Harmony Biosciences (NASDAQ:HRMY) Issues Quarterly Earnings Results, Misses Expectations By $0.21 EPS

Key Points

• Harmony reported Q1 EPS of $0.55, missing consensus by $0.21, with revenue of $215.4M (up 16.6% YoY) slightly below estimates and reiterated full‑year revenue guidance of $1.0B–$1.04B.
• The company faces ongoing IP and regulatory risk—while it settled with six of seven ANDA filers, it remains in ANDA litigation and is defending a newly filed “amorphous patent” suit against AET/Sandoz.
• Key pipeline and balance‑sheet positives include BP‑205 advancing toward Phase I topline data in mid‑2026, lifecycle programs (Pitolisant GR NDA this quarter; Pitolisant HD Phase III topline 2027), and roughly $878M in cash to fund growth and BD opportunities.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) announced its earnings results on Thursday. The company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.21), FiscalAI reports. Harmony Biosciences had a return on equity of 19.86% and a net margin of 18.29%.The business had revenue of $215.39 million for the quarter, compared to analysts' expectations of $220.84 million. During the same period in the previous year, the company earned $0.78 earnings per share. Harmony Biosciences's quarterly revenue was up 16.6% on a year-over-year basis.

Here are the key takeaways from Harmony Biosciences' conference call:

• Harmony reported $215.4 million in Q1 net product revenue (up 17% YoY), about 8,500 average patients (8,600 exit), and reiterated full‑year revenue guidance of $1.0B–$1.04B.
• The company is defending a multi‑layered pitolisant IP estate after settling with 6 of 7 ANDA filers (LOE into March 2030) but faces ongoing ANDA litigation and a newly filed amorphous patent suit vs AET/Sandoz, creating legal uncertainty.
• BP‑205 is presented as a potential best‑in‑class orexin‑2 agonist with compelling preclinical data and is on track for phase I single ascending‑dose PK topline data in mid‑2026 and a U.S. IND submission later in 2026.
• Lifecycle programs are advancing — Pitolisant GR on track for NDA submission this quarter (PDUFA targeted Q1 2027), Pitolisant HD is enrolling two phase III trials (topline 2027), and Harmony has ~$878M cash to pursue BD opportunities targeting 2028–2032 revenues.

Harmony Biosciences Stock Down 4.1%

Shares of NASDAQ:HRMY traded down $1.36 during trading hours on Thursday, reaching $31.42. The stock had a trading volume of 2,229,892 shares, compared to its average volume of 868,104. Harmony Biosciences has a 1 year low of $25.52 and a 1 year high of $40.87. The firm's 50 day moving average is $29.01 and its 200-day moving average is $33.04. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.58 and a current ratio of 3.60. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 11.59, a P/E/G ratio of 0.44 and a beta of 0.97.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on HRMY. Needham & Company LLC cut their target price on shares of Harmony Biosciences from $46.00 to $44.00 and set a "buy" rating on the stock in a research note on Wednesday, February 25th. Deutsche Bank Aktiengesellschaft downgraded shares of Harmony Biosciences from a "buy" rating to a "hold" rating and set a $31.00 price objective on the stock. in a research report on Monday, February 23rd. HC Wainwright reissued a "buy" rating and issued a $55.00 price objective on shares of Harmony Biosciences in a research report on Wednesday, February 25th. Zacks Research raised shares of Harmony Biosciences from a "strong sell" rating to a "hold" rating in a research report on Friday, May 1st. Finally, Weiss Ratings downgraded shares of Harmony Biosciences from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Harmony Biosciences has a consensus rating of "Hold" and an average price target of $42.67.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of HRMY. AQR Capital Management LLC boosted its holdings in shares of Harmony Biosciences by 128.9% in the 4th quarter. AQR Capital Management LLC now owns 813,889 shares of the company's stock valued at $30,456,000 after buying an additional 458,321 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Harmony Biosciences by 42.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,295,381 shares of the company's stock valued at $35,701,000 after buying an additional 388,472 shares in the last quarter. UBS Group AG boosted its holdings in shares of Harmony Biosciences by 213.3% in the 3rd quarter. UBS Group AG now owns 503,081 shares of the company's stock valued at $13,865,000 after buying an additional 342,505 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Harmony Biosciences by 1,865.0% in the 4th quarter. Janus Henderson Group PLC now owns 322,295 shares of the company's stock valued at $12,060,000 after buying an additional 305,893 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Harmony Biosciences by 677.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 307,165 shares of the company's stock valued at $9,706,000 after buying an additional 267,658 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company's stock.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc is a commercial‐stage biopharmaceutical company focused on developing and delivering therapies for people with rare neurological and endocrine diseases. Founded in 2017 and headquartered in Plymouth Meeting, Pennsylvania, Harmony Biosciences went public in 2020 and trades on the Nasdaq under the ticker HRMY. The company's mission centers on identifying and advancing medicines that address critical unmet needs in patient populations underserved by existing treatments.

The company's flagship product is WAKIX (pitolisant), the first and only histamine H3 receptor antagonist/inverse agonist approved by the U.S.

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