Harmony Biosciences reported strong full-year 2025 financial results, driven by robust WAKIX net revenue growth and a significant increase in cash. The company is on track to achieve blockbuster status for WAKIX in 2026 and is advancing its pipeline with multiple late-stage trials and new formulation opportunities.
Full year 2025 net product revenue was $868.5 million, a 22% increase year-over-year.
positiveQ4 2025 net product revenue was $243.8 million, a 21% year-over-year increase.
positiveAverage number of patients on WAKIX increased by approximately 400 patients to ~8,500 in Q4 2025, marking the third consecutive quarter of significant patient adds.
positiveCash, cash equivalents, and investments increased to $882.5 million as of December 31, 2025, up from $576.1 million in the prior year.
positiveGAAP net income for Q4 2025 was $22.5 million ($0.38/share), a significant decrease from $49.5 million ($0.85/share) in Q4 2024.
negativeNon-GAAP adjusted net income for Q4 2025 was $33.4 million ($0.57/share), down from $64.2 million ($1.10/share) in Q4 2024.
negativeOperating expenses increased significantly: R&D by 44% YoY in Q4, S&M by 6% YoY in Q4, and G&A by 99% YoY in Q4.
attentionFull year R&D expenses increased 30% YoY, and G&A expenses increased 38% YoY.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
WAKIX | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
WAKIX is on track to exceed $1 billion in revenue and achieve blockbuster status in 2026, reflecting the strength and durability of the pitolisant franchise.
The next-generation formulations of pitolisant are designed to grow our leadership in sleep-wake, extend the lifecycle of pitolisant into the 2040’s, expand into additional orphan/rare indications, and now broaden our reach beyond orphan/rare into larger CNS patient populations.
Our robust late-stage pipeline, including five ongoing Phase 3 registrational trials across five distinct CNS indications, positions Harmony for multiple near-term catalysts and meaningful long-term value creation.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.