Business
Harmony Biosciences Reports Third Quarter 2022 Financial Results and Business Updates
WAKIX® (pitolisant) Net Revenue of $117.2 Million for Third Quarter 2022 Increase of ~45% vs. the Same Period in 2021 Average Number of Patients on WAKIX
About this update from Harmony Biosciences Holdings, Inc.
[{"type":"text","content":"WAKIX® (pitolisant) Net Revenue of $117.2 Million for Third Quarter 2022 Increase of ~45% vs. the Same Period in 2021 Average Number of Patients on WAKIX Increased to ~4,600 Prader-Willi Syndrome (PWS) Phase 2 Proof-Of-Concept Study Topline Data Showed Positive Signal in Treating Excessive Daytime Sleepiness Good 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., Nov. 01, 2022 (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 September 30, 2022. “We delivered another strong quarter of performance, reflecting the underlying demand for WAKIX and the significant unmet need that persists in the narcolepsy market,” stated John C. Jacobs, President and Chief Executive Officer of Harmony. “In addition, we are encouraged by the positive signal seen on the primary outcome of excessive daytime sleepiness from our Phase 2 proof-of-concept study in Prader Willi syndrome and the progress we are making in our clinical programs, as we continue executing on our three-pillar growth strategy.” Third Quarter 2022 Financial Results Net product revenues for the quarter ended September 30, 2022 were $117.2 million, compared to $80.7 million for the same period in 2021. The 45.2% 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 4,600 for the quarter ended September 30, 2022. GAAP net income for the quarter ended September 30, 2022, was $87.9 million, or $1.44 per diluted share, compared to a GAAP net loss of $9.6 million, or ($0.17) per diluted share, for the same period in 2021. The increase in GAAP net income was primarily driven by the release of the valuation allowance on our deferred tax assets, which resulted in a $74.5 million income tax benefit for the quarter ended September 30, 2022, partially offset by a $30.0 million initial licensing fee as part of the 2022 Licensing and Commercialization Agreement with Bioprojet (the “2022 LCA”). Non-GAAP ...