Harmony Biosciences (HRMY)
Market Price (8/19/2026): $38.84 | Market Cap: $2.3 BilSector: Health Care | Industry: Biotechnology
Harmony Biosciences (HRMY)
Market Price (8/19/2026): $38.84Market Cap: $2.3 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5%, FCF Yield is 16% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37% Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Trading close to highsDist 52W High is -4.1% Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -51% | Key risksHRMY key risks include [1] its substantial dependence on a single product, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5%, FCF Yield is 16% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Trading close to highsDist 52W High is -4.1% |
| Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -51% |
| Key risksHRMY key risks include [1] its substantial dependence on a single product, Show more. |
Qualitative Assessment
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Harmony Biosciences (HRMY) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Significantly Exceeded Expectations. Harmony Biosciences reported record net product revenue of $261.3 million for fiscal Q2 2026, which ended June 30, 2026, marking a 30% year-over-year increase and surpassing consensus estimates of $250.8 million. Additionally, diluted earnings per share (EPS) of $1.28 substantially beat analyst estimates of $0.96. This strong earnings beat and revenue growth instilled significant investor confidence.
2. Reaffirmed Full-Year 2026 Revenue Guidance and Sustained Demand for WAKIX. The company reiterated its full-year 2026 net product revenue guidance of $1.00 billion to $1.04 billion, underpinned by continued robust demand and disciplined commercial execution for its lead product, WAKIX (pitolisant). WAKIX's performance included an increase of approximately 450 average patients in fiscal Q2, reaching around 8,950 total average patients.
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Harmony Biosciences (HRMY) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Significantly Exceeded Expectations. Harmony Biosciences reported record net product revenue of $261.3 million for fiscal Q2 2026, which ended June 30, 2026, marking a 30% year-over-year increase and surpassing consensus estimates of $250.8 million. Additionally, diluted earnings per share (EPS) of $1.28 substantially beat analyst estimates of $0.96. This strong earnings beat and revenue growth instilled significant investor confidence.
2. Reaffirmed Full-Year 2026 Revenue Guidance and Sustained Demand for WAKIX. The company reiterated its full-year 2026 net product revenue guidance of $1.00 billion to $1.04 billion, underpinned by continued robust demand and disciplined commercial execution for its lead product, WAKIX (pitolisant). WAKIX's performance included an increase of approximately 450 average patients in fiscal Q2, reaching around 8,950 total average patients.
3. Positive Clinical Pipeline Progress with BP-205 and Pitolisant GR. Harmony Biosciences announced encouraging Phase 1 Single Ascending Dose (SAD) data for its orexin-2 agonist, BP-205, demonstrating favorable pharmacokinetic and safety/tolerability profiles, reinforcing its potential as a "best-in-class" candidate. Furthermore, the New Drug Application (NDA) for Pitolisant GR received FDA acceptance in July, with a target PDUFA date of April 1, 2027, indicating progress in expanding the company's product offerings.
