Business
Harmony Biosciences Reports First Quarter 2021 Results and Business Updates
WAKIX® (pitolisant) Total Revenue of $59.7 Million for First Quarter 2021 Achieves Profitability with $7.4 Million Net Income Conference Call and Webcast to
About this update from Harmony Biosciences Holdings, Inc.
[{"type":"text","content":"WAKIX® (pitolisant) Total Revenue of $59.7 Million for First Quarter 2021 Achieves Profitability with $7.4 Million Net Income Conference Call and Webcast to be Held Today at 8:30 a.m. ET PLYMOUTH MEETING, Pa., May 11, 2021 (GLOBE NEWSWIRE) -- Harmony Biosciences Holdings, Inc. (“Harmony” or the “Company”) (Nasdaq: HRMY), a pharmaceutical company dedicated to developing and commercializing innovative therapies for patients living with rare neurological disorders who have unmet medical needs, today reported financial results and business updates for the first quarter ended March 31, 2021. “We are off to a very strong start in 2021 with the continued demand for WAKIX® driving strong first quarter net revenues,” stated John C. Jacobs, President and Chief Executive Officer of Harmony. “We saw growth in the average number of patients on WAKIX and net revenue, putting us in the position of profitability this quarter, for the first time in our company history, demonstrating our resilience and performance through the lingering pandemic and anticipated seasonal payer dynamics in Q1. As a first-in-class medication with a novel mechanism of action and differentiated product profile, WAKIX remains the only FDA approved product for excessive daytime sleepiness or cataplexy in adult patients with narcolepsy that is not scheduled as a controlled substance, filling a significant unmet medical need for patients living with narcolepsy. With a strong cash position and positive cash flow, we are well positioned to continue supporting our commercialization efforts for WAKIX, advance and expand our clinical programs, and to consider the acquisition of complementary assets to build out our product pipeline.” First Quarter 2021 Highlights: Net product revenue of $59.7 million for the quarter ended March 31, 2021;Significant growth in WAKIX sales, supported by the addition of the cataplexy indication, which strengthens the overall benefit/risk profile;Increased average number of patients on WAKIX and number of unique healthcare professionals who have prescribed WAKIX since launch;Net income positive for the first quarter of 2021; andCash and cash equivalents of $141.2 million. First Quarter 2021 Financial ResultsNet product revenues for the quarter ended March 31, 2021 were $59.7 million, compared to $19.8 million for the same period in 2020. The increas...