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    Harmony Biosciences (HRMY)

    Market Price (9/4/2026): $41.52 | Market Cap: $2.4 BilSector: Health Care | Industry: Biotechnology

    Harmony Biosciences (HRMY)

    Market Price (9/4/2026): $41.52
    Market Cap: $2.4 Bil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1%, FCF Yield is 15%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21%

    Attractive operating margins
    Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%

    Attractive cash flow generation
    CFO/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 volatility
    Vol 12M is 45%

    Megatrend and thematic drivers
    Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.

    Trading close to highs
    Dist 52W High is -2.3%, Dist 3Y High is -2.3%

    Weak multi-year price returns
    2Y Excs Rtn is -21%, 3Y Excs Rtn is -53%

    Key risks
    HRMY key risks include [1] its substantial dependence on a single product, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1%, FCF Yield is 15%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21%
    2 Attractive operating margins
    Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%
    3 Attractive cash flow generation
    CFO/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%
    4 Low stock price volatility
    Vol 12M is 45%
    5 Megatrend and thematic drivers
    Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.
    6 Trading close to highs
    Dist 52W High is -2.3%, Dist 3Y High is -2.3%
    7 Weak multi-year price returns
    2Y Excs Rtn is -21%, 3Y Excs Rtn is -53%
    8 Key risks
    HRMY key risks include [1] its substantial dependence on a single product, Show more.

    HRMY in ETFs

    Weight = HRMY's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.05%
    IJR0.08%
    VB0.02%
    AVUV0.31%
    SLYG0.18%
    IJT0.17%
    +10 more covered ETFs

    Valuation & Metrics

    FYE: 12/31HRMY [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$959.9 Mil—
    FY 2026 Sales$1.0 Bil—
    FY 2027 Sales$1.2 Bil—
    FY 2026 Sales Growth7.4%—
    FY 2027 Sales Growth12.6%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$181.3 Mil—
    FY 2026 Net Income (Non-GAAP)$240.3 Mil—
    FY 2027 Net Income (Non-GAAP)$253.3 Mil—
    FY 2027 Net Income Growth5.4%18.6%
    FY 2026 EPS (Non-GAAP)$3.94—
    FY 2027 EPS (Non-GAAP)$4.28—
    FY 2027 EPS Growth8.5%—
    VALUATION
    FY 2026 P/S2.31.7
    FY 2027 P/S2.1—
    FY 2026 P/E10.07.8
    FY 2027 P/E9.5—

    [1] HRMY forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    HRMYS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)1.0
    Rev Chg Q30.3%9.3%
    Rev Chg LTM24.3%8.3%
    Rev Chg 3Y Avg24.5%5.9%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)0.2
    CFO LTM ($ Bil)0.4
    Net Inc LTM ($ Bil)0.2
    Op Mgn LTM24.0%18.6%
    CFO/Rev LTM37.0%21.8%
    Net Inc Mgn18.9%13.1%
    VALUATIONLOW
    P/S2.53.2
    P/CFO6.815.4
    P/FCF6.819.9
    P/E13.323.2
    STABILITYVERY GOOD
    Debt/Equity0.060.20
    Cash/Assets0.490.07

    AI Analysis | Feedback

    MetricValueDateSource
    Average number of patients on WAKIX81009302025Link
    New patients on WAKIX in the quarter5009302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/2/2026

    Harmony Biosciences (HRMY) stock has gained about 35% since 5/31/2026 because of the following key factors:

    1. Harmony Biosciences reported strong financial results for fiscal Q2 2026, surpassing analyst expectations for both revenue and earnings. The company announced Q2 2026 diluted earnings per share (EPS) of $1.28, significantly exceeding the consensus estimate of $0.96 by $0.32. Additionally, net product revenue for WAKIX® (pitolisant) reached $261.3 million, marking a 30% year-over-year growth and surpassing the consensus estimate of $250.77 million. This strong performance was driven by continued demand for WAKIX, with average patients increasing by 450 to approximately 8,950, and the company reiterated its full-year 2026 WAKIX net revenue guidance of $1.0 billion to $1.04 billion.

    2. The company announced encouraging early clinical data for its orexin-2 receptor (OX2R) agonist, BP-205, and provided positive updates on its pipeline. Harmony Biosciences reported favorable pharmacokinetic (PK) and safety/tolerability profiles from the single ascending dose (SAD) data of its Phase 1 study for BP-205, reinforcing its potential as a best-in-class OX2R agonist. The Investigational New Drug (IND) application for BP-205 is open in the U.S., with plans to initiate a Phase 1b study in sleep-deprived healthy volunteers in fiscal Q3 2026, with data expected in early 2027. Furthermore, Harmony Biosciences is on track to initiate Phase 2 studies for BP-205 in multiple central nervous system (CNS) indications starting in mid-2027. The company also noted the acceptance of its Pitolisant GR New Drug Application (NDA) in July 2026, with a target PDUFA date of April 1, 2027, and that Pitolisant HD remains on schedule for Phase 3 topline data in 2027 and a target PDUFA date in 2028.