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Stock Movement Drivers
Fundamental Drivers
The 24.2% change in HRMY stock from 4/30/2026 to 8/18/2026 was primarily driven by a 10.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.26 | 38.83 | 24.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 868 | 960 | 10.5% |
| Net Income Margin (%) | 18.3% | 18.9% | 3.3% |
| P/E Multiple | 11.2 | 12.4 | 10.5% |
| Shares Outstanding (Mil) | 57 | 58 | -1.6% |
| Cumulative Contribution | 24.2% |
Market Drivers
4/30/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| HRMY | 24.2% | |
| Market (SPY) | 6.8% | 5.4% |
| Sector (XLV) | 16.3% | 25.8% |
Fundamental Drivers
The 6.3% change in HRMY stock from 1/31/2026 to 8/18/2026 was primarily driven by a 16.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.52 | 38.83 | 6.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 826 | 960 | 16.2% |
| Net Income Margin (%) | 22.5% | 18.9% | -16.0% |
| P/E Multiple | 11.3 | 12.4 | 9.6% |
| Shares Outstanding (Mil) | 58 | 58 | -0.7% |
| Cumulative Contribution | 6.3% |
Market Drivers
1/31/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| HRMY | 6.3% | |
| Market (SPY) | 11.2% | 16.7% |
| Sector (XLV) | 10.1% | 22.1% |
Fundamental Drivers
The 10.4% change in HRMY stock from 7/31/2025 to 8/18/2026 was primarily driven by a 28.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.18 | 38.83 | 10.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 745 | 960 | 28.9% |
| Net Income Margin (%) | 20.5% | 18.9% | -7.9% |
| P/E Multiple | 13.2 | 12.4 | -6.0% |
| Shares Outstanding (Mil) | 57 | 58 | -1.1% |
| Cumulative Contribution | 10.4% |
Market Drivers
7/31/2025 to 8/18/2026| Return | Correlation | |
|---|---|---|
| HRMY | 10.4% | |
| Market (SPY) | 22.4% | 16.7% |
| Sector (XLV) | 31.8% | 20.9% |
Fundamental Drivers
The 9.8% change in HRMY stock from 7/31/2023 to 8/18/2026 was primarily driven by a 103.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.37 | 38.83 | 9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 472 | 960 | 103.5% |
| Net Income Margin (%) | 40.2% | 18.9% | -53.0% |
| P/E Multiple | 11.2 | 12.4 | 11.3% |
| Shares Outstanding (Mil) | 60 | 58 | 3.1% |
| Cumulative Contribution | 9.8% |
Market Drivers
7/31/2023 to 8/18/2026| Return | Correlation | |
|---|---|---|
| HRMY | 9.8% | |
| Market (SPY) | 73.6% | 23.5% |
| Sector (XLV) | 32.5% | 22.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HRMY Return | 18% | 29% | -41% | 7% | 9% | 2% | 6% |
| Peers Return | -25% | 30% | 20% | -6% | 40% | 32% | 104% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| HRMY Win Rate | 42% | 58% | 50% | 58% | 58% | 50% | |
| Peers Win Rate | 52% | 58% | 52% | 47% | 60% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HRMY Max Drawdown | -36% | -36% | -65% | -23% | -36% | -31% | |
| Peers Max Drawdown | -50% | -37% | -32% | -34% | -33% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JAZZ, AXSM, ALKS, NBIX, ACAD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/18/2026 (YTD)
How Low Can It Go
| Event | HRMY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.9% | -18.8% |
| % Gain to Breakeven | 26.4% | 23.1% |
| Time to Breakeven | 26 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.3% | -9.5% |
| % Gain to Breakeven | 89.8% | 10.5% |
| Time to Breakeven | 299 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.0% | -24.5% |
| % Gain to Breakeven | 35.2% | 32.4% |
| Time to Breakeven | 42 days | 427 days |
In The Past
Harmony Biosciences's stock fell -20.9% during the 2025 US Tariff Shock. Such a loss loss requires a 26.4% gain to breakeven.
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| Event | HRMY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.9% | -18.8% |
| % Gain to Breakeven | 26.4% | 23.1% |
| Time to Breakeven | 26 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.3% | -9.5% |
| % Gain to Breakeven | 89.8% | 10.5% |
| Time to Breakeven | 299 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.0% | -24.5% |
| % Gain to Breakeven | 35.2% | 32.4% |
| Time to Breakeven | 42 days | 427 days |
In The Past
Harmony Biosciences's stock fell -20.9% during the 2025 US Tariff Shock. Such a loss loss requires a 26.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Harmony Biosciences (HRMY)
Harmony Biosciences (HRMY) is a commercial-stage pharmaceutical company focused on developing and commercializing therapies for patients with rare neurological disorders in the United States. The company, incorporated in 2017 and based in Plymouth Meeting, Pennsylvania, aims to address specific medical needs within this specialized therapeutic area.
The company's primary product is WAKIX (pitolisant), a medication specifically approved for the treatment of excessive daytime sleepiness in adult patients with narcolepsy. Harmony Biosciences' main customers are adult patients in the U.S. diagnosed with narcolepsy who experience this particular symptom, positioning the company as a key provider of treatments for this rare neurological condition.
