Business
Harmony Biosciences Reports Fourth Quarter and Full Year 2022 Financial Results and Business Updates
WAKIX® (pitolisant) Net Revenue Increased ~41% Year-over-Year to $128.3 Million for Fourth Quarter 2022; ~43% to $437.9 Million for Full Year 2022 Achieved
About this update from Harmony Biosciences Holdings, Inc.
[{"type":"text","content":"WAKIX® (pitolisant) Net Revenue Increased ~41% Year-over-Year to $128.3 Million for Fourth Quarter 2022; ~43% to $437.9 Million for Full Year 2022 Achieved Net Income of $181.5 Million for Full Year 2022 Average Number of Patients on WAKIX Increased to ~4,900 Continued Strong Momentum in Phase 3 Idiopathic Hypersomnia (“IH”) INTUNE Study Conference Call and Webcast to be Held Today at 8:30 a.m. ET PLYMOUTH MEETING, Pa., Feb. 21, 2023 (GLOBE NEWSWIRE) -- Harmony Biosciences Holdings, Inc. (“Harmony” or the “Company”) (Nasdaq: HRMY), a pharmaceutical company dedicated to developing and commercializing innovative therapies for patients with rare neurological diseases, today reported financial results and business updates for the fourth quarter and full year ended December 31, 2022. “We delivered another strong quarter in Q4, finishing the year with continued momentum in both our commercial business for WAKIX and in our clinical development programs for pitolisant,” stated Jeffrey M. Dayno, M.D., interim chief executive officer and chief medical officer of Harmony. “Looking ahead, we remain confident in the ongoing performance of WAKIX. Harmony remains a growth story, with the focus on advancement of our life cycle management programs for pitolisant and acquisition of new assets to build out our pipeline to drive additional growth. With that as our focus, I am excited to lead the company forward.” Fourth Quarter 2022 Financial Results Net product revenues for the quarter ended December 31, 2022 were $128.3 million, compared to $91.2 million for the same period in 2021. The 40.7% growth versus the same period in 2021 is primarily attributed to strong commercial sales of WAKIX driven by continued organic demand. The average number of patients on WAKIX increased to approximately 4,900 for the quarter ended December 31, 2022. GAAP net income for the quarter ended December 31, 2022, was $48.5 million, or $0.79 per diluted share, compared to GAAP net income of $22.7 million, or $0.38 per diluted share, for the same period in 2021. Non-GAAP adjusted net income was $61.9 million, or $1.01 per diluted share, for the quarter ended December 31, 2022, compared to Non-GAAP adjusted net income of $30.4 million, or $0.50 per diluted share, for the same period in 2021. Reconciliations of applicable GAAP financial measures to Non-GAAP financial meas...