    Show more
    Updated on 9/2/2026

    Harmony Biosciences (HRMY) stock has gained about 35% since 5/31/2026 because of the following key factors:

    1. Harmony Biosciences reported strong financial results for fiscal Q2 2026, surpassing analyst expectations for both revenue and earnings. The company announced Q2 2026 diluted earnings per share (EPS) of $1.28, significantly exceeding the consensus estimate of $0.96 by $0.32. Additionally, net product revenue for WAKIX® (pitolisant) reached $261.3 million, marking a 30% year-over-year growth and surpassing the consensus estimate of $250.77 million. This strong performance was driven by continued demand for WAKIX, with average patients increasing by 450 to approximately 8,950, and the company reiterated its full-year 2026 WAKIX net revenue guidance of $1.0 billion to $1.04 billion.

    2. The company announced encouraging early clinical data for its orexin-2 receptor (OX2R) agonist, BP-205, and provided positive updates on its pipeline. Harmony Biosciences reported favorable pharmacokinetic (PK) and safety/tolerability profiles from the single ascending dose (SAD) data of its Phase 1 study for BP-205, reinforcing its potential as a best-in-class OX2R agonist. The Investigational New Drug (IND) application for BP-205 is open in the U.S., with plans to initiate a Phase 1b study in sleep-deprived healthy volunteers in fiscal Q3 2026, with data expected in early 2027. Furthermore, Harmony Biosciences is on track to initiate Phase 2 studies for BP-205 in multiple central nervous system (CNS) indications starting in mid-2027. The company also noted the acceptance of its Pitolisant GR New Drug Application (NDA) in July 2026, with a target PDUFA date of April 1, 2027, and that Pitolisant HD remains on schedule for Phase 3 topline data in 2027 and a target PDUFA date in 2028.

    3. Several financial analysts initiated or upgraded their ratings and increased price targets for Harmony Biosciences. On August 26, 2026, Wolfe Research initiated coverage of HRMY with an "Outperform" rating and a $60 price target, suggesting a potential upside of approximately 54%. Wall Street Zen upgraded the stock from "buy" to "strong-buy" on August 16, 2026. Additionally, on August 4, 2026, Oppenheimer reiterated an "Outperform" rating with a $70 price target, and Needham & Company LLC raised its price objective from $45.00 to $50.00 while maintaining a "buy" rating. The average analyst price target for HRMY ranges from $46.10 to $47.36, indicating a significant potential upside from its current trading levels.

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    Stock Movement Drivers

    Fundamental Drivers

    The 32.5% change in HRMY stock from 5/31/2026 to 9/3/2026 was primarily driven by a 16.6% change in the company's Net Income Margin (%).
    (LTM values as of)53120269032026Change
    Stock Price ($)31.5941.8632.5%
    Change Contribution By: 
    Total Revenues ($ Mil)8999606.8%
    Net Income Margin (%)16.2%18.9%16.6%
    P/E Multiple12.513.46.7%
    Shares Outstanding (Mil)5858-0.2%
    Cumulative Contribution32.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/3/2026
    ReturnCorrelation
    HRMY32.5% 
    Market (SPY)2.2%3.2%
    Sector (XLV)15.9%31.6%

    Fundamental Drivers

    The 46.7% change in HRMY stock from 2/28/2026 to 9/3/2026 was primarily driven by a 30.5% change in the company's P/E Multiple.
    (LTM values as of)22820269032026Change
    Stock Price ($)28.5441.8646.7%
    Change Contribution By: 
    Total Revenues ($ Mil)86896010.5%
    Net Income Margin (%)18.3%18.9%3.3%
    P/E Multiple10.313.430.5%
    Shares Outstanding (Mil)5758-1.6%
    Cumulative Contribution46.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/3/2026
    ReturnCorrelation
    HRMY46.7% 
    Market (SPY)13.0%16.6%
    Sector (XLV)8.6%33.9%

    Fundamental Drivers

    The 13.5% change in HRMY stock from 8/31/2025 to 9/3/2026 was primarily driven by a 24.3% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120259032026Change
    Stock Price ($)36.8941.8613.5%
    Change Contribution By: 
    Total Revenues ($ Mil)77396024.3%
    Net Income Margin (%)23.4%18.9%-19.4%
    P/E Multiple11.713.414.2%
    Shares Outstanding (Mil)5758-0.8%
    Cumulative Contribution13.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/3/2026
    ReturnCorrelation
    HRMY13.5% 
    Market (SPY)20.9%14.6%
    Sector (XLV)27.7%21.6%

    Fundamental Drivers

    The 15.5% change in HRMY stock from 8/31/2023 to 9/3/2026 was primarily driven by a 92.4% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120239032026Change
    Stock Price ($)36.2541.8615.5%
    Change Contribution By: 
    Total Revenues ($ Mil)49996092.4%
    Net Income Margin (%)40.1%18.9%-53.0%
    P/E Multiple10.913.423.2%
    Shares Outstanding (Mil)60583.5%
    Cumulative Contribution15.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/3/2026
    ReturnCorrelation
    HRMY15.5% 
    Market (SPY)77.7%23.2%
    Sector (XLV)36.2%23.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    HRMY Return18%29%-41%7%9%15%19%
    Peers Return-25%30%20%-6%40%30%100%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    HRMY Win Rate42%58%50%58%58%56% 
    Peers Win Rate52%58%52%47%60%53% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    HRMY Max Drawdown-36%-36%-65%-23%-36%-31% 
    Peers Max Drawdown-50%-37%-32%-34%-33%-20% 
    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 9/3/2026 (YTD)

