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HRMY · NASDAQ · Biotechnology

Harmony Biosciences

Commercializes WAKIX for narcolepsy while developing next-generation pitolisant and rare-neurology therapies.

$39.21

After-hours close−0.01 (−0.03%)

At close$39.22(−1.63%)

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Profile

Harmony Biosciences Holdings, Inc.HRMYHealth Care

Sells WAKIX through U.S. specialty pharmacies for excessive daytime sleepiness and cataplexy in narcolepsy, then reinvests product cash flow in next-generation pitolisant and rare-neurology candidates. WAKIX supplies all revenue, leaving results tied to a licensed franchise, reimbursement, patent protection, and FDA outcomes.

Commercializes WAKIX, an oral once-daily treatment for excessive daytime sleepiness and cataplexy in narcolepsy, through U.S. specialty pharmacies. A dedicated commercial team manages sales, market access, and product distribution. The Bioprojet-licensed medicine generates all revenue within a single rare-neurological-diseases segment.

Extends the pitolisant franchise through Pitolisant GR and Pitolisant HD while developing BP-205, an orexin-2 receptor agonist, and EPX-100 for Dravet and Lennox-Gastaut syndromes. WAKIX cash generation funds clinical development and additional licensing across sleep/wake and rare epilepsy. Operations and revenue remain U.S.-based, and results depend on WAKIX demand, reimbursement, patent protection, licensed rights, and FDA outcomes.

Company facts

CEOJeffrey M. Dayno, M.D.

ListedAug 19, 2020

ExchangeNASDAQ

HeadquartersPlymouth Meeting, PA

CountryUnited States

Employees293

CIK0001802665

ISINUS4131971040

Key statistics

Market cap$2.27B

EPS (ttm)$3.08

P/E (ttm)12.73

ROE20.1%

P/B2.27

P/S2.36

Dividend yield—

Beta0.57vs XLV 0.52

Year to date +4.9% · Average volume (30d) 759.9K

Analysts

Price target, next 12 months$45.00+14.8%Median of 13 analysts · vs the Aug 28 close

ConsensusBuy8 of 13 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $39.21

High$70.00+78.5%

Median$45.00+14.8%

Low$34.00−13.3%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Aug 26, 2026	Wolfe Research	Initiate	Outperform		$60
Aug 5, 2026	Deutsche Bank	Reiterate	Hold	$36	$39
Aug 5, 2026	Truist Financial	Target		$45	$34
Aug 5, 2026	UBS	Reiterate	Neutral	$46	$37
Aug 4, 2026	Oppenheimer	Reiterate	Outperform	$62	$70

Earnings

EPS

Estimate$1.11

ReportedDue Nov 3, 2026

Revenue

Estimate$274.5M

ReportedDue Nov 3, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 4, 2026Q2 FY26	$0.96	$1.28	+33.9%	$250.8M	$261.3M	+4.2%	+8.93%
May 7, 2026Q1 FY26	$0.76	$0.55	−27.6%	$220.8M	$215.4M	−2.5%	−1.37%
Feb 24, 2026Q4 FY25	$0.84	$0.38	−54.8%	$240.3M	$243.8M	+1.4%	0.00%
Nov 4, 2025Q3 FY25	$0.92	$0.87	−5.4%	$240.0M	$239.5M	−0.2%	+2.05%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$184.7M	$200.5M	$239.5M	$243.8M	$215.4M	$261.3M
Gross profit	$152.7M	$162.3M	$179.8M	$175.2M	$170.9M	$198.1M
Operating income	$56.2M	$48.2M	$65.5M	$38.6M	$37.3M	$89.3M
Net income	$45.6M	$39.8M	$50.9M	$22.5M	$32.5M	$75.4M
Diluted EPS	$0.78	$0.68	$0.87	$0.38	$0.55	$1.28
Gross margin	82.7%	81.0%	75.1%	71.9%	79.3%	75.8%
Operating margin	30.4%	24.0%	27.3%	15.8%	17.3%	34.2%

Fiscal years (4-quarter sums)FY21 $305.4M · FY22 $437.9M · FY23 $582.0M · FY24 $714.7M · FY25 $868.5M

Balance sheet, Jun 30, 2026Cash & short-term investments $667.8M · Total debt $154.0M · Total assets $1.37B · Shareholders' equity $999.2M

Dividends

No dividends on record.

Ownership

Institutions 97.78%56.61M sharesInsiders 0.11%64.3K sharesOther 2.11%1.22M shares

Shares outstanding 57.89M · Float 50.37M · 87.0% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
BlackRock, Inc.	7.10M	12.27%	13F	Aug 7, 2026
Marshman Fund Trust II	6.05M	10.60%	13G	Feb 10, 2025
FMR LLC	3.57M	6.17%	13F	Aug 13, 2026
Vanguard Portfolio Management	2.94M	5.08%	13G	Jul 31, 2026
American Century Companies Inc	2.54M	4.39%	13F	Aug 12, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Jan 26, 2026	Sandip Kapadia	officer: CHIEF FINANCIAL OFFICER	−3,746	$37.15
Jan 15, 2026	Sandip Kapadia	officer: CHIEF FINANCIAL OFFICER	−20,961	$35.92
Dec 12, 2025	Jeffrey M. Dayno	director, officer: PRESIDENT, CEO	−5,933	$40.11
Dec 5, 2025	Sandip Kapadia	officer: CHIEF FINANCIAL OFFICER	−20,000	$39.54
Nov 21, 2025	Sandip Kapadia	officer: CHIEF FINANCIAL OFFICER	−3,427	$35.00