HALO
Halozyme Therapeutics Inc
NASDAQ: HALO · HEALTHCARE · BIOTECHNOLOGY
$66.41
-0.10% today
Updated 2026-06-05
Market cap
$8.24B
P/E ratio
24.39
P/S ratio
5.46x
EPS (TTM)
$2.85
Dividend yield
—
52W range
$51 – $82
Volume
1.6M
Halozyme Therapeutics Inc (HALO) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed HALO price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$66.41
Today
Analyst consensus
$80.67
+21.47% · 12M
2030 Base
$100.75
+51.71% future
NPV today
$66.58
@ 9% WACC
12 analysts:
7 Buy4 Hold1 Sell
Management guidance
Halozyme reaffirmed full-year 2026 financial guidance in Q1 2026 earnings call (May 2026), projecting ENHANZE royalties to exceed $1 billion for the first time in 2026. Management has indicated strong 2026-2028 guidance with continued momentum in royalty revenue from existing and new partnerships (GSK, Vertex, Oruka deals announced Q1-Q2 2026). CEO Helen Torley emphasized ENHANZE platform scaling as the primary growth driver, with Hypercon technology providing incremental upside through new collaborations.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
HALO · Halozyme Therapeutics Inc · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$42.78
NPV today: $28.27
Base case (2030)
$100.75
NPV today: $66.58
Bull case (2030)
$158.72
NPV today: $104.90
WallStSmart.com
HALO financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.8B | $2.2B | $2.6B | $3.1B | $3.5B |
| Revenue growth | 37.6% | 28.6% | 22.8% | 19.9% | 16.2% | 13.9% |
| Net margin | — | 54.6% | 56.9% | 58.0% | 58.5% | 59.0% |
| EPS | $4.13 | $8.25 | $10.50 | $12.80 | $14.95 | $17.10 |
| Diluted shares | — | 119M | 120M | 120M | 121M | 121M |
| Net debt | — | $1.08B | $547.71M | $-88.71M | $-828.40M | $-1.67B |
| P/S multiple | — | 3.0x | 3.0x | 3.0x | 3.0x | 3.0x |
| Implied price (base) | — | $36.30 | $50.83 | $66.91 | $83.47 | $100.75 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $3.5B | $3.5B | $3.5B |
| P/S multiple | 1.0x | 3.0x | 5.0x |
| Diluted shares | 121M | 121M | 121M |
| Net debt | $-1.67B | $-1.67B | $-1.67B |
| Implied P/E † | 3x | 6x | 9x |
| 2030 Price | $42.78 | $100.75 | $158.72 |
| NPV @ 9% | $28.27 | $66.58 | $104.90 |
† Implied P/E: Multiples remain elevated across all three scenarios because HALO is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $100.75 base case
HALO catalysts and risks
Growth catalysts
+ ENHANZE royalty acceleration from GSK, Vertex, and Oruka partnerships announced Q1-Q2 2026; GSK ADC deal expected to drive $1B+ cumulative royalty contribution
+ Hypercon microparticle technology adoption by pharma partners (Oruka, Vertex deals); mid-single digit royalties on net sales of partner products through 2030s
+ FDA approvals of partner-developed ENHANZE formulations (TECVAYLI approved Mar 2026 for MM; VYVGART Hytrulo approved for myasthenia gravis); each approval expands addressable market
+ $1 billion share repurchase authorization (announced Q1 2026); $400M minimum in 2026 supports EPS accretion and signals management confidence in valuation
+ Commercial revenue growth from VYVGART and other proprietary programs; Halozyme owns commercial rights to subcutaneous formulations
Key risks
- ENHANZE platform dependency: 65%+ of revenue from royalties; partner launch delays or clinical failures (e.g., GSK ADC program delays) would compress near-term growth
- Royalty rate compression from increasing partner concentration and competitive pressure in subcutaneous delivery; newer partnerships may carry lower royalty percentages than legacy deals
- Patent expiration on core ENHANZE IP; Hyaluronic acid delivery method patent cliff risk in 2030s could eliminate royalty streams if not protected by new formulation IP
- Regulatory headwinds on pricing: GSK and Vertex partnerships subject to healthcare cost containment pressures in major markets (EU, Japan); royalty rates may face erosion
- Commercial product execution risk: VYVGART and VYVGART Hytrulo ramp-up dependent on launch success; market adoption slower than management guidance would imply
Methodology · Halozyme Therapeutics Inc 2030 stock forecast model
Halozyme Therapeutics Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 12 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (2% cumulative for HALO by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-1.67B by 2030) |
| 3. Time value | NPV calculated using 9% WACC (CAPM: beta 0.884) |
| 4. Multiple framework | P/S compresses with scale: bear 1.0x / base 3.0x / bull 5.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
HALO price target FAQ
What is the HALO price target for 2030?
WallStSmart's Halozyme Therapeutics Inc 2030 base case is $100.75 per share, with a bull case of $158.72 and bear case of $42.78. The NPV of the base case discounted to today at 9% WACC is $66.58.
How is the Halozyme Therapeutics Inc 2030 stock forecast calculated?
The HALO 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the HALO price target account for dilution?
Halozyme Therapeutics Inc is projected to grow diluted share count from 119M to 121M by 2030 (a 2% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 2%.
What is the analyst consensus on HALO stock?
12 analysts cover HALO with an average 12-month price target of $80.67. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.