Halozyme Therapeutics Inc (HALO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Halozyme Therapeutics Inc stock $128, price $104, upside +23.5%, quality 79 out of 100. Rating: undervalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $30.28 – $131.18 · fair‑value band $57.13 – $168.63 · the $103.63 price screens below the $127.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Halozyme Therapeutics, Inc., a biopharmaceutical company, researches, develops, and commercializes of proprietary enzymes and devices in the United States, Switzerland, Belgium, Japan, and internationally.
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The company's products are based on the patented recombinant human hyaluronidase enzyme (rHuPH20) that enables delivery of injectable biologics, such as monoclonal antibodies and other therapeutic molecules, as well as small molecules and fluids.
It offers Hylenex recombinant, a formulation of rHuPH20 that facilitates subcutaneous (SC) administration to enhance the dispersion and absorption of other injected drugs in SC urography and to enhance resorption of radiopaque agents; and XYOSTED, an injection for SC administration of testosterone replacement therapy.
The company also provides Herceptin (trastuzumab) under the brand name Herceptin Hylecta; and Phesgo to treat breast cancer; Mabthera SC for chronic lymphocytic leukemia treatment; Tecentriq SC for IV infusion; Ocrevus SC for multiple sclerosis; HYQVIA to treat primary immunodeficiency disorders; DARZALEX to treat amyloidosis, and smoldering and multiple myeloma; epinephrine Injection to treat allergic reactions; nivolumab and relatlimab to treat metastatic or unresectable melanoma; teriparatide injections; ARGX-113; and ARGX-117 to treat severe autoimmune diseases in multifocal motor neuropathy.
It has collaborations and licensing agreements with F. Hoffmann-La Roche, Ltd. and Hoffmann-La Roche, Inc.; Takeda Pharmaceuticals International AG and Baxalta US Inc.; Pfizer Inc.; Janssen Biotech, Inc.; AbbVie, Inc.; Eli Lilly and Company; Bristol Myers Squibb Company; argenx BVBA; ViiV Healthcare; Chugai Pharmaceutical Co., Ltd.; Acumen Pharmaceuticals, Inc.; Merus N.V.; and Skye Bioscience, Inc. The company was founded in 1998 and is headquartered in San Diego, California.
Stock analysis
Halozyme Therapeutics Inc (HALO) currently trades at $103.63, while our model-based Fair Value estimate is $127.95, implying the stock looks roughly 19% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $129.72 per share, and 9 of the 22 models we run sit above the $103.63 price.
Bear case: the Economic Profit group reads lowest at $51.61, and 13 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $57.13 (bear) to $168.63 (bull), the price of $103.63 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 79/100 (high quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Halozyme Therapeutics Inc reported revenue of $1.4B in FY2025 versus $443M in FY2021, a compound +33.2%/yr. Reported net income was $317M in FY2025, compounding −5.8%/yr from FY2021.
Key figures
Market cap $14.0B Large · P/E ratio 30.3 · P/S ratio 8.39 · EPS (TTM) $3.42 · Net margin 24.9% · Return on equity 174% · Return on assets (EBIT) 23.6% (5-year average) · Operating margin 59.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 89 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 21% below its 52-week high and 68% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at 23%, HALO screens cheaper than that median.
Fair Value models
Bear$57.13Fair Value $127.95Bull$168.63
Price $103.63 · Upside +23.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($2.92 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 4 officers or directors sold shares worth $29.8M and none bought.
SaleHelen TorleyPRESIDENT AND CEO, Director12× since Nov 10, 2025: 508,492 shares, avg. $82.89$42.1MOct 8, 202610b5-1 plan
SaleMatthew L. PosardDirector2× since Sep 16, 2026: 24,226 shares, avg. $107.91$2.6MOct 1, 202610b5-1 plan
SaleBernadette ConnaughtonDirector7× since Nov 10, 2025: 11,330 shares, avg. $74.08$839,372Aug 10, 202610b5-1 plan
SaleMahesh KrishnanDirector7,304 shares at $75.00$547,800Jun 29, 202610b5-1 plan
SaleCortney CaudillSVP, CHIEF OPERATING OFFICER28,857 shares at $67.75$2.0MMar 10, 2026
Plus 11 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+37.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+28.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+39.2%
Start year 2020 (pandemic). Over 10 years: +26.3% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+57.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+22.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.4%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.54% → 58%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+14.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +7.3% a year for the price and +11.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Expanding ENHANZE platform partnerships offer moderate moat potential through broader licensing, while high leverage with a low equity base weakens overall durability.