    How Low Can It Go

    EventHRMYS&P 500
    2025 US Tariff Shock
      % Loss-20.9%-18.8%
      % Gain to Breakeven26.4%23.1%
      Time to Breakeven26 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-47.3%-9.5%
      % Gain to Breakeven89.8%10.5%
      Time to Breakeven299 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-26.0%-24.5%
      % Gain to Breakeven35.2%32.4%
      Time to Breakeven42 days427 days

    Compare to JAZZ, AXSM, ALKS, NBIX, ACAD

    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.

    EventHRMYS&P 500
    2025 US Tariff Shock
      % Loss-20.9%-18.8%
      % Gain to Breakeven26.4%23.1%
      Time to Breakeven26 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-47.3%-9.5%
      % Gain to Breakeven89.8%10.5%
      Time to Breakeven299 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-26.0%-24.5%
      % Gain to Breakeven35.2%32.4%
      Time to Breakeven42 days427 days

    Compare to JAZZ, AXSM, ALKS, NBIX, ACAD

    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)

    ```html

    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.

    ```

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • WAKIX: A medication used for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.

    AI Analysis | Feedback

    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:

    • AmerisourceBergen Corporation (ABC)
    • Cardinal Health, Inc. (CAH)
    • McKesson Corporation (MCK)

    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.

    AI Analysis | Feedback

    • Flamma S.p.A.
    • Alcami Corporation

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    Here are the key risks to Harmony Biosciences:
    1. 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.
    2. 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.
    3. 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.

    AI Analysis | Feedback

    Competition from Avadel Pharmaceuticals' Lumryz, an extended-release sodium oxybate product for narcolepsy approved by the FDA in May 2023. Its once-nightly dosing offers a potential convenience advantage over existing treatments, increasing competition in the narcolepsy market.
    The ongoing development of novel orexin receptor agonists by various pharmaceutical companies. These drugs, while some specific programs have faced setbacks, aim to address the underlying pathology of narcolepsy type 1 and could offer more effective or disease-modifying treatments than symptomatic therapies like WAKIX if successfully brought to market.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.

    AI Analysis | Feedback

    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.

    Better Bets vs. Harmony Biosciences (HRMY)

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    NUTX (77.9% | 3.7x)
    Nutex Health
    ABUS (358.2% | 6.9x)
    Arbutus Biopharma
    RIGL (37.3% | 10.3x)
    Rigel Pharmaceuticals

    Higher Rev Chg LTM (Value for HRMY: 24.3%)

    INSM (185.8%)
    Insmed
    ALNY (95.1%)
    Alnylam Pharmaceuticals
    WAT (52.5%)
    Waters
    LLY (49.6%)
    Eli Lilly
    NTRA (37.8%)
    Natera

    Higher Rev Chg 3Y Avg (Value for HRMY: 24.5%)

    CI (131.9%)
    Cigna
    INSM (76.3%)
    Insmed
    ALNY (63.2%)
    Alnylam Pharmaceuticals
    NTRA (42.8%)
    Natera
    LLY (39.4%)
    Eli Lilly

    Higher Op Mgn LTM (Value for HRMY: 24.0%)

    LLY (49.7%)
    Eli Lilly
    GILD (38.5%)
    Gilead Sciences
    ABBV (33.9%)
    AbbVie
    AMGN (30.0%)
    Amgen
    JNJ (26.8%)
    Johnson & Johnson

    Higher CFO/Rev LTM (Value for HRMY: 37.0%)

    UTHR (53.4%)
    United Therapeutics
    HALO (49.2%)
    Halozyme Therapeutics
    EXEL (48.6%)
    Exelixis
    VEEV (48.2%)
    Veeva Systems
    GILD (44.5%)
    Gilead Sciences

    Higher FCF/Rev LTM (Value for HRMY: 37.0%)

    KRYS (58.5%)
    Krystal Biotech
    VEEV (48.2%)
    Veeva Systems
    EXEL (47.5%)
    Exelixis
    PTGX (46.3%)
    Protagonist Therapeutics
    GILD (42.5%)
    Gilead Sciences

    Higher Total Yield (Value for HRMY: 7.5%)

    ZTS (11.0%)
    Zoetis
    CI (10.7%)
    Cigna
    BMY (10.3%)
    Bristol-Myers Squibb
    PFE (8.6%)
    Pfizer
    HCA (8.3%)
    HCA Healthcare

    All Other Sectors

    Higher Rev Chg 3Y Avg | Lower P/S (Values for HRMY: 24.5% | 2.5x)

