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Dec 31, 2025
Harmony Biosciences Q4 2025 Earnings Report
Harmony Biosciences reported fourth quarter 2025 net income of 22486000 on net product revenue of 243776000, driven by continued WAKIX growth.
Key Takeaways
Harmony delivered Q4 2025 net product revenue of 243776000, representing 21% year-over-year growth for WAKIX, with GAAP net income of 22486000 and continued expansion in patients on therapy.
WAKIX net product revenue increased 21% year over year to 243776000.
Average patients on WAKIX grew to approximately 8500 in Q4 2025.
GAAP net income was 22486000 with diluted EPS of 0.38.
Non-GAAP adjusted net income reached 33379000 with adjusted EPS of 0.57.
Revenue by Segment
Forward Guidance
The company reiterated 2026 WAKIX net revenue guidance of 1000000000 to 1040000000.
Positive Outlook
- 2026 WAKIX net revenue guidance of 1000000000 to 1040000000.
- On track to achieve blockbuster status in narcolepsy.
- FDA approval of pediatric cataplexy indication.
- Pitolisant GR NDA submission planned for Q2 2026.
- Robust late-stage pipeline with multiple Phase 3 trials ongoing.
Challenges Ahead
- GAAP net income declined year over year.
- Operating expenses increased 50% year over year.
- General and administrative expenses nearly doubled.
- Rising R&D expenses to support pipeline expansion.
- Interest expense of 3546000 in the quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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