Main risk: Ongoing litigation and patent challenges from Merck using Alteogen's ALT-B4 could invalidate key MDASE patents or limit enforcement, reducing licensing opportunities and royalty potential from subcutaneous formulations.
Bull case: Halozyme could leverage successful enforcement of MDASE patents and expand Hypercon or new deals to diversify beyond ENHANZE and maintain royalty growth through broader platform adoption.
Bear case: If patent challenges prevail and rivals like Alteogen capture major partners, Halozyme's licensing model could face sustained pressure with fewer exclusive deals and declining royalty contributions from subcutaneous biologics.
Halozyme keeps broadening its ENHANZE licensing reach with the recent argenx expansion to eight targets total. The same platform faces direct patent challenges from large partners seeking their own subcutaneous versions. Our models currently see the stock as undervalued. Will added collaborations reliably compound royalty streams, or will enforcement outcomes against bigger players determine the ceiling?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 558 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score79 · Top 25%
Fair Value upside+23.5% · Top 25%
Profitability
Return on equity (12 months)173.7% · Top 25%
Return on assets12.6% · Top 25%
Net margin (12 months)24.9% · Top 25%
Operating margin (12 months)59.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)47.7% · Top 25%
Balance sheet
Debt / equity43.89× · Highest 25%
Valuation Multiplesvs Biotechnology median · lower = cheaper
P/E (12 months)30.3× · Pricier than median
P/S (12 months)8.39× · Pricier than median
Price / free cash flow (fiscal year)21.7× · Cheaper than median
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Is Halozyme Therapeutics Inc (HALO) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $127.95 versus a price of $103.63, about +23% upside (undervalued).
What is the fair value of HALO?
Our model-based fair value for Halozyme Therapeutics Inc is $127.95 (as of Nov 7, 2026), built from audited fundamentals. The current price: $103.63.
What is the quality score of HALO?
Halozyme Therapeutics Inc has a Quality Score of 79/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Halozyme Therapeutics Inc (HALO)?
Our model-based price target is the fair value of $127.95 (as of Nov 7, 2026) from 22 valuation models. Cautious scenario $57.13, optimistic scenario $168.63. It is a calculation from audited fundamentals, not an analyst target.
What is the Halozyme Therapeutics Inc stock forecast for 2026?
Our models put fair value at $127.95, about +23% upside versus a price of $103.63 (undervalued). Cautious scenario $57.13, optimistic scenario $168.63. The calculation is refreshed regularly with new filings.
What is the revenue of Halozyme Therapeutics Inc (HALO)?
Halozyme Therapeutics Inc reported trailing-twelve-month revenue of about $1.7B (latest available figure, as of Nov 7, 2026).
What growth is priced into Halozyme Therapeutics Inc (HALO)?
For today's price to be fair in a discounted-cash-flow model, Halozyme Therapeutics Inc would have to grow free cash flow by +9.9 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +39.2 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of HALO use?
Our models discount Halozyme Therapeutics Inc at 9.0 %: a base by market capitalisation (large), damped by beta 0.90, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Halozyme Therapeutics Inc that is +9.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Halozyme Therapeutics Inc (HALO) delivered so far?
Over the past 5 years revenue at Halozyme Therapeutics Inc grew +39.2 % a year. The price currently implies free-cash-flow growth of +9.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Halozyme Therapeutics Inc (HALO) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Halozyme Therapeutics Inc (+9.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Halozyme Therapeutics Inc (HALO)?
