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Side-by-side financial comparison of HALOZYME THERAPEUTICS, INC. (HALO) and NOVAVAX INC (NVAX). Click either name above to swap in a different company.
HALOZYME THERAPEUTICS, INC. is the larger business by last-quarter revenue ($451.8M vs $147.3M, roughly 3.1× NOVAVAX INC). NOVAVAX INC runs the higher net margin — 11.9% vs -31.3%, a 43.2% gap on every dollar of revenue. On growth, NOVAVAX INC posted the faster year-over-year revenue change (66.8% vs 51.6%). HALOZYME THERAPEUTICS, INC. produced more free cash flow last quarter ($217.6M vs $-41.6M). Over the past eight quarters, HALOZYME THERAPEUTICS, INC.'s revenue compounded faster (51.9% CAGR vs 25.3%).
Halozyme Therapeutics, Inc. is an American biotechnology company. It develops oncology therapies designed to target the tumor microenvironment.
Novavax, Inc., based in Gaithersburg, Maryland, develops vaccines to counter infectious diseases. The company developed the Novavax COVID-19 vaccine, now commercialized by Sanofi. The company also develops vaccines for influenza, respiratory syncytial virus (RSV), avian flu, shingles, Clostridioides difficile, and malaria.
HALO vs NVAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $451.8M | $147.3M |
| Net Profit | $-141.6M | $17.5M |
| Gross Margin | 82.6% | 85.0% |
| Operating Margin | -20.6% | 9.7% |
| Net Margin | -31.3% | 11.9% |
| Revenue YoY | 51.6% | 66.8% |
| Net Profit YoY | -203.3% | 121.6% |
| EPS (diluted) | $-1.13 | $0.28 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $451.8M | $147.3M | ||
| Q3 25 | $354.3M | $70.4M | ||
| Q2 25 | $325.7M | $239.2M | ||
| Q1 25 | $264.9M | $666.5M | ||
| Q4 24 | $298.0M | $88.3M | ||
| Q3 24 | $290.1M | $84.5M | ||
| Q2 24 | $231.4M | $415.5M | ||
| Q1 24 | $195.9M | $93.9M |
| Q4 25 | $-141.6M | $17.5M | ||
| Q3 25 | $175.2M | $-202.4M | ||
| Q2 25 | $165.2M | $106.5M | ||
| Q1 25 | $118.1M | $518.6M | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $137.0M | $-121.3M | ||
| Q2 24 | $93.2M | $162.4M | ||
| Q1 24 | $76.8M | $-147.6M |
| Q4 25 | 82.6% | 85.0% | ||
| Q3 25 | 84.4% | 69.5% | ||
| Q2 25 | 85.8% | 93.6% | ||
| Q1 25 | 81.7% | 97.9% | ||
| Q4 24 | 85.9% | 58.5% | ||
| Q3 24 | 83.0% | 28.3% | ||
| Q2 24 | 82.9% | 88.9% | ||
| Q1 24 | 85.5% | 36.9% |
| Q4 25 | -20.6% | 9.7% | ||
| Q3 25 | 61.5% | -252.7% | ||
| Q2 25 | 62.2% | 42.2% | ||
| Q1 25 | 53.4% | 77.4% | ||
| Q4 24 | 58.9% | — | ||
| Q3 24 | 56.3% | -158.6% | ||
| Q2 24 | 50.7% | 38.7% | ||
| Q1 24 | 48.8% | -154.3% |
| Q4 25 | -31.3% | 11.9% | ||
| Q3 25 | 49.5% | -287.3% | ||
| Q2 25 | 50.7% | 44.5% | ||
| Q1 25 | 44.6% | 77.8% | ||
| Q4 24 | 46.0% | — | ||
| Q3 24 | 47.2% | -143.5% | ||
| Q2 24 | 40.3% | 39.1% | ||
| Q1 24 | 39.2% | -157.2% |
| Q4 25 | $-1.13 | $0.28 | ||
| Q3 25 | $1.43 | $-1.25 | ||
| Q2 25 | $1.33 | $0.62 | ||
| Q1 25 | $0.93 | $2.93 | ||
| Q4 24 | $1.06 | — | ||
| Q3 24 | $1.05 | $-0.76 | ||
| Q2 24 | $0.72 | $0.99 | ||
