Comprehensive Stock Comparison
Compare Harmony Biosciences Holdings, Inc. (HRMY) vs Ascendis Pharma A/S (ASND) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ASND | 90.2% revenue growth vs HRMY's 21.5% |
| Value | HRMY | Lower P/E (8.0x vs 49.1x) |
| Quality / Margins | HRMY | 18.3% net margin vs ASND's -31.7% |
| Stability / Safety | ASND | Beta 0.24 vs HRMY's 0.55 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | ASND | +49.1% vs HRMY's -15.7% |
| Efficiency (ROA) | HRMY | 12.5% ROA vs ASND's -17.5%, ROIC 59.5% vs -69.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Harmony Biosciences is a commercial-stage pharmaceutical company focused on developing and commercializing therapies for rare neurological disorders. It generates nearly all its revenue from WAKIX — its medication for excessive daytime sleepiness in adult narcolepsy patients — with minimal contributions from other sources. The company's moat comes from its specialized expertise in rare neurological conditions and WAKIX's unique mechanism of action as a first-in-class treatment.
Ascendis Pharma is a biopharmaceutical company developing innovative therapies using its proprietary TransCon technology platform. It generates revenue primarily from sales of its approved growth hormone therapy SKYTROFA and through strategic partnerships — with future revenue expected from its pipeline of endocrinology and oncology treatments. The company's key competitive advantage is its TransCon platform, which enables sustained release of therapeutics with improved pharmacokinetics and reduced dosing frequency.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
HRMY leads in 2 of 6 categories (Valuation Metrics, Profitability & Efficiency). ASND leads in 2 (Total Returns, Risk & Volatility). 1 tied.
Financial Metrics (TTM)
HRMY and ASND operate at a comparable scale, with $868M and $718M in trailing revenue. HRMY is the more profitable business, keeping 18.3% of every revenue dollar as net income compared to ASND's -31.7%. On growth, ASND holds the edge at +41.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | HRMYHarmony Bioscienc… | ASNDAscendis Pharma A… |
|---|---|---|
| RevenueTrailing 12 months | $868M | $718M |
| EBITDAEarnings before interest/tax | $232M | -$119M |
| Net IncomeAfter-tax profit | $159M | -$228M |
| Free Cash FlowCash after capex | $0 | $43M |
| Gross MarginGross profit ÷ Revenue | +77.2% | +86.3% |
| Operating MarginEBIT ÷ Revenue | +24.0% | -19.0% |
| Net MarginNet income ÷ Revenue | +18.3% | -31.7% |
| FCF MarginFCF ÷ Revenue | +40.1% | +6.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | +21.1% | +41.0% |
| EPS Growth (YoY)Latest quarter vs prior year | -55.3% | +15.6% |
Valuation Metrics
| Metric | HRMYHarmony Bioscienc… | ASNDAscendis Pharma A… |
|---|---|---|
| Market CapShares × price | $1.6B | $14.3B |
| Enterprise ValueMkt cap + debt − cash | $915M | $14.6B |
| Trailing P/EPrice ÷ TTM EPS | 10.53x | -54.69x |
| Forward P/EPrice ÷ next-FY EPS est. | 8.04x | 49.09x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 3.94x | — |
| Price / SalesMarket cap ÷ Revenue | 1.90x | 17.57x |
| Price / BookPrice ÷ Book value/share | 1.92x | — |
| Price / FCFMarket cap ÷ FCF | 4.74x | 278.56x |
Profitability & Efficiency
| Metric | HRMYHarmony Bioscienc… | ASNDAscendis Pharma A… |
|---|---|---|
| ROE (TTM)Return on equity | +18.2% | — |
| ROA (TTM)Return on assets | +12.5% | -17.5% |
| ROICReturn on invested capital | +59.5% | -69.1% |
| ROCEReturn on capital employed | +22.6% | -51.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.02x | — |
| Net DebtTotal debt minus cash | -$733M | $256M |
| Cash & Equiv.Liquid assets | $753M | $616M |
| Total DebtShort + long-term debt | $20M | $871M |
| Interest CoverageEBIT ÷ Interest expense | 15.43x | -0.62x |
Total Returns (with DRIP)
A $10,000 investment in ASND five years ago would be worth $14,939 today (with dividends reinvested), compared to $7,877 for HRMY. Over the past 12 months, ASND leads with a +49.1% total return vs HRMY's -15.7%. The 3-year compound annual growth rate (CAGR) favors ASND at 28.1% vs HRMY's -13.5% — a key indicator of consistent wealth creation.
