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Harmony Biosciences Holdings, Inc.

HRMY Healthcare Biotechnology

Harmony Biosciences Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $868.5 million, up 21.5% from fiscal 2024.

Revenue
+12.3%
EPS
−6.24%
Free cash flow
−29.4%
Total debt
−11.5%

Quarter to September 2026, against a year earlier

33.04 0.57 +1.76%
Market cap
$1.9B
P/E
10.7×
Fwd P/E
9.9×
Dividend yield
—
F-score
5/9
Altman Z
5.23
Beneish M
−2.99
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 5.83
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 2 — — — — — — — 2 — —
Insider Ownership 14.06%

Capital & Financial Ratios $m

Size
Market Cap 1,890.00
Revenue ttm 989.36
Net income ttm 178.60
Free cash flow ttm 323.04
Net debt Q (622.03)
Valuation
P/E 10.74
Forward P/E 9.90
Price / sales 1.95
Forward P/S Powerpack
Price / FCF 6.83
Price / book 1.80
Financial health
Current ratio Q 3.44 (at or above 1.5: strong)
Debt / equity Q 0.14 (at or below 0.5: strong)
Interest coverage Q 17.71
Growth
Revenue growth Q +12.30% (above 0%: growing)
Operating income growth Q −17.24% (below 0%: shrinking)
EPS, this year +35.16% (at or above 15%: strong)
EPS, next year A +10.73%
Revenue, next year A +18.14% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +18.28% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, against a ten-year median of 3.1×; over the ten years it ranged from 1.2× in 2026 to 9.7× in 2021.
P/E against its own 10 years 14.41%
10-year low 10-year high
P/S against its own 10 years 4.49%
10-year low 10-year high
P/B against its own 10 years 0.91%
10-year low 10-year high
EV/Sales against its own 10 years 3.61%
10-year low 10-year high
EV/FCF against its own 10 years 8.20%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 353 467 775 771
Receivables 74 83 97 128
Inventory 5 7 5 6
Other 6 8 14 12
451 579 907 935
2023 2024 2025 Q'26
Payables 18 14 18 27
ST’ Debt 15 16 20 20
Other 8 6 5 2
164 175 252 272

Compound Annual Growth %

10y 5y 3y
Sales — 40.30% 25.64%
Cash Flow — 0.00% 34.08%
Earnings — 0.00% (4.37%)
Book Value — 55.03% 29.27%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.00 Actual 0.81

