1 and 2026Q1. The 83.5% margin in 2026Q2 is near the high end of the range, suggesting that the company is benefiting from higher-margin royalty revenues. However, the variability implies that the margin is sensitive to the timing of product sales and partner royalties, which investors should monitor for sustainability.
Operating Leverage Drives Margin Expansion
Operating income grew 42.1% year-over-year in 2026Q2 to $287.7M, outpacing revenue growth of 47.7%, as per the income statement, indicating strong operating leverage with SG&A and R&D growing slower than gross profit.
Operating margin expanded from 48.8% in 2024Q1 to 59.8% in 2026Q2, reflecting disciplined cost control. R&D and SG&A expenses have grown at a slower pace than revenue, allowing operating income to scale faster. This suggests that the company is efficiently leveraging its existing infrastructure and partnerships, though the sustainability of this leverage depends on continued revenue growth without proportional cost increases.
Earnings Quality Clouded by One-Time Charges
Net income swung to a loss of $141.6M in 2025Q4, as disclosed in the quarterly report, despite positive operating income, indicating a significant non-operating charge that investors should investigate.
The 2025Q4 net loss of $141.6M contrasts sharply with operating income of $254.4M, implying a large one-time expense or impairment. This anomaly distorts the earnings trend and EPS, which turned negative. Excluding this quarter, net margins are consistently above 39%, suggesting strong underlying profitability. The quality of earnings appears high in other quarters, with SBC as a modest percentage of revenue, but the 2025Q4 charge warrants further investigation.
R&D and SG&A Efficiency Improves
R&D and SG&A combined as a percentage of revenue fell to 17.6% in 2026Q2 from 27.7% in 2024Q1, based on reported figures, indicating improved cost discipline and scale benefits.
The decline in R&D and SG&A intensity is notable, with R&D growing only modestly despite revenue expansion. This suggests that the company is past heavy investment phases and is now reaping the benefits of its commercialized products. The cost structure appears well-managed, but investors should watch for any increase in R&D as the pipeline matures.
Concentration Risk in Royalty Model
Halozyme's revenue growth is heavily dependent on a few large partners, as per the company's business model, and any loss of a key partner could significantly impact future revenue streams.
The company's revenue is largely derived from royalties on products using its technology, which are tied to partner sales. This concentration creates vulnerability to partner-specific issues, such as patent expirations or competitive pressures. Additionally, the 2025Q4 net loss highlights potential for non-operating volatility. Investors should monitor partner announcements and the sustainability of royalty growth.