    OKE (28.9% | 1.5x)
    ONEOK
    CVNA (30.8% | 2.1x)
    Carvana
    CLS (27.1% | 2.3x)
    Celestica
    LVS (29.4% | 2.1x)
    Las Vegas Sands
    LPLA (28.2% | 1.5x)
    LPL Financial

    Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HRMY: 24.5% | 10.5x)

    NEM (32.1% | 9.8x)
    Newmont
    B (25.3% | 7.1x)
    Barrick Mining
    OKE (28.9% | 9.8x)
    ONEOK
    FANG (28.4% | 9.4x)
    Diamondback Energy
    KGC (29.4% | 8.5x)
    Kinross Gold

    Higher Rev Chg LTM (Value for HRMY: 24.3%)

    MU (167.0%)
    Micron Technology
    NVDA (83.4%)
    NVIDIA
    AMD (39.5%)
    Advanced Micro Devices
    AVGO (32.3%)
    Broadcom
    META (27.7%)
    Meta Platforms

    Higher Rev Chg 3Y Avg (Value for HRMY: 24.5%)

    NVDA (116.5%)
    NVIDIA
    MU (80.9%)
    Micron Technology
    PLTR (46.3%)
    Palantir Technologies
    AVGO (29.3%)
    Broadcom
    GE (26.2%)
    GE Aerospace

    Higher Op Mgn LTM (Value for HRMY: 24.0%)

    NVDA (65.2%)
    NVIDIA
    MSFT (46.8%)
    Microsoft
    AVGO (44.1%)
    Broadcom
    AAPL (33.2%)
    Apple
    GOOGL (33.1%)
    Alphabet

    Higher CFO/Rev LTM (Value for HRMY: 37.0%)

    META (57.1%)
    Meta Platforms
    MSFT (55.1%)
    Microsoft
    AVGO (44.6%)
    Broadcom
    NVDA (44.3%)
    NVIDIA
    GOOGL (41.6%)
    Alphabet

    Higher FCF/Rev LTM (Value for HRMY: 37.0%)

    BAC (78.2%)
    Bank of America
    V (47.2%)
    Visa
    MA (45.5%)
    Mastercard
    AVGO (43.4%)
    Broadcom
    NVDA (41.9%)
    NVIDIA

    Higher Total Yield (Value for HRMY: 7.5%)

    BAC (9.7%)
    Bank of America
    JPM (8.5%)
    JPMorgan Chase
    CVX (8.3%)
    Chevron
    BRK-B (7.8%)
    Berkshire Hathaway
    PG (7.7%)
    Procter & Gamble

    Best Bets in Health Care

    What You Pay

    P/EBIT (Value for HRMY: 9.5x)

    VEEV (44.6x)
    Veeva Systems
    DOCS (25.5x)
    Doximity
    HALO (21.5x)
    Halozyme Therapeutics
    HRMY (9.5x)
    Harmony Biosciences
    ZTS (9.1x)
    Zoetis
    NBIX (19.5x)
    Neurocrine Biosciences
    PBH (8.9x)
    Prestige Consumer Healthcare
    ADMA (9.7x)
    ADMA Biologics
    LGND (23.8x)
    Ligand Pharmaceuticals
    GMED (15.7x)
    Globus Medical

    P/E (Value for HRMY: 13.4x)

    VEEV (45.5x)
    Veeva Systems
    DOCS (29.6x)
    Doximity
    HALO (31.4x)
    Halozyme Therapeutics
    HRMY (13.4x)
    Harmony Biosciences
    ZTS (12.2x)
    Zoetis
    NBIX (22.7x)
    Neurocrine Biosciences
    PBH (14.5x)
    Prestige Consumer Healthcare
    ADMA (12.9x)
    ADMA Biologics
    LGND (29.5x)
    Ligand Pharmaceuticals
    GMED (19.7x)
    Globus Medical
    What You Get

    Rev Chg 3Y Avg (Value for HRMY: 24.5%)

    VEEV (15.7%)
    Veeva Systems
    DOCS (14.5%)
    Doximity
    HALO (29.7%)
    Halozyme Therapeutics
    HRMY (24.5%)
    Harmony Biosciences
    ZTS (5.0%)
    Zoetis
    NBIX (26.5%)
    Neurocrine Biosciences
    PBH (-0.7%)
    Prestige Consumer Healthcare
    ADMA (36.8%)
    ADMA Biologics
    LGND (23.2%)
    Ligand Pharmaceuticals
    GMED (47.0%)
    Globus Medical

    Rev Chg LTM (Value for HRMY: 24.3%)

    VEEV (16.5%)
    Veeva Systems
    DOCS (11.2%)
    Doximity
    HALO (41.2%)
    Halozyme Therapeutics
    HRMY (24.3%)
    Harmony Biosciences
    ZTS (1.5%)
    Zoetis
    NBIX (34.4%)
    Neurocrine Biosciences
    PBH (-1.4%)
    Prestige Consumer Healthcare
    ADMA (8.0%)
    ADMA Biologics
    LGND (54.9%)
    Ligand Pharmaceuticals
    GMED (19.7%)
    Globus Medical

