Harmony Biosciences (HRMY) Misses Q3 EPS by 9c, Revenues Beat

Harmony Biosciences (NASDAQ: HRMY) reported Q3 EPS of ($0.14), $0.09 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $45.6 million versus the consensus estimate of $40.07 million.

Third Quarter 2020 Financial Highlights:

• Net product revenue was $45.6 million for the third quarter ended September 30, 2020.
• Research and development expenses were $4.2 million for the third quarter of 2020 compared with $4.3 million for the third quarter of 2019.
• Sales and marketing expenses were $12.6 million for the third quarter of 2020 compared with $12.9 million for the third quarter of 2019.
• General and administrative expenses were $10.5 million for the third quarter of 2020 compared with $12.6 million for the third quarter of 2019.
• Net income was $1.9 million for the third quarter of 2020 compared with a net loss of $31.9 million for the third quarter of 2019.
• Cash and cash equivalents as of September 30, 2020 was $221.7 million.

“Harmony experienced another productive quarter with continued WAKIX revenue growth and meaningful advancement of our key clinical programs,” commented John C. Jacobs, Harmony’s President and Chief Executive Officer. “WAKIX sales continued to increase on a quarterly basis through the COVID-19 pandemic, reflecting the unmet medical need for a first-in-class medication with a novel mechanism of action. The recent approval of the cataplexy indication for WAKIX expanded the label in narcolepsy which, along with WAKIX being the only FDA approved product for narcolepsy that is not scheduled as a controlled substance, provides additional commercial opportunity. With a robust cash position stemming from our recent IPO, we have the financial resources to continue supporting our commercialization efforts for WAKIX, advance our clinical programs, and to pursue the acquisition of additional assets that would be complimentary to our existing commercial footprint and core areas of expertise.”

Harmony Founder and Chairman, and Paragon Biosciences Chairman and CEO, Jeff Aronin, commented, “From the time we founded Harmony, to its FDA approval of WAKIX, and recent approval of a second indication, the team has worked relentlessly to build a company that has contributed to scientific innovation in neurological disorders. We are pleased with Harmony’s continued progress to address unmet medical needs, including the benefits that WAKIX has provided for people living with narcolepsy.”

For earnings history and earnings-related data on Harmony Biosciences (HRMY) click here.

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