Business
Harmony Biosciences Reports Second Quarter 2023 Financial Results and Business Updates
WAKIX® (pitolisant) Net Revenue Increased ~25% Year-over-Year to $134.2 Million for Second Quarter 2023 Average Number of Patients on WAKIX Increased by ~350
About this update from Harmony Biosciences Holdings, Inc.
[{"type":"text","content":"WAKIX® (pitolisant) Net Revenue Increased ~25% Year-over-Year to $134.2 Million for Second Quarter 2023 Average Number of Patients on WAKIX Increased by ~350 Sequentially to ~5,450 for Second Quarter 2023 Exited Second Quarter 2023 With ~5,600 Patients on WAKIX Completed Enrollment in Phase 3 Idiopathic Hypersomnia (IH) INTUNE Study; On-track for Topline Data in Fourth Quarter 2023 Plans to Initiate Prader-Willi Syndrome (PWS) Phase 3 Study in Fourth Quarter 2023 Board of Directors Authorized $125 Million Share Repurchase Program Conference Call and Webcast to be Held Today at 8:30 a.m. ET PLYMOUTH MEETING, Pa., Aug. 01, 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 quarter ended June 30, 2023. “This quarter represented the highest top line prescription demand since our first full quarter of launch in 2020 and the strongest quarter of new patient starts in our history,” said Jeffrey M. Dayno, M.D., President and Chief Executive Officer at Harmony. “This sustained momentum in our core business, driven by robust underlying demand, reinforces our confidence in WAKIX being a $1 billion plus opportunity in narcolepsy alone.” “Our share repurchase program reflects our ongoing confidence in the strength of our core business as well as our conviction in the long-term growth potential for Harmony. Looking ahead, we made significant progress in all of our current life cycle management programs setting us up for a catalyst rich remainder of the year.” Second Quarter 2023 Financial Results Net product revenues for the quarter ended June 30, 2023 were $134.2 million, compared to $107.0 million for the same period in 2022. The 25% growth versus the same period in 2022 is primarily attributed to strong commercial sales of WAKIX driven by continued organic demand tapping into a large market opportunity (approximately 80,000 patients diagnosed with narcolepsy in the US), partially offset by specialty pharmacy buying patterns resulting in lower trade inventory levels at the end of the quarter. The average number of patients on WAKIX increased by approximately 350 sequentially to approximately 5...