Harmony Biosciences Holdings (HRMY) FY2024 results: revenue $715 million, up 22.8% on the year

Harmony Biosciences Holdings, Inc. (HRMY) reported revenue of $715 million for fiscal 2024, the year ended 31 December 2024, up 22.8% on the year before. Net income was $145 million, up 12.9%, and diluted earnings per share $2.51. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2025.

Revenue

$715 million

+22.8% on the year

FY2019FY2024

Operating margin

26.7%

33.0% a year earlier

FY2019FY2024

Net income

$145 million

+12.9% on the year

FY2019FY2024

Diluted EPS

$2.51

+17.8% on the year

FY2019FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	715	582	438	+22.8%
Cost of revenue	157	121	83.5	+29.3%
Gross profit	558	461	354	+21.1%
Gross margin	78.1%	79.2%	80.9%
Research and development	146	76.1	70.9	+91.7%
Operating income	191	192	120	-0.6%
Operating margin	26.7%	33.0%	27.4%
Interest expense	17.5	23.8	18.8	-26.4%
Pre-tax income	192	173	105	+10.6%
Income tax	46.3	44.5	-76.8	+4.0%
Effective tax rate	24.1%	25.7%	-73.3%
Net income	145	129	181	+12.9%
Net margin	20.4%	22.1%	41.4%
Diluted EPS	$2.51	$2.13	$2.97	+17.8%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	220	219	144	+0.2%
Capital expenditure	1.2	0.3	0.2	+269.6%
Free cash flow	219	219	144	-0.2%
Free cash flow margin	30.6%	37.6%	33.0%
Cash from investing	-67.5	-46.4	-142
Cash from financing	-11.0	-106	6.8
Depreciation and amortisation	24.1	24.4	23.4	-1.0%
Share-based compensation	42.6	31.7	26.2	+34.4%
Buybacks	n/a	100	n/a
Diluted shares, weighted	58m	60m	61m	-4.1%
Shares outstanding at period end	57m	57m	60m	+0.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	659	467	403	+41.1%
Debt	179	194	192	-7.4%
Operating lease liabilities	0.8	1.1	1.0	-24.0%
Other liabilities	160	150	78.4	+6.8%
Total liabilities and equity	999	811	674	+23.1%
Fixed assets	1.3	0.4	0.6	+238.8%
Intangible assets	113	137	161	-17.4%
Investments	123	114	102	+8.0%
Cash and equivalents	453	312	244	+45.4%
Receivables	83.0	74.1	54.7	+12.0%
Inventory	7.2	5.4	4.3	+34.2%
Other assets	218	169	108	+29.3%
Total assets	999	811	674	+23.1%

10-K for the year ended 31 December 2024, filed 25 February 2025: the filing.