Stock Track | Harmony Biosciences Stock Plunges Despite Robust Q3 Performance and Pipeline Progress

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Shares of Harmony Biosciences Holdings, Inc. (HRMY) experienced a sharp sell-off on October 30, 2024, plummeting 10% despite the company reporting strong third-quarter financial results and providing promising updates on its robust pipeline progress.

Harmony Biosciences reported a 16% year-over-year increase in net revenue for Q3 2024, reaching $186 million, fueled by continued demand for its narcolepsy treatment WAKIX. The company surpassed the $2 billion mark in cumulative net revenue for WAKIX in less than five years since its launch, a significant milestone. Reiterating its 2024 net revenue guidance of $700 million to $720 million, Harmony Biosciences remains confident in WAKIX achieving over $1 billion in sales in the adult narcolepsy market alone.

During its Q3 2024 earnings call, the company highlighted its robust late-stage pipeline, with plans to launch one or more new products or indications each year over the next five years. Harmony Biosciences provided updates on its pitolisant next-gen formulations, Pitolisant GR and HD, aimed at expanding the patient base and addressing unmet needs in narcolepsy. Additionally, the company discussed its investigational products for rare epilepsies, EPX-100 and EPX-200, with ongoing Phase 3 trials for Dravet syndrome and Lennox-Gastaut syndrome.

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The company surpassed the $2 billion mark in cumulative net revenue for WAKIX in less than five years since its launch, a significant milestone. Reiterating its 2024 net revenue guidance of $700 million to $720 million, Harmony Biosciences remains confident in WAKIX achieving over $1 billion in sales in the adult narcolepsy market alone.</p>\n\n<p>During its Q3 2024 earnings call, the company highlighted its robust late-stage pipeline, with plans to launch one or more new products or indications each year over the next five years. Harmony Biosciences provided updates on its pitolisant next-gen formulations, Pitolisant GR and HD, aimed at expanding the patient base and addressing unmet needs in narcolepsy. 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