TacticScaleWhat Halozyme Therapeutics Does & How It Makes Money (HALO)
Updated October 2026 · reflects Halozyme Therapeutics's latest reported financials
Biotech licensing an enzyme that turns IV drugs into under-the-skin injections. Halozyme licenses its rHuPH20 technology to large drugmakers such as Roche, Janssen, Takeda, Bristol Myers Squibb and argenx, earning from their subcutaneous versions of partner drugs.
How Halozyme Therapeutics makes money
Halozyme licenses its rHuPH20 technology to large drugmakers such as Roche, Janssen, Takeda, Bristol Myers Squibb and argenx, earning from their subcutaneous versions of partner drugs. It also makes money selling its own products, Hylenex and XYOSTED.
What Halozyme Therapeutics does
Halozyme Therapeutics, founded in 1998 and based in San Diego, built its business around rHuPH20, a patented recombinant human hyaluronidase enzyme. The enzyme helps injected drugs spread and absorb under the skin, so biologics that normally need IV infusion can instead be given as subcutaneous injections. That can shorten treatment time and make dosing easier for patients. Most of its reach comes from partnerships. Roche, Janssen, Takeda, Pfizer, AbbVie, Eli Lilly, Bristol Myers Squibb, argenx, ViiV and others use the technology in products such as Phesgo, Herceptin Hylecta, Ocrevus SC, Tecentriq SC, DARZALEX and HYQVIA, which cover cancer, multiple sclerosis and immune disorders. Halozyme also sells its own products, Hylenex recombinant and the testosterone injection XYOSTED, and has device-related programs including epinephrine and teriparatide injections.
Products & services
- rHuPH20 (recombinant human hyaluronidase) drug-delivery technology
- Hylenex recombinant
- XYOSTED (testosterone injection)
- Partnered SC drugs: Phesgo, Herceptin Hylecta, Ocrevus SC, Tecentriq SC
- DARZALEX SC (Janssen)
- HYQVIA (Takeda)
What is Halozyme Therapeutics worth?
On an owner-earnings DCF, Halozyme Therapeutics's most-likely value is about $162 versus a recent price near $110 (47% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$55) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Hybio Pharmaceutical (300199.SZ) · Xencor (XNCR) · Hualan Biological Engineering (002007.SZ) · United Therapeutics (UTHR)