Harmony Biosciences Reports 16% Revenue Growth to $200.5 Million in Latest Quarter

Harmony Biosciences Holdings, Inc. reported significant financial growth in its latest quarterly filing, with net product revenue reaching $200.5 million for the three months ended June 30, 2025, a 16% increase from $172.8 million in the same period last year. For the first half of 2025, revenue rose to $385.2 million, up 17.7% from $327.4 million in the prior year. The increase was attributed to a 10% rise in units shipped and a 7% price increase, although this was partially offset by higher rebates. The company's gross profit for the quarter was $162.3 million, leading to an operating income of $48.2 million, compared to $21.4 million in the previous year.

In terms of expenses, Harmony's total operating expenses decreased to $114.2 million for the second quarter, down from $119.3 million a year earlier. This decline was primarily due to a significant reduction in research and development costs, which fell to $50.2 million from $63.6 million, largely because of a $42.6 million charge related to in-process research and development (IPR&D) recognized in the prior year. The company also reported a net income of $39.8 million for the quarter, a substantial increase from $11.6 million in the same quarter of 2024.

Strategically, Harmony has been active in expanding its product pipeline and market presence. The company completed the acquisition of Epygenix Therapeutics in April 2024, which provided it with 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 also launched new formulations of its lead product, WAKIX, and is advancing clinical trials for these products.

Operationally, Harmony has seen an increase in its customer base, with approximately 9,000 healthcare professionals prescribing WAKIX as of June 30, 2025. The average number of patients on WAKIX during the quarter was around 7,600, and the company has achieved formulary access for over 80% of insured lives in the U.S. The company’s cash and cash equivalents stood at $546.1 million, with total assets amounting to $1.1 billion, reflecting a solid financial position to support ongoing operations and future growth initiatives.

Looking ahead, Harmony expects to continue its growth trajectory, driven by the expansion of its product offerings and ongoing clinical trials. The company is focused on leveraging its existing cash reserves and operational capabilities to meet its liquidity needs and fund potential investments over the next twelve months. The management remains optimistic about the future, emphasizing its commitment to addressing the unmet needs of patients with neurological diseases.