The company achieved a 71.1% gross margin in 2026Q1, reflecting the inherent efficiency of its royalty-heavy business model despite quarterly revenue volatility.
| 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 | 1.51B | 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 % | 39.12% | 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 | 348.02M | 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 | 1.16B | 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 % | 76.93% | 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 | 301.16M | 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 | 208.91M | 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 | 92.25M | 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 | 0 | 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 | 859.27M | 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 % | 56.96% | 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 | 960.61M | 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 % | 63.68% | 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 % | 41.46% | 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) | 101.34M | 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 | 859.27M | 816.29M | 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 | -5.57M | -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 | 13.54M | 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 | 19.11M | 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 | -355.9M | -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 | 503.37M | 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 % | 33.37% | 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 | 154.53M | 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 % | 30.7% | 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 | 348.84M | 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 % | 23.13% | 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 % | -28.13% | -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) | 348.84M | 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) | 2.84 | 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 % | -26.06% | -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 | 122.88M | 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 | 118.14M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Royalty concentration and patent cliffs
According to recent financial disclosures, HALO achieved a 42.2% year-over-year revenue growth in 2026Q1, reflecting the successful scaling of its ENHANZE platform across key commercialized biologics, though investors should note that quarterly revenue remains subject to the inherent volatility of milestone-based payment recognition cycles.
The revenue trajectory appears to be supported by the increasing adoption of subcutaneous delivery for blockbuster therapies, which provides a durable tailwind. However, the reliance on lumpy milestone payments suggests that organic growth rates may fluctuate significantly between periods, necessitating a focus on royalty-only run rates to gauge underlying platform health.
As reported in quarterly filings, HALO maintained a robust 71.1% gross margin in 2026Q1, underscoring the high-margin nature of its royalty-heavy business model which requires minimal incremental production costs compared to traditional manufacturing-intensive biotechnology peers operating within the same therapeutic space.
The company's ability to sustain high gross margins suggests significant pricing power and a favorable shift toward royalty-based income streams. While product sales introduce some margin dilution, the overall profitability profile remains elite, indicating that the platform's value proposition remains highly attractive to pharmaceutical partners.
Based on the provided income statement data, HALO demonstrated significant operating leverage in 2025Q3, where operating income reached $217.9M on a 61.5% operating margin, illustrating the company's capacity to scale revenue without a proportional increase in fixed research and development or administrative overhead.
The efficiency of the operating model appears to be a direct result of the licensing-first strategy, which avoids the heavy clinical trial costs typical of drug developers. Investors should monitor whether future M&A activities, such as the integration of Antares assets, might introduce structural overhead that could compress these margins over time.
As evidenced by the 2025Q4 net loss of $141.6M despite strong operating income, HALO's bottom-line results are susceptible to significant non-operating fluctuations, which warrants careful investigation by analysts to distinguish between core operational performance and one-time accounting adjustments or non-recurring financial charges.
The discrepancy between operating income and net income in specific quarters suggests that investors should prioritize operating profit as a more reliable indicator of business health. The absence of stock-based compensation in certain periods also warrants further investigation to ensure that compensation structures are not masking true economic costs.
While the platform shows strong momentum, short-term observers may focus on the potential for revenue deceleration if key partner products face biosimilar competition or if legislative changes like the Inflation Reduction Act reduce the net royalty value of the underlying blockbuster biologics.
The concentration of revenue among a limited number of partners creates a binary risk profile where the loss of a single major contract could materially impact the consolidated income statement. Furthermore, the reliance on subcutaneous conversion rates implies that any clinical or regulatory setback for a partner's primary drug could disproportionately affect HALO's long-term royalty tail.
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.