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Harmony Biosciences Holdings, Inc., a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare neurological diseases in the United States. The company offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy. It also develops Pitolisant that is in Phase 3 clinical trial for the treatment of Prader-Willi Syndrome (PWS); in Phase 2 clinical trial to treat Myotonic Dystrophy (DM1); and is in Phase 2 clinical trials for the treatment of Pitolisant Gastro-Resistant (GR) and Pitolisant High-Dose (HD). In addition, the company's products under development include BP1.15205, an orexin 2 receptor agonist for the treatment of narcolepsy and other potential indications; and HBS-102, a melanin-concentrating hormone receptor type 1 (MCHR1) antagonist. Further, it develops ZYN-002 that is in a Phase 3 registrational trial for the treatment of Fragile X Syndrome; and 22q Deletion Syndrome, a disorder caused by a small missing piece on the long arm of the 22nd chromosome. Additionally, the company is developing EPX-100 (clemizole hydrochloride), a serotonin (5HT-2) receptor agonist to treat dravet syndrome and lenox-gastaut syndrome; EPX-200 (liquid formulation of lorcaserin), a selective 5HT-2C agonist to treat developmental and epileptic encephalopathies; CBS105 for the treatment-resistant narcolepsy; and CBS104 for refractory epilepsy. The company was formerly known as Harmony Biosciences II, Inc. and changed its name to Harmony Biosciences Holdings, Inc. in February 2020. Harmony Biosciences Holdings, Inc. was incorporated in 2017 and is headquartered in Plymouth Meeting, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $868M | $255M | $159M | $348M | 18.2% | 21.5% | 9.1% |
| 2024 | $715M | $233M | $145M | $219M | 22.1% | 22.8% | 12.9% |
| 2023 | $582M | $222M | $129M | $219M | 27.6% | 32.9% | -29.0% |
| 2022 | $438M | $147M | $181M | $144M | 45.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 437.86 | 582.02 | 714.73 | 868.45 |
| Operating Revenue | - | 437.86 | 582.02 | 714.73 | 868.45 |
| Cost Of Revenue | - | 83.48 | 121.24 | 156.82 | 198.34 |
| Gross Profit | - | 354.37 | 460.79 | 557.92 | 670.11 |
| Operating Expense | - | 234.19 | 268.76 | 367.09 | 461.64 |
| Research And Development | - | 70.89 | 76.06 | 145.82 | 189.59 |
| Selling General And Administration | - | 163.30 | 192.69 | 221.27 | 272.05 |
| Total Expenses | - | 317.67 | 389.99 | 523.91 | 659.98 |
| Operating Income | - | 120.19 | 192.03 | 190.83 | 208.47 |
| Total Operating Income As Reported | - | 120.19 | 192.03 | 190.83 | 208.47 |
| EBITDA | - | 146.87 | 221.51 | 233.41 | 255.05 |
| Normalized EBITDA | - | 146.87 | 231.28 | 233.41 | 255.05 |
| EBIT | - | 123.48 | 197.15 | 209.30 | 229.71 |
| Interest Income | - | 3.13 | 14.73 | 18.54 | 21.92 |
| Interest Expense | - | 18.80 | 23.76 | 17.50 | 14.65 |
| Net Interest Income | - | -15.67 | -9.03 | 1.05 | 7.28 |
| Other Non Operating Income Expenses | - | 0.17 | 0.16 | -0.07 | -0.68 |
| Other Income Expense | - | 0.17 | -9.61 | -0.07 | -0.68 |
| Interest Income Non Operating | - | 3.13 | 14.73 | 18.54 | 21.92 |
| Interest Expense Non Operating | - | 18.80 | 23.76 | 17.50 | 14.65 |
| Net Non Operating Interest Income Expense | - | -15.67 | -9.03 | 1.05 | 7.28 |
| Pretax Income | - | 104.69 | 173.40 | 191.80 | 215.06 |
| Tax Provision | - | -76.78 | 44.54 | 46.31 | 56.38 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -2.51 | 0 | 0 |
| Net Income Continuous Operations | - | 181.47 | 128.85 | 145.49 | 158.69 |
| Net Income From Continuing And Discontinued Operation | - | 181.47 | 128.85 | 145.49 | 158.69 |
| Net Income From Continuing Operation Net Minority Interest | - | 181.47 | 128.85 | 145.49 | 158.69 |
| Net Income | - | 181.47 | 128.85 | 145.49 | 158.69 |
| Net Income Common Stockholders | - | 181.47 | 128.85 | 145.49 | 158.69 |
| Net Income Including Noncontrolling Interests | - | 181.47 | 128.85 | 145.49 | 158.69 |
| Normalized Income | - | 181.47 | 136.11 | 145.49 | 158.69 |
| Diluted NI Availto Com Stockholders | - | 181.47 | 128.85 | 145.49 | 158.69 |
| Basic Average Shares | - | 59.17 | 59.47 | 56.89 | 57.49 |
| Diluted Average Shares | - | 61.10 | 60.37 | 57.87 | 58.54 |
| Reconciled Depreciation | - | 23.38 | 24.36 | 24.11 | 25.34 |
| Reconciled Cost Of Revenue | - | 83.48 | 121.24 | 156.82 | 198.34 |
| Total Unusual Items | - | 0 | -9.77 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0 | -9.77 | 0 | 0 |
| Special Income Charges | - | 0 | -9.77 | 0 | 0 |
| Other Special Charges | 26.15 | - | 9.77 | - | - |
| General And Administrative Expense | - | 84.02 | 95.29 | 110.35 | 152.54 |
| Other Gand A | - | 84.02 | 95.29 | 110.35 | 152.54 |
| Selling And Marketing Expense | - | 79.28 | 97.40 | 110.92 | 119.51 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Harmony Biosciences Holdings, Inc.this co. | HRMY | $1.9B | 12.02 | 2.19 | 18.2% | 5.17 |
| Trevi Therapeutics, Inc. | TRVI | $2.0B | -46.25 | 10.79 | -23.3% | -45.92 |
| Iovance Biotherapeutics, Inc. | IOVA | $2.0B | -5.00 | 2.80 | -56.0% | -5.25 |
| Ocular Therapeutix, Inc. | OCUL | $1.9B | -7.25 | 2.94 | -40.6% | -5.07 |
| Astrana Health, Inc. | ASTH |
| 2021 | - | - | - | - | - | - | - |
| $1.9B |
| 83.46 |
| 2.41 |
| 2.9% |
| 18.67 |
| Stoke Therapeutics, Inc. | STOK | $1.9B | -272.47 | 5.32 | -2.0% | -95.36 |
| Pulse Biosciences, Inc. | PLSE | $1.9B | -25.62 | 23.12 | -90.2% | -23.61 |
| Zymeworks Inc. | ZYME | $1.8B | -22.76 | 6.88 | -30.2% | -22.40 |
| Maravai LifeSciences Holdings, Inc. | MRVI | $1.8B | -14.08 | 8.67 | -61.6% | -13.48 |
| Peer Median | - | -18.42 | 6.10 | -35.4% | -17.94 | |