    Rev Chg Q (Value for HRMY: 30.3%)

    VEEV (17.6%)
    Veeva Systems
    DOCS (7.3%)
    Doximity
    HALO (47.7%)
    Halozyme Therapeutics
    HRMY (30.3%)
    Harmony Biosciences
    ZTS (-0.2%)
    Zoetis
    NBIX (39.5%)
    Neurocrine Biosciences
    PBH (6.5%)
    Prestige Consumer Healthcare
    ADMA (2.0%)
    ADMA Biologics
    LGND (33.7%)
    Ligand Pharmaceuticals
    GMED (5.9%)
    Globus Medical

    FCF/Rev 3Y Avg (Value for HRMY: 34.3%)

    VEEV (44.1%)
    Veeva Systems
    DOCS (42.3%)
    Doximity
    HALO (41.3%)
    Halozyme Therapeutics
    HRMY (34.3%)
    Harmony Biosciences
    ZTS (24.0%)
    Zoetis
    NBIX (23.4%)
    Neurocrine Biosciences
    PBH (22.4%)
    Prestige Consumer Healthcare
    ADMA (18.8%)
    ADMA Biologics
    LGND (18.5%)
    Ligand Pharmaceuticals
    GMED (17.0%)
    Globus Medical
    [1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
    [2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

    Peer Outperformance in Biotechnology

    HRMY has outperformed 77% of its 362 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that HRMY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    51%
    of 456 industry peers · 11.5% return
    3Y
    62%
    of 403 industry peers · 16.0% return
    5Y
    77%
    of 362 industry peers · 15.8% return
    null
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is HRMY's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 7 15.1%97.6%144.4% CAH 417% · MCK 358% · COR 184%
    Managed Health Care 8 32.9%4.7%4.6% OSCR 77% · HQY 52% · ELV 18%
    Health Care Services 20 20.7%49.5%-0.8% HIMS 239% · RDNT 137% · DGX 69%
    Health Care Facilities 24 3.9%-6.1%-18.8% NHC 249% · THC 247% · ENSG 110%
    Health Care Equipment 50 -2.1%-6.6%-24.5% POCI 10825% · UFPT 314% · GKOS 205%
    Health Care Supplies 12 35.0%-15.0%-34.8% LNTH 272% · HAE 59% · MMSI 21%
    Pharmaceuticals 63 2.2%0.0%-35.6% LQDA 2405% · INDV 1144% · ETON 1050%
    Life Sciences Tools & Services 109 0.8%-31.0%-73.5% SNWV 1716% · MEDP 204% · AXGN 171%
    Biotechnology ← 363 7.2%-26.2%-76.6% BRTX 71750% · DNTH 1554% · CELZ 1414%
    Health Care Technology 20 -25.8%-58.7%-78.2% SPOK 68% · HSTM 0% · VEEV -10%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    Recent Active Movers

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    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
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    FMCFMC1.621.8%-5.3%
    CNHCNH Industrial17.121.1%51.6%
    SMMTSummit Therapeutics13.319.5%-2.1%
    CLMTCalumet4.716.9%169.3%
    CNXCConcentrix2.016.8%-17.8%
    TARSTarsus Pharmaceuticals3.615.7%1.6%
    CBIOCrescent Biopharma0.614.9%72.0%
    ESTCElastic10.014.8%27.4%
    NVAXNovavax1.714.3%53.9%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    ADBTAdvasa0.2-93.1%-94.5%
    ALMSAlumis1.5-51.1%16.4%
    RAREUltragenyx Pharmaceutical1.5-43.5%-35.4%
    CRDOCredo Technology30.3-31.7%14.1%
    LPTHLightPath Technologies0.6-30.1%-10.7%
    FCELFuelCell Energy0.8-24.1%100.7%
    EIXEdison International21.7-23.6%-2.5%
    TRONTron0.8-23.4%32.3%
    PCGPG&E30.7-22.2%-12.6%
    ENOVEnovis1.1-21.9%-27.2%

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    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    NXTTNext Technology0.9612.7%-1.7%
    MRNAModerna59.3164.6%404.8%
    CAPRCapricor Therapeutics0.5136.1%-67.8%
    OABIOmniAb0.6134.0%156.8%
    QMCOQuantum0.5109.8%276.7%
    IOVAIovance Biotherapeutics3.9100.5%218.7%
    ABCLAbCellera Biologics3.595.4%238.3%
    SENSSenseonics0.691.1%79.3%
    PURRHyperliquid Strategies1.687.2%258.7%
    HTFLHeartFlow4.383.0%70.5%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    ALMSAlumis1.5-58.1%16.4%
    UTIUniversal Technical Institute1.2-49.0%-17.3%
    IESCIES12.6-48.6%-19.0%
    LASRnLight2.4-44.9%10.6%
    CDNLCardinal Infrastructure0.6-44.1%46.2%
    PLTKPlaytika0.9-42.4%-43.3%
    AADXApplied Aerospace & Defense1.9-41.0%-34.1%
    LINCLincoln Educational Services0.8-40.8%5.5%
    RAREUltragenyx Pharmaceutical1.5-40.4%-35.4%
    BYNDBeyond Meat5.6-38.4%-54.2%