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.84 0.38 Miss by 0.46
Q1 FY26 0.76 0.55 Miss by 0.21
Q2 FY26 0.97 1.28 Beat by 0.31
Q3 FY26 1.00 0.81 Miss by 0.19
Q4 FY26 0.98 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.55 1.28 0.81 — —
’25 0.78 0.68 0.87 0.38 2.71
’24 0.67 0.20 0.79 0.85 2.51
’23 0.48 0.56 0.63 0.45 2.13
’22 0.35 0.39 1.44 0.79 2.97
’21 0.13 0.24 (0.17) 0.38 0.58
’20 (4.96) 0.00 (0.14) 0.00 (2.48)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 215 261 269 — —
’25 185 200 239 244 868
’24 155 173 186 201 715
’23 119 134 160 168 582
’22 85 107 117 128 438
’21 60 74 81 91 305
’20 20 38 46 56 160
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 28 92 77 — —
’25 34 79 109 126 348
’24 31 43 71 76 220
’23 43 37 63 77 219
’22 29 34 55 27 144
’21 13 18 30 38 99
’20 (27) 5 9 10 (3)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 28 92 77 — —
’25 34 79 109 126 348
’24 31 42 70 75 219
’23 43 37 63 77 219
’22 (11) 34 55 27 104
’21 (87) 18 30 38 (2)
’20 (27) 5 9 8 (5)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — 6 160 305 438 582 715 868 989 +129.2% 1,026 1,167 1,286 +14.0%
Gross margin, % — — 0.00 73.69 82.64 81.82 80.93 79.17 78.06 77.16 74.03 +77.2 pt
EBT — — (40) (152) (37) 37 105 173 192 215 233 n/m
EBT margin, % — — 0.00 (2,535.06) (23.13) 12.25 23.91 29.79 26.84 24.76 23.55 +24.8 pt
Net income — 0 (40) (152) (37) 35 181 129 145 159 179 n/m
Per share, $
Per share, $ Revenue — — 0.00 0.77 6.20 5.31 7.40 9.79 12.56 15.11 16.94 n/m
Earnings — — (1.10) (24.07) (2.48) 0.60 3.07 2.17 2.56 2.76 3.08 n/m
Cash flow — — (0.61) (9.70) (0.12) 1.71 2.44 3.69 3.86 6.06 5.53 n/m
Capex — — 0.00 (16.35) (0.08) (1.74) (0.68) (0.01) (0.02) (0.01) 0.00 n/m
Free cash flow — — (0.61) (26.05) (0.19) (0.03) 1.76 3.68 3.84 6.05 5.53 n/m
Book value — — (3.81) (1.49) 3.77 3.24 6.81 7.85 11.59 15.14 18.36 n/m
Shares, m — — 64 8 26 58 59 59 57 57 58 (1.4%)
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 71.07 17.31 14.25 13.44 13.61 10.74 18.5
P/S — — — 0.00 5.83 8.03 7.16 3.15 2.74 2.48 1.95 4.2
P/B — — — 0.00 9.59 13.15 7.78 3.92 2.97 2.47 1.80 5.7
EV/Sales — — — 0.00 5.62 7.89 6.86 2.87 2.34 1.77 1.32 3.9
EV/FCF — — — (8.62) (296.82) (1,384.74) 28.79 9.33 9.34 5.00 4.63 (234.0)
Cash, $m
Cash, $m Operating cash flow — — (39) (75) (3) 99 144 219 220 348 323 n/m
Capex — — (1) (127) (2) (100) (40) 0 (1) 0 0 (18.9%)
Free cash flow — — (39) (203) (5) (2) 104 219 219 348 323 n/m
Balance, $m
Balance, $m Working capital — — 79 12 128 231 321 287 404 655 663 +35.2%
Net debt — — 241 73 (34) (42) (131) (160) (288) (612) (622) n/m
Shareholders’ equity — — (243) (12) 97 187 403 467 659 870 1,072 n/m
Returns, %
Returns, % ROA — — (156.99) (191.04) (23.92) 8.04 32.78 17.35 16.07 13.98 13.30 +171.0 pt
ROIC — — 0.00 (147.31) 16.91 37.94 27.68 39.08 32.13 50.40 30.45 +50.4 pt
ROE — — 21.06 56.26 39.21 24.39 61.58 29.63 25.84 20.75 18.73 (0.3) pt
People
People Employees — — — 150 150 180 200 246 268 293 — +11.8%
Revenue/emp, $m — — — 0.04 1.06 1.70 2.19 2.37 2.67 2.96 — +105.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Harmony Biosciences Holdings, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
COAG Hemab Therapeutics Holdings, Inc. $2.1B — (loss-making) — — n/m — — 0.00% Compare
FTRE Fortrea Holdings Inc. $2.0B — (loss-making) — (loss-making) −1.40% (below 0%: shrinking) n/m −33.96% (below 0%: shrinking) 20.17% 2.17% Compare
TRAX First Tracks Biotherapeutics, Inc. $1.9B — (loss-making) — — n/m +55.91% (above 0%: growing) — 0.00% Compare
REPL Replimune Group, Inc. $1.9B — (loss-making) — — n/m +42.22% (above 0%: growing) 0.00% 0.00% Compare
HRMY Harmony Biosciences Holdings, Inc. $1.9B 10.5× 9.9× +12.30% (above 0%: growing) −6.24% (below 0%: shrinking) −29.42% (below 0%: shrinking) 70.00% 20.15%
SRPT Sarepta Therapeutics, Inc. $1.9B — (loss-making) 6.3× −4.51% (below 0%: shrinking) n/m +231.84% (above 0%: growing) 0.00% (2.37%) Compare
VIR Vir Biotechnology, Inc. $1.9B — (loss-making) — (loss-making) +19,582.54% (above 0%: growing) n/m +200.47% (above 0%: growing) 100.00% 30.75% Compare
TRVI Trevi Therapeutics, Inc. $1.8B — (loss-making) — — n/m −73.77% (below 0%: shrinking) 0.00% 0.00% Compare
MRVI Maravai LifeSciences Holdings, Inc. $1.8B — (loss-making) — (loss-making) +10.14% (above 0%: growing) n/m +123.88% (above 0%: growing) 35.31% (44.97%) Compare
Median of peers $1.9B — — +4.37% — +55.91% 10.09% 0.00%

All 621 Biotechnology stocks →

Harmony Biosciences Holdings, Inc. (HRMY) Latest News

5 Nov

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14 Aug

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11 Aug

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5 Aug

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17 Jul

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HRMY metrics, ten years each

stockrow.com/HRMY · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com