Harmony Biosciences Holdings (HRMY) FY2025 results: revenue $868 million, up 21.5% on the year
Harmony Biosciences Holdings, Inc. (HRMY) reported revenue of $868 million for fiscal 2025, the year ended 31 December 2025, up 21.5% on the year before. Net income was $159 million, up 9.1%, and diluted earnings per share $2.71. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$868 million
+21.5% on the year
FY2019FY2025
Operating margin
24.0%
26.7% a year earlier
FY2019FY2025
Net income
$159 million
+9.1% on the year
FY2019FY2025
Diluted EPS
$2.71
+8.0% on the year
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 kept.
Q4 WAKIX revenue rose 21%: WAKIX net product revenue was $243.8 million for the quarter, compared with $201.3 million a year earlier, up 21%.
Full-year revenue rose about 22%: Full-year 2025 net product revenue was $868.5 million, compared with $714.7 million in 2024, growth of about 22%.
Patients on WAKIX rose about 400: Average patients on WAKIX rose by about 400 to about 8,500 in Q4 2025, the third consecutive quarter of about 400 or more additions.
Q4 GAAP net income fell: Q4 GAAP net income was $22.5 million, or $0.38 per diluted share, compared with $49.5 million, or $0.85 per diluted share, in Q4 2024.
Promotion began on pediatric approval: After the pediatric cataplexy approval, the commercial team started full promotional efforts immediately, according to management.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
348
220
219
+58.4%
Capital expenditure
0.3
1.2
0.3
-73.1%
Free cash flow
348
219
219
+59.1%
Free cash flow margin
40.1%
30.6%
37.6%
Cash from investing
-39.6
-67.5
-46.4
Cash from financing
-9.0
-11.0
-106
Depreciation and amortisation
n/a
24.1
24.4
Share-based compensation
44.9
42.6
31.7
+5.4%
Buybacks
n/a
n/a
100
Diluted shares, weighted
59m
58m
60m
+1.2%
Shares outstanding at period end
58m
57m
57m
+1.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
870
659
467
+32.0%
Debt
164
179
194
-8.7%
Operating lease liabilities
4.5
0.8
1.1
+448.9%
Other liabilities
233
160
150
+45.8%
Total liabilities and equity
1,272
999
811
+27.3%
Fixed assets
n/a
1.3
0.4
Intangible assets
89.4
113
137
-21.1%
Investments
130
123
114
+5.6%
Cash and equivalents
753
453
312
+66.1%
Receivables
96.8
83.0
74.1
+16.6%
Inventory
5.4
7.2
5.4
-25.6%
Other assets
198
218
169
-9.5%
Total assets
1,272
999
811
+27.3%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.