Estados financieros detallados de Halozyme Therapeutics, Inc. (HALO): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Halozyme Therapeutics, Inc. registró ingresos de $1.40B en el último ejercicio fiscal, con un CAGR de 5 años del 39.2%. El beneficio neto alcanzó $316.9M, con un CAGR a 5 años del 19.7%.
Márgenes de los últimos 12 meses: margen bruto 78.2%, margen operativo 56.8%, margen neto 24.9%. El flujo de caja libre creció a un CAGR del 64.8% en 5 años.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $146.7M | $316.6M | $151.9M | $196.0M | $267.6M | $443.3M | $660.1M | $829.3M | $1.02B | $1.40B |
| Coste de Ventas | $33.2M | $31.2M | $10.1M | $45.5M | $43.4M | $81.4M | $139.3M | $192.4M | $159.4M | $305.4M |
| Beneficio Bruto | $113.5M | $285.5M | $141.7M | $150.4M | $224.2M | $361.9M | $520.8M | $636.9M | $855.9M | $1.09B |
| I+D | $150.8M | $150.6M | $150.3M | $140.8M | $34.2M | $35.7M | $66.6M | $76.4M | $79.0M | $81.5M |
| Generales y Administrativos | $45.9M | $53.8M | $60.8M | $77.3M | $45.7M | $50.3M | $143.5M | $149.2M | $154.3M | $193.4M |
| Gastos Operativos | $196.7M | $204.5M | $211.1M | $218.1M | $80.0M | $86.0M | $253.3M | $299.3M | $304.4M | $274.9M |
| Beneficio Operativo | -$83.2M | $81.0M | -$69.3M | -$67.6M | $144.3M | $275.9M | $267.5M | $337.6M | $551.5M | $816.3M |
| EBITDA | -$79.5M | $83.2M | -$69.3M | -$56.6M | $153.0M | $259.0M | $315.5M | $451.9M | $656.5M | $573.1M |
| Gastos por Intereses | $20.0M | $22.0M | $18.0M | $11.6M | $20.4M | $7.5M | $16.9M | $18.8M | $18.1M | $18.1M |
| Beneficio Antes de Impuestos | -$101.9M | $61.6M | -$79.8M | -$72.3M | $129.3M | $248.5M | $248.9M | $348.3M | $557.1M | $466.9M |
| Impuestos | $1.2M | -$1.4M | $537000 | -$11000 | $217000 | -$154.2M | $46.8M | $66.7M | $113.0M | $150.0M |
| Beneficio Neto | -$103.0M | $63.0M | -$80.3M | -$72.2M | $129.1M | $402.7M | $202.1M | $281.6M | $444.1M | $316.9M |
| BPA | $-0.81 | $0.46 | $-0.56 | $-0.50 | $0.95 | $2.86 | $1.48 | $2.13 | $3.50 | $2.64 |
| BPA Diluido | $-0.81 | $0.45 | $-0.56 | $-0.50 | $0.91 | $2.74 | $1.44 | $2.10 | $3.43 | $2.56 |
| Acciones en Circulación (Diluidas) | $128.0M | $139.1M | $143.6M | $144.3M | $141.5M | $146.8M | $140.6M | $134.2M | $129.4M | $123.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $354.3M | $451.8M | $376.7M | $481.0M |
| Beneficio Bruto | $281.3M | $349.6M | $268.0M | $401.8M |
| Beneficio Operativo | $217.9M | $254.4M | $184.5M | $287.7M |
| EBITDA | $243.7M | -$69.3M | $219.6M | $320.0M |
| Beneficio Neto | $175.2M | -$141.6M | $150.0M | $229.9M |
| BPA | $1.49 | $-1.20 | $1.27 | $1.96 |
| BPA Diluido | $1.43 | $-1.20 | $1.22 | $1.90 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $66.8M | $168.7M | $57.9M | $120.2M | $147.7M | $118.7M | $234.2M | $118.4M | $115.8M | $133.8M |
| Inversiones a Corto | $138.2M | $300.5M | $296.6M | $301.1M | $220.3M | $622.2M | $128.6M | $217.6M | $480.2M | $9.0M |
