Harmony Biosciences Holdings Inc
HRMYHealthcare|Biotechnology|USA
$36.87
-1.38 (-3.61%)
DCF (FCF)
$50.96
Tangible Book
$14.29
Graham Number
$29.30
Earnings Power
$41.99
Financials
Financial Snapshot
Market Cap
$2.13B
Enterprise Value
$482.1M
Revenue (TTM)
$899.1M
Net Income (TTM)
$145.6M
Cash & Equivalents
—
Net Cash/Share
$4.83
Free Cash Flow (TTM)
$341.8M
Operating CF (TTM)
$342.0M
Debt/Equity
0.17
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $83.5M | $24.5M | $228.6M | $234.3M | $323.1M | $353.5M | $467.2M | $775.3M | $640.9M | |
| Operating Cash Flow | $-38.8M | $-75.4M | $-3.0M | $98.6M | $144.5M | $219.4M | $219.8M | $348.2M | $342.0M | |
| Free Cash Flow | $-40.1M | $-202.6M | $-5.0M | $-1.7M | $144.3M | $219.1M | $218.7M | $347.9M | $341.8M | |
| Capital Expenditure | $-1.3M | $-127.1M | $-2.0M | $-100.3M | $-172.0K | $-312.0K | $-1.2M | $-310.0K | $-182.0K | |
| Financing Cash Flow | $21.6M | $143.8M | $209.2M | $7.4M | $6.8M | $-105.6M | $-11.0M | $-9.0M | $-15.9M |
R&D Spending
R&D (TTM)
$224.4M
R&D Intensity
25.0%
R&D Growth YoY
+18.4%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $6.0M | $159.7M | $305.4M | $437.9M | $582.0M | $714.7M | $868.5M | $899.1M | |
| R&D Expense | $12.4M | $69.6M | $19.4M | $30.4M | $70.9M | $76.1M | $145.8M | $189.6M | $224.4M | |
| R&D % of Revenue | — | 1160.9% | 12.2% | 9.9% | 16.2% | 13.1% | 20.4% | 21.8% | 25.0% | |
| SG&A | $29.1M | $80.7M | $95.6M | $132.0M | $163.3M | $192.7M | $221.3M | $272.0M | $274.3M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $6.0M | $159.7M | $305.4M | $437.9M | $582.0M | $714.7M | $868.5M | $899.1M | |
| Cost of Goods Sold | $0.00 | $1.6M | $27.7M | $55.5M | $83.5M | $121.2M | $156.8M | $198.3M | $210.9M | |
| Gross Profit | $0.00 | $4.4M | $132.0M | $249.9M | $354.4M | $460.8M | $557.9M | $670.1M | $688.2M | |
| R&D | $12.4M | $69.6M | $19.4M | $30.4M | $70.9M | $76.1M | $145.8M | $189.6M | $224.4M | |
| SG&A | $29.1M | $80.7M | $95.6M | $132.0M | $163.3M | $192.7M | $221.3M | $272.0M | $274.3M | |
| Operating Income | $-41.4M | $-145.9M | $17.0M | $87.5M | $120.2M | $192.0M | $190.8M | $208.5M | $189.5M | |
| Interest Expense | $0.00 | $-6.1M | $-28.2M | $-24.2M | $-18.8M | $-23.8M | $-17.5M | $-14.6M | $-14.0M | |
| Pretax Income | $-39.9M | $-152.0M | $-36.9M | $37.4M | $104.7M | $173.4M | $191.8M | $215.1M | $197.6M | |
| Net Income | $-39.9M | $-152.0M | $-36.9M | $34.6M | $181.5M | $128.9M | $145.5M | $158.7M | $145.6M | |
| EPS (Diluted) | -1.42 | -3.39 | -2.48 | 0.58 | 2.97 | 2.13 | 2.51 | 2.71 | 2.48 | |
| EBITDA | $-41.3M | $-142.7M | $1.5M | $80.5M | $146.9M | $221.5M | $233.4M | $255.0M | $237.0M | |
| Shares Out. (M) | 49.24 | 55.28 | 25.77 | 59.20 | 61.10 | 60.37 | 57.87 | 58.55 | 58.78 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83.5M | $24.5M | $228.6M | $234.3M | $243.8M | $311.7M | $453.0M | $752.5M | $589.4M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $79.3M | $41.8M | $14.2M | $22.8M | $51.5M | |
| Total Current Assets | $86.7M | $31.5M | $262.9M | $284.4M | $400.3M | $451.1M | $579.3M | $907.0M | $778.8M | |
| Total Assets | $89.3M | $106.7M | $427.1M | $433.4M | $673.9M | $811.4M | $999.2M | $1.27B | $1.27B | |
| Total Current Liabilities | $7.2M | $19.9M | $134.5M | $53.8M | $78.9M | $163.8M | $175.1M | $252.1M | $217.3M | |
| Long-Term Debt | $0.00 | $97.9M | $194.3M | $190.0M | $189.6M | $178.6M | $163.0M | $143.7M | $138.8M | |
| Total Liabilities | $7.8M | $118.3M | $329.9M | $246.9M | $271.0M | $344.5M | $340.0M | $401.4M | $361.5M | |
| Stockholders' Equity | $81.5M | $-11.6M | $97.2M | $186.5M | $402.8M | $467.0M | $659.2M | $870.2M | $910.3M | |
| Retained Earnings | $-242.7M | $-422.9M | $-488.2M | $-453.6M | $-272.1M | $-143.3M | $2.2M | $160.9M | $193.4M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-38.8M | $-75.4M | $-3.0M | $98.6M | $144.5M | $219.4M | $219.8M | $348.2M | $342.0M | |