| Metric | HRMYHarmony Bioscienc… | ASNDAscendis Pharma A… |
|---|---|---|
| YTD ReturnYear-to-date | -23.6% | +9.5% |
| 1-Year ReturnPast 12 months | -15.7% | +49.1% |
| 3-Year ReturnCumulative with dividends | -35.2% | +110.2% |
| 5-Year ReturnCumulative with dividends | -21.2% | +49.4% |
| 10-Year ReturnCumulative with dividends | -22.9% | +1245.8% |
| CAGR (3Y)Annualised 3-year return | -13.5% | +28.1% |
Risk & Volatility
ASND is the less volatile stock with a 0.24 beta — it tends to amplify market swings less than HRMY's 0.55 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. ASND currently trades 96.5% from its 52-week high vs HRMY's 69.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | HRMYHarmony Bioscienc… | ASNDAscendis Pharma A… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.55x | 0.24x |
| 52-Week HighHighest price in past year | $40.87 | $242.00 |
| 52-Week LowLowest price in past year | $25.52 | $124.06 |
| % of 52W HighCurrent price vs 52-week peak | +69.8% | +96.5% |
| RSI (14)Momentum oscillator 0–100 | 31.6 | 54.8 |
| Avg Volume (50D)Average daily shares traded | 517K | 573K |
Analyst Outlook
Wall Street rates HRMY as "Buy" and ASND as "Buy". Consensus price targets imply 68.8% upside for HRMY (target: $48) vs 22.7% for ASND (target: $287).
| Metric | HRMYHarmony Bioscienc… | ASNDAscendis Pharma A… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $48.17 | $286.50 |
| # AnalystsCovering analysts | 13 | 24 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.1% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Aug 20 | Feb 26 | Change |
|---|---|---|---|
| Harmony Biosciences… (HRMY) | 100 | 102.24 | +2.2% |
| Ascendis Pharma A/S (ASND) | 100 | 155.21 | +55.2% |
Ascendis Pharma A/S (ASND) returned +49% over 5 years vs Harmony Biosciences… (HRMY)'s -21%. A $10,000 investment in ASND 5 years ago would be worth $14,939 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Harmony Biosciences… (HRMY) | $0.00 | $868M | — |
| Ascendis Pharma A/S (ASND) | $5M | $692M | +14917.6% |
Ascendis Pharma A/S's revenue grew from $5M (2016) to $692M (2025) — a 74.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Harmony Biosciences… (HRMY) | -25.4% | 18.3% | +172.1% |
| Ascendis Pharma A/S (ASND) | -14.9% | -31.7% | -112.9% |
Ascendis Pharma A/S's net margin went from -15% (2016) to -32% (2025).
Chart 4P/E Ratio History — 5 Years
| Stock | 2021 | 2025 | Change |
|---|---|---|---|
| Harmony Biosciences… (HRMY) | 73.5 | 13.8 | -81.2% |
Harmony Biosciences Holdings, Inc. has traded in a 14x–74x P/E range over 5 years; current trailing P/E is ~11x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Harmony Biosciences… (HRMY) | -1.42 | 2.71 | +290.8% |
| Ascendis Pharma A/S (ASND) | -2.58 | -3.62 | -40.3% |
Ascendis Pharma A/S's EPS grew from $-2.58 (2016) to $-3.62 (2025).
Chart 6Free Cash Flow — 5 Years
Harmony Biosciences Holdings, Inc. generated $348M FCF in 2025 (+254% vs 2021). Ascendis Pharma A/S generated $44M FCF in 2025 (+110% vs 2021).
HRMY vs ASND: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is HRMY or ASND a better buy right now?
Harmony Biosciences Holdings, Inc. (HRMY) offers the better valuation at 10.5x trailing P/E (8.0x forward), making it the more compelling value choice. Analysts rate Harmony Biosciences Holdings, Inc. (HRMY) a "Buy" — based on 13 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — HRMY or ASND?
On forward P/E, Harmony Biosciences Holdings, Inc. is actually cheaper at 8.0x.
03Which is the better long-term investment — HRMY or ASND?
Over the past 5 years, Ascendis Pharma A/S (ASND) delivered a total return of +49.4%, compared to -21.2% for Harmony Biosciences Holdings, Inc. (HRMY). A $10,000 investment in ASND five years ago would be worth approximately $15K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ASND returned +1246% versus HRMY's -22.9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — HRMY or ASND?
By beta (market sensitivity over 5 years), Ascendis Pharma A/S (ASND) is the lower-risk stock at 0.24β versus Harmony Biosciences Holdings, Inc.'s 0.55β — meaning HRMY is approximately 135% more volatile than ASND relative to the S&P 500.
05Which has better profit margins — HRMY or ASND?
Harmony Biosciences Holdings, Inc. (HRMY) is the more profitable company, earning 18.3% net margin versus -31.7% for Ascendis Pharma A/S — meaning it keeps 18.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: HRMY leads at 24.0% versus -18.9% for ASND. At the gross margin level — before operating expenses — ASND leads at 85.1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is HRMY or ASND more undervalued right now?
On forward earnings alone, Harmony Biosciences Holdings, Inc. (HRMY) trades at 8.0x forward P/E versus 49.1x for Ascendis Pharma A/S — 41.1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for HRMY: 68.8% to $48.17.
07Which pays a better dividend — HRMY or ASND?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is HRMY or ASND better for a retirement portfolio?
For long-horizon retirement investors, Ascendis Pharma A/S (ASND) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.24), +1246% 10Y return). Both have compounded well over 10 years (ASND: +1246%, HRMY: -22.9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between HRMY and ASND?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: HRMY is a small-cap deep-value stock; ASND is a mid-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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