Stock Track | Harmony Biosciences Stock Plunges After-Hours on Profit Taking Despite Strong Q3 Results

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Shares of Harmony Biosciences Holdings, Inc. (HRMY) plunged over 6% in after-hours trading on Sunday, despite the company reporting better-than-expected third-quarter results and reiterating its full-year outlook.

The biopharmaceutical company's stock fell sharply after the closing bell, as investors appeared to be taking profits following the company's strong earnings report. Harmony's third-quarter net income increased 20% year-over-year to $46.1 million, or $0.79 per diluted share, surpassing analysts' estimates of $0.67 per share.

Revenue for the quarter also climbed 16% to $186 million, driven by continued demand for its flagship narcolepsy treatment Wakix. The company noted that Wakix surpassed the $2 billion mark in cumulative net revenue, less than five years after its launch in November 2019. The strong performance prompted Harmony to reiterate its full-year 2024 net revenue guidance of $700 million to $720 million.

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