Harmony Biosciences Rides Momentum as Wakix Sales Climb
Harmony Biosciences Holdings Inc (NASDAQ: HRMY), a biopharma company focused on rare neurological disorders, is seeing a renewed vote of confidence on the back of rising demand for its flagship therapy, Wakix (pitolisant). Approved to treat excessive daytime sleepiness and cataplexy in adults with narcolepsy, Wakix has steadily become the company’s growth engine—one product, clear results, and a market that’s still opening up.
Wakix Sales Point to Steady, Broadening Demand
In the second quarter of this year, Wakix delivered net revenue of $172.8 million, up roughly 29% from the prior year. That jump signals healthy, ongoing demand for the therapy. The treatment’s reach is widening, too: approximately 6,550 patients were on Wakix as of June 30, 2024, a sequential increase of about 250 patients. More patients starting—and staying—on therapy underscores growing acceptance and the room Harmony still has to penetrate the adult narcolepsy market.
Analyst View: Growth Looks Durable
UBS initiated coverage of Harmony Biosciences with a Buy rating and a $56 price target. The firm sees Wakix’s growth as sustainable, projecting a 19% compound annual growth rate from 2024 through 2026, versus a 16% consensus estimate. Within narcolepsy specifically, UBS models potential peak sales for Wakix of $1.2 billion, reflecting confidence in the product’s trajectory.
Awareness Could Expand the Addressable Market
UBS also points to narcolepsy’s underdiagnosed nature—current diagnosis rates sit at around 50%. As awareness improves, more patients are likely to be identified and treated, widening the market. In that setting, Wakix is positioned as a preferred option, supported by both its label and rising real-world use.
Building Beyond Wakix: Pipeline and Portfolio Moves
Harmony is also leaning into pipeline expansion to diversify growth. In April, the company acquired Epygenix Therapeutics, adding a rare epilepsy portfolio to its late-stage central nervous system (CNS) pipeline for $35 million upfront. The deal includes potential developmental and regulatory milestone payments totaling up to $130 million, creating additional shots on goal without stepping away from Harmony’s core CNS focus.
Zygel: A Near-Term Readout to Watch
Analysts remain constructive on what’s next. They expect Zygel, another program in Harmony’s pipeline, to deliver encouraging results from an ongoing Phase 3 trial in fragile X syndrome. Prior related findings support that view, and the company anticipates data by mid-2025—a clear milestone on the calendar.
Stock Reaction
As of the latest update, HRMY shares rose 1.55% to $37.46. The move reflects growing confidence in Harmony’s execution, Wakix’s expanding footprint, and a strategy that aims to build beyond a single product while staying close to the company’s strengths.
Frequently Asked Questions
What is Wakix used for?
Wakix (pitolisant) is approved to treat excessive daytime sleepiness and cataplexy in adults with narcolepsy. It’s the company’s primary commercial therapy and a key driver of growth.
How much revenue did Wakix generate recently?
In the second quarter of 2024, Wakix posted net revenue of $172.8 million, up about 29% year over year. As of June 30, 2024, approximately 6,550 patients were receiving Wakix.
What is UBS's outlook on Harmony Biosciences?
UBS started coverage with a Buy rating and a $56 price target. The firm expects Wakix to grow at a 19% CAGR from 2024 to 2026 (versus 16% consensus) and sees potential peak narcolepsy sales of $1.2 billion.
What strategic moves is Harmony making?
Harmony acquired Epygenix Therapeutics in April, adding a rare epilepsy portfolio to its CNS pipeline for $35 million upfront, with up to $130 million in potential developmental and regulatory milestones.
What are analysts saying about the narcolepsy market?
Analysts highlight that narcolepsy remains underdiagnosed, with diagnosis rates around 50%. As awareness improves, the addressable market should expand—an opportunity that could further support Wakix adoption.
