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Rare-disease specialty pharma selling Wakix for narcolepsy and building a broader sleep-disorder pipeline.
Rare-disease specialty pharma selling Wakix for narcolepsy and building a broader sleep-disorder pipeline.
Nearly all revenue comes from Wakix, sold through a small number of specialty pharmacies to patients whose doctors prescribe it, and reported net of rebates and discounts. Pitolisant came through a licence from Bioprojet, a French drug developer, to which royalties are paid.
Moat: narrow (IP / patents, regulatory licence). Orphan-drug exclusivity and a first-in-class mechanism protect Wakix from direct generic competition.
Headquarters: Plymouth Meeting, Pennsylvania, US · Founded: 2017 · Employees: 293
Size Harmony Biosciences (HRMY) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $1.93B, the 1817th largest of 3,117 United States companies the cockpit tracks. Shares closed at $33.11 on 6 Nov 2026.
Performance Over six months the shares gained 6.8%, against -8.7% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 19.8% over the last twelve months (peer median +9.4%); the operating margin is 22.2% (peer median 12.3%).
Valuation It trades at 8.6× forward earnings against a peer median of 22.5× (2nd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +40%, so the hurdle is -51 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 23.0 points above its cost of capital (9.4% WACC).
Short interest Short interest is 9.3% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $989M | $868M | $715M | $582M | $438M |
| Revenue growth | — | +22% | +23% | +33% | — |
| Gross profit | $709M | $646M | $534M | $437M | $331M |
| EBITDA | $245M | $234M | $215M | $216M | $144M |
| Net income | $179M | $159M | $145M | $129M | $181M |
| Free cash flow | $323M | $348M | $219M | $219M | $144M |
| Capital expenditure | $19.4M | $19.6M | $27.7M | $312,000 | $40.2M |
| Total debt | $233M | $235M | $233M | $196M | $193M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Harmony Biosciences HRMY | $1.93B | +7% | +20% | 22% | 8.6× | -10.9% |
| Jazz Pharmaceuticals Public JAZZ | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% |
| Takeda Pharmaceutical 4502.T | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% |
| Axsome Therapeutics AXSM | $6.96B | -39% | +54% | -19% | 75.5× | n/a |
| Alkermes Public ALKS | $7.71B | +31% | +15% | 5% | n/a | 31.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HRMY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.4% | -0.1% | 2nd lowest of 21 |
| 6-month return | +6.8% | -8.7% | 7th highest of 21 |
| Distance from 52-week high | -23.9% | -27.8% | 9th highest of 21 |
| Revenue growth (TTM) | +19.8% | +9.4% | 4th highest of 21 |
| Operating margin | 22.2% | 12.3% | 7th highest of 21 |
| Forward P/E | 8.6× | 22.5× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -10.9% | 11.2% | least demanding of 18 |
| Growth delivered (Del g) | +40.3% | +7.4% | highest of 18 |
| Hurdle (Req g minus delivered) | -51.2 pp | +0.6 pp | least demanding of 18 |
| ROIC minus cost of capital | +23.0 pp | -0.4 pp | 4th highest of 21 |
| EV / EBITDA | 5.7× | 16.9× | cheapest of 9 |
| Net debt / EBITDA | -2.2× | -0.1× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Harmony Biosciences HRMY | United States | $1.93B | +7% | +20% | 22% | 8.6× | -10.9% | +40.3% |
| Alivus Life Sciences ALIVUS.NS | India | $1.92B | +32% | +8% | 31% | 24.4× | 20.4% | +6.2% |
| OneSource Specialty Pharma ONESOURCE.NS | India | $1.94B | -12% | +11% | 6% | 45.0× | n/a | n/a |
| Caplin Point Laboratories CAPLIPOINT.NS | India | $1.92B | +28% | +15% | 31% | 24.6× | 29.3% | +15.7% |
| Shenyang Xingqi Pharmaceutical 300573.SZ | China | $1.91B | -25% | +17% | 33% | 13.7× | 6.0% | +29.1% |
| Tibet Rhodiola Pharmaceutical 600211.SS | China | $1.95B | 0% | +13% | 27% | 13.0× | -0.5% | +16.7% |
| Shilpa Medicare SHILPAMED.NS | India | $1.95B | +113% | +28% | 21% | 62.1× | n/a | n/a |
| Maze Therapeutics MAZE | United States | $1.90B | +29% | +700% | -728% | n/a | n/a | n/a |
| Shenzhen Hepalink Pharmaceutical 9989.HK | Hong Kong | $1.89B | -18% | -1% | 8% | 8.3× | 0.4% | -0.2% |
| Sarepta Therapeutics SRPT | United States | $1.88B | -11% | -20% | -3% | n/a | 11.9% | +32.4% |
| Sino Biological 301047.SZ | China | $1.98B | +50% | +20% | 17% | 63.8× | 36.8% | -15.1% |
| ApicHope Pharmaceutical 300723.SZ | China | $1.99B | -28% | -28% | -50% | 25.7× | 14.0% | -11.0% |
| Pfizer PFIZER.NS | India | $1.87B | -19% | +12% | 34% | 21.5× | 11.2% | +2.4% |
| United Laboratories International 3933.HK | Hong Kong | $2.00B | -19% | -13% | 5% | 14.5× | 3.7% | +7.8% |
| BrightGene Bio-Medical Technology 688166.SS | China | $2.00B | -51% | +14% | 7% | 87.6× | 38.5% | +9.2% |
| Anhui Anke Biotechnology (Group) 300009.SZ | China | $2.01B | -9% | -9% | 30% | 19.3× | 9.1% | +9.3% |
| Alembic Pharmaceuticals APLLTD.NS | India | $2.01B | +24% | +20% | 12% | 24.4× | 25.0% | +6.5% |
| China National Accord Medicines 000028.SZ | China | $1.85B | -4% | 0% | 2% | 11.1× | -9.4% | +4.2% |
| Grand Pharmaceutical 0512.HK | Hong Kong | $2.01B | -27% | +7% | 13% | 9.8× | 1.2% | +14.1% |
| Guobang Pharma 605507.SS | China | $1.84B | -8% | +3% | 12% | 15.9× | -5.8% | +7.4% |
| Qingdao Baheal Medical 301015.SZ | China | $2.02B | +4% | -6% | 8% | 23.5× | 11.9% | +5.0% |