    More From Trefis

    Research & Analysis

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    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    HRMYJAZZAXSMALKSNBIXACADMedian
    NameHarmony .Jazz Pha.Axsome T.Alkermes Neurocri.ACADIA P. 
    Mkt Price41.86247.56208.3546.88158.3527.86102.61
    Mkt Cap2.415.610.87.816.04.89.3
    Rev LTM9604,6017771,6683,3741,1391,403
    Op Inc LTM2311,016-18314480686187
    FCF LTM3551,311-7222286851288
    FCF 3Y Avg2751,189-12034363073309
    CFO LTM3551,661-71251898160303
    CFO 3Y Avg2761,350-120382665143329

    Growth & Margins

    HRMYJAZZAXSMALKSNBIXACADMedian
    NameHarmony .Jazz Pha.Axsome T.Alkermes Neurocri.ACADIA P. 
    Rev Chg LTM24.3%12.6%56.9%10.8%34.4%11.8%18.4%
    Rev Chg 3Y Avg24.5%7.0%62.1%4.6%26.5%29.3%25.5%
    Rev Chg Q30.3%15.5%45.5%27.0%39.5%16.4%28.6%
    QoQ Delta Rev Chg LTM6.8%3.7%9.6%6.7%8.8%4.0%6.8%
    Op Inc Chg LTM4.0%65.5%12.2%-61.6%61.5%-4.4%8.1%
    Op Inc Chg 3Y Avg16.6%25.3%-9.1%-14.8%46.0%136.4%21.0%
    Op Mgn LTM24.0%22.1%-23.5%8.6%23.9%7.6%15.4%
    Op Mgn 3Y Avg26.6%17.4%-51.8%17.7%23.2%6.3%17.6%
    QoQ Delta Op Mgn LTM3.0%1.6%1.4%-3.7%-1.9%0.2%0.8%
    CFO/Rev LTM37.0%36.1%-9.2%15.1%26.6%14.1%20.8%
    CFO/Rev 3Y Avg34.4%31.9%-30.3%24.8%24.7%13.9%24.8%
    FCF/Rev LTM37.0%28.5%-9.3%13.3%25.7%4.5%19.5%
    FCF/Rev 3Y Avg34.3%28.3%-30.5%22.3%23.4%7.4%22.8%

    Valuation

    HRMYJAZZAXSMALKSNBIXACADMedian
    NameHarmony .Jazz Pha.Axsome T.Alkermes Neurocri.ACADIA P. 
    Mkt Cap2.415.610.87.816.04.89.3
    P/S2.53.413.94.74.74.24.4
    P/Op Inc10.515.4-59.054.519.855.417.6
    P/EBIT9.517.4-58.050.119.555.418.5
    P/E13.416.6-56.3118.422.712.615.0
    P/CFO6.89.4-151.531.217.829.813.6
    Total Yield7.5%6.0%-1.8%0.8%4.4%8.0%5.2%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg14.5%14.3%-2.4%6.9%4.3%2.2%5.6%
    D/E0.10.30.00.20.00.00.0
    Net D/E-0.20.1-0.00.10.0-0.2-0.0

    Returns

    HRMYJAZZAXSMALKSNBIXACADMedian
    NameHarmony .Jazz Pha.Axsome T.Alkermes Neurocri.ACADIA P. 
    1M Rtn7.9%-5.4%-1.8%-5.6%-4.6%2.6%-3.2%
    3M Rtn27.0%3.1%-10.0%8.1%-5.4%28.3%5.6%
    6M Rtn46.8%34.8%29.0%65.4%22.1%24.4%31.9%
    12M Rtn11.5%87.9%70.8%56.3%16.3%8.3%36.3%
    3Y Rtn16.0%72.2%155.0%72.3%43.1%0.3%57.7%
    1M Excs Rtn9.2%-5.7%-2.4%-5.8%-2.3%-3.6%-3.0%
    3M Excs Rtn24.8%1.0%-12.1%5.9%-7.5%26.1%3.4%
    6M Excs Rtn33.4%21.4%15.6%51.9%8.7%11.0%18.5%
    12M Excs Rtn-8.6%67.8%50.6%36.1%-3.8%-11.8%16.2%
    3Y Excs Rtn-52.6%0.0%93.5%13.3%-24.1%-69.4%-12.1%

    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  WAKIXpitolisant hydrochloridetablet8142019     
     Collapse to Preview
    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  WAKIXpitolisant hydrochloridetablet8142019     

