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Adaptive Biotechnologies Corp（ADPT）与HALOZYME THERAPEUTICS, INC.（HALO）财务数据对比。点击上方公司名可切换其他公司
HALOZYME THERAPEUTICS, INC.的季度营收约是Adaptive Biotechnologies Corp的6.3倍（$451.8M vs $71.7M）。Adaptive Biotechnologies Corp净利率更高（-18.9% vs -31.3%，领先12.4%）。HALOZYME THERAPEUTICS, INC.同比增速更快（51.6% vs 51.0%）。HALOZYME THERAPEUTICS, INC.自由现金流更多（$217.6M vs $1.4M）。过去两年HALOZYME THERAPEUTICS, INC.的营收复合增速更高（51.9% vs 30.8%）
ExpreS2ion Biotechnologies是一家丹麦生物技术企业，总部位于丹麦霍尔斯霍姆，专注于新型疫苗和免疫疗法产品的研发，在纳斯达克第一北增长市场瑞典板块挂牌上市。
Halozyme Therapeutics是一家美国生物技术企业，专注于肿瘤领域创新疗法研发，核心管线均针对肿瘤微环境进行靶向干预，致力于为全球癌症患者提供更安全高效的治疗选择。
ADPT vs HALO — 直观对比
营收规模更大
HALO
是对方的6.3倍
$71.7M
营收增速更快
HALO
高出0.6%
51.0%
净利率更高
ADPT
高出12.4%
-31.3%
自由现金流更多
HALO
多$216.2M
$1.4M
两年增速更快
HALO
近两年复合增速
30.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $71.7M | $451.8M |
| 净利润 | $-13.6M | $-141.6M |
| 毛利率 | 74.6% | 82.6% |
| 营业利润率 | -17.8% | -20.6% |
| 净利率 | -18.9% | -31.3% |
| 营收同比 | 51.0% | 51.6% |
| 净利润同比 | 59.7% | -203.3% |
| 每股收益（稀释后） | $-0.08 | $-1.13 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ADPTHALO
| Q4 25 | $71.7M | $451.8M | ||
| Q3 25 | $94.0M | $354.3M | ||
| Q2 25 | $58.9M | $325.7M | ||
| Q1 25 | $52.4M | $264.9M | ||
| Q4 24 | $47.5M | $298.0M | ||
| Q3 24 | $46.4M | $290.1M | ||
| Q2 24 | $43.2M | $231.4M | ||
| Q1 24 | $41.9M | $195.9M |
净利润ADPTHALO
| Q4 25 | $-13.6M | $-141.6M | ||
| Q3 25 | $9.5M | $175.2M | ||
| Q2 25 | $-25.6M | $165.2M | ||
| Q1 25 | $-29.9M | $118.1M | ||
| Q4 24 | $-33.7M | $137.0M | ||
| Q3 24 | $-32.1M | $137.0M | ||
| Q2 24 | $-46.2M | $93.2M | ||
| Q1 24 | $-47.5M | $76.8M |
毛利率ADPTHALO
| Q4 25 | 74.6% | 82.6% | ||
| Q3 25 | 80.7% | 84.4% | ||
| Q2 25 | 69.4% | 85.8% | ||
| Q1 25 | 67.6% | 81.7% | ||
| Q4 24 | 62.0% | 85.9% | ||
| Q3 24 | 64.1% | 83.0% | ||
| Q2 24 | 55.3% | 82.9% | ||
| Q1 24 | 56.9% | 85.5% |
营业利润率ADPTHALO
| Q4 25 | -17.8% | -20.6% | ||
| Q3 25 | 10.9% | 61.5% | ||
| Q2 25 | -42.5% | 62.2% | ||
| Q1 25 | -56.4% | 53.4% | ||
| Q4 24 | -71.3% | 58.9% | ||
| Q3 24 | -70.3% | 56.3% | ||
| Q2 24 | -109.6% | 50.7% | ||
| Q1 24 | -116.5% | 48.8% |
净利率ADPTHALO
| Q4 25 | -18.9% | -31.3% | ||
| Q3 25 | 10.2% | 49.5% | ||
| Q2 25 | -43.5% | 50.7% | ||
| Q1 25 | -56.9% | 44.6% | ||
| Q4 24 | -71.0% | 46.0% | ||
| Q3 24 | -69.1% | 47.2% | ||
| Q2 24 | -107.0% | 40.3% | ||
| Q1 24 | -113.5% | 39.2% |
每股收益（稀释后）ADPTHALO
| Q4 25 | $-0.08 | $-1.13 | ||
| Q3 25 | $0.06 | $1.43 | ||
| Q2 25 | $-0.17 | $1.33 | ||
| Q1 25 | $-0.20 | $0.93 | ||
| Q4 24 | $-0.22 | $1.06 | ||
| Q3 24 | $-0.22 | $1.05 | ||
| Q2 24 | $-0.31 | $0.72 | ||
| Q1 24 | $-0.33 | $0.60 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $70.5M | $133.8M |
