Logo

HRMY

Harmony Biosciences Holdings, Inc.

HRMY

Harmony Biosciences Holdings, Inc. • NASDAQ
$35.29 ▼ -0.76% (-0.27)
Market Cap $2.03 B
52w High $40.93
52w Low $25.52
Dividend Yield 0%
P/E 11.13
Volume 199.82K
Outstanding Shares 57.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $239.455M ▲ $114.318M ▲ $50.865M ▲ 21.242% ▲ $0.88 ▲ $73.458M ▲
Q2-2025 $200.489M ▲ $114.156M ▲ $39.776M ▼ 19.839% ▼ $0.69 ▼ $59.25M ▼
Q1-2025 $184.733M ▼ $96.494M ▲ $45.56M ▼ 24.663% ▲ $0.8 ▼ $66.981M ▲
Q4-2024 $201.267M ▲ $91.131M ▲ $49.475M ▲ 24.582% ▼ $0.87 ▲ $66.332M ▼
Q3-2024 $186.038M $81.55M $46.093M 24.776% $0.81 $72.486M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $672.581M ▲ $1.208B ▲ $373.095M ▲ $835.123M ▲
Q2-2025 $565.274M ▲ $1.108B ▲ $334.928M ▼ $773.08M ▲
Q1-2025 $506.953M ▲ $1.056B ▲ $335.01M ▼ $720.525M ▲
Q4-2024 $467.186M ▲ $999.2M ▲ $340.045M ▲ $659.155M ▲
Q3-2024 $410.476M $928.135M $331.331M $596.804M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $50.865M ▲ $108.734M ▲ $-4.789M ▲ $-2.996M ▼ $100.949M ▲ $108.663M ▲
Q2-2025 $39.776M ▼ $79.327M ▲ $-19.589M ▼ $-2.686M ▼ $57.052M ▲ $79.323M ▲
Q1-2025 $45.56M ▼ $33.987M ▼ $2.362M ▲ $-352K ▲ $35.997M ▼ $33.859M ▼
Q4-2024 $49.475M ▲ $75.562M ▲ $-7.187M ▼ $-2.741M ▼ $65.634M ▼ $75.049M ▲
Q3-2024 $46.093M $70.501M $745K $-1.175M $70.071M $70.498M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily each year since the IPO, showing that the core product is gaining commercial traction and the business is scaling. Profitability is solid for a mid‑stage biotech: gross margins are high, and operating profits have moved from roughly break-even early on to consistently positive. Net income turned sustainably positive a few years ago, with one especially strong year followed by still healthy, but somewhat lower, profits—suggesting the business is profitable but not on a straight‑line growth path. Overall, the income statement reflects a rare profile in biotech: a company already earning money from a commercial product while still investing for future growth.

Balance Sheet

Balance Sheet The company’s asset base has expanded meaningfully over time, and a large share of that is held in cash and equivalents, which provides a comfortable financial cushion. Debt levels have stayed relatively stable and modest, so the business does not appear heavily leveraged. Shareholders’ equity has grown significantly, indicating accumulated profits are being retained in the business rather than paid out. In simple terms, the balance sheet looks stronger and more resilient now than at the time of the IPO, with more resources and limited reliance on borrowing.

Cash Flow

Cash Flow Harmony generates consistent cash from its operations, which is a key strength for a biotech company. Free cash flow has been positive for several years and has generally improved, meaning the business is not heavily dependent on external financing to fund its day‑to‑day needs. Capital spending requirements appear low, so most of the cash generated can support R&D, acquisitions, or reserve building rather than large physical investments. Overall, the cash flow profile supports the idea of a self‑funding, commercially established biotech rather than a cash‑burning early‑stage company.

Competitive Edge

Competitive Edge The company’s competitive position is built around WAKIX, a differentiated narcolepsy treatment with a novel mechanism and non‑scheduled status, which makes it stand out versus stimulant‑type therapies. A focused strategy on rare neurological disorders gives Harmony a more specialized commercial footprint and allows it to concentrate resources where there is high unmet need and fewer competitors. The plan to extend the pitolisant franchise’s intellectual property protection for a long period, if successfully executed, would help protect pricing power and market share. At the same time, dependence on a single lead product today is a key risk: any new competing therapies, safety issues, or reimbursement pressures could materially affect the current franchise.

Innovation and R&D

Innovation and R&D Harmony is actively investing in extending pitolisant with new formulations aimed at better tolerability, ease of use, and longer market exclusivity. Beyond the flagship drug, it has built a pipeline through both internal development and acquisitions, targeting conditions like Fragile X syndrome, rare epilepsies, and central hypersomnolence disorders. Several late‑stage programs have important trial readouts and regulatory events over the next few years, which could meaningfully broaden the product portfolio if successful—but also carry the usual clinical and regulatory risks. The R&D approach leans toward later‑stage or more de‑risked assets in focused neurology niches, which may help balance innovation potential with execution risk.

Summary

Harmony Biosciences combines traits of both a commercial pharmaceutical company and an R&D‑driven biotech. Financially, it has moved from early losses to steady profits, a strengthening balance sheet, and solid cash generation—unusual strengths in its sector. Strategically, it has a strong foundation in a single, differentiated product, but is working to reduce concentration risk through formulation improvements and a more diversified pipeline. The key opportunities lie in successfully expanding indications and launching new therapies in rare neurological diseases; the key risks center on clinical trial outcomes, regulatory decisions, competitive entrants, and ongoing reliance on the pitolisant franchise. Overall, Harmony appears to be in a relatively robust financial and strategic position for a mid‑stage biotech, with meaningful upside potential and the typical development and concentration uncertainties that come with it.

NEWS

November 24, 2025 · 8:05 AM UTC

Harmony Biosciences Announces Positive Results From the Pivotal Bioequivalence Study for Pitolisant Gastro-Resistant Formulation

Read more

November 19, 2025 · 8:05 AM UTC

Harmony Biosciences Announces Initiation of First-In-Human Study With Potential Best-In-Class Orexin 2 Receptor Agonist (BP1.15205) for Central Disorders of Hypersomnolence

Read more

November 18, 2025 · 8:05 AM UTC

Harmony Biosciences to Participate in Upcoming Investor Conferences

Read more

November 4, 2025 · 7:30 AM UTC

Harmony Biosciences Reports Strong Q3 2025 Financial Results; Recently Raised 2025 Revenue Guidance to $845-$865M

Read more

October 23, 2025 · 8:05 AM UTC

Harmony Biosciences Preannounces Strong Q3 2025 WAKIX Performance; Raises 2025 Revenue Guidance

Read more