Halozyme Therapeutics (HALO) FY2024 results: revenue $1.0 billion, up 22.4% on the year

Halozyme Therapeutics, Inc. (HALO) reported revenue of $1.0 billion for fiscal 2024, the year ended 31 December 2024, up 22.4% on the year before. Net income was $444 million, up 57.7%, and diluted earnings per share $3.43. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2025.

Revenue

$1.0 billion

+22.4% on the year

FY2017FY2024

Operating margin

54.3%

40.7% a year earlier

FY2017FY2024

Net income

$444 million

+57.7% on the year

FY2017FY2024

Diluted EPS

$3.43

+63.3% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,015	829	660	+22.4%
Cost of revenue	159	192	139	-17.1%
Gross profit	856	637	521	+34.4%
Gross margin	84.3%	76.8%	78.9%
Research and development	79.0	76.4	66.6	+3.5%
Selling, general and administrative	154	149	144	+3.5%
Operating income	551	338	268	+63.4%
Operating margin	54.3%	40.7%	40.5%
Interest expense	18.1	18.8	16.9	-3.6%
Pre-tax income	557	348	249	+59.9%
Income tax	113	66.7	46.8	+69.4%
Effective tax rate	20.3%	19.2%	18.8%
Net income	444	282	202	+57.7%
Net margin	43.7%	34.0%	30.6%
Diluted EPS	$3.43	$2.10	$1.44	+63.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	479	389	240	+23.3%
Capital expenditure	10.7	15.3	4.8	-30.1%
Free cash flow	468	373	235	+25.5%
Free cash flow margin	46.1%	45.0%	35.6%
Cash from investing	-263	-96.9	-487
Cash from financing	-219	-408	362
Depreciation and amortisation	10.3	11.1	6.5	-7.4%
Share-based compensation	43.4	36.6	24.4	+18.5%
Buybacks	250	402	200	-37.9%
Diluted shares, weighted	129m	134m	141m	-3.6%
Shares outstanding at period end	123m	127m	135m	-2.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	364	83.8	170	+334.1%
Debt	1,506	1,499	1,506	+0.4%
Other liabilities	194	150	166	+29.1%
Total liabilities and equity	2,063	1,733	1,842	+19.1%
Fixed assets	40.9	38.1	35.1	+7.2%
Goodwill	417	417	409	0.0%
Intangible assets	402	473	547	-15.0%
Investments	n/a	n/a	129
Securities held for sale or to maturity	480	218	n/a	+120.7%
Cash and equivalents	116	118	234	-2.1%
Receivables	288	233	231	+23.6%
Inventory	142	128	100	+11.2%
Other assets	178	109	157	+63.7%
Total assets	2,063	1,733	1,842	+19.1%

10-K for the year ended 31 December 2024, filed 18 February 2025: the filing.