| Cuentas por Cobrar | $15.7M | $22.1M | $30.0M | $59.4M | $97.7M | $91.0M | $231.1M | $234.2M | $308.5M | $441.3M |
| Inventario | $14.6M | $5.1M | $22.6M | $29.4M | $60.7M | $53.9M | $100.1M | $127.6M | $141.9M | $176.5M |
| Activos Corrientes | $256.5M | $510.4M | $427.8M | $543.4M | $554.8M | $926.3M | $739.0M | $746.4M | $1.09B | $825.2M |
| Inmovilizado Material | $4.3M | $3.5M | $7.5M | $10.9M | $10.6M | $8.8M | $75.6M | $74.9M | $75.0M | $82.1M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | $409.0M | $416.8M | $416.8M | $580.4M |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | $546.7M | $472.9M | $401.8M | $981.5M |
| Activos Totales | $261.5M | $519.9M | $440.2M | $565.9M | $579.9M | $1.10B | $1.84B | $1.73B | $2.06B | $2.53B |
| Cuentas por Pagar | $3.6M | $7.9M | $4.1M | $6.4M | $1.9M | $1.5M | $17.7M | $11.8M | $10.2M | $20.9M |
| Deuda a Corto | $17.4M | $77.2M | $91.5M | $19.5M | $397.2M | $89.4M | $13.3M | 0 | 0 | 0 |
| Pasivos Corrientes | $54.6M | $131.3M | $149.4M | $85.6M | $421.4M | $117.1M | $130.8M | $112.5M | $139.1M | $177.1M |
| Deuda a Largo | $199.2M | $125.1M | $34.9M | $383.0M | 0 | $787.3M | $1.49B | $1.50B | $1.51B | $2.14B |
| Pasivos Totales | $294.0M | $311.6M | $191.4M | $474.1M | $428.9M | $907.5M | $1.67B | $1.65B | $1.70B | $2.48B |
| Reservas | -$585.3M | -$522.4M | -$531.4M | -$603.7M | -$474.6M | -$58.9M | $143.2M | $90.5M | $359.9M | $54.8M |
| Patrimonio Neto | -$32.5M | $208.4M | $248.9M | $91.8M | $151.0M | $197.0M | $169.8M | $83.8M | $363.8M | $48.8M |
| Deuda Total | $216.6M | $202.4M | $126.4M | $402.6M | $397.2M | $876.7M | $1.51B | $1.50B | $1.51B | $2.14B |
| Deuda Neta | $11.6M | -$266.9M | -$228.1M | -$18.7M | $29.2M | $135.8M | $1.14B | $1.16B | $909.7M | $2.00B |
| Capital Circulante | $201.9M | $379.0M | $278.5M | $457.8M | $133.4M | $809.1M | $608.2M | $633.9M | $946.2M | $648.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $419.7M | $133.8M | $309.7M | $163.1M |
| Activos Totales | $2.22B | $2.53B | $2.67B | $2.58B |
| Pasivos Totales | $1.72B | $2.48B | $2.45B | $2.43B |
| Patrimonio Neto | $503.9M | $48.8M | $219.6M | $143.5M |
| Deuda Total | $1.51B | $2.14B | $2.14B | $2.15B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$103.0M | $63.0M | -$80.3M | -$72.2M | $129.1M | $402.7M | $202.1M | $281.6M | $444.1M | $316.9M |
| Amortizaciones | $2.4M | $2.2M | $2.4M | $6.6M | $17.4M | $6.6M | $57.5M | $84.9M | $88.7M | $88.1M |
| Compensación en Acciones | $25.6M | $30.7M | $35.7M | $34.8M | $17.2M | $20.8M | $24.4M | $36.6M | $43.4M | $51.6M |
| Cambio en Capital Circulante | $17.0M | $20.7M | -$5.9M | -$55.2M | -$67.2M | $2.6M | -$110.5M | -$38.7M | -$136.3M | -$152.3M |
| Flujo de Caja Operativo | -$50.4M | $134.1M | -$49.5M | -$85.4M | $55.5M | $299.4M | $240.1M | $388.6M | $479.1M | $651.6M |
| Inversiones (CapEx) | -$3.1M | -$1.4M | -$4.7M | -$4.0M | -$2.5M | -$1.5M | -$4.8M | -$15.3M | -$10.7M | -$7.0M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | -$999.1M | 0 | 0 | -$726.0M |
