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Dec 31, 2021
Harmony Biosciences Q4 2021 Earnings Report
Harmony Biosciences achieved profitability and increased WAKIX net revenue for Q4 2021.
Key Takeaways
Harmony Biosciences reported a strong fourth quarter, with WAKIX net revenue increasing by 62% year-over-year to $91.2 million and achieving a net income of $22.7 million.
WAKIX net revenue increased 62% year-over-year to $91.2 million for Q4 2021.
Net income was $22.7 million for Q4 2021.
Average number of patients on WAKIX increased to approximately 3,800.
Company is on track to initiate the Phase 3 clinical trial in patients with Idiopathic Hypersomnia in the first half of this year.
Revenue by Segment
Forward Guidance
Harmony Biosciences anticipates ongoing growth of WAKIX due to continued strong underlying demand and is focused on acquiring new assets to expand their portfolio beyond WAKIX.
Positive Outlook
- Ongoing growth of WAKIX is expected due to continued strong underlying demand.
- Phase 3 registrational trial in Idiopathic Hypersomnia is expected to initiate in the first half of this year.
- Business development team remains focused on acquiring new assets.
- Topline data from the Phase 2 proof-of-concept trial in Prader-Willi Syndrome is anticipated in the second half of 2022.
- Myotonic Dystrophy topline data is expected in 2023.
Challenges Ahead
- The timing of other life cycle management programs for pitolisant is being updated due to the ongoing COVID-19 pandemic and recent emergence of the Omicron variant.
- Effectiveness of hormonal contraceptives may be reduced when used with WAKIX.
- WAKIX is contraindicated in patients with severe hepatic impairment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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