Tue, Oct 29, 12:01 PM (65 days ago)
**Harmony Biosciences Holdings, Inc. (HRMY) - Q3 2024 Financial Summary** For Q3 2024, Harmony Biosciences reported a net product revenue of $186,038, a 16.1% increase from Q3 2023, driven by a rise in unit shipments and a price increase, despite higher rebates affecting net revenue. Gross profit stood at $143,260, with a gross margin of 77%. Operating income was $61,710, a slight decrease from the previous year due to increased operating expenses, which rose by 28.5% to $81,550, primarily from research and development (up 45.1%) and sales/marketing expenses (up 17.8%). Net income for the quarter was $46,093, reflecting a 19.9% increase year-over-year. Cash flow from operations was robust at $144,259, bolstered by strong revenue performance. The company ended Q3 with cash, cash equivalents, and investments totaling $504,698. Recent acquisitions, including Zynerba Pharmaceuticals and Epygenix, are expected to enhance the pipeline, although they have increased research and development costs significantly. Looking ahead, Harmony aims to leverage its cash position and product portfolio to address unmet needs in rare neurological disorders, while managing risks associated with clinical trials and market competition.