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Harmony Biosciences (HRMY) can be described as:
- Jazz Pharmaceuticals, but primarily focused on its narcolepsy drug WAKIX.
- Vertex Pharmaceuticals, but for rare neurological sleep disorders.
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- WAKIX: A medication used for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.
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Harmony Biosciences (HRMY), as a commercial-stage pharmaceutical company, sells its medication WAKIX through the established pharmaceutical distribution channels in the United States. Therefore, its major customers are typically large pharmaceutical wholesalers and distributors, who then supply pharmacies and healthcare providers.
The major customers of Harmony Biosciences are most likely the major pharmaceutical wholesalers in the United States. These include:
These companies purchase medications in bulk from manufacturers like Harmony Biosciences and distribute them to retail pharmacies, hospital pharmacies, and other healthcare facilities across the country, which then dispense the medication to individual patients based on prescriptions.
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- Flamma S.p.A.
- Alcami Corporation
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Jeffrey M. Dayno, President and Chief Executive Officer
Dr. Jeffrey M. Dayno assumed the role of President and Chief Executive Officer of Harmony Biosciences in April 2023, having previously served as Interim CEO from January to April 2023. He initially joined Harmony Biosciences as Chief Medical Officer and Executive Vice President in November 2017, the year the company was founded. With over 25 years of experience in the pharmaceutical industry and a background as a practicing neurologist, Dr. Dayno has held leadership positions at various pharmaceutical companies, including Merck & Co., Cephalon, Egalet Corporation (Zyla Life Sciences), and ViroPharma (which was acquired by Shire). He has been instrumental in multiple NDA approvals and product launches throughout his career, and at Harmony, he played a critical role in the FDA approval of WAKIX. Dr. Dayno currently serves on the board of Emalex Biosciences and previously served on the board of Atrin Pharmaceuticals.
Sandip Kapadia, Chief Financial Officer and Chief Administrative Officer
Sandip Kapadia was appointed Chief Financial Officer of Harmony Biosciences effective March 29, 2021. He possesses over 25 years of experience in the life sciences industry, offering strategic financial oversight to companies in both the United States and Europe. Before joining Harmony Biosciences, Mr. Kapadia served as the Chief Financial Officer at Intercept, where he was responsible for leading finance operations, supporting commercialization efforts, executing financial and capital strategies, and raising over $700 million in various financings. Prior to Intercept, he spent a significant portion of his career at Novartis and its affiliates, including serving as Chief Financial Officer of North America at Sandoz, Novartis's generic division. Mr. Kapadia is a Certified Public Accountant and holds an MBA from Rutgers University and a BBA from Montclair State University. He is also a board member of Passage Bio, Inc., Molecular Partners AG, and VectivBio Holding AG.
Dr. Kumar Budur, Executive Vice President, Chief Medical and Scientific Officer
Dr. Kumar Budur serves as the Executive Vice President, Chief Medical and Scientific Officer at Harmony Biosciences, playing a key role in the company's research, development, and medical affairs.
Andrew Serafin, Chief Strategy Officer
Andrew Serafin holds the position of Chief Strategy Officer at Harmony Biosciences, contributing to the company's strategic planning and initiatives.
Adam Zaeske, Chief Commercial Officer
Adam Zaeske is the Chief Commercial Officer at Harmony Biosciences, overseeing the company's commercial operations and strategies.
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- Patent Litigation and Potential for Early Generic Competition for WAKIX: Harmony Biosciences faces significant risk from ongoing intellectual property litigation concerning its primary drug, WAKIX. Analysts have downgraded the company's stock due to concerns about a potential unfavorable ruling in an intellectual property case, which could allow generic versions of WAKIX to enter the market much earlier than anticipated, possibly as soon as this year instead of 2030. This would severely impact Harmony's main revenue source.
- High Reliance on a Single Commercial Product (WAKIX) and Pipeline Development Challenges: The company is heavily reliant on WAKIX for its revenue, making it vulnerable to any issues affecting this product. Harmony's efforts to diversify its product portfolio have faced setbacks, including the failure of a key pipeline candidate, ZYN-002, in its Phase 3 RECONNECT trial for Fragile X Syndrome. Such pipeline failures increase the company's dependence on WAKIX and limit future growth prospects.
