HALO HALOZYME THERAPEUTICS, INC.

Overview and Growth

HALOZYME THERAPEUTICS, INC. generated $1.40B of revenue in fiscal 2025, with net income of $316.89M and an operating cash inflow of $651.56M. Revenue of $1.40B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 37.6% above fiscal 2024 revenue of $1.02B, marking a year-over-year increase. The company reported diluted EPS of $2.56, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 25.4% decrease from fiscal 2024 diluted EPS of $3.43. The revenue-to-assets relationship was 0.55x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $1.17B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 83.6% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced $469.01M of income after the reported operating expense base, before the remaining non-operating and tax effects. Relative to revenue, operating income represented 33.6%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $316.89M for the fiscal year. The final earnings result represented 22.7% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $466.88M of earnings, providing a bridge between the operating result and final net income. The pretax margin was 33.4%, relating income before taxes directly to revenue. The company recognized $149.99M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 32.1%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

Total assets were $2.53B, supported by $2.48B of liabilities and $48.81M of shareholder equity. At period end, current assets of $825.21M compared with current liabilities of $177.09M, defining the company’s short-term resource position. Current assets covered current liabilities by 4.66x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $133.82M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 75.6% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $2.14B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 43.89x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 84.8%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 98.1%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 5.3%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 22.4% from $2.06B in fiscal 2024, leaving current total assets higher year over year.

Cash Flow and Earnings Quality

The company reported $651.56M of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 2.06x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $6.97M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 1.1% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $644.59M of positive free cash flow for the period. The free-cash-flow margin was 46.2%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 25.5%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.