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Harmony Biosciences

HRMY Nasdaq Biotechnology Financials FY2019–FY2025

Harmony Biosciences' revenue rose 21.5% to $868 million in fiscal 2025. Its operating margin was 24.0%, down from 26.7% a year earlier. Free cash flow was $348 million, up 59.1%. The diluted share count rose 1.2%.

Last close · Oct 23, 2026

$36.13

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$869M
21.5% vs prior year
Operating margin Operating income as a share of revenue.
24.0%
2.7 pts
Net income Profit after all expenses, interest and tax.
$159M
9.1%
Free cash flow Cash from operations minus capital spending.
$348M
59.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
48.9%
6.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
11.7x
On $3.09 EPS (TTM)

About these figures. Harmony Biosciences' 2025 filing doesn't tag its depreciation and amortization, so net debt to EBITDA is blank for that year.

What Harmony Biosciences does

No business description yet.

Legal name
HARMONY BIOSCIENCES HOLDINGS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-018859
0001802665

Revenue and margins

Harmony Biosciences had $869M of revenue in fiscal 2025, up 21.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $348M in fiscal 2025, 40.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Harmony Biosciences returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 1.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Harmony Biosciences yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $612M and divides by 58.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 11.7x · peers 25.9x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Harmony Biosciences can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $234M$323M$354M$467M$775M
Debt incl. finance leases $192M$192M$194M$179M$164M
Net debt / EBITDA −0.4x−0.9x−0.7x−1.3x—
Debt / equity 1.0x0.5x0.4x0.3x0.2x
Interest coverage 3.6x6.4x8.1x10.9x14.2x
Current ratio 5.3x5.1x2.8x3.3x3.6x
Quick ratio 5.2x5.0x2.7x3.3x3.6x
Total assets $433M$674M$811M$999M$1.3B
Total liabilities $247M$271M$345M$340M$401M
Shareholders' equity $187M$403M$467M$659M$870M
Net debt (− = net cash) −$42.3M−$132M−$160M−$288M−$612M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$6.0M

3 insiders

Of sales under plans

100%

$6.0M

DateInsiderTradeSharesPriceValueFiling
Sep 18, 2026 Kumar BudurChief Medical Officer Sold plan 35,852 $43.05 $1.5M Form 4
Sep 17, 2026 Kumar BudurChief Medical Officer Sold plan 800 $43.00 $0.0M Form 4
Sep 16, 2026 Kumar BudurChief Medical Officer Sold plan 1,800 $43.01 $0.1M Form 4
Sep 8, 2026 Kumar BudurChief Medical Officer Sold plan 28,454 $42.95 $1.2M Form 4
Sep 4, 2026 Kumar BudurChief Medical Officer Sold plan 5,500 $41.98 $0.2M Form 4
Jan 26, 2026 Sandip KapadiaChief Financial Officer Sold plan 3,746 $37.15 $0.1M Form 4
Jan 15, 2026 Sandip KapadiaChief Financial Officer Sold plan 20,961 $35.92 $0.8M Form 4
Dec 12, 2025 Jeffrey M. DaynoPresident, CEO, Director Sold plan 25,933 $40.11 $1.0M Form 4
Dec 5, 2025 Sandip KapadiaChief Financial Officer Sold plan 20,000 $39.54 $0.8M Form 4
Nov 21, 2025 Sandip KapadiaChief Financial Officer Sold plan 3,427 $35.00 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 5 / 97 / 95 / 9
Accruals ratio −12.2%−8.2%−16.7%
Altman Z'' 4.765.987.17