- Competitive Market and Drug Pricing Pressures: While WAKIX offers a unique mechanism of action, it operates in a competitive market for narcolepsy treatments. Additionally, Harmony Biosciences, like other pharmaceutical companies, is subject to pressures on US drug prices, which could negatively impact the profitability and market position of WAKIX.
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Harmony Biosciences' main product, WAKIX, addresses the market of patients diagnosed with narcolepsy in the United States.
The addressable market for WAKIX in the U.S. is estimated to be approximately 80,000 diagnosed patients with narcolepsy. Harmony Biosciences has stated that this represents a "large market opportunity" for WAKIX.
The company is guiding WAKIX net revenue to exceed $1 billion, reaching between $1 billion and $1.04 billion, in 2026, indicating this as their targeted opportunity within the narcolepsy market. The overall narcolepsy therapeutics market in the United States was approximately $1.19 billion in 2023 and is projected to reach $1.87 billion by 2030.
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Expected Drivers of Future Revenue Growth for Harmony Biosciences (HRMY)
Over the next 2-3 years, Harmony Biosciences (HRMY) is expected to drive future revenue growth through several key initiatives, primarily centered around its flagship product WAKIX and a robust pipeline expansion:
- Continued Growth and Patient Adoption of WAKIX in Narcolepsy: Harmony Biosciences anticipates sustained revenue growth from its commercial-stage product, WAKIX, for excessive daytime sleepiness and cataplexy in adult patients with narcolepsy. The company has consistently reported strong demand for WAKIX, with an increase in average patients, and has provided guidance for WAKIX net revenue to reach blockbuster status of $1 billion to $1.04 billion in 2026. This growth is driven by WAKIX's broad clinical utility and ongoing commercial execution.
- Expansion of WAKIX Label into New Indications and Patient Populations: Harmony Biosciences is pursuing label expansions for WAKIX to address a broader patient base. A significant driver is the recent FDA approval of WAKIX for the treatment of cataplexy in pediatric narcolepsy patients aged six years and older, which supports pediatric exclusivity and market expansion. Additionally, the company is evaluating pitolisant (WAKIX's active ingredient) for other neurological disorders, including a planned sNDA submission for idiopathic hypersomnia and ongoing Phase 3 trials for pitolisant in Prader-Willi syndrome with topline data expected in the second half of 2026.
- Launch of Next-Generation Pitolisant Formulations: The company is advancing new formulations of pitolisant, including Pitolisant GR (gastro-resistant) and Pitolisant HD (high dose). An NDA submission for Pitolisant GR is on track for Q2 2026, with a target PDUFA date in Q1 2027. Pitolisant HD is currently in Phase 3 registrational clinical trials for narcolepsy (ONSTRIDE 1) and idiopathic hypersomnia (ONSTRIDE 2), with topline data anticipated in 2027 and potential PDUFA dates in 2028. These next-gen formulations are designed to enhance patient adherence and efficacy, extending the pitolisant franchise into the 2040s and expanding its utility for differentiated indications like fatigue in narcolepsy and sleep inertia in idiopathic hypersomnia.
- Advancement and Potential Commercialization of Late-Stage Pipeline Assets: Harmony Biosciences has a robust late-stage pipeline beyond pitolisant, with five ongoing Phase 3 registrational clinical trials across five distinct CNS indications. This includes BP1.15205, a potential best-in-class Orexin-2 agonist, which is currently in a Phase 1 trial with clinical data expected in mid-2026. The company is making strategic investments in research and development to advance these pipeline assets, which are expected to diversify revenue streams beyond WAKIX and contribute to long-term value creation.
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Share Repurchases
- Harmony Biosciences' Board of Directors authorized a $200 million equity buyback program on October 31, 2023.
- Prior to this, a $125 million share repurchase program was announced on August 1, 2023, reflecting confidence in the company's financial health and growth potential.
- As of March 31, 2025, the company had repurchased 1,814,653 shares for approximately $49.99 million under the October 31, 2023 buyback plan.
