Harmony Biosciences delivered a top-line beat in the third quarter 2026, driven by consistent demand for WAKIX and a growing patient base. While revenue exceeded expectations, GAAP earnings missed consensus due to significant R&D milestone charges and higher royalty obligations. The company reiterated its full-year net revenue guidance of $1.0 billion to $1.04 billion and maintained a strong liquidity position with over $1.05 billion in cash.
Key Highlights
- WAKIX net product revenue grew 12% year-over-year to $268.9 million, surpassing the analyst estimate of $248.5 million.
- Diluted EPS of $0.81 missed the $1.00 consensus estimate, largely due to a $25.0 million milestone charge related to the MSN license agreement.
- Commercial momentum remains steady with approximately 9,350 average patients on WAKIX, reflecting 400 net patient additions during the quarter.
- Operating expenses rose 17% to $134.0 million, influenced by a 30% increase in R&D spending and higher sales and marketing costs following the expansion of field-based teams.