HALO vs RPRX: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. HALO and RPRX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined HALO and RPRX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Halozyme Therapeutics licenses drug delivery technology instead of selling many drugs of its own. Its core asset is rHuPH20, a recombinant human hyaluronidase branded ENHANZE, which temporarily breaks down hyaluronan in the subcutaneous space so a large-volume biologic can be injected under the skin in minutes rather than infused for hours. Roche, Janssen, Takeda, argenx, Pfizer, AbbVie, Eli Lilly, Bristol-Myers Squibb, GSK and Incyte are among the licensees, and ENHANZE now sits inside ten commercialized products across more than 100 markets. Halozyme takes upfront and milestone payments plus royalties averaging a mid-single-digit percentage of partner sales, and it separately sells bulk rHuPH20 to those partners, plus two proprietary products (Hylenex and XYOSTED) and auto-injector devices inherited from the Antares Pharma acquisition.

Full HALO guide

Royalty Pharma plc buys the right to receive royalties on approved and development-stage biopharmaceutical products. A university, a research hospital, a small-cap biotech or a large pharmaceutical company owns a royalty on a drug; Royalty Pharma pays a lump sum, sometimes staged across milestones, and thereafter receives a percentage of that drug's top-line sales. The portfolio spans more than 35 marketed therapies and 19 development-stage candidates. In the second quarter of 2026 the largest contributors were Vertex's cystic fibrosis franchise at $194 million of Royalty Receipts, Biogen's Tysabri at $67 million, GSK's Trelegy at $58 million, Johnson & Johnson's Tremfya at $57 million, Roche's Evrysdi at $47 million and Servier's Voranigo at $46 million. Founded in 1996 and public since 2020, the company is incorporated in England and Wales, headquartered in New York, and lists only its Class A ordinary shares on Nasdaq. Until May 16, 2025 it was externally managed and paid a quarterly fee of 6.5% of royalty cash receipts plus 0.25% of security investments; that manager was bought in, and the staff now sit inside the company.

Full RPRX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• HALO drivers: Royalty compounding from products launched since 2020; New deal signings and the hyperconcentration platforms.
• RPRX drivers: Royalty Receipts are outrunning the headline receipts number; The internalisation permanently changed the cost line.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The 2027 US rHuPH20 patent expiry is a dated, contractually specified step-down in royalty rates in countries where no other valid claim covers a partner product, and no amount of revenue growth removes that clock. For RPRX, concentration is the first thing to size.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick HALO if you believe its drivers more; RPRX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the HALO and RPRX guides.

HALO. The stock rose about 20% on August 7, 2026 after Q2 results beat and guidance was raised for total revenue, royalties, adjusted EBITDA (~$1.225B to ~$1.280B) and EPS. At roughly $103 that is about 30 times trailing GAAP earnings, which are depressed by the ~$284.9 million in-process R&D charge and ~$48.7 million intangible impairment taken in Q4 2025, and closer to 12 times the midpoint of 2026 non-GAAP EPS guidance. On an enterprise basis (~$13.6B including net debt) the shares trade near 7 times guided 2026 revenue and roughly 11 times guided adjusted EBITDA, a multiple that embeds some expectation that royalties survive the 2027 patent step-down.

RPRX. The ~14 times sales a screener prints comes from dividing a $35.25 billion market cap by $2.54 billion of GAAP revenue, which is the wrong denominator for this structure. Measured against the $3.4 billion to $3.5 billion of Portfolio Receipts guided for 2026, the same market cap is about 10 times, and enterprise value is roughly 13.5 times trailing Adjusted EBITDA. The gap between the trailing P/E near 33 and a forward P/E near 11 is the same effect seen from the earnings side, with non-cash provisions and impairments compressing reported profit while cash collections keep rising.

Headline figures (approximate, August 2026): HALO shows revenue (ttm) ~$1.66B, royalty share of revenue (q2 2026) ~64% (~$307.7M of ~$481.0M), 2026 revenue guidance (raised aug 6) ~$1.835B to ~$1.910B, 2026 non-gaap diluted eps guidance ~$8.65 to ~$9.00; RPRX shows revenue (ttm, gaap) ~$2.54 billion of total income and other revenues for the twelve months to June 30, 2026, against $2,378 million in fiscal 2025, $2,264 million in 2024 and $2,355 million in 2023. GAAP quarterly income was $674 million in the second quarter of 2026, of which $638 million was income from financial royalty assets and $36 million other royalty income. The line is not a sales figure in the ordinary sense: it is the interest component of royalty collections, accreted under the effective interest method off sell-side consensus sales forecasts, so it moves when analysts revise the drugs Royalty Pharma has bought into., portfolio receipts (the operating measure) $3,254 million in 2025, up 16% from $2,801 million in 2024, and $1,698 million in the first half of 2026, up 8.4% from $1,566.8 million. Royalty Receipts, the sales-linked core, were $3,127 million in 2025 and $1,655 million in the first half of 2026 (up 13.4%). Guidance raised on August 5, 2026 puts full-year Portfolio Receipts at $3,400 million to $3,500 million, with Royalty Receipts growth of 7% to 10% and an assumed ~1% currency tailwind, excluding anything transacted after that date., earnings and eps Diluted EPS of $1.86 on a trailing twelve-month basis, from net income attributable to Royalty Pharma plc; GAAP net income was $770.95 million in fiscal 2025 and $858.98 million in 2024. The quarterly path is erratic by design: first-half 2026 diluted EPS was $0.71 on $312.6 million attributable to the plc, but the second quarter alone was $0.04 after a $268 million provision for changes in expected cash flows. Consolidated net income of $549.7 million in the half was reduced by $237.2 million attributable to non-controlling interests before reaching Class A holders., cash flow and adjusted ebitda Net cash provided by operating activities was $1,447 million in the first half of 2026 against $960 million a year earlier, and $2,490 million for full-year 2025. Adjusted EBITDA, defined in the credit agreement as Portfolio Receipts less payments for operating and professional costs, was $736 million in the second quarter and roughly $3.2 billion trailing; Portfolio Cash Flow, after net interest, was $736 million in the quarter and $2,724 million in 2025. Payments for operating and professional costs ran at 4.8% of Portfolio Receipts in the quarter versus 8.9% for all of 2025..

HALO and RPRX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined HALO and RPRX exposure against your real portfolio. It is not an investment adviser.