Business
Harmony Biosciences Reports Third Quarter 2020 Financial Results and Business Updates
WAKIX® (pitolisant) Total Revenue of $45.6 Million for Third Quarter of 2020 Differentiated Product Profile Aligns with Unmet Medical Need On Track to
About this update from Harmony Biosciences Holdings, Inc.
[{"type":"text","content":"WAKIX® (pitolisant) Total Revenue of $45.6 Million for Third Quarter of 2020\n Differentiated Product Profile Aligns with Unmet Medical Need On Track to Initiate Phase 2 Trial in Patients with Prader-Willi Syndrome by Year End Conference Call and Webcast to be held today at 8:30 a.m. Eastern Time PLYMOUTH MEETING, Penn. and CHICAGO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Harmony Biosciences Holdings, Inc. (“Harmony”) (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 for the quarter ended September 30, 2020, and provided recent business updates. “Harmony experienced another productive quarter with continued WAKIX revenue growth and meaningful advancement of our key clinical programs,” commented John C. Jacobs, Harmony’s President and Chief Executive Officer. “WAKIX sales continued to increase on a quarterly basis through the COVID-19 pandemic, reflecting the unmet medical need for a first-in-class medication with a novel mechanism of action. The recent approval of the cataplexy indication for WAKIX expanded the label in narcolepsy which, along with WAKIX being the only FDA approved product for narcolepsy that is not scheduled as a controlled substance, provides additional commercial opportunity. With a robust cash position stemming from our recent IPO, we have the financial resources to continue supporting our commercialization efforts for WAKIX, advance our clinical programs, and to pursue the acquisition of additional assets that would be complimentary to our existing commercial footprint and core areas of expertise.” Third Quarter 2020 Financial Highlights: Net product revenue was $45.6 million for the third quarter ended September 30, 2020.Research and development expenses were $4.2 million for the third quarter of 2020 compared with $4.3 million for the third quarter of 2019.Sales and marketing expenses were $12.6 million for the third quarter of 2020 compared with $12.9 million for the third quarter of 2019.General and administrative expenses were $10.5 million for the third quarter of 2020 compared with $12.6 million for the third quarter of 2019.Net income was $1.9 million for the third quarter of 2020 compared with a net loss of $31.9 million for the third ...