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Jun 30, 2022
Harmony Biosciences Q2 2022 Earnings Report
Harmony Biosciences reported strong growth in WAKIX net revenue and average number of patients on WAKIX.
Key Takeaways
Harmony Biosciences reported net product revenues of $107.0 million for the quarter ended June 30, 2022, a 45% increase compared to the same period in 2021. GAAP net income was $23.5 million, or $0.39 per diluted share, while non-GAAP adjusted net income was $34.7 million, or $0.57 per diluted share. The company also signed a new agreement with Bioprojet to develop innovative therapeutics based on pitolisant.
WAKIX net revenue of $107.0 million for Q2 2022, a 45% increase vs. the same period in 2021
Average number of patients on WAKIX increased to approximately 4,300
Signed new agreement with Bioprojet to develop innovative therapeutics based on pitolisant
Phase 3 Idiopathic Hypersomnia (IH) INTUNE Study is on track with site activations and patient enrollment
Revenue by Segment
Forward Guidance
Harmony Biosciences is focused on developing and delivering treatments for rare neurological diseases and is committed to innovation and collaboration.
Positive Outlook
- Phase 3 registrational trial in adult patients with IH (INTUNE Study) off to a good start and on track with site activations and patient enrollment.
- Completed enrollment in the PWS Phase 2 proof-of concept study. On track for top line data from this trial in the fourth quarter of 2022.
- Enrollment continues in the Myotonic Dystrophy (DM1) study. Anticipate top line data from this Phase 2 proof-of concept trial in 2023.
- Harmony extended the $100 million delayed draw loan facility with Blackstone, which now makes those funds available into August of 2023.
- New agreement with Bioprojet focused on developing innovative therapeutics based on pitolisant, expanding Harmony’s opportunity in narcolepsy, and potentially other indications mutually agreed to by the parties.
Challenges Ahead
- Failure to satisfy the closing conditions under our new agreement with Bioprojet, including obtaining clearance under the HSR Act.
- Our failure to achieve the potential benefits under our new agreement with Bioprojet.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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