PLYMOUTH MEETING, Pa. - Harmony Biosciences Holdings , Inc. (NASDAQ: NASDAQ:HRMY) today announced a 30% increase in net revenue for the first quarter ended March 31, 2024, reaching $154.6 million, driven by robust sales of its narcolepsy drug WAKIX. This growth is a significant jump from the $119.1 million reported in the same quarter the previous year.
The company's adjusted earnings per share (EPS) of $0.88 also surpassed analyst expectations by $0.25, although revenue slightly missed the consensus estimate of $155.37 million.
The company's financial performance was bolstered by the continued demand for WAKIX, with the average number of patients on the treatment climbing to approximately 6,300, an increase of about 150 patients sequentially.
Harmony's CEO, Jeffrey M. Dayno, M.D., attributed the strong quarter to the "durable commercial success of WAKIX" and the company's strategic expansion, including the acquisition of a rare epilepsy franchise.
Harmony's operating expenses reflected its growth initiatives, with research and development costs up 67% YoY to $22.2 million, sales and marketing expenses up 21% YoY to $27.2 million, and general and administrative expenses up 16% YoY to $25.7 million.
Despite these increases, the company maintained a healthy financial position, with cash, cash equivalents, and investments totaling $453.6 million as of March 31, 2024.
Looking ahead, Harmony reiterated its full-year 2024 net product revenue guidance, expecting it to be between $700 million and $720 million. This guidance suggests a confident outlook for the company's growth trajectory.
Dr. Dayno expressed optimism about the company's direction, stating, "We now have three late-stage orphan/rare CNS franchises, each with potential peak sales opportunities of $1B to $2B, comprised of eight assets advancing across thirteen development programs." He also emphasized the company's goal to launch at least one new product or indication annually over the next five years, with revenue potential extending beyond 2040.
Harmony's strategic moves, including the advancement of its pipeline and the addition of new CNS assets, have positioned the company to potentially become a leading player in the CNS biotechnology space. The company's focus on delivering innovative treatments for patients with unmet medical needs is evident in its robust pipeline and the execution of its growth strategy.
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