Harmony Looks On Track After Q2 Results
Aug 16, 2024
Harmony Biosciences, the "orphan drug" maker of WAKIX / pitolisant, a leading narcolepsy treatment, reported Q2 results. Everything continues to look good here, with another 29% revenue growth quarter and strong cash flows. All of its development programs are progressing, with a new drug application for pitolisant in Idiopathic Hypersomnia (IH) scheduled for Q4, FDA approval for pediatric narcolepsy secured and commercial launch commenced, WAKIX again upheld in patent court, and good early results for a high-dose program that could extend pitolisant's contributions into the 2040's. Development of the Fragile X and epilepsy portfolios continues to progress. Everything looks on track to our thesis here. Just a small tweak to the fair value, it gets a dollar bump up to $66.
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