Revenue growth has decelerated to 16.6% as of 2026Q1, while net income margins have compressed to 15.1% from a 24.8% peak in 2024Q1.
| Sales/Revenue | 899.11M | 868.45M | 714.73M | 582.02M | 437.86M | 305.44M | 159.74M | 6M | 0 |
| Revenue Growth % | 20.71% | 21.51% | 22.8% | 32.93% | 43.35% | 91.21% | 2564.59% | - | - |
| Cost of Goods Sold | 210.86M | 198.34M | 156.81M | 121.24M | 83.48M | 55.52M | 27.74M | 1.58M | 184K |
| COGS % of Revenue | - | 22.84% | 21.94% | 20.83% | 19.07% | 18.18% | 17.36% | 26.31% | - |
| Gross Profit | 688.25M | 670.11M | 557.92M | 460.79M | 354.37M | 249.92M | 132M | 4.42M | -184K |
| Gross Margin % | 76.55% | 77.16% | 78.06% | 79.17% | 80.93% | 81.82% | 82.64% | 73.69% | - |
| Gross Profit Growth % | - | 20.11% | 21.08% | 30.03% | 41.79% | 89.33% | 2887.87% | 2501.09% | - |
| Operating Expenses | 498.73M | 461.64M | 367.09M | 268.76M | 234.19M | 162.39M | 115.02M | 150.32M | 41.44M |
| OpEx % of Revenue | - | 53.16% | 51.36% | 46.18% | 53.49% | 53.17% | 72% | 2507.46% | - |
| Selling, General & Admin | 274.3M | 272.05M | 221.27M | 192.69M | 163.3M | 132.03M | 95.57M | 80.73M | 29.07M |
| SG&A % of Revenue | - | 31.33% | 30.96% | 33.11% | 37.3% | 43.23% | 59.83% | 1346.57% | - |
| Research & Development | 224.44M | 189.59M | 145.82M | 76.06M | 70.89M | 30.37M | 19.45M | 69.59M | 12.37M |
| R&D % of Revenue | - | 21.83% | 20.4% | 13.07% | 16.19% | 9.94% | 12.17% | 1160.88% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 189.51M | 208.47M | 190.83M | 192.03M | 120.19M | 87.53M | 16.99M | -145.9M | -41.44M |
| Operating Margin % | 21.08% | 24% | 26.7% | 32.99% | 27.45% | 28.66% | 10.63% | -2433.76% | - |
| Operating Income Growth % | - | 9.25% | -0.63% | 59.78% | 37.31% | 415.29% | 111.64% | -252.09% | - |
| EBITDA | 214.85M | 233.8M | 214.94M | 216.39M | 143.57M | 106.37M | 27.22M | -142.69M | -41.26M |
| EBITDA Margin % | 23.9% | 26.92% | 30.07% | 37.18% | 32.79% | 34.82% | 17.04% | -2380.22% | - |
| EBITDA Growth % | -1.89% | 8.78% | -0.67% | 50.72% | 34.98% | 290.73% | 119.08% | -245.88% | - |
| D&A (Non-Cash Add-back) | 25.34M | 25.34M | 24.11M | 24.36M | 23.39M | 18.84M | 10.24M | 3.21M | 184K |
| EBIT | 208M | 229.71M | 209.3M | 197.15M | 123.48M | 61.62M | -8.72M | -145.9M | -41.44M |
| Net Interest Income | 8.59M | 7.28M | 1.05M | -9.03M | -15.67M | -23.97M | -28.22M | -6.07M | 0 |
| Interest Income | 22.64M | 21.92M | 18.54M | 14.73M | 3.13M | 224K | 0 | 0 | 0 |
| Interest Expense | 14.05M | 14.65M | 17.5M | 23.76M | 18.8M | 24.19M | 28.22M | 6.07M | 0 |
| Other Income/Expense | 8.06M | 6.59M | 978K | -18.63M | -15.5M | -50.1M | -53.93M | -6.07M | 1.54M |
| Pretax Income | 197.57M | 215.06M | 191.8M | 173.4M | 104.69M | 37.43M | -36.94M | -151.98M | -39.9M |
| Pretax Margin % | 21.97% | 24.76% | 26.84% | 29.79% | 23.91% | 12.25% | -23.13% | -2535.06% | - |
| Income Tax | 51.96M | 56.38M | 46.31M | 44.54M | -76.78M | 2.83M | 0 | 0 | 0 |
| Effective Tax Rate % | 26.3% | 26.21% | 24.14% | 25.69% | -73.35% | 7.56% | 0% | 0% | 0% |
| Net Income | 145.62M | 158.69M | 145.49M | 128.85M | 181.47M | 34.6M | -36.94M | -151.98M | -39.9M |
| Net Margin % | 16.2% | 18.27% | 20.36% | 22.14% | 41.44% | 11.33% | -23.13% | -2535.06% | - |
| Net Income Growth % | -4.65% | 9.07% | 12.91% | -28.99% | 424.52% | 193.65% | 75.69% | -280.91% | - |
| Net Income (Continuing) | 145.62M | 158.69M | 145.49M | 128.85M | 181.47M | 34.6M | -36.94M | -151.98M | -39.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.48 | 2.71 | 2.51 | 2.13 | 2.97 | 0.58 | -1.10 | -2.94 | -1.42 |
| EPS Growth % | -5.34% | 7.97% | 17.84% | -28.28% | 412.07% | 152.73% | 62.59% | -107.04% | - |
