Harmony Biosciences Holdings, Inc. (HRMY) Stock

Harmony Biosciences Holdings, Inc. (HRMY) is a Healthcare stock trading at $38.13 (as of 2026-08-21), with a market capitalization of $2.22B and a trailing P/E of 12.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Harmony Biosciences Holdings, Inc. is a commercial-stage pharmaceutical company that develops and commercializes therapies for patients with rare neurological disorders in the United States. Its product, WAKIX, is used to treat excessive daytime sleepiness in adult patients with narcolepsy.

Understand Harmony Biosciences Holdings, Inc.: how it makes money

Harmony Biosciences develops and commercializes WAKIX, a medication for excessive daytime sleepiness in adult patients with narcolepsy, in the United States, and it makes money by selling WAKIX net product revenue to patients through its commercial franchise.

The profit engine is WAKIX, where revenue is driven by the size of the on-treatment patient base (Average Patients on WAKIX) and supported by prescriber activity and patient adherence (Patient Compliance Rate).

Revenue by segment (latest quarter)
WAKIX$0.2B

Business quality (Solid): A single commercial product franchise (WAKIX) with clear operating KPIs tied to patients and prescribers, but investor focus should stay on how durable patient count and adherence are and how participation in related risk evaluation programs affects access.

Valuation: At 13× earnings, HRMY trades 20% below the Pharmaceutical Products average (17×). Note: one-time items can distort reported P/E.

Bull case

  • WAKIX is the core commercial business: The company’s commercial-stage product is WAKIX for adult narcolepsy, so performance can be tracked directly through WAKIX net product revenue and patient-based KPIs (Average Patients on WAKIX).
  • Commercial execution metrics are tracked: Field sales and access are measured (Healthcare Providers Called On, In-Person Field Sales Engagement Percentage), plus utilization and adherence indicators such as Patient Compliance Rate.
  • Payer coverage is measured: Payer Coverage of Lives is tracked, which helps investors monitor whether reimbursement support is staying intact for the WAKIX franchise.

Bear case

  • High reliance on one product franchise: Because WAKIX is the company’s product for the stated indication (excessive daytime sleepiness in adult narcolepsy), any disruption affecting WAKIX demand, access, or prescribing could impact results.
  • Patient adherence can swing outcomes: Patient Compliance Rate is an explicit operating metric, so changes in adherence could affect how consistently patients use WAKIX and support net product revenue.
  • Program participation affects the prescriber and patient funnel: The company tracks healthcare providers not participating in the Oxybate Risk Evaluation and Mitigation Strategies Program, and prescriber penetration within specific segments, which implies access and prescribing behavior may vary with program participation.
Valuation — source: SEC EDGAR (first-party)
Price$38.13
Market Cap$2.22B
P/E Ratio12.3
EV / EBITDA7.9
Price / Book2.22
Price / Sales2.31
FCF Yield10.6%
DCF Value (model)$152.90
DCF Upside vs Price300.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$868.45M
Net Margin18.3%
Revenue Growth (YoY)30.3%
EPS Growth (YoY)88.4%
Financial Health — source: SEC EDGAR
Altman Z-Score5.32 (safe)
Piotroski F-Score5/9 (moderate)
Valuation vs Sector & Industry
Stock P/E12.3
Sector P/E (Healthcare)21.7
Industry P/E (Pharmaceutical Products)17.2
vs Sector-43.6%
vs Industry-28.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($198.03M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOJeffrey Dayno
Employees268
CountryUS
IPO Date2020-08-19

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

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  • Corcept Therapeutics Incorporated (CORT)
  • Emergent BioSolutions Inc. (EBS)
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HRMY earnings history · HRMY institutional & insider holders · HRMY KPIs & operating metrics · HRMY financials · HRMY investor presentations & press releases · HRMY SEC filings · HRMY peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.