| 总债务越低越好 | — | $2.1B |
| 股东权益账面价值 | $218.8M | $48.8M |
| 总资产 | $512.7M | $2.5B |
| 负债/权益比越低杠杆越低 | — | 43.89× |
8季度趋势，按日历期对齐
现金及短期投资ADPTHALO
| Q4 25 | $70.5M | $133.8M | ||
| Q3 25 | $55.0M | $419.7M | ||
| Q2 25 | $43.2M | $61.9M | ||
| Q1 25 | $50.6M | $176.3M | ||
| Q4 24 | $47.9M | $115.8M | ||
| Q3 24 | $38.1M | $154.3M | ||
| Q2 24 | $59.8M | $187.9M | ||
| Q1 24 | $71.2M | $164.6M |
总债务ADPTHALO
| 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 |
股东权益ADPTHALO
| Q4 25 | $218.8M | $48.8M | ||
| Q3 25 | $204.4M | $503.9M | ||
| Q2 25 | $179.7M | $332.7M | ||
| Q1 25 | $190.4M | $482.3M | ||
| Q4 24 | $202.7M | $363.8M | ||
| Q3 24 | $223.8M | $452.7M | ||
| Q2 24 | $241.6M | $289.4M | ||
| Q1 24 | $274.9M | $177.8M |
总资产ADPTHALO
| Q4 25 | $512.7M | $2.5B | ||
| Q3 25 | $490.6M | $2.2B | ||
| Q2 25 | $496.6M | $2.1B | ||
| Q1 25 | $510.9M | $2.2B | ||
| Q4 24 | $539.4M | $2.1B | ||
| Q3 24 | $558.5M | $2.1B | ||
| Q2 24 | $584.9M | $2.0B | ||
| Q1 24 | $620.3M | $1.8B |
负债/权益比ADPTHALO
| 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× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $2.1M | $219.0M |
| 自由现金流经营现金流 - 资本支出 | $1.4M | $217.6M |
| 自由现金流率自由现金流/营收 | 2.0% | 48.2% |
| 资本支出强度资本支出/营收 | 0.9% | 0.3% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-48.9M | $644.6M |
8季度趋势，按日历期对齐
经营现金流ADPTHALO
| Q4 25 | $2.1M | $219.0M | ||
| Q3 25 | $-7.1M | $178.6M | ||
| Q2 25 | $-12.4M | $99.7M | ||
| Q1 25 | $-28.5M | $154.2M | ||
| Q4 24 | $-12.5M | $178.5M | ||
| Q3 24 | $-27.1M | $115.4M | ||
| Q2 24 | $-17.3M | $55.8M | ||
| Q1 24 | $-38.4M | $129.4M |
自由现金流ADPTHALO
| Q4 25 | $1.4M | $217.6M | ||
| Q3 25 | $-7.5M | $175.6M | ||
| Q2 25 | $-13.1M | $98.1M | ||
| Q1 25 | $-29.7M | $153.3M | ||
| Q4 24 | $-12.6M | $175.4M | ||
| Q3 24 | $-27.4M | $113.9M | ||
| Q2 24 | $-19.0M | $53.2M | ||
| Q1 24 | $-39.9M | $125.9M |
自由现金流率ADPTHALO
| Q4 25 | 2.0% | 48.2% | ||
| Q3 25 | -8.0% | 49.6% | ||
| Q2 25 | -22.2% | 30.1% | ||
| Q1 25 | -56.7% | 57.9% | ||
| Q4 24 | -26.5% | 58.9% | ||
| Q3 24 | -59.0% | 39.3% | ||
| Q2 24 | -44.1% | 23.0% | ||
| Q1 24 | -95.2% | 64.3% |
资本支出强度ADPTHALO
| Q4 25 | 0.9% | 0.3% | ||
| Q3 25 | 0.4% | 0.9% | ||
| Q2 25 | 1.1% | 0.5% | ||
| Q1 25 | 2.4% | 0.4% | ||
| Q4 24 | 0.2% | 1.0% | ||
| Q3 24 | 0.7% | 0.5% | ||
| Q2 24 | 4.0% | 1.1% | ||
| Q1 24 | 3.6% | 1.8% |
现金转化率ADPTHALO
| Q4 25 | — | — | ||
| Q3 25 | -0.75× | 1.02× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.60× | ||
| Q1 24 | — | 1.68× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
HALO
| Royalty | $258.0M | 57% |
| Products | $122.7M | 27% |
| Proprietary Products Sales | $59.6M | 13% |
| Device Partnered Products | $12.9M | 3% |
