Harmony Biosciences Reports 19.5% Revenue Growth to $184.7 Million in Q1 2025

Harmony Biosciences Holdings, Inc. reported a significant increase in financial performance for the first quarter of 2025, with net product revenue reaching $184.7 million, a 19.5% increase from $154.6 million in the same period of 2024. The growth was primarily driven by a 17% rise in the number of units shipped and a 7% price increase, although this was partially offset by higher rebates. The company's gross profit also saw an increase, rising to $152.7 million from $127.1 million year-over-year. Operating income for the quarter was $56.2 million, compared to $52.0 million in the prior year, while net income increased to $45.6 million from $38.3 million, resulting in earnings per share of $0.79, up from $0.68.

In terms of operational developments, Harmony has expanded its product pipeline and market presence through strategic acquisitions and partnerships. Notably, the company completed the acquisition of Epygenix Therapeutics in April 2024, which provided exclusive rights to develop treatments for Dravet Syndrome and Lennox-Gastaut Syndrome. Additionally, Harmony entered into a sublicense agreement for an orexin-2 receptor agonist, further diversifying its portfolio. The company is also advancing two new formulations of its lead product, WAKIX, which are currently in clinical development.

The company reported a total of approximately 7,300 patients on WAKIX as of March 31, 2025, with over 9,000 healthcare professionals prescribing the medication. Harmony has secured formulary access for more than 80% of insured lives in the U.S., indicating strong market penetration. The company’s employee headcount has also increased, contributing to a rise in research and development expenses, which totaled $34.5 million for the quarter, up from $22.2 million in the previous year. This increase reflects the company's commitment to advancing its clinical programs and expanding its product offerings.

Looking ahead, Harmony expects to continue its growth trajectory, supported by its robust pipeline and strategic initiatives. The company anticipates that its existing cash, cash equivalents, and investments, totaling $610.2 million as of March 31, 2025, will be sufficient to meet operational liquidity needs and fund potential investments over the next twelve months. Harmony remains focused on addressing unmet medical needs in rare neurological diseases and is optimistic about the future of its product candidates, including ongoing clinical trials and potential new indications for WAKIX.