Harmony Biosciences Holdings (HRMY) FY2023 results: revenue $582 million, up 32.9% on the year

Harmony Biosciences Holdings, Inc. (HRMY) reported revenue of $582 million for fiscal 2023, the year ended 31 December 2023, up 32.9% on the year before. Net income was $129 million, down 29.0%, and diluted earnings per share $2.13. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$582 million

+32.9% on the year

FY2019FY2023

Operating margin

33.0%

27.4% a year earlier

FY2019FY2023

Net income

$129 million

-29.0% on the year

FY2019FY2023

Diluted EPS

$2.13

-28.3% on the year

FY2019FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	582	438	305	+32.9%
Cost of revenue	121	83.5	55.5	+45.2%
Gross profit	461	354	250	+30.0%
Gross margin	79.2%	80.9%	81.8%
Research and development	76.1	70.9	30.4	+7.3%
Operating income	192	120	87.5	+59.8%
Operating margin	33.0%	27.4%	28.7%
Interest expense	23.8	18.8	24.2	+26.4%
Pre-tax income	173	105	37.4	+65.6%
Income tax	44.5	-76.8	2.8
Effective tax rate	25.7%	-73.3%	7.6%
Net income	129	181	34.6	-29.0%
Net margin	22.1%	41.4%	11.3%
Diluted EPS	$2.13	$2.97	$0.58	-28.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	219	144	98.6	+51.9%
Capital expenditure	0.3	0.2	0.3	+81.4%
Free cash flow	219	144	98.3	+51.8%
Free cash flow margin	37.6%	33.0%	32.2%
Cash from investing	-46.4	-142	-100
Cash from financing	-106	6.8	7.4
Depreciation and amortisation	24.4	23.4	18.8	+4.2%
Share-based compensation	31.7	26.2	15.7	+21.1%
Buybacks	100	n/a	n/a
Diluted shares, weighted	60m	61m	59m	-1.2%
Shares outstanding at period end	57m	60m	59m	-4.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	467	403	187	+15.9%
Debt	194	192	192	+1.0%
Operating lease liabilities	1.1	1.0	2.2	+11.0%
Other liabilities	150	78.4	52.7	+91.1%
Total liabilities and equity	811	674	433	+20.4%
Fixed assets	0.4	0.6	0.8	-35.3%
Intangible assets	137	161	144	-14.8%
Investments	114	102	n/a	+11.8%
Cash and equivalents	312	244	234	+27.8%
Receivables	74.1	54.7	34.8	+35.4%
Inventory	5.4	4.3	4.4	+24.8%
Other assets	169	108	15.1	+56.9%
Total assets	811	674	433	+20.4%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.