- The company now expects full-year revenue to be $845 million to $865 million, up from the previous range of $820 million to $860 million.
- It said that the Wakix franchise delivered net revenue of approximately $239 million in the third quarter.
Shares of Harmony Biosciences Holdings (HRMY) jumped 6% in the premarket session on Thursday after the company raised its full-year revenue guidance on strong Wakix sales.
The firm now expects full-year revenue to be $845 million to $865 million, up from the previous range of $820 million to $860 million.
Excessive Sleepiness Medication Drives Revenue
The company said that its Wakix franchise delivered net revenue of approximately $239 million in the third quarter (Q3), representing 29% year-over-year revenue growth. Wakix is approved by the U.S. Food and Drug Administration for the treatment of excessive daytime sleepiness (EDS) or cataplexy in adult patients with narcolepsy and for the treatment of EDS in pediatric patients six years of age and older with narcolepsy.
Narcolepsy is a chronic neurological disorder affecting the brain’s ability to regulate sleep-wake cycles, causing excessive daytime sleepiness and uncontrollable sleep attacks. Other symptoms include sudden loss of muscle control called cataplexy. The company said the increase in Wakix revenue was driven by higher average patient volume.
The company is expected to report full Q3 earnings on November 4.
What Are Stocktwits Users Saying?
On Stocktwits, retail sentiment around HRMY stock jumped from ‘bearish’ to ‘neutral’ over the past 24 hours, while message volume remained at ‘low’ levels.
Last month, the company announced that its late-stage study of ZYN002 in Fragile X syndrome did not meet the primary endpoint of improvement in social avoidance due to a higher-than-expected placebo response rate. Fragile X syndrome (FXS) is a rare genetic disorder that negatively affects synaptic function, plasticity, and neuronal connections. It results in a spectrum of intellectual disabilities and behavioral symptoms, such as social avoidance and irritability.
CEO Jeffrey M. Dayno then highlighted the company’s strong portfolio, noting that it is on track to initiate late-stage trials of Wakix in narcolepsy and idiopathic hypersomnia in the fourth quarter of this year.
HRMY shares are down 24% this year and by about 23% over the past 12 months.
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