The Q1 miss is largely due to one-time IPR&D charges, but the underlying business continues to grow. The maintained full-year guidance and strong cash position support the long-term story. Traders should watch for post-earnings volatility and the upcoming pitolisant GR NDA submission in Q2 2026 as a near-term catalyst.
Price Chart
Executive Summary
Harmony Biosciences reported Q1 2026 revenue of $215.4M (+17% YoY), slightly below consensus of $220.8M. GAAP diluted EPS of $0.55 missed consensus of $0.93 by 41%, driven by $32M in upfront license payments. The company reaffirmed FY2026 revenue guidance of $1.0B-$1.04B, citing continued WAKIX growth and pipeline progress.
Key Financial Metrics
Key Facts
- Q1 2026 net product revenue $215.4M, +17% YoY ($184.7M)
- GAAP net income $32.5M ($0.55 diluted) vs $45.6M ($0.78) in Q1 2025
- EPS missed consensus ($0.93) by 41% due to $32M in upfront license payments ($0.45 after-tax impact)
- Reiterated FY2026 revenue guidance of $1.0B-$1.04B
- Cash, equivalents and investments of $870.5M at quarter end
- R&D expenses surged 101% to $69.4M, driven by license agreement costs
- Cost of product sold as % of revenue rose to 20.7% from 17.3% due to new royalties
- Completed settlements with 6 of 7 ANDA filers; filed patent suit against AET Pharma/Sandoz
Financial Impact
Q1 2026 revenue $215.4M (+17% YoY); GAAP EPS $0.55 vs $0.93 consensus; net income $32.5M vs $45.6M YoY
Risk Factors
- EPS miss could weigh on near-term sentiment despite explanation
- Rising cost of product sold (royalties) may pressure margins
- Execution risk on pipeline (pitolisant GR NDA, BP-205 data)
- Potential generic competition post-2030
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-056786 |
| Document: hrmy-20260507x8k.htm | 0001104659-26-056786 |
| Document: hrmy-20260507xex99d2.htm | 0001104659-26-056786 |
| Document: 0001104659-26-056786-index-headers.html | 0001104659-26-056786 |
| Document: 0001104659-26-056786-index.html | 0001104659-26-056786 |
| Document: 0001104659-26-056786.txt | 0001104659-26-056786 |
| 8-K Data (Synthetic) | 0001104659-26-056786 |
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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