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Side-by-side financial comparison of HALOZYME THERAPEUTICS, INC. (HALO) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
HALOZYME THERAPEUTICS, INC. is the larger business by last-quarter revenue ($451.8M vs $430.0M, roughly 1.1× PEGASYSTEMS INC). PEGASYSTEMS INC runs the higher net margin — 7.6% vs -31.3%, a 39.0% gap on every dollar of revenue. On growth, HALOZYME THERAPEUTICS, INC. posted the faster year-over-year revenue change (51.6% vs -9.6%). HALOZYME THERAPEUTICS, INC. produced more free cash flow last quarter ($217.6M vs $206.5M). Over the past eight quarters, HALOZYME THERAPEUTICS, INC.'s revenue compounded faster (51.9% CAGR vs 10.7%).
Halozyme Therapeutics, Inc. is an American biotechnology company. It develops oncology therapies designed to target the tumor microenvironment.
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
HALO vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $451.8M | $430.0M |
| Net Profit | $-141.6M | $32.8M |
| Gross Margin | 82.6% | 75.2% |
| Operating Margin | -20.6% | 8.6% |
| Net Margin | -31.3% | 7.6% |
| Revenue YoY | 51.6% | -9.6% |
| Net Profit YoY | -203.3% | — |
| EPS (diluted) | $-1.13 | $0.18 |
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.
| Q1 26 | — | $430.0M | ||
| Q4 25 | $451.8M | $504.3M | ||
| Q3 25 | $354.3M | $381.4M | ||
| Q2 25 | $325.7M | $384.5M | ||
| Q1 25 | $264.9M | $475.6M | ||
| Q4 24 | $298.0M | $490.8M | ||
| Q3 24 | $290.1M | $325.1M | ||
| Q2 24 | $231.4M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $-141.6M | $234.6M | ||
| Q3 25 | $175.2M | $43.4M | ||
| Q2 25 | $165.2M | $30.1M | ||
| Q1 25 | $118.1M | $85.4M | ||
| Q4 24 | $137.0M | $119.1M | ||
| Q3 24 | $137.0M | $-14.4M | ||
| Q2 24 | $93.2M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | 82.6% | 79.5% | ||
| Q3 25 | 84.4% | 72.2% | ||
| Q2 25 | 85.8% | 71.5% | ||
| Q1 25 | 81.7% | 78.5% | ||
| Q4 24 | 85.9% | 79.1% | ||
| Q3 24 | 83.0% | 70.2% | ||
| Q2 24 | 82.9% | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | -20.6% | 20.7% | ||
| Q3 25 | 61.5% | 3.8% | ||
| Q2 25 | 62.2% | 4.5% | ||
| Q1 25 | 53.4% | 26.7% | ||
| Q4 24 | 58.9% | 29.1% | ||
| Q3 24 | 56.3% | -3.6% | ||
| Q2 24 | 50.7% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | -31.3% | 46.5% | ||
| Q3 25 | 49.5% | 11.4% | ||
| Q2 25 | 50.7% | 7.8% | ||
| Q1 25 | 44.6% | 18.0% | ||
| Q4 24 | 46.0% | 24.3% | ||
| Q3 24 | 47.2% | -4.4% | ||
| Q2 24 | 40.3% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $-1.13 | $0.81 | ||
| Q3 25 | $1.43 | $0.24 | ||
| Q2 25 | $1.33 | $0.17 | ||
| Q1 25 | $0.93 | $0.91 | ||
| Q4 24 | $1.06 | $1.35 | ||
| Q3 24 | $1.05 | $-0.17 | ||
| Q2 24 | $0.72 | $0.07 |
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 | $270.0M |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $48.8M | $705.9M |
| Total Assets | $2.5B | $1.6B |
| Debt / EquityLower = less leverage | 43.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $133.8M | $425.8M | ||
| Q3 25 | $419.7M | $351.4M | ||
| Q2 25 | $61.9M | $411.6M | ||
| Q1 25 | $176.3M | $371.7M | ||
| Q4 24 | $115.8M | $740.0M | ||
| Q3 24 | $154.3M | $703.0M | ||
| Q2 24 | $187.9M | $665.1M |
| Q1 26 | — | — | ||
| 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 26 | — | $705.9M | ||
| Q4 25 | $48.8M | $787.4M | ||
| Q3 25 | $503.9M | $596.8M | ||
| Q2 25 | $332.7M | $624.5M | ||
| Q1 25 | $482.3M | $611.3M | ||
| Q4 24 | $363.8M | $585.5M | ||
| Q3 24 | $452.7M | $473.0M | ||
| Q2 24 | $289.4M | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.5B | $1.6B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.1B | $1.6B | ||
| Q2 24 | $2.0B | $1.5B |
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| Free Cash FlowOCF − Capex | $217.6M | $206.5M |
| FCF MarginFCF / Revenue | 48.2% | 48.0% |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $644.6M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $219.0M | $158.4M | ||
| Q3 25 | $178.6M | $56.3M | ||
| Q2 25 | $99.7M | $86.3M | ||
| Q1 25 | $154.2M | $204.2M | ||
| Q4 24 | $178.5M | $95.2M | ||
| Q3 24 | $115.4M | $30.5M | ||
| Q2 24 | $55.8M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $217.6M | $152.4M | ||
| Q3 25 | $175.6M | $51.8M | ||
| Q2 25 | $98.1M | $84.1M | ||
| Q1 25 | $153.3M | $202.3M | ||
| Q4 24 | $175.4M | $92.4M | ||
| Q3 24 | $113.9M | $27.4M | ||
| Q2 24 | $53.2M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 48.2% | 30.2% | ||
| Q3 25 | 49.6% | 13.6% | ||
| Q2 25 | 30.1% | 21.9% | ||
| Q1 25 | 57.9% | 42.5% | ||
| Q4 24 | 58.9% | 18.8% | ||
| Q3 24 | 39.3% | 8.4% | ||
| Q2 24 | 23.0% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 1.2% | ||
| Q3 25 | 0.9% | 1.2% | ||
| Q2 25 | 0.5% | 0.6% | ||
| Q1 25 | 0.4% | 0.4% | ||
| Q4 24 | 1.0% | 0.6% | ||
| Q3 24 | 0.5% | 0.9% | ||
| Q2 24 | 1.1% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.68× | ||
| Q3 25 | 1.02× | 1.30× | ||
| Q2 25 | 0.60× | 2.87× | ||
| Q1 25 | 1.31× | 2.39× | ||
| Q4 24 | 1.30× | 0.80× | ||
| Q3 24 | 0.84× | — | ||
| Q2 24 | 0.60× | 6.06× |
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% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
