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Halozyme Therapeutics, Inc. is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies. As the innovators of ENHANZE drug delivery technology ( ENHANZE ) with our proprietary enzyme, rHuPH20, our commercially validated solution is used to facilitate the subcutaneous ( SC ) delivery of injected drugs and fluids…
Margins and capital returns are both well above average: 33.58% operating margin, ROIC at 15.46%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 37.6%, still solid. Margins contracted 20.7pp, which offsets some of the top-line progress.
ROIC dropped from 24.94% to 15.46%, capital efficiency is deteriorating. Operating margin contracted 20.7pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.51B
▲ +37.6% YoY
Net Income (TTM)
$349M
▼ -28.6% YoY
Op. Margin
33.94%
▼ -20.7pp YoY
ROIC
16.75%
▼ -9.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$668M
▲ +37.6% YoY
Op. Cash Flow (TTM)
$677M
▲ +36.0% YoY
Net Debt
$1.86B
Cash & Equiv.
$319M
5Y CAGR: +39.2%
5Y CAGR: +64.8%
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