Tue, Feb 25, 1:01 PM (20 days ago)
Harmony Biosciences Holdings, Inc. (Nasdaq: HRMY) reported 2024 net product revenue of $714.7M—a 22.8% increase over 2023 driven by 17.4% more units and a 7% price increase (partially offset by 3% higher rebates). Cost of product sales rose 29.3% due to a higher royalty tier under the 2017 LCA, while net income improved from $128.9M to $145.5M. Operating expenses increased across R&D, Sales & Marketing, and G&A as the company ramps up pipeline efforts. Key strategic initiatives include expanding pitolisant development beyond narcolepsy into idiopathic hypersomnia, Prader-Willi Syndrome, and myotonic dystrophy type 1, alongside advancing new formulations (pitolisant GR and HD) and sublicensed BP1.15205. Recent acquisitions—Zynerba and Epygenix—strengthen its neurobehavioral and rare epilepsy franchises with assets like ZYN-002 and EPX-100. The 10-K details extensive risks ranging from clinical and regulatory uncertainties to supply chain, IP, cybersecurity, and evolving healthcare legislation challenges, all of which could impact future market position and financial condition.