| EPS (Basic) | - | 2.76 | 2.56 | 2.17 | 3.07 | 0.60 | -1.12 | -2.94 | -1.42 |
| Diluted Shares Outstanding | 58.78M | 58.54M | 57.87M | 60.37M | 61.1M | 59.21M | 57.85M | 63.68M | 49.24M |
| Basic Shares Outstanding | 57.82M | 57.49M | 56.88M | 59.47M | 59.17M | 57.53M | 56.89M | 63.68M | 49.24M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Single-product regulatory dependency
According to reported financial statements, Harmony Biosciences experienced a revenue deceleration to 16.6% in 2026Q1, down from the 31.3% growth observed in 2023Q4, suggesting that the initial rapid adoption phase of WAKIX may be transitioning toward a more mature, albeit slower, growth trajectory within the U.S. market.
The shift in growth rates indicates that the company is increasingly reliant on maintenance persistence rather than new patient acquisition. Investors should monitor whether the current pipeline expansion into indications like Idiopathic Hypersomnia can effectively offset the natural saturation of the narcolepsy prescriber base.
Based on the provided income statement data, gross margins have fluctuated between 71.9% and 82.7% over the last ten quarters, reflecting the impact of tiered royalty obligations to Bioprojet that appear to compress profitability during periods of higher revenue realization or specific accounting adjustments for channel inventory.
The variability in gross margin suggests that the company's cost structure is sensitive to the specific mix of patient access programs and royalty triggers. Analysts should interpret these fluctuations as a structural feature of the licensing agreement rather than purely operational inefficiency.
As reported in recent filings, operating margins have shown significant volatility, dropping to 12.4% in 2024Q2 before recovering to 30.4% in 2025Q1, which highlights the company's struggle to maintain consistent operating leverage while scaling R&D investments to support long-term label expansion and clinical trial requirements.
The lack of a linear relationship between revenue growth and operating income suggests that management is prioritizing pipeline development over immediate margin maximization. This strategy may be necessary for long-term viability but introduces quarterly earnings risk as R&D spending remains lumpy and unpredictable.
Data from the most recent quarters indicates that net income margins have compressed from 24.8% in 2024Q1 to 15.1% in 2026Q1, raising concerns that the company's reliance on a single asset may be reaching a point of diminishing returns regarding its current commercial infrastructure.
Short-term profitability appears vulnerable to any increase in competitive pressure or regulatory scrutiny that could force higher rebate levels. Investors should consider whether the current valuation adequately accounts for the potential margin erosion that often accompanies the maturation of a single-product orphan drug franchise.
Quick answers to the most common questions about buying HRMY stock.
For fiscal year 2025, Harmony Biosciences Holdings, Inc. (HRMY) reported total revenue of $868.5M.
Harmony Biosciences Holdings, Inc. (HRMY) is profitable, generating $158.7M in net income for the fiscal year ending 2025 with a net profit margin of 18.3%.
Harmony Biosciences Holdings, Inc. (HRMY) reported an operating income of $208.5M, resulting in an operating profit margin of 24.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Harmony Biosciences Holdings, Inc. (HRMY) generated $670.1M in gross profit for the year, representing a gross profit margin of 77.2%. This demonstrates the company's core pricing power and production efficiency.