Harmony Biosciences Holdings, Inc. (HRMY) reported fourth‑quarter 2025 revenue of $243.8 million, a 21% year‑over‑year increase driven by robust demand for its flagship narcolepsy treatment, WAKIX. The figure surpassed the consensus estimate of $239.23 million, although it fell slightly short of the higher estimate of $245.2 million, indicating a modest beat in revenue expectations.
The company’s non‑GAAP adjusted earnings per share were $0.57, a significant miss relative to the consensus estimate of $0.84–$0.86. This decline from the prior‑year Q4 EPS of $1.10 reflects a 50% year‑over‑year rise in operating expenses, including a 99% increase in general and administrative costs, as Harmony invests heavily in research, commercialization, and litigation defense.
Full‑year guidance for 2026 remains unchanged, with net revenue for WAKIX projected between $1.0 billion and $1.04 billion. Management reiterated that WAKIX is on track to exceed $1 billion in revenue and achieve blockbuster status in 2026, underscoring confidence in sustained demand and the company’s pricing power.
CEO Jeffrey M. Dayno emphasized the strategic importance of next‑generation pitolisant formulations, stating, "WAKIX is on track to exceed $1 billion in revenue and achieve blockbuster status in 2026," and added, "The next‑generation formulations of pitolisant are designed to grow our leadership in sleep‑wake, extend the lifecycle of pitolisant into the 2040s, expand into additional orphan/rare indications, and now broaden our reach beyond orphan/rare into larger CNS patient populations."
Investors reacted with mixed sentiment, balancing the positive revenue growth and strong guidance against the EPS miss and higher operating costs. The company’s cash position remains robust, with $882.5 million in cash, cash equivalents, and investments as of Q4 2025, providing a cushion for continued investment in its pipeline and commercial initiatives.
The Q4 results reinforce Harmony’s commercial momentum while highlighting the impact of increased investment on profitability. The company’s ability to maintain revenue growth and secure a blockbuster trajectory for WAKIX positions it favorably in the narcolepsy market, but the EPS miss signals that cost pressures will continue to weigh on earnings in the near term.
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