Harmony Biosciences Holdings Inc (HRMY, Financial) released its Q3 2023 earnings report on October 31, 2023. The company reported strong growth with WAKIX® (pitolisant) net revenue of $160.3 million for Q3 2023, marking a 37% increase year-over-year. The average number of patients on WAKIX increased by approximately 350 sequentially to approximately 5,800 for Q3 2023.
Financial Highlights
Harmony Biosciences Holdings Inc (HRMY, Financial) reported GAAP net income for Q3 2023 at $38.5 million, or $0.63 earnings per diluted share, compared to GAAP net income of $87.9 million, or $1.44 earnings per diluted share, for the same period in 2022. The decrease in GAAP net income was primarily driven by the release of the valuation allowance on deferred tax assets, which resulted in a $74.5 million income tax benefit for Q3 2022, partially offset by a $30.0 million initial licensing fee as part of the 2022 Licensing and Commercialization Agreement with Bioprojet.
Non-GAAP adjusted net income was $58.8 million, or $0.97 earnings per diluted share, for Q3 2023, compared to Non-GAAP adjusted net income of $58.1 million, or $0.95 per diluted share, for the same period in 2022.
Company Updates and Future Plans
Harmony Biosciences Holdings Inc (HRMY, Financial) remains committed to pursuing the Idiopathic Hypersomnia Indication, with plans to meet with the FDA informed by a review of the full data set. The company also expanded and diversified its pipeline with the acquisition of Zynerba Pharmaceuticals, with Zygelâ„¢ in a pivotal Phase 3 trial for Fragile X syndrome.
In Q3 2023, the company repurchased approximately 1.4 million shares of common stock for $50 million. The Board of Directors has authorized a new $200 million share repurchase program, reflecting the company's confidence in its growth potential.
Balance Sheet and Cash Flow
As of September 30, 2023, Harmony Biosciences Holdings Inc (HRMY, Financial) had cash, cash equivalents, and investment securities of $438.4 million, compared to $345.7 million as of December 31, 2022.
The company's operating expenses for Q3 2023 included $17.5 million for research and development, $23.4 million for sales and marketing, and $22.5 million for general and administrative costs.
Harmony Biosciences Holdings Inc (HRMY, Financial) continues to demonstrate strong growth in its commercial business, with WAKIX in narcolepsy delivering the strongest revenue quarter in the company's history.
Explore the complete 8-K earnings release (here) from Harmony Biosciences Holdings Inc for further details.
