COMPARE · Reviewed August 1, 2026
HALO vs INCY
Verdict: Side-by-side breakdown using the Bull Rankings model. HALO scored 81.0, INCY scored 74.6 — HALO leads.
Compare another set
HALO
Halozyme Therapeutics, Inc.
81
$82.54 · $9.8B
fundamentals as of
Score gap
6.4
HALO leads
INCY
Incyte Corporation
74.6
$119.52 · $24.2B
fundamentals as of
The model, pillar by pillar (0–100 each)
HALO
stronger →← stronger
INCY
81
Qualityreturns · margins · balance sheet
84
100
Growthrevenue & earnings expansion
90
65
Valuevaluation vs sector peers
55
HALO is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
HALO
INCY
$668mC+
FCF
$1.9bC+
+39.1%A
Rev
+21.5%A-
9.91D
D/E
0.01A
29.0xB
P/E
15.2xA-
0.77A-
PEG
13.20D
Winner per row is the stronger grade in our model; a tie or a missing value shows no highlight.
Valuation · DCF cross-check
HALO
INCY
44% below
Price vs fair valuelower is cheaper
56% below
~0%/yr
Growth the price implies10-yr FCF · lower = less priced in
~-5%/yr
+38%
1-yr DCF upside
+72%
+78%
5-yr DCF upside
+127%
+161%
10-yr DCF upside
+246%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
HALO
Why this score
- Buying back stock
- Durable high returns
INCY
Why this score
- Diluting shareholders
The companies
HALOHalozyme Therapeutics, Inc.
Why now
Biotechnology · market cap $9.8b. Trading near 52-week high of $84.44 — momentum setup, limited technical margin of safety. Revenue growing +39% — in hypergrowth territory. PEG 0.77 — paying under fair value for the growth rate. 9 sell-side analysts rate this a Buy with a mean 1-yr target of $86.89 (implying +5% upside).
Moat
Net margin 23% sits well above the S&P median (~11%) — suggests structural pricing advantage or cost discipline competitors can't quickly close. FCF converts 191% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined. Pharma moat is patent runway + pipeline depth — a single approved molecule funds the next generation of bets. Late-stage trials carry binary readouts that swing valuation 30%+.
Risk
D/E 9.91 is elevated — limits strategic flexibility and raises refinancing exposure if rates stay higher for longer. Trading within 2% of the 52-week high — limited technical margin of safety; a momentum reversal would test conviction. Trial-readout binary — late-stage clinical trials carry approve/reject outcomes that swing valuation 30%+; the equity is effectively a portfolio of these binary events, not a steady cash-flow business.
INCYIncyte Corporation
Why now
Biotechnology · market cap $24.2b. 10% off the 52-week high of $132.60. Revenue growing +21%, comfortably above the S&P median. 22 sell-side analysts rate this a Buy with a mean 1-yr target of $122.86 (implying +3% upside).
Moat
Net margin 27% sits well above the S&P median (~11%) — suggests structural pricing advantage or cost discipline competitors can't quickly close. ROE 25% — top-decile capital efficiency. Either pricing leverage, low capital intensity, or aggressive buybacks; the durability story depends on which. FCF converts 132% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined.
Risk
Reimbursement risk — even an approved drug can fail commercially if payors don't reimburse; pricing pressure from Medicare and large PBMs has been accelerating since 2024.
Verdict — model-derived comparison
Generating verdict… typically 5–10 seconds
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.