Share Issuance
- On October 29, 2024, an underwritten public offering of up to 8,000,000 shares of Harmony Biosciences' common stock was commenced by selling shareholders (Marshman Fund Trust II and Valor IV Pharma Holdings, LLC). The company itself did not offer any shares and received no proceeds from this offering.
Inbound Investments
- Zuckerman Investment Group LLC acquired a new stake of 123,255 shares in Harmony Biosciences, valued at approximately $3.40 million, during the third quarter (prior to March 2026).
- Institutional investors and hedge funds collectively own approximately 86.23% of the company's stock.
Outbound Investments
- Harmony Biosciences' strategy includes deploying capital for business development to expand its pipeline and commercial portfolio.
- In Q2 2025, operating expenses included $42.6 million in in-process research and development (IPR&D) charges from Q2 2024 related to a sublicensing agreement with Bioprojet for an orexin-2 agonist compound and the acquisition of Epygenix.
- This was partially offset by a $15.0 million IPR&D charge for an upfront fee from the 2025 CiRC Agreement.
Capital Expenditures
- Harmony Biosciences' capital expenditures have been consistently low, with $0.17 million in 2025, $0.30 million in 2024, $0.00 million in 2023, and $0.15 million in 2022.
- In Q4 2025, the company invested $107K in capital expenditures, primarily funding long-term assets and infrastructure.
- The company's overall investment focus includes advancing its late-stage pipeline and supporting the commercialization of WAKIX.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 9.7% | 79.7% | 140.2% | CAH 411% · MCK 348% · COR 179% |
| Health Care Services | 20 | 20.0% | 41.9% | 9.5% | HIMS 302% · RDNT 143% · DGX 72% |
| Managed Health Care | 8 | 33.2% | -3.6% | 1.3% | OSCR 142% · HQY 64% · ELV 14% |
| Health Care Facilities | 24 | 11.9% | -3.3% | -15.7% | THC 289% · NHC 263% · ENSG 132% |
| Health Care Equipment | 51 | -2.3% | -9.2% | -18.9% | POCI 10738% · UFPT 396% · GKOS 288% |
| Health Care Supplies | 12 | 38.3% | -12.4% | -27.5% | LNTH 314% · HAE 81% · MMSI 31% |
| Pharmaceuticals | 63 | 3.1% | -1.7% | -31.9% | LQDA 2959% · INDV 1388% · ETON 1385% |
| Life Sciences Tools & Services | 108 | -8.4% | -32.7% | -70.6% | SNWV 1953% · ELMD 259% · MEDP 235% |
| Health Care Technology | 20 | -28.4% | -53.8% | -73.9% | SPOK 37% · HSTM -2% · VEEV -24% |
| Biotechnology ← | 365 | 6.6% | -27.4% | -77.2% | BRTX 106400% · DNTH 1803% · CELZ 1443% |
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 101.85 |
| Mkt Cap | 9.7 |
| Rev LTM | 1,403 |
| Op Inc LTM | 187 |
| FCF LTM | 288 |
| FCF 3Y Avg | 309 |
| CFO LTM | 303 |
| CFO 3Y Avg | 329 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.4% |
| Rev Chg 3Y Avg | 25.5% |
| Rev Chg Q | 28.6% |
| QoQ Delta Rev Chg LTM | 6.8% |
| Op Inc Chg LTM | 8.1% |
| Op Inc Chg 3Y Avg | 21.0% |
| Op Mgn LTM | 15.4% |
| Op Mgn 3Y Avg | 17.6% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 20.8% |
| CFO/Rev 3Y Avg | 24.8% |
| FCF/Rev LTM | 19.5% |
| FCF/Rev 3Y Avg | 22.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.7 |
| P/S | 4.6 |
| P/Op Inc | 17.5 |
| P/EBIT | 18.4 |
| P/E | 15.3 |
| P/CFO | 13.5 |
