Management and incentives

Halozyme Therapeutics, Inc. HALO

On December 9, 2025 Halozyme granted chief executive Helen Torley a one-time performance share award with a target grant-date fair value of $10,000,012 that pays nothing unless the share price reaches and holds $115, an 86% increase over the price on the grant date. The last price in a filing read this run was $107.55 on September 11, 2026, and in May the board authorized $1.0B of repurchases running through 2028.

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Halozyme Therapeutics, Inc. HALOThe bet you're really making is that Halozyme's enzyme, the thing that turns a long IV drip into a quick shot under the skin, keeps earning a slice of some of the best-selling medicines on earth. You're betting that as drugmakers, Merck's Keytruda above all, move their blockbusters to that shot to hold onto patients past their own patent deadlines, the checks Halozyme collects keep climbing. Right now it is going well: the biggest quarter the company has ever had, sales up 48% from a year ago, though a lawsuit over how long its core patents last still hangs over the whole story. You pay about 30 times earnings, around the middle of what the stock has cost since 2017. Company reportSep 6 Rigel Pharmaceuticals, Inc. RIGLThe bet you're really making is that Rigel keeps selling more of its three specialist pills, TAVALISSE, REZLIDHIA and GAVRETO, to the same blood and cancer doctors, and keeps the cash it throws off. You're betting the base business, about $290 million of sales this year, holds while a fourth drug it just launched and one experimental drug still in testing add upside you are not paying much for. Right now it is going well: first-half profit of $26 million, cash back up to $61 million, debt paid down. You pay about 17 times this year's earnings, near where it sat in 2024, the only clean year of profit it has ever posted. Company reportSep 7 Axsome Therapeutics, Inc. AXSMThe bet you're really making is that Auvelity, Axsome's fast-acting depression pill combining dextromethorphan and bupropion, keeps winning patients from older SSRIs, and that a migraine tablet and a coming narcolepsy drug turn one product into a family. You're betting the company earns its first real profit around 2028, because today it still loses money on every quarter of record sales. Right now it is going well, with one thing to watch: sales grew 46% to $218 million last quarter, while the loss ran wider than Wall Street expected for the fourth quarter straight. You pay about 16 times the profit analysts pencil in for 2028, on a company that has never earned a dollar to measure against. Company reportSep 7 Abivax S.A. ABVXThe bet you're really making is that Abivax's one drug, an oral pill called obefazimod, becomes a standard treatment for ulcerative colitis, a disease where the lining of the large intestine stays inflamed and ulcerated. You're betting a pill this good at putting the disease into lasting remission can win patients away from the injections and harsher pills already crowding the market. Right now it is going well: in June the final-stage trials worked, with about half of treated patients in remission at 44 weeks versus one in ten on placebo. You pay about $8.4 billion for a company that still sells nothing, near the top of its twelve-year range against book value, and roughly eighteen times what analysts guess it could earn in 2029, its first possible profitable year. Company reportSep 7