HALOHALOZYME THERAPEUTICS, INC.

Biological Products, (no Diagnostic Substances)

Revenue: $1.4B; 38% YoY
Operating margin: 33.6%; 38% YoY
EBITDA: $480M; 14% YoY
Market cap: $14.9B
Employees: 423; $3M revenue each
Net debt / EBITDA: 4.1×; $2.0B net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
206% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
53% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$3M · 95th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$14.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$48M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$443M	$660M	$829M	$1.0B	$1.4B	38%
Operating income	$276M	$268M	$338M	$551M	$469M	15%
Net income	$403M	$202M	$282M	$444M	$317M	29%
Operating cash flow	$299M	$240M	$389M	$479M	$652M	36%
Capex	$1M	$5M	$15M	$11M	$7M	35%
Stock-based comp	$21M	$24M	$37M	$43M	$52M	19%
Buybacks	$350M	$200M	$402M	$250M	$342M	37%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 5, 2019	KIRK RANDAL J	SC 13D/A	4.8%	Passive
Jul 3, 2019	KIRK RANDAL J	SC 13D/A	7.2%	Passive
Jun 7, 2019	KIRK RANDAL J	SC 13D/A	8.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $48M · 105
Net: −$48M

Pay vs performance

No pay-versus-performance disclosure yet.