The shares of Harmony Biosciences Holdings, Inc. (NASDAQ: HRMY) are undergoing a noticeable ascent during the current-market session today. As of the last check, HRMY shares were exhibiting a noteworthy surge of 12.82%, reaching a valuation of $33.00. This considerable uptick of HRMY shares on the US stock charts appears to be substantiated by the recent divulgence of the company's financial report.
Harmony Biosciences (HRMY) has disclosed a year-over-year net revenue growth of 30 percent for the quarter concluded on March 31, 2024, with net product revenue escalating from $119.1 million to $154.6 million.
The escalation in revenue is chiefly credited to robust commercial sales of WAKIX, propelled by sustained organic demand accessing a substantial market opportunity (approximately 80,000 patients diagnosed with narcolepsy in the US).
Moreover, Harmony Biosciences has expedited its growth strategy by incorporating a rare epilepsy franchise into its burgeoning pipeline of pioneering, late-stage CNS assets. Positioned favorably, Harmony Biosciences aims to emerge as the preeminent patient-centric CNS biotechnology enterprise, furnishing innovative therapies to patients grappling with unaddressed medical requirements.
HRMY has revamped its operations by orchestrating a top-tier launch of WAKIX in narcolepsy, propelling its pipeline through life cycle management and new indications, and broadening its portfolio through strategic business development, having concluded three transactions within the past eight months.
In an independent announcement, Harmony Biosciences disclosed the acquisition of Epygenix Therapeutics, Inc., thus catalyzing its growth strategy by integrating a rare epilepsy franchise into its expanding late-stage pipeline of pioneering CNS assets. The purchase includes clemizole hydrochloride (EPX-100), a powerful centrally acting serotonin (5HT2) agonist that is taken orally.
Pursuant to the terms delineated in the definitive agreement, Harmony Biosciences disbursed $35 million in cash, with the potential for payments reaching up to $130 million contingent upon developmental and regulatory milestones. Additionally, there exist prospective payments of up to $515 million upon attainment of certain sales milestones.
Presently, Harmony Biosciences boasts three late-stage orphan/rare CNS franchises, each harboring potential peak sales opportunities ranging from $1B to $2B, comprising eight assets advancing across thirteen development programs.