Harmony Biosciences Eyes Growth Beyond Wakix in 2025
Feb 26, 2025
Harmony Biosciences reported its Q4 and full-year earnings yesterday. Annual sales grew 23%, an impressive figure for a single orphan drug with a single indication (Wakix for narcolepsy). Management guided for approximately 18% growth in 2025 and expects this indication alone to surpass $1 billion in annual sales. The company’s long-term potential will become clearer this year, as its Phase 3 trial for ZYN002 is set to report initial data in Q3. ZYN002 was acquired through Harmony’s 2023 purchase of Zynerba, targeting Fragile X which represents a similar patient population to narcolepsy, with no currently approved treatments. A positive result could push Harmony’s stock closer to my fair value estimate of $73.
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