The strong Q2 beat and reiterated guidance support the stock, but the pipeline catalysts (BP-205 MAD data Q4 2026, Pitolisant GR PDUFA April 2027) are the key upside drivers. Monitor the October 22, 2026 ANDA litigation closing arguments for potential IP risk. The stock has historically rallied on positive news, but the calibration data suggests a score of 6 is appropriate given the early-stage pipeline.
Price Chart
Executive Summary
Harmony Biosciences reported Q2 2026 WAKIX net revenue of $261.3M, up 30% YoY and above $253.3M consensus, with diluted EPS of $1.28 beating the $1.15 estimate by 11.5%. The company reiterated full-year WAKIX guidance of $1.0B-$1.04B and disclosed encouraging Phase 1 SAD data for orexin-2 agonist BP-205, supporting a best-in-class profile. The strong beat and reaffirmed guidance are positive, but the stock's historical pattern shows high win rates on long calls, and the calibration data suggests scores of 7+ have low observed up-move probability, so the impact is notable but not transformative given the pipeline is still early-stage.
Key Financial Metrics
Key Facts
- Q2 2026 WAKIX net revenue $261.3M, +30% YoY vs $200.5M in Q2 2025
- Diluted EPS $1.28 vs consensus $1.15, an 11.5% beat
- Estimated average patients grew 450 to 8,950 in Q2
- Reiterated 2026 WAKIX net revenue guidance of $1.0B-$1.04B
- Phase 1 SAD data for BP-205 showed favorable PK and safety/tolerability profiles; MAD data expected Q4 2026
- Cash, cash equivalents and investments of $962.5M as of June 30, 2026
- Pitolisant GR NDA accepted with PDUFA date April 1, 2027
- Net income $75.4M vs $39.8M in Q2 2025, +89.5%
Financial Impact
Q2 revenue beat consensus by ~$8M; EPS beat by $0.13; net income doubled YoY to $75.4M
Risk Factors
- ANDA litigation with AET Pharma/Sandoz; closing arguments scheduled October 22, 2026
- Cost of product sold rose to 24.2% of revenue from 19.0% due to new Novitium royalties
- Pipeline assets (BP-205, EPX-100) are early-stage with no near-term revenue contribution
- Dependence on single product WAKIX for all current revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3338190 |
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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