| Total Yield | 5.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.0 |
| Net D/E | -0.0 |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA211150 | WAKIX | pitolisant hydrochloride | tablet | 8142019 | |||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA211150 | WAKIX | pitolisant hydrochloride | tablet | 8142019 | |||||
Price Behavior
| Market Price | $38.83 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 08/19/2020 | |
| Distance from 52W High | -4.1% | |
| 50 Days | 200 Days | |
| DMA Price | $35.93 | $33.67 |
| DMA Trend | up | up |
| Distance from DMA | 8.1% | 15.3% |
| 3M | 1YR | |
| Volatility | 43.6% | 44.1% |
| Downside Capture | -96.33 | 59.92 |
| Upside Capture | 30.90 | 54.43 |
| Correlation (SPY) | 4.5% | 15.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.31 | -0.23 | -0.08 | 0.46 | 0.51 | 0.74 |
| Up Beta | 1.31 | 0.27 | 0.61 | 0.92 | 0.74 | 0.58 |
| Down Beta | -1.37 | -0.15 | -0.11 | 0.55 | 0.00 | 0.51 |
| Up Capture | 28% | -4% | 5% | 16% | 45% | 67% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 20 | 29 | 57 | 118 | 360 |
| Down Capture | 80% | -82% | -66% | 39% | 78% | 102% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 22 | 33 | 67 | 129 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HRMY | |
|---|---|---|---|---|
| HRMY | 5.3% | 44.0% | 0.24 | - |
| Sector ETF (XLV) | 26.3% | 15.5% | 1.31 | 19.5% |
| Equity (SPY) | 20.4% | 12.8% | 1.17 | 15.2% |
| Gold (GLD) | 29.8% | 28.5% | 0.91 | -2.8% |
| Commodities (DBC) | 40.2% | 20.2% | 1.56 | -10.1% |
| Real Estate (VNQ) | 13.1% | 13.9% | 0.65 | 12.3% |
| Bitcoin (BTCUSD) | -45.4% | 42.7% | -1.30 | 7.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HRMY | |
|---|---|---|---|---|
| HRMY | 5.1% | 50.0% | 0.28 | - |
| Sector ETF (XLV) | 6.6% | 15.0% | 0.25 | 28.2% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 27.4% |
| Gold (GLD) | 19.8% | 18.6% | 0.87 | -2.7% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | -2.0% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 24.9% |
| Bitcoin (BTCUSD) | 7.1% | 52.6% | 0.32 | 15.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HRMY | |
|---|---|---|---|---|
| HRMY | 0.4% | 52.2% | 0.22 | - |
| Sector ETF (XLV) | 10.4% | 16.7% | 0.51 | 26.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 26.2% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | -2.7% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 0.1% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 22.8% |
| Bitcoin (BTCUSD) | 59.9% | 66.0% | 1.00 | 11.5% |
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Returns Analyses
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 8.9% | 9.6% | |
| 5/7/2026 | -4.1% | -5.9% | -1.8% |
| 2/24/2026 | 4.9% | 7.6% | 0.9% |
| 11/4/2025 | 4.7% | 8.5% | 30.4% |
| 8/5/2025 | -1.7% | -2.1% | 5.6% |
| 5/6/2025 | 7.0% | 19.0% | 17.4% |
| 2/25/2025 | 8.2% | -5.9% | -3.5% |
| 10/29/2024 | 16.1% | -7.6% | -2.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 13 |
| # Negative | 9 | 9 | 10 |
| Median Positive | 6.2% | 9.6% | 16.6% |
| Median Negative | -4.1% | -5.9% | -4.3% |
| Max Positive | 19.4% | 26.5% | 49.2% |
| Max Negative | -17.6% | -25.6% | -12.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 8.9% | 9.6% | |