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/4/20265/7/20262/24/202611/4/20258/5/20255/6/20252/25/202510/29/20248/6/20244/30/20242/22/202410/31/2023
    Key Financials Quarterly            
    Total Revenue261215244239200185201186173155168160
    Ebitda1024952775967667232625165
    Operating Income893739654856566221524065
    Net Income753222514046494612382738
    EPS1.300.560.390.880.690.790.870.810.200.680.460.64
    Key Financials TTM            
    Total Revenue TTM960899868826773745715682656618582542
    Ebitda TTM280237255270265238233218210234222228
    Operating Income TTM231190208226222195191175178204192199
    Net Income TTM181146159186181153145123115138129151
    Growth Rates Quarterly            
    Total Revenue Growth30.3%16.6%21.1%28.7%16.0%19.5%19.5%16.1%28.8%29.8%31.3%36.7%
    EBITDA Growth72.7%-27.0%-22.0%6.3%84.3%7.3%31.1%11.6%-43.0%26.0%-11.0%260.4%
    Operating Income Growth85.4%-33.7%-30.8%6.1%125.6%8.1%38.6%-4.3%-54.5%28.7%-15.6%442.0%
    Net Income Growth89.6%-28.7%-54.6%10.4%243.2%18.9%85.9%19.8%-66.2%30.0%-45.2%-56.3%
    Margins Quarterly            
    EBITDA Margin39.2%22.7%21.2%32.2%29.6%36.3%33.0%39.0%18.6%40.4%30.1%40.5%
    Operating Income Margin34.2%17.3%15.8%27.3%24.0%30.4%27.7%33.2%12.4%33.7%23.9%40.3%
    Net Income Margin28.9%15.1%9.2%21.2%19.8%24.7%24.6%24.8%6.7%24.8%15.8%24.0%
    Cash & Debt            
    Total Cash668641775673565507467410347372353371
    Total Debt154159164169172176179183186190194197
    Net Debt / (Cash)-514-482-612-504-393-331-288-228-160-182-160-174
    Cash Flows Quarterly            
    FCF from Operations92281261097934767143317763
    Cash Flows TTM            
    FCF from Operations TTM355342348298259223220221214208219169
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-050-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC133.4%52.0%87.1%102.5%52.8%52.5%53.2%43.9%9.7%35.2%23.9%40.1%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM80.0%59.5%157.5%94.4%61.0%44.2%39.2%29.4%26.3%34.2%31.7%35.4%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Net product revenue868715582438305
    Total868715582438305


    Price Behavior

    Price Behavior
    Market Price$41.86 
    Market Cap ($ Bil)2.4 
    First Trading Date08/19/2020 
    Distance from 52W High-2.3% 
       50 Days200 Days
    DMA Price$37.26$34.15
    DMA Trendupup
    Distance from DMA12.3%22.6%
     3M1YR
    Volatility44.2%44.7%
    Downside Capture-55.5159.53
    Upside Capture59.4058.83
    Correlation (SPY)7.3%15.1%
    HRMY Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta2.061.050.210.520.540.75
    Up Beta2.822.211.011.160.880.60
    Down Beta3.53-0.20-0.140.460.010.52
    Up Capture204%114%54%56%49%72%
    Bmk +ve Days10213268138427
    Stock +ve Days15243565124365
    Down Capture40%56%-59%-8%73%102%
    Bmk -ve Days11213259113324
    Stock -ve Days6172861123376

    [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
    HRMY11.6%44.7%0.38-
    Sector ETF (XLV)28.3%16.0%1.3721.7%
    Equity (SPY)21.2%12.8%1.2314.5%
    Gold (GLD)25.1%29.1%0.77-2.7%
    Commodities (DBC)42.9%20.4%1.64-9.6%
    Real Estate (VNQ)10.7%13.6%0.5011.3%
    Bitcoin (BTCUSD)-31.0%43.5%-0.736.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with HRMY
    HRMY3.9%50.0%0.26-
    Sector ETF (XLV)6.8%15.1%0.2628.4%
    Equity (SPY)13.1%17.2%0.5827.3%
    Gold (GLD)19.6%18.8%0.85-2.6%
    Commodities (DBC)11.0%19.5%0.44-1.7%
    Real Estate (VNQ)2.0%18.9%0.0024.7%
    Bitcoin (BTCUSD)10.5%52.6%0.3815.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with HRMY
    HRMY1.2%52.1%0.24-
    Sector ETF (XLV)10.8%16.7%0.5326.4%
    Equity (SPY)15.3%17.9%0.7326.2%
    Gold (GLD)12.5%16.3%0.63-2.7%
    Commodities (DBC)8.0%18.1%0.360.2%
    Real Estate (VNQ)4.9%20.7%0.2022.6%
    Bitcoin (BTCUSD)63.1%66.1%1.0311.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8142026
    Short Interest: Shares Quantity4.1 Mil
    Short Interest: % Change Since 7312026-8.0%
    Average Daily Volume0.9 Mil
    Days-to-Cover Short Interest4.8 days
    Basic Shares Quantity57.9 Mil
    Short % of Basic Shares7.1%