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Harmony Biosciences HRMY $2.1B 21.5% 24.0% 40.1% 48.9% 11.7x 5
Arrowhead Pharmaceuticals ARWR $8.3B 23,258.2% 11.9% 18.9% — — 5 Compare →
Repligen RGEN — 16.4% 7.5% 12.7% 2.4% — — Compare →
Halozyme HALO $15.2B 37.6% 33.6% 46.2% 19.2% 36.6x 5 Compare →
ADMA Biologics ADMA $2.5B 19.6% 37.5% 5.5% 39.5% 15.3x 5 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.0M $160M $305M $438M $582M $715M $869M
Gross profit $4.4M $132M $250M $354M $461M $558M $670M
Research and development $69.6M $19.4M $30.4M $70.9M $76.1M $146M $190M
Operating income −$146M $17.0M $87.5M $120M $192M $191M $209M
Interest expense $7.4M $28.6M $24.2M $18.8M $23.8M $17.5M $14.6M
Pretax income −$152M −$36.9M $37.4M $105M $173M $192M $215M
Income tax — — $2.8M −$76.8M $44.5M $46.3M $56.4M
Net income −$152M −$36.9M $34.6M $182M $129M $146M $159M
Diluted EPS −$24.07 −$2.48 $0.58 $2.97 $2.13 $2.51 $2.71
Diluted shares 0.01B 0.03B 0.06B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations −$75.4M −$3.0M $98.6M $145M $219M $220M $348M
Capital expenditure $0.1M $0.0M $0.3M $0.2M $0.3M $1.2M $0.3M
Free cash flow −$75.6M −$3.0M $98.3M $144M $219M $219M $348M
Depreciation and amortization $3.2M $10.2M $18.8M $23.4M $24.4M $24.1M —
Stock-based compensation $9.9M $4.7M $15.7M $26.2M $31.7M $42.6M $44.9M
Acquisitions $0.0M $0.0M $0.0M $0.0M $37.0M $0.0M $0.0M
Share buybacks $0.0M $0.2M $0.0M $0.0M $100M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.2M $0.0M $0.0M $100M $0.0M $0.0M
Balance sheet
Cash and short-term investments $24.5M $229M $234M $323M $354M $467M $775M
Total debt $97.9M $194M $192M $192M $194M $179M $164M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $31.5M $263M $284M $400M $451M $579M $907M
Current liabilities $19.9M $135M $53.8M $78.9M $164M $175M $252M
Inventory $1.1M $3.8M $4.4M $4.3M $5.4M $7.2M $5.4M
Property and equipment, net $1.3M $0.9M $0.8M $0.6M $0.4M $1.3M —
Total assets $107M $427M $433M $674M $811M $999M $1.3B
Total liabilities $118M $330M $247M $271M $345M $340M $401M
Shareholders' equity −$423M $97.2M $187M $403M $467M $659M $870M
Margins
Gross margin 73.7% 82.6% 81.8% 80.9% 79.2% 78.1% 77.2%
Operating margin −2,433.8% 10.6% 28.7% 27.5% 33.0% 26.7% 24.0%
EBITDA margin −2,380.2% 17.0% 34.8% 32.8% 37.2% 30.1% —
Net margin −2,535.1% −23.1% 11.3% 41.4% 22.1% 20.4% 18.3%
FCF margin −1,260.8% −1.9% 32.2% 33.0% 37.6% 30.6% 40.1%
Returns
Return on capital — — 78.2% 57.8% 49.3% 42.7% 48.9%
Return on capital employed — 9.0% 26.0% 24.7% 30.9% 25.9% 22.6%
Return on equity — — 24.4% 61.6% 29.6% 25.8% 20.8%
Return on assets — −13.8% 8.0% 32.8% 17.4% 16.1% 14.0%
Growth
Revenue growth — 2,564.6% 91.2% 43.4% 32.9% 22.8% 21.5%
Net income growth — — — 424.5% −29.0% 12.9% 9.1%
EPS growth — — — 412.1% −28.3% 17.8% 8.0%
FCF growth — — — 46.9% 51.8% −0.2% 59.1%
Share count change — 231.4% 129.7% 3.2% −1.2% −4.2% 1.2%
Financial health
Net debt / EBITDA — −1.3x −0.4x −0.9x −0.7x −1.3x —
Debt / equity — 2.0x 1.0x 0.5x 0.4x 0.3x 0.2x
Interest coverage −19.8x 0.6x 3.6x 6.4x 8.1x 10.9x 14.2x
Current ratio 1.6x 2.0x 5.3x 5.1x 2.8x 3.3x 3.6x
Quick ratio 1.5x 1.9x 5.2x 5.0x 2.7x 3.3x 3.6x
Capital allocation
Capex / revenue 2.5% 0.0% 0.1% 0.0% 0.1% 0.2% 0.0%
Stock comp / revenue 165.3% 2.9% 5.1% 6.0% 5.5% 6.0% 5.2%
Payouts / FCF — — 0.0% 0.0% 45.7% 0.0% 0.0%
Quality scores
Piotroski F-score — — 6.0 5.0 5.0 7.0 5.0
Altman Z'' −25.2 −1.2 2.2 4.6 4.8 6.0 7.2
Accruals ratio — −12.7% −14.9% 6.7% −12.2% −8.2% −16.7%

Source: SEC EDGAR XBRL filings (CIK 0001802665). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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