| Recompra de Acciones | 0 | 0 | 0 | -$200.0M | -$150.1M | -$350.1M | -$200.0M | -$402.4M | -$250.0M | -$342.4M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$53.5M | $132.7M | -$54.2M | -$89.5M | $53.0M | $298.0M | $235.3M | $373.3M | $468.4M | $644.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $178.6M | $219.0M | $180.1M | $240.9M |
| Inversiones (CapEx) | -$3.0M | -$1.4M | -$3.7M | -$4.2M |
| Flujo de Caja Libre | $175.6M | $217.6M | $176.3M | $236.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $12.2M | $16.6M | $16.6M | $17.7M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +115.8% | -52.0% | +29.1% | +36.5% | +65.7% | +48.9% | +25.6% | +22.4% | +37.6% |
| Crecimiento Beneficio Neto (anual) | | +161.1% | -227.6% | +10.1% | +278.7% | +212.0% | -49.8% | +39.3% | +57.7% | -28.6% |
| Crecimiento BPA (anual) | | +156.8% | -221.7% | +10.7% | +290.0% | +201.1% | -48.3% | +43.9% | +64.3% | -24.6% |
| Cambio en Acciones (anual) | | +8.7% | +3.3% | +0.5% | -2.0% | +3.8% | -4.2% | -4.6% | -3.6% | -4.3% |
| Crecimiento FCF (anual) | | +348.0% | -140.8% | -65.2% | +159.2% | +462.8% | -21.0% | +58.6% | +25.5% | +37.6% |
| Margen Bruto | 77.4% | 90.2% | 93.3% | 76.8% | 83.8% | 81.6% | 78.9% | 76.8% | 84.3% | 78.1% |
| Margen Operativo | -56.7% | 25.6% | -45.7% | -34.5% | 53.9% | 62.2% | 40.5% | 40.7% | 54.3% | 58.4% |
| Margen EBITDA | -54.2% | 26.3% | -45.7% | -28.9% | 57.2% | 58.4% | 47.8% | 54.5% | 64.7% | 41.0% |
| Margen Neto | -70.2% | 19.9% | -52.9% | -36.9% | 48.2% | 90.8% | 30.6% | 34.0% | 43.7% | 22.7% |
| Margen FCF | -36.5% | 41.9% | -35.7% | -45.6% | 19.8% | 67.2% | 35.6% | 45.0% | 46.1% | 46.2% |
| Tasa Impositiva Efectiva | -1.1% | -2.2% | -0.7% | 0.0% | 0.2% | -62.0% | 18.8% | 19.2% | 20.3% | 32.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.42 | $0.95 | $-0.38 | $-0.62 | $0.37 | $2.03 | $1.67 | $2.78 | $3.62 | $5.20 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $127.2M | $136.4M | $143.4M | $144.3M | $136.2M | $140.6M | $136.8M | $131.9M | $126.8M | $119.8M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Margen bruto | 78.18% |
| Margen operativo | 56.77% |
| Margen neto | 24.86% |
Salud financiera
| Deuda / Patrimonio | 14.95 |
| Ratio corriente | 2.71 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -12.20 | 44.04 | -26.12 | -35.46 | 44.96 | 14.06 | 38.45 | 17.35 | 13.66 | 25.49 |
| P/VC | -38.69 | 13.26 | 8.43 | 27.89 | 38.51 | 28.71 | 45.86 | 58.18 | 16.67 | 165.22 |
| P/V | 8.57 | 8.73 | 13.82 | 13.06 | 21.74 | 12.76 | 11.80 | 5.88 | 5.97 | 5.77 |
| Margen Bruto | 77.4% | 90.2% | 93.3% | 76.8% | 83.8% | 81.6% | 78.9% | 76.8% | 84.3% | 78.1% |
| Margen Operativo | -56.7% | 25.6% | -45.7% | -34.5% | 53.9% | 62.2% | 40.5% | 40.7% | 54.3% | 58.4% |
| Margen Neto | -70.2% | 19.9% | -52.9% | -36.9% | 48.2% | 90.8% | 30.6% | 34.0% | 43.7% | 22.7% |