HRMY Harmony Biosciences Holdings, Inc.
FY2025 10-K
Harmony Biosciences Holdings, Inc. (HRMY) filed its fiscal year 2025 10-K annual report with the SEC on Feb 24, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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