| 5/7/2026 | -4.1% | -5.9% | -1.8% |
| 2/24/2026 | 4.9% | 7.6% | 0.9% |
| 11/4/2025 | 4.7% | 8.5% | 30.4% |
| 8/5/2025 | -1.7% | -2.1% | 5.6% |
| 5/6/2025 | 7.0% | 19.0% | 17.4% |
| 2/25/2025 | 8.2% | -5.9% | -3.5% |
| 10/29/2024 | 16.1% | -7.6% | -2.6% |
| 8/6/2024 | 6.2% | 8.1% | 16.6% |
| 4/30/2024 | 5.7% | 5.6% | 0.3% |
| 2/22/2024 | -4.7% | 0.8% | 1.7% |
| 10/31/2023 | 19.4% | 26.5% | 49.2% |
| 8/1/2023 | -3.9% | -5.3% | -1.1% |
| 5/2/2023 | 2.4% | 10.0% | 5.6% |
| 2/21/2023 | -11.1% | -9.2% | -10.7% |
| 11/1/2022 | 14.0% | 9.8% | 14.9% |
| 8/2/2022 | 12.6% | 9.7% | -10.3% |
| 5/3/2022 | -17.6% | -25.6% | -5.1% |
| 2/28/2022 | 5.4% | 6.1% | 34.4% |
| 11/9/2021 | -0.9% | -3.7% | -7.0% |
| 8/11/2021 | 4.1% | 3.4% | 18.9% |
| 5/11/2021 | -3.1% | 11.5% | 22.3% |
| 3/25/2021 | 3.5% | 14.9% | -2.1% |
| 11/12/2020 | -7.4% | -9.8% | -12.0% |
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 13 |
| # Negative | 9 | 9 | 10 |
| Median Positive | 6.2% | 9.6% | 16.6% |
| Median Negative | -4.1% | -5.9% | -4.3% |
| Max Positive | 19.4% | 26.5% | 49.2% |
| Max Negative | -17.6% | -25.6% | -12.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 05/11/2021 | 10-Q |
| 12/31/2020 | 03/25/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/20/2020 | 424B4 |
| 03/31/2020 | 07/27/2020 | S-1 |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 WAKIX Net Revenue | 1.00 Bil | 1.02 Bil | 1.04 Bil | 0 | Affirmed | Guidance: 1.02 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.00 Bil | 1.02 Bil | 1.04 Bil | 0.0% | Affirmed | Guidance: 1.02 Bil for 2026 | |
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.00 Bil | 1.02 Bil | 1.04 Bil | 19.3% | Higher New | Guidance: 855.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net Product Revenue | 845.00 Mil | 855.00 Mil | 865.00 Mil | 1.8% | Raised | Guidance: 840.00 Mil for 2025 | |
Insider Activity
Updated 5/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kapadia, Sandip | CHIEF FINANCIAL OFFICER | Direct | Sell | 1282026 | 37.15 | 3,746 | 139,171 | 911,004 | Form |
| 2 | Kapadia, Sandip | CHIEF FINANCIAL OFFICER | Direct | Sell | 1202026 | 35.92 | 20,961 | Form | ||
| 3 | Dayno, Jeffrey M | PRESIDENT, CEO | Direct | Sell | 12172025 | 40.11 | 25,933 | Form | ||
| 4 | Kapadia, Sandip | CHIEF FINANCIAL OFFICER | Direct | Sell | 12092025 | 39.54 | 20,000 | Form | ||
| 5 | Kapadia, Sandip | CHIEF FINANCIAL OFFICER | Direct | Sell | 11252025 | 35.00 | 3,427 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kapadia, Sandip | CHIEF FINANCIAL OFFICER | Direct | Sell | 1282026 | 37.15 | 3,746 | 139,171 | 911,004 | Form |
| 2 | Kapadia, Sandip | CHIEF FINANCIAL OFFICER | Direct | Sell | 1202026 | 35.92 | 20,961 | Form | ||
| 3 | Dayno, Jeffrey M | PRESIDENT, CEO | Direct | Sell | 12172025 | 40.11 | 25,933 | Form | ||
| 4 | Kapadia, Sandip | CHIEF FINANCIAL OFFICER | Direct | Sell | 12092025 | 39.54 | 20,000 | Form | ||
| 5 | Kapadia, Sandip | CHIEF FINANCIAL OFFICER | Direct | Sell | 11252025 | 35.00 | 3,427 | Form | ||
| 6 | Kapadia, Sandip | CHIEF FINANCIAL OFFICER | Direct | Sell | 8192025 | 36.50 | 21,573 | Form |
Investor Activity (13F)
Updated Aug 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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