Harmony Biosciences (NASDAQ:HRMY) Issues Quarterly Earnings Results

Harmony Biosciences (NASDAQ:HRMY) posted its quarterly earnings data on Tuesday. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.46), Briefing.com reports. Harmony Biosciences had a net margin of 22.50% and a return on equity of 24.88%. The company had revenue of $243.78 million for the quarter, compared to analysts’ expectations of $240.04 million. During the same period in the prior year, the company earned $0.85 earnings per share. The firm’s revenue was up 21.1% on a year-over-year basis.

Here are the key takeaways from Harmony Biosciences’ conference call:

• WAKIX commercial momentum: Q4 net product revenue was $243.8M (FY2025 $868.5M), the franchise added ~400+ average patients for a third consecutive quarter, and management is guiding 2026 WAKIX net revenue to blockbuster range of $1.0B–$1.04B.
• IP and litigation update: Harmony has settled with 6 of 7 ANDA filers and says generic entry would be no earlier than March 2030 if pediatric exclusivity is granted, but a trial and potential appeals remain outstanding.
• Pipeline and near-term catalysts: five ongoing Phase 3 registrational programs across CNS indications, Pitolisant GR NDA expected in Q2 2026 (PDUFA target Q1 2027), Pitolisant HD top-line planned for 2027 (PDUFA 2028), plus EPX-100 and an orexin?2 agonist advancing toward readouts.
• Rising spending and margin pressure: Q4 operating expenses rose to $136.7M (from $91.1M YoY) driven by R&D, commercialization and litigation costs, and non?GAAP adjusted net income fell to $33.4M ($0.57/sh) versus prior quarter levels.
• Strong balance sheet and cash generation: $882.5M in cash and investments and $348.2M cash from operations in 2025, which management says funds ongoing development, business development opportunities, and a $150M buyback capacity.

Harmony Biosciences Stock Up 4.9%

Shares of NASDAQ:HRMY opened at $28.19 on Wednesday. The company has a quick ratio of 3.72, a current ratio of 3.75 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $1.62 billion, a P/E ratio of 8.86, a P/E/G ratio of 0.25 and a beta of 0.84. Harmony Biosciences has a 52-week low of $25.52 and a 52-week high of $40.87. The stock’s fifty day simple moving average is $36.57 and its 200-day simple moving average is $34.19.

Insider Activity

In other Harmony Biosciences news, CEO Jeffrey M. Dayno sold 25,933 shares of the company’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.11, for a total value of $1,040,172.63. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Sandip Kapadia sold 20,961 shares of Harmony Biosciences stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $35.92, for a total transaction of $752,919.12. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 50,640 shares of company stock valued at $1,932,256 in the last three months. 23.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Nebula Research & Development LLC grew its position in shares of Harmony Biosciences by 2.0% in the second quarter. Nebula Research & Development LLC now owns 17,403 shares of the company’s stock valued at $550,000 after purchasing an additional 348 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Harmony Biosciences by 2.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,686 shares of the company’s stock valued at $717,000 after buying an additional 532 shares during the period. PNC Financial Services Group Inc. grew its holdings in Harmony Biosciences by 30.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,663 shares of the company’s stock valued at $100,000 after buying an additional 619 shares during the period. Cetera Investment Advisers increased its stake in shares of Harmony Biosciences by 9.8% during the 2nd quarter. Cetera Investment Advisers now owns 8,404 shares of the company’s stock valued at $266,000 after acquiring an additional 748 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Harmony Biosciences by 0.3% in the second quarter. Bank of America Corp DE now owns 270,220 shares of the company’s stock worth $8,539,000 after acquiring an additional 898 shares during the last quarter. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Wall Street Analyst Weigh In

HRMY has been the topic of a number of recent analyst reports. Bank of America dropped their price objective on Harmony Biosciences from $32.00 to $28.00 and set an “underperform” rating on the stock in a report on Wednesday. Oppenheimer reaffirmed an “outperform” rating and set a $62.00 price target on shares of Harmony Biosciences in a research note on Monday, November 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Harmony Biosciences in a research note on Monday, December 29th. Wall Street Zen raised shares of Harmony Biosciences from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Finally, Truist Financial lowered shares of Harmony Biosciences from a “buy” rating to a “hold” rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Harmony Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.78.

Key Harmony Biosciences News

Here are the key news stories impacting Harmony Biosciences this week:

• Positive Sentiment: Revenue beat and strong commercial momentum — Q4 product revenue of $243.8M (+21% YoY) and full?year 2025 net product revenue of $868.5M; company reiterated 2026 net revenue guidance of over $1 billion and is targeting $1.0B–$1.04B WAKIX revenue for 2026, supporting longer?term sales expectations. Harmony Biosciences Reports Strong 2025 Financial Results
• Positive Sentiment: Pipeline expansion and late?stage CNS development were highlighted on the call, which could drive future upside beyond WAKIX if programs progress. WAKIX revenue target and pipeline article
• Neutral Sentiment: Management commentary and the earnings call transcript provide detail on prescription trends, margin drivers and the commercial plan — useful for parsing whether the EPS miss reflects one?time items or ongoing pressures. Earnings call transcript
• Negative Sentiment: Large EPS miss — reported Q4 EPS $0.38 vs. consensus ~$0.84, a significant shortfall even though revenue beat, which is likely the main driver of near?term selling pressure. Q4 earnings miss coverage
• Negative Sentiment: Analyst downgrade — Truist cut HRMY from Buy to Hold, removing some buy?side support and pressuring the stock. Truist rating lowered to Hold
• Negative Sentiment: Legal and generic risk concerns for WAKIX were highlighted in coverage, which increases uncertainty around future exclusivity and revenue sustainability. Article on legal/generic risks

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial?stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company’s mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company’s flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.