Harmony Biosciences Holdings, Inc. reported significant financial growth in its latest quarterly filing, with net product revenue reaching $239.5 million for the three months ended September 30, 2025, a 28.7% increase from $186.0 million in the same period last year. For the nine months ended September 30, 2025, revenue rose to $624.7 million, up 21.7% from $513.5 million in 2024. The increase in revenue was primarily driven by a 26.8% rise in the number of units shipped and a 7.0% price increase, although this was partially offset by higher rebates.
The company's operating income for the third quarter was $65.5 million, compared to $61.7 million in the prior year, while net income increased to $50.9 million from $46.1 million. The gross profit margin improved, with gross profit for the quarter at $179.8 million, up from $143.3 million in the previous year. However, operating expenses also rose significantly, totaling $114.3 million for the quarter, up from $81.6 million, largely due to increased research and development costs associated with ongoing clinical trials and product development.
In terms of strategic developments, Harmony Biosciences has expanded its portfolio through acquisitions, including the purchase of Zynerba Pharmaceuticals in October 2023, which added rights to develop and commercialize ZYN002, a cannabidiol gel for neurobehavioral disorders. Additionally, the company acquired Epygenix Therapeutics in April 2024, gaining exclusive rights to clemizole hydrochloride for treating Dravet Syndrome and Lennox-Gastaut Syndrome. These acquisitions align with Harmony's focus on addressing unmet needs in rare neurological diseases.
Operationally, the company reported approximately 9,000 healthcare professionals prescribing WAKIX, its primary product for narcolepsy, with an average of 8,100 patients on the medication as of September 30, 2025. Harmony has also achieved formulary access for over 80% of insured lives in the U.S. The company’s cash and cash equivalents increased to $647.3 million, up from $453.3 million at the end of 2024, providing a strong liquidity position to support ongoing operations and future investments.
Looking ahead, Harmony Biosciences anticipates continued growth driven by its expanding product pipeline and strategic initiatives. The company is focused on advancing clinical trials for new formulations of pitolisant and exploring additional indications for its existing products. Management believes that the current cash reserves and revenue growth will support operational needs and potential investments for at least the next twelve months.
About Harmony Biosciences Holdings, Inc.
Harmony Biosciences is a neuroscience company focused on developing and commercializing treatments for rare neurological disorders. Its core product, WAKIX (pitolisant), addresses narcolepsy and related sleep disorders, offering a non-scheduled, first-in-class therapy with a novel mechanism. The company also advances pipeline candidates for hypersomnia, epilepsy, and neurobehavioral conditions, leveraging scientific innovation and strategic licensing to serve patients with limited treatment options.
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