Harmony Biosciences told investors at the 12th Annual Cantor Fitzgerald Global Healthcare Conference on Sept. 10, 2026 that its sleep‑wake drug WAKIX is expected to generate more than $1 billion in revenue in 2024. The company reported $959.9 million of revenue over the prior twelve months and said it holds roughly $963 million in cash.
The firm highlighted a gross profit margin of 75% and a price‑to‑earnings multiple near 13. Its shares were trading around $41.52, near a 52‑week high of $43.49, and have risen 45% over the past six months. An InvestingPro financial‑health score was cited at 3.87 out of 5.
CEO Jeff Dayno described the period as the "second chapter of growth," noting that WAKIX’s label lists an insomnia incidence of 5%‑6% and that the drug’s loss‑of‑exclusivity is projected for March 2030. Patent litigation involving polymorph and method‑of‑use patents against AET and Sandoz is slated for October, with a second case expected to last 2.5‑3 years plus a possible 18‑month appeal.
The company’s pipeline focus is BP‑205, an orexin‑2 receptor agonist. Single‑ascending‑dose data showed a short Tmax, a 25‑hour half‑life supporting once‑daily dosing, and dose proportionality across a 30‑fold range. BP‑205 demonstrated 140‑fold selectivity for orexin‑2 over orexin‑1 and showed no activity against 150 other receptors. Clinical milestones include multiple ascending‑dose data in Q4 2024, sleep‑deprived volunteer data in early 2025, and Phase 2 proof‑of‑concept studies across narcolepsy and idiopathic hypersomnia in mid‑2026.
Harmony’s business‑development strategy aims to secure products that can generate revenue between 2028 and 2032, providing a bridge after WAKIX’s exclusivity expires. The company expects potential transaction announcements in 2026 or 2027. COO Peter Anastasiou said the firm is at the early stages of a stock re‑rating and that the upcoming acquisitions will complement the anticipated BP‑205 revenue stream.
Partnerships referenced include Bioprojet, which supplied the BP‑205 opportunity, as well as collaborations with Teijin Pharma, Takeda, Sandoz and AET.
