Harmony Biosciences Holdings, Inc. (HRMY) · Nov 4, 2026 · Earnings
Miss — WAKIX revenue $268.9M vs ~$272M consensus; diluted EPS $0.81
Harmony Biosciences earnings show solid WAKIX growth and encouraging BP-205 data, but Q3 revenue and EPS came in below consensus.
Harmony is a profitable CNS company built around the WAKIX narcolepsy franchise while funding a broader pipeline led by BP-205. Before this filing, Q2 had already shown record WAKIX revenue, unchanged full-year guidance, and a BP-205 multiple-ascending-dose readout expected in Q4.
The commercial engine kept moving, but not quite at the market’s bar. WAKIX revenue rose 12% year over year to $268.9 million, with 400 net patient additions, but that was below published Q3 revenue expectations of roughly $272 million to $274 million. The result confirms continued demand, but it does not materially upgrade the growth story.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| WAKIX net product revenue (Financial Results) | $268.9M (-12%) | $239.5M | ~$272M |
| Diluted EPS (Income Statement) | $0.81 (-7%) | $0.87 | ~$1.09 |
| Cost of product sold (Financial Results) | $80.7M (+35%) | $59.7M | |
| Full-year WAKIX guidance (Guidance) | $1.00B–$1.04B |
The earnings miss was largely cost-driven rather than demand-driven. Cost of product sold rose to 30% of revenue from 25%, while R&D included a $25 million MSN license milestone; those charges, plus new royalties, pushed net income down despite higher revenue. 〔0〕 〔1〕
BP-205 advanced, but the data are still early-stage. Fourteen days of repeated dosing in 94 healthy volunteers produced a roughly 29-hour half-life, no serious or severe adverse events, and no liver, visual, or clinically significant cardiovascular events. That supports once-daily development and keeps the program on schedule, but it is safety and pharmacokinetic evidence—not proof of efficacy. 〔2〕
The rest of the strategic setup was mostly confirmation. Harmony reiterated $1.0 billion–$1.04 billion of 2026 WAKIX revenue guidance, maintained the BP-205 timeline, and repeated planned 2027 regulatory and pipeline milestones. Those are constructive, but they were already the standing story rather than a fresh upgrade.
Bottom line: This was a modest earnings miss, not a breakdown in the business. WAKIX demand remains healthy and BP-205 moved forward, but higher royalties and milestone spending offset that progress and left the quarter slightly behind expectations.
BP-205 Phase 1b data, Q1 2027
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