The strong Q2 beat and reiterated guidance confirm WAKIX's commercial momentum, while the BP-205 Phase 1 data de-risks the pipeline. Traders should watch for the October 22, 2026 ANDA litigation closing arguments and the Q4 2026 BP-205 MAD data readout as the next key catalysts.
Price Chart
Executive Summary
Harmony Biosciences reported record Q2 2026 WAKIX net revenue of $261.3M (+30% YoY), with GAAP diluted EPS of $1.28 beating the $1.15 consensus by 11.5%. The company reiterated full-year 2026 WAKIX net revenue guidance of $1.0B-$1.04B and disclosed encouraging Phase 1 SAD data for its orexin-2 agonist BP-205, supporting a potential best-in-class profile. The strong beat on both revenue and EPS, combined with a reiterated guidance and positive pipeline data, is a clear positive for the stock.
Key Financial Metrics
Key Facts
- Q2 2026 WAKIX net revenue of $261.3M, up 30% YoY from $200.5M
- GAAP diluted EPS of $1.28, beating consensus of $1.15 by 11.5%
- Net income of $75.4M, up 90% YoY from $39.8M
- Reiterated 2026 WAKIX net revenue guidance of $1.0B-$1.04B
- Cash, cash equivalents and investments of $962.5M as of June 30, 2026
- Phase 1 SAD data for BP-205 shows favorable PK and safety/tolerability profile; MAD data expected Q4 2026
- Pitolisant GR NDA accepted by FDA with target PDUFA date of April 1, 2027
- Average patients on WAKIX increased by 450 to 8,950 in Q2
Financial Impact
Q2 revenue beat consensus by ~$8M (3.2%); EPS beat by $0.13 (11.5%); net income doubled YoY to $75.4M
Risk Factors
- ANDA litigation for WAKIX patents with closing arguments scheduled for October 22, 2026
- BP-205 is still in early-stage development with Phase 2 trials not starting until mid-2027
- Cost of product sold increased to 24.2% of revenue from 19.0% due to new royalties
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-090086 |
| Document: hrmy-20260804x8k.htm | 0001104659-26-090086 |
| Document: hrmy-20260804xex99d2.htm | 0001104659-26-090086 |
| Document: 0001104659-26-090086-index-headers.html | 0001104659-26-090086 |
| Document: 0001104659-26-090086-index.html | 0001104659-26-090086 |
| Document: 0001104659-26-090086.txt | 0001104659-26-090086 |
| 8-K Data (Synthetic) | 0001104659-26-090086 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K | $38.78 $39.52 | ▲ +1.91% | ▲ +2.01% | $40.53 (+4.53%) |
Aug 4, 2026 8w ago | Press Release | $38.78 $39.52 | ▲ +1.91% | ▲ +2.01% | $40.53 (+4.53%) |
Jul 16, 2026 11w ago | 8-K | $33.53 $35.80 | ▲ +6.77% | ▲ +8.44% | $40.53 (+20.89%) |
Jun 30, 2026 13w ago | 144 | $36.00 $38.26 | ▼ −6.28% | ▼ −6.02% | $40.53 (−12.60%) |
Jun 24, 2026 14w ago | 144 | $34.13 $36.00 | ▼ −5.48% | ▼ −3.92% | $40.53 (−18.77%) |
Jun 9, 2026 16w ago | 144 | $35.48 $33.83 | ▼ −4.65% | ▼ −8.08% | $40.53 (+14.25%) |
Jun 5, 2026 16w ago | 144 | $32.39 $34.18 | ▲ +5.53% | ▲ +3.41% | $40.53 (+25.15%) |
May 19, 2026 19w ago | 3 | $30.44 $30.76 | ▲ +1.05% | ▼ −1.25% | $40.53 (+33.16%) |
May 7, 2026 21w ago | 8-K | $31.42 $30.83 | ▼ −1.88% | ▼ −3.38% | $40.53 (+29.01%) |
Apr 14, 2026 24w ago | 8-K | $29.29 $32.14 | ▲ +9.73% | ▲ +8.34% | $40.53 (+38.39%) |
US Market Status
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