HRMY Stock Forecast & Price Target

Harmony Biosciences Holdings Inc. demonstrated strong financial performance in the fourth quarter of 2024, reporting net revenues from WAKIX of $201.3 million, representing a 20% year-over-year increase and aligning with expectations. The continued adoption of WAKIX, which has seen an increase of approximately 300 patients to around 7,100, is expected to drive sales growth from an estimated $160 million in 2020 to over $700 million by 2024, supported by a strong prescriber base and favorable payer coverage exceeding 80%. Furthermore, the company’s orphan drug pipeline, including promising candidates such as pitolisant and EPX-100, reinforces the potential for future growth drivers within the rare neurological disease market.

The analysis indicates a negative outlook for Harmony Biosciences Holdings Inc. primarily due to increased competition in the sodium oxybate market, which poses a risk to the growth of its key product, WAKIX. Furthermore, the anticipated rate of new patient additions for WAKIX may decelerate beyond expectations, compounded by potential failures in ongoing clinical trials for other pipeline candidates. These factors led to a significant reduction in estimated revenue projections from the pitolisant pipeline, resulting in a decrease in the overall valuation of the company.