Harmony Biosciences Holdings, Inc. (HRMY) FY2025 10-K Annual Report
Harmony Biosciences Holdings, Inc. (HRMY) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Harmony Biosciences Holdings, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: Neuroscience-focused biopharma developing innovative treatments for rare neurological diseases emphasizing sleep/wake disorders, rare epilepsy, and neurobehavioral conditions
- • New products and expansions: Acquired orexin 2 receptor agonist BP1.15205 (preclinical), launched Phase 3 trials for next-gen pitolisant formulations (GR and HD), expanded rare epilepsy pipeline via Epygenix acquisition with EPX-100 and EPX-200
Management Discussion & Analysis
- • Revenue $868.5M, up 21.5% YoY (+$153.7M) driven by 18.3% volume growth and 7.0% price increase, offset by 3.6% higher rebates
- • Gross margin 77.2% (cost of sales 22.8%) vs 78.1% (cost of sales 21.9%) in prior year, impacted by higher royalty tier
Risk Factors
- • Regulatory risk: FDA post-marketing requirements and commitments for WAKIX, including recent approvals for pediatric narcolepsy in June 2024 and February 2026
- • Geopolitical/macroeconomic risk: reliance on third-party manufacturing with sole-source suppliers and manufacturers, exposing supply chain to disruption risks
Harmony Biosciences Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$868M
▲ +21.5% YoY
Net Income
$159M
▲ +9.1% YoY
Gross Margin
77.2%
▼ -90bp YoY
Operating Margin
24.0%
▼ -269bp YoY
Net Margin
18.3%
▼ -208bp YoY
ROE
18.2%
▼ -384bp YoY
Total Assets
$1.3B
▲ +27.3% YoY
EPS (Diluted)
$2.71
▲ +8.0% YoY
Operating Cash Flow
$348M
▲ +58.4% YoY
Source: XBRL data from Harmony Biosciences Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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