| Capital Expenditure | $-1.3M | $-127.1M | $-2.0M | $-100.3M | $-172.0K | $-312.0K | $-1.2M | $-310.0K | $-182.0K | |
| Free Cash Flow | $-40.1M | $-202.6M | $-5.0M | $-1.7M | $144.3M | $219.1M | $218.7M | $347.9M | $341.8M | |
| Investing Cash Flow | $-1.3M | $-127.1M | $-2.0M | $-100.3M | $-141.8M | $-46.4M | $-67.5M | $-39.6M | $-225.7M | |
| Financing Cash Flow | $21.6M | $143.8M | $209.2M | $7.4M | $6.8M | $-105.6M | $-11.0M | $-9.0M | $-15.9M | |
| Issuance of Stock | $0.00 | $0.00 | $147.6M | $30.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $-3.2M | $0.00 | $-167.0K | $0.00 | $0.00 | $-100.0M | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $100.0M | $200.0M | $200.0M | $0.00 | $200.0M | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $-120.6M | $-200.5M | $-2.0M | $-201.3M | $-15.0M | $-16.3M | $-17.5M | |
| Stock Based Comp. | $1.1M | $9.9M | $4.7M | $15.7M | $26.2M | $31.7M | $42.6M | $44.9M | $43.0M | |
| Net Change in Cash | $-18.5M | $-58.8M | $204.2M | $5.7M | $9.5M | $67.4M | $141.3M | $299.5M | $100.4M |
Dilution Tracker
Shares Outstanding
59M
5-Year Share Growth
-0.7%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 49.24 | 55.28 | 25.77 | 59.20 | 61.10 | 60.37 | 57.87 | 58.55 | 58.78 | |
| YoY Change % | — | 12.3% | -53.4% | 129.7% | 3.2% | -1.2% | -4.1% | 1.2% | 0.4% | |
| Stock Issuance | $0.00 | $0.00 | $147.6M | $30.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $-3.2M | $0.00 | $-167.0K | $0.00 | $0.00 | $-100.0M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.1M | $9.9M | $4.7M | $15.7M | $26.2M | $31.7M | $42.6M | $44.9M | $43.0M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 73.7% | 82.6% | 81.8% | 80.9% | 79.2% | 78.1% | 77.2% | 76.5% | |
| Operating Margin % | 0.0% | -2433.8% | 10.6% | 28.7% | 27.4% | 33.0% | 26.7% | 24.0% | 21.1% | |
| Net Margin % | 0.0% | -2535.1% | -23.1% | 11.3% | 41.4% | 22.1% | 20.4% | 18.3% | 16.2% | |
| EBITDA Margin % | 0.0% | -2380.2% | 0.9% | 26.3% | 33.5% | 38.1% | 32.7% | 29.4% | 26.4% | |
| FCF Margin % | 0.0% | -3379.2% | -3.1% | -0.6% | 33.0% | 37.6% | 30.6% | 40.1% | 38.0% | |
| ROE % | -48.9% | -434.6% | -86.3% | 24.4% | 61.6% | 29.6% | 25.8% | 20.8% | 17.7% | |
| ROA % | -44.7% | -155.1% | -13.8% | 8.0% | 32.8% | 17.4% | 16.1% | 14.0% | 12.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)14.87
Historical7.80 / 14.67 / 223.98
Industry Med.27.41
P/S2.40
Historical1.78 / 4.20 / 41.25
Industry Med.9.51
P/B2.34
Historical1.76 / 4.16 / 28.73
Industry Med.2.93
EV/EBITDA6.97
Historical-79.36 / 8.51 / 6148.23
Industry Med.13.14
EV/Revenue1.84
Historical1.07 / 3.87 / 45.37
Industry Med.8.71
P/FCF6.30
Historical4.45 / 9.20 / 625.78
Industry Med.27.54
Intrinsic Value Models
DCF (FCF Based)
$50.96
Tangible Book
$14.29
Net Current Assets
$7.210
Graham Number
$29.30
Peter Lynch Value
$66.75
Net-Net Working Capital
$6.28
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | 73.52 | 18.55 | 15.16 | 13.71 | 13.81 | 14.87 | |
| PS Ratio | - | 0.00 | 5.83 | 8.27 | 7.69 | 3.35 | 2.79 | 2.52 | 2.40 | |
| PB Ratio | 0.00 | 0.00 | 21.17 | 13.45 | 8.15 | 3.93 | 2.98 | 2.48 | 2.34 | |
| EV/EBITDA | 0.00 | 0.00 | 1336.57 | 30.65 | 21.47 | 7.56 | 7.19 | 6.07 | 6.97 | |
| EV/Revenue | 0.00 | 0.00 | 12.66 | 8.07 | 7.20 | 2.88 | 2.35 | 1.78 | 1.84 |
Analyst Estimates & Quality
Altman Z-Score
5.54
Safe
Piotroski F-Score
4
Moderate
Beneish M-Score
-3.11
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $1,013.7M | $1,146.3M | $1,281.2M |
| Net Income | $209.8M | $265.2M | $332.1M |
| EPS | 3.43 | 4.17 | 4.96 |
| Book Value per Share | 18.92 | 24.05 | 29.25 |
| Operating Cash Flow per Share | 4.92 | 5.84 | 5.51 |
| Operating CF | $288.98M | $343.06M | $323.86M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Net product revenue | $868.5M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $868.5M |