| Q1 24 | $0.60 | $-1.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $133.8M | $735.1M |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $48.8M | $-127.8M |
| Total Assets | $2.5B | $1.2B |
| Debt / EquityLower = less leverage | 43.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $133.8M | $735.1M | ||
| Q3 25 | $419.7M | $762.9M | ||
| Q2 25 | $61.9M | $612.3M | ||
| Q1 25 | $176.3M | $731.5M | ||
| Q4 24 | $115.8M | $923.1M | ||
| Q3 24 | $154.3M | $909.5M | ||
| Q2 24 | $187.9M | $1.0B | ||
| Q1 24 | $164.6M | $480.6M |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $48.8M | $-127.8M | ||
| Q3 25 | $503.9M | $-156.7M | ||
| Q2 25 | $332.7M | $37.6M | ||
| Q1 25 | $482.3M | $-75.6M | ||
| Q4 24 | $363.8M | $-623.8M | ||
| Q3 24 | $452.7M | $-526.4M | ||
| Q2 24 | $289.4M | $-431.7M | ||
| Q1 24 | $177.8M | $-867.1M |
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.1B | $1.6B | ||
| Q3 24 | $2.1B | $1.7B | ||
| Q2 24 | $2.0B | $1.8B | ||
| Q1 24 | $1.8B | $1.4B |
| Q4 25 | 43.89× | — | ||
| Q3 25 | 3.00× | — | ||
| Q2 25 | 4.54× | — | ||
| Q1 25 | 3.13× | — | ||
| Q4 24 | 4.14× | — | ||
| Q3 24 | 3.32× | — | ||
| Q2 24 | 5.19× | — | ||
| Q1 24 | 8.44× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $219.0M | $-39.5M |
| Free Cash FlowOCF − Capex | $217.6M | $-41.6M |
| FCF MarginFCF / Revenue | 48.2% | -28.2% |
| Capex IntensityCapex / Revenue | 0.3% | 1.4% |
| Cash ConversionOCF / Net Profit | — | -2.25× |
| TTM Free Cash FlowTrailing 4 quarters | $644.6M | $-250.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $219.0M | $-39.5M | ||
| Q3 25 | $178.6M | $107.8M | ||
| Q2 25 | $99.7M | $-127.5M | ||
| Q1 25 | $154.2M | $-185.5M | ||
| Q4 24 | $178.5M | $-87.3M | ||
| Q3 24 | $115.4M | $-144.8M | ||
| Q2 24 | $55.8M | $314.3M | ||
| Q1 24 | $129.4M | $-83.6M |
| Q4 25 | $217.6M | $-41.6M | ||
| Q3 25 | $175.6M | $105.8M | ||
| Q2 25 | $98.1M | $-127.7M | ||
| Q1 25 | $153.3M | $-186.7M | ||
| Q4 24 | $175.4M | $-100.3M | ||
| Q3 24 | $113.9M | $-146.2M | ||
| Q2 24 | $53.2M | $311.4M | ||
| Q1 24 | $125.9M | $-90.4M |
| Q4 25 | 48.2% | -28.2% | ||
| Q3 25 | 49.6% | 150.2% | ||
| Q2 25 | 30.1% | -53.4% | ||
| Q1 25 | 57.9% | -28.0% | ||
| Q4 24 | 58.9% | -113.6% | ||
| Q3 24 | 39.3% | -173.0% | ||
| Q2 24 | 23.0% | 74.9% | ||
| Q1 24 | 64.3% | -96.4% |
| Q4 25 | 0.3% | 1.4% | ||
| Q3 25 | 0.9% | 2.9% | ||
| Q2 25 | 0.5% | 0.1% | ||
| Q1 25 | 0.4% | 0.2% | ||
| Q4 24 | 1.0% | 14.8% | ||
| Q3 24 | 0.5% | 1.6% | ||
| Q2 24 | 1.1% | 0.7% | ||
| Q1 24 | 1.8% | 7.3% |
| Q4 25 | — | -2.25× | ||
| Q3 25 | 1.02× | — | ||
| Q2 25 | 0.60× | -1.20× | ||
| Q1 25 | 1.31× | -0.36× | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 0.84× | — | ||
| Q2 24 | 0.60× | 1.94× | ||
| Q1 24 | 1.68× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HALO
| Royalty | $258.0M | 57% |
| Products | $122.7M | 27% |
| Proprietary Products Sales | $59.6M | 13% |
| Device Partnered Products | $12.9M | 3% |
NVAX
| Licensing Royalties And Other | $107.9M | 73% |
| Products | $39.2M | 27% |