    Returns Analyses

    Earnings Returns History

    Updated 9/4/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/4/20268.9%9.6%15.9%
    5/7/2026-4.1%-5.9%-1.8%
    2/24/20264.9%7.6%0.9%
    11/4/20254.7%8.5%30.4%
    8/5/2025-1.7%-2.1%5.6%
    5/6/20257.0%19.0%17.4%
    2/25/20258.2%-5.9%-3.5%
    10/29/202416.1%-7.6%-2.6%
    ...
    SUMMARY STATS   
    # Positive151514
    # Negative9910
    Median Positive6.2%9.6%16.2%
    Median Negative-4.1%-5.9%-4.3%
    Max Positive19.4%26.5%49.2%
    Max Negative-17.6%-25.6%-12.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/4/20268.9%9.6%15.9%
    5/7/2026-4.1%-5.9%-1.8%
    2/24/20264.9%7.6%0.9%
    11/4/20254.7%8.5%30.4%
    8/5/2025-1.7%-2.1%5.6%
    5/6/20257.0%19.0%17.4%
    2/25/20258.2%-5.9%-3.5%
    10/29/202416.1%-7.6%-2.6%
    8/6/20246.2%8.1%16.6%
    4/30/20245.7%5.6%0.3%
    2/22/2024-4.7%0.8%1.7%
    10/31/202319.4%26.5%49.2%
    8/1/2023-3.9%-5.3%-1.1%
    5/2/20232.4%10.0%5.6%
    2/21/2023-11.1%-9.2%-10.7%
    11/1/202214.0%9.8%14.9%
    8/2/202212.6%9.7%-10.3%
    5/3/2022-17.6%-25.6%-5.1%
    2/28/20225.4%6.1%34.4%
    11/9/2021-0.9%-3.7%-7.0%
    8/11/20214.1%3.4%18.9%
    5/11/2021-3.1%11.5%22.3%
    3/25/20213.5%14.9%-2.1%
    11/12/2020-7.4%-9.8%-12.0%
    SUMMARY STATS   
    # Positive151514
    # Negative9910
    Median Positive6.2%9.6%16.2%
    Median Negative-4.1%-5.9%-4.3%
    Max Positive19.4%26.5%49.2%
    Max Negative-17.6%-25.6%-12.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/04/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/24/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/25/202510-K
    09/30/202410/29/202410-Q
    06/30/202408/06/202410-Q
    03/31/202404/30/202410-Q
    12/31/202302/22/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/21/202310-K
    09/30/202211/01/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/04/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/24/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/25/202510-K
    09/30/202410/29/202410-Q
    06/30/202408/06/202410-Q
    03/31/202404/30/202410-Q
    12/31/202302/22/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/21/202310-K
    09/30/202211/01/202210-Q
    06/30/202208/02/202210-Q
    03/31/202205/03/202210-Q
    12/31/202102/28/202210-K
    09/30/202111/09/202110-Q
    06/30/202108/10/202110-Q
    03/31/202105/11/202110-Q
    12/31/202003/25/202110-K
    09/30/202011/12/202010-Q
    06/30/202008/20/2020424B4
    03/31/202007/27/2020S-1

    Recent Forward Guidance

    Updated 8/5/2026

    Latest: Q2 2026 Earnings Reported 8/4/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 WAKIX Net RevenueReported1.00 Bil1.02 Bil1.04 Bil0 AffirmedGuidance: 1.02 Bil for 2026


    Prior: Q1 2026 Earnings Reported 5/7/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 RevenueReported1.00 Bil1.02 Bil1.04 Bil0.0% AffirmedGuidance: 1.02 Bil for 2026

    Q4 2025 Earnings Reported 2/24/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 RevenueReported1.00 Bil1.02 Bil1.04 Bil19.3% Higher NewGuidance: 855.00 Mil for 2025

    Q3 2025 Earnings Reported 11/4/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2025 Net Product RevenueReported845.00 Mil855.00 Mil865.00 Mil1.8% RaisedGuidance: 840.00 Mil for 2025

    Insider Activity

    Updated 5/18/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Kapadia, SandipCHIEF FINANCIAL OFFICERDirectSell128202637.153,746139,171911,004Form
    2Kapadia, SandipCHIEF FINANCIAL OFFICERDirectSell120202635.9220,961  Form
    3Dayno, Jeffrey MPRESIDENT, CEODirectSell1217202540.1125,933  Form
    4Kapadia, SandipCHIEF FINANCIAL OFFICERDirectSell1209202539.5420,000  Form
    5Kapadia, SandipCHIEF FINANCIAL OFFICERDirectSell1125202535.003,427  Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Kapadia, SandipCHIEF FINANCIAL OFFICERDirectSell128202637.153,746139,171911,004Form
    2Kapadia, SandipCHIEF FINANCIAL OFFICERDirectSell120202635.9220,961  Form
    3Dayno, Jeffrey MPRESIDENT, CEODirectSell1217202540.1125,933  Form
    4Kapadia, SandipCHIEF FINANCIAL OFFICERDirectSell1209202539.5420,000  Form
    5Kapadia, SandipCHIEF FINANCIAL OFFICERDirectSell1125202535.003,427  Form
    6Kapadia, SandipCHIEF FINANCIAL OFFICERDirectSell819202536.5021,573  Form

    Investor Activity (13F)

    Updated Sep 4, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active 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.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    venBio Partners LLC$13.7 Mil4.9%6Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    venBio Partners LLC$13.7 Mil4.9%6Hold13F

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 9/3/2026