HRMY

MKT CAP:$2B

Harmony Biosciences Holdings, Inc.

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$30.80-$6.58 (-17.60%)

Apr 24, 2026

Company Details

Harmony Biosciences Holdings, Inc., a commercial-stage pharmaceutical company, develops and commercializes therapies for patients with rare neurological disorders in the United States. Its product, WAKIX is a medication for the treatment of...

CEO

Jeffrey Dayno

IPO Date

Aug 19, 2020

Website

www.harmonybiosciences.com

Key Metrics TTM

Revenue

$868M

+21.5% YoY

Net Income

$159M

EPS (Diluted)

$2.71

Free Cash Flow

$348M

Revenue / Share

$14.80

Gross Margin

77.2%

Operating Margin

24.0%

Net Margin

18.3%

FCF Margin

40.1%

P/S

2.1x

P/E

11.4x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 24, 2026

$868M+21.5%EPS $2.71

Q4 2025

Feb 24, 2026

$244M+21.1%EPS $0.38

Q3 2025

Nov 4, 2025

$239M+28.7%EPS $0.87

Q2 2025

Aug 5, 2025

$200M+16.0%EPS $0.68

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$85M	$71M	$28M
Q2 22	$107M	$88M	$33M
Q3 22	$117M	$94M	$12M
Q4 22	$128M	$101M	$48M
Q1 23	$119M	$98M	$40M
Q2 23	$134M	$109M	$47M
Q3 23	$160M	$128M	$65M
Q4 23	$168M	$125M	$40M
Q1 24	$155M	$127M	$52M
Q2 24	$173M	$141M	$21M
Q3 24	$186M	$143M	$62M
Q4 24	$201M	$147M	$56M
Q1 25	$185M	$153M	$56M
Q2 25	$200M	$162M	$48M
Q3 25	$239M	$180M	$65M
Q4 25	$244M	$175M	$39M

Valuation

Quarter	P/S	P/E
Q1 22	9.1x	61.7x
Q2 22	8.5x	53.0x
Q3 22	6.7x	17.3x
Q4 22	6.1x	14.8x
Q1 23	4.2x	10.5x
Q2 23	4.2x	10.4x
Q3 23	3.5x	12.5x
Q4 23	3.2x	14.4x
Q1 24	3.0x	13.6x
Q2 24	2.6x	15.0x
Q3 24	3.3x	18.6x
Q4 24	2.7x	13.4x
Q1 25	2.6x	12.5x
Q2 25	2.4x	10.2x
Q3 25	2.0x	8.7x
Q4 25	2.6x	14.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$29M	$29M
Q2 22	$34M	$34M
Q3 22	$55M	$55M
Q4 22	$27M	$27M
Q1 23	$43M	$43M
Q2 23	$37M	$37M
Q3 23	$63M	$63M
Q4 23	$77M	$77M
Q1 24	$31M	$31M
Q2 24	$43M	$42M
Q3 24	$71M	$70M
Q4 24	$76M	$75M
Q1 25	$34M	$34M
Q2 25	$79M	$79M
Q3 25	$109M	$109M
Q4 25	$126M	$126M

Capital Expenditures

Quarter	CapEx
Q1 22	$45.0K
Q2 22	$41.0K
Q3 22	$86.0K
Q4 22	$0
Q1 23	$0
Q2 23	$205.0K
Q3 23	$0
Q4 23	$107.0K
Q1 24	$5.0K
Q2 24	$632.0K
Q3 24	$3.0K
Q4 24	$513.0K
Q1 25	$128.0K
Q2 25	$4.0K
Q3 25	$71.0K
Q4 25	$107.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+43.0%	+27.9%
Q2 22	+45.0%	+46.3%
Q3 22	+45.2%	+76.5%
Q4 22	+40.7%	+28.9%
Q1 23	+39.6%	+36.3%
Q2 23	+25.4%	+18.1%
Q3 23	+36.7%	-9.1%
Q4 23	+31.3%	+58.9%
Q1 24	+29.8%	+30.3%
Q2 24	+28.8%	+73.5%
Q3 24	+16.1%	+29.8%
Q4 24	+19.5%	+13.5%
Q1 25	+19.5%	+25.3%
Q2 25	+16.0%	+0.6%
Q3 25	+28.7%	+39.9%
Q4 25	+21.1%	+41.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$5M	5.7%
Q2 22	$7M	6.9%
Q3 22	$7M	5.9%
Q4 22	$8M	6.0%
Q1 23	$7M	5.5%
Q2 23	$8M	5.8%
Q3 23	$8M	5.0%
Q4 23	$9M	5.3%
Q1 24	$10M	6.7%
Q2 24	$11M	6.3%
Q3 24	$11M	6.2%
Q4 24	$10M	5.0%
Q1 25	$12M	6.7%
Q2 25	$11M	5.7%
Q3 25	$11M	4.5%
Q4 25	$10M	4.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$8M	$18M	$18M
Q2 22	$13M	$22M	$20M
Q3 22	$41M	$21M	$20M
Q4 22	$10M	$23M	$21M
Q1 23	$13M	$22M	$23M
Q2 23	$15M	$23M	$25M
Q3 23	$17M	$23M	$23M
Q4 23	$30M	$28M	$27M
Q1 24	$22M	$26M	$27M
Q2 24	$64M	$27M	$29M
Q3 24	$25M	$29M	$28M
Q4 24	$35M	$29M	$28M
Q1 25	$35M	$31M	$31M
Q2 25	$50M	$34M	$30M
Q3 25	$55M	$30M	$30M
Q4 25	$50M	$58M	$29M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$224M	$0	$224M
Q2 22	$237M	$18M	$254M
Q3 22	$261M	$46M	$308M
Q4 22	$244M	$79M	$323M
Q1 23	$288M	$56M	$344M
Q2 23	$317M	$54M	$371M
Q3 23	$325M	$46M	$371M
Q4 23	$312M	$42M	$353M
Q1 24	$333M	$39M	$372M
Q2 24	$317M	$30M	$347M
Q3 24	$387M	$23M	$410M
Q4 24	$453M	$14M	$467M
Q1 25	$489M	$18M	$507M
Q2 25	$546M	$19M	$565M
Q3 25	$647M	$26M	$673M
Q4 25	$753M	$23M	$775M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	61M	+0.5%	+3.0%
Q2 22	61M	+0.6%	+4.0%
Q3 22	61M	+0.5%	+6.0%
Q4 22	62M	+0.7%	+2.2%
Q1 23	61M	-0.6%	+1.0%
Q2 23	61M	-0.8%	-0.3%
Q3 23	61M	-0.1%	-0.9%
Q4 23	59M	-3.0%	-4.5%
Q1 24	58M	-2.1%	-5.9%
Q2 24	58M	-0.1%	-5.3%
Q3 24	58M	+1.0%	-4.2%
Q4 24	58M	+0.2%	-1.1%
Q1 25	59M	+0.5%	+1.6%
Q2 25	58M	-0.2%	+1.5%
Q3 25	59M	+0.5%	+1.1%
Q4 25	59M	-0.0%	+0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$474.0K	180
Q2 22	$594.6K	180
Q3 22	$651.1K	180
Q4 22	$641.5K	200
Q1 23	$595.6K	200
Q2 23	$671.1K	200
Q3 23	$801.3K	200
Q4 23	$673.6K	250
Q1 24	$618.5K	250
Q2 24	$691.3K	250
Q3 24	$744.2K	250
Q4 24	$751.0K	268
Q1 25	$689.3K	268
Q2 25	$748.1K	268
Q3 25	$893.5K	268
Q4 25	$12.2K	20K

Revenue / Employee