Harmony Biosciences (HRMY) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 net revenue of $261.3 million, up 30% year-over-year, driven by strong WAKIX demand, 450 net patient adds, and 8,950 average patients.

• Reiterated full-year 2026 net revenue guidance of $1.0 billion to $1.04 billion, with continued robust WAKIX growth and commercial execution.

• Advanced pipeline with positive Phase 1 data for BP-205, a best-in-class OX2R agonist, and multiple late-stage CNS programs including Pitolisant GR and HD.

• Expanded late-stage pipeline with multiple CNS indications, next-generation pitolisant programs, and regulatory milestones for Pitolisant GR and HD.

• Maintains a robust pipeline with five phase III registration studies in rare neurological disorders and significant business development capacity.

Financial highlights

• Net product revenue for Q2 2026 was $261.3 million, up from $200.5 million in Q2 2025, a 30% increase year-over-year.

• Net income for Q2 2026 was $75.4 million ($1.28 per diluted share), up from $39.8 million ($0.68 per diluted share) in Q2 2025.

• Cost of product sold increased to $63.2 million (24.2% of revenue), mainly due to new royalties and licensing agreements.

• Operating expenses declined 5% year-over-year to $108.8 million, reflecting lower R&D and G&A expenses.

• Cash, cash equivalents, and investments totaled $962.5 million as of June 30, 2026; debt outstanding was $155 million.

Outlook and guidance

• Full-year 2026 net revenue guidance reaffirmed at $1.0 billion–$1.04 billion, driven by continued WAKIX growth.

• Multiple late-stage pipeline catalysts expected between 2026 and 2028, including regulatory milestones for Pitolisant GR, HD, and EPX-100.

• BP-205 Phase 1 MAD data expected in Q4 2026 and Phase 1b data in early 2027.

• Sufficient liquidity projected to fund operations and investing activities for at least the next 12 months.