The free-cash-flow yield on the price is 5.13 %: that much free cash flow Halozyme Therapeutics Inc produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Halozyme Therapeutics Inc (HALO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Halozyme Therapeutics Inc it is $127.95 per share (as of Nov 7, 2026), against a price of $103.63. It is the blended result of 22 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Halozyme Therapeutics Inc stock overvalued or undervalued in 2026?
As of Nov 7, 2026, HALO trades below its calculated fair value: price $103.63, fair value $127.95, a gap of about +23% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HALO?
No. The price is what the market pays today ($103.63); the fair value is what the company's own numbers justify ($127.95). For Halozyme Therapeutics Inc the two are $24.32 per share apart. That gap is exactly why we show both numbers side by side.
How much is Halozyme Therapeutics Inc worth?
The market values Halozyme Therapeutics Inc at about $14.0B (market capitalisation, as of Nov 7, 2026). Per share that is $103.63; our models calculate a fair value of $127.95 per share.
What do the bullish and bearish scenarios say about HALO?
Our models span a range for Halozyme Therapeutics Inc: cautious scenario $57.13, base $127.95, optimistic $168.63 per share (as of Nov 7, 2026, price $103.63). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HALO?
Halozyme Therapeutics Inc trades at a price-to-earnings ratio of 30.3 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $127.95 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 25.0 (reported for FY2025: 38.5). Median P/E at fiscal year-end, 7 fiscal years (2017 to 2025), reported earnings, FY2025 ex one-offs: 17.6. Other multiples: P/S 8.4, EV/EBITDA 15.2.
How solid is the balance sheet of Halozyme Therapeutics Inc (HALO)?
Balance-sheet figures for Halozyme Therapeutics Inc (as of Nov 7, 2026): return on equity 173.7%. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is HALO from its 52-week high?
Halozyme Therapeutics Inc trades at $103.63, about 21% below its 52-week high of $131.18 and 68% above the low of $61.63 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $127.95 is for.
Which stocks are comparable to Halozyme Therapeutics Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Halozyme Therapeutics Inc stock attractive at the current price?
The data as of Nov 7, 2026: price $103.63, calculated fair value $127.95 (+23%), Quality Score 79/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HALO calculated?
We run Halozyme Therapeutics Inc through 22 models from 6 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $127.95 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Halozyme Therapeutics Inc currently trades 19% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Halozyme Therapeutics Inc (HALO)?
The closing price on Nov 6, 2026 was $103.63. Our model-based fair value is $127.95, about +23% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Halozyme Therapeutics Inc right now?
The model range is unusually wide ($57.13 to $168.63). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Halozyme Therapeutics Inc
How large is the market capitalisation of Halozyme Therapeutics Inc (HALO)?
The market capitalisation of Halozyme Therapeutics Inc is $14.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Halozyme Therapeutics Inc (HALO)?
The price-to-sales ratio of Halozyme Therapeutics Inc is 8.39 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Halozyme Therapeutics Inc (HALO)?
Earnings per share at Halozyme Therapeutics Inc are $3.42 (price ÷ EPS = P/E 30.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Halozyme Therapeutics Inc (HALO)?
The net margin of Halozyme Therapeutics Inc is 24.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Halozyme Therapeutics Inc (HALO)?
The return on equity (ROE) of Halozyme Therapeutics Inc is 174% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Halozyme Therapeutics Inc (HALO)?
On an EBIT basis the return on assets of Halozyme Therapeutics Inc is 23.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Halozyme Therapeutics Inc (HALO)?
The operating margin of Halozyme Therapeutics Inc is 59.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Halozyme Therapeutics Inc (HALO)?
Revenue at Halozyme Therapeutics Inc is growing +47.7% versus a year earlier (3y avg +28.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Halozyme Therapeutics Inc (HALO)?
Earnings per share at Halozyme Therapeutics Inc are growing +42.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Halozyme Therapeutics Inc (HALO) carry?
The net debt of Halozyme Therapeutics Inc is $2.0B (fiscal year 2025, ≈ 3.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 7, 2026