Harmony Biosciences Holdings, Inc.

harmonybiosciences.com

What Do They Do?

Sells WAKIX, a prescription medicine for narcolepsy, and develops treatments for patients with rare neurological diseases.

How Do They Make Money?

Harmony sells WAKIX to specialty pharmaceutical distributors; the sale is tied to delivery, and customer payment terms are no longer than one year.

FY2025 revenue

Who Are Their Customers?

Harmony sells WAKIX to a limited number of specialty distributors, which in turn distribute it to patients.

Customers above 10% of revenue, FY2025

of revenue from three customers (38%, 36%, 26%)

FY2023: 100% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 18 cents of every revenue dollar as net income in FY2025 and turned 40 cents into free cash flow.

Operating income, FY2025

24% of revenue

▲ +9% vs FY2024 ($190.8M, 27%)

Net income, FY2025

18% of revenue

▲ +9% vs FY2024 ($145.5M, 20%)

Free cash flow, FY2025

40% of revenue

▲ +59% vs FY2024 ($218.7M, 31%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +30%; vs $200.5M in Q2 FY2025
Net income: ▲ +90%; vs $39.8M in Q2 FY2025

Aug 4, 2026 Reiterated 2026 WAKIX revenue guidance The company maintained its full-year net product revenue guidance of $1.0 billion to $1.04 billion.
Jul 16, 2026 Chief financial officer Glenn Reicin stepped down Stephen Mollichella was appointed interim principal financial officer.
May 7, 2026 Confirmed 2026 revenue guidance The company reiterated WAKIX net revenue guidance of $1.0 billion to $1.04 billion.
Apr 14, 2026 Appointed Glenn Reicin as chief financial officer Sandip Kapadia stepped down as chief financial officer on the same day.

Growing. Revenue grew 2.8x in 4 years, from $305.4M in FY2021 to $868.5M in FY2025, about 30% a year.

Expanded pediatric use The older report described WAKIX for adults with narcolepsy; the latest report also describes its use for pediatric patients with narcolepsy.

Added rare-epilepsy candidates The older report focused on WAKIX and pitolisant development for neurological diseases; the latest includes acquired candidates for rare epilepsy.

Broadened development beyond pitolisant Alongside pitolisant programs, the latest report adds an orexin medicine and a research collaboration using cell replacement therapy.

Who Do They Compete With?

Competes with Jazz Pharmaceuticals, Axsome, Avadel Pharmaceuticals, Alkermes, Hikma Pharmaceuticals, Amneal Pharmaceuticals, Takeda, Sumitomo Pharma, Centessa, Aardvark Therapeutics, Rhythm Pharmaceuticals, Palobiofarma, Avidity Biosciences, Vertex Pharmaceuticals, Entrada Therapeutic, PepGen, Soleno Therpeutics, UCB, Biocodex, and Eisai

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