Harmony Biosciences Holdings reports $48.2 million net income for Q3 2026

Item 1. Financial Statements

HARMONY BIOSCIENCES HOLDINGS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

September 30,

December 31,

2026

2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

647,099

$

752,502

Investments, short-term

124,039

22,838

Trade receivables, net

127,739

96,787

Inventory, net

5,871

5,357

Prepaid expenses

18,101

16,014

Other current assets

11,981

13,516

Total current assets

934,830

907,014

NONCURRENT ASSETS:

Investments, long-term

280,467

107,127

Intangible assets, net

71,535

89,418

Deferred tax asset

161,365

149,699

Other noncurrent assets

30,048

18,373

Total noncurrent assets

543,415

364,617

TOTAL ASSETS

$

1,478,245

$

1,271,631

LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:

Trade payables

$

26,919

$

17,693

Accrued compensation

14,886

18,443

Accrued expenses

208,062

191,039

Current portion of long-term debt

20,000

20,000

Other current liabilities

1,675

4,957

Total current liabilities

271,542

252,132

NONCURRENT LIABILITIES:

Long-term debt, net

129,104

143,663

Other noncurrent liabilities

5,367

5,618

Total noncurrent liabilities

134,471

149,281

TOTAL LIABILITIES

406,013

401,413

COMMITMENTS AND CONTINGENCIES (Note 12) STOCKHOLDERS' EQUITY:

Common stock—$ 0.00001 par value; 500,000,000 shares authorized at September 30, 2026 and December 31, 2025, respectively; 58,720,081 and 57,726,170 shares issued and outstanding at September 30, 2026, and December 31, 2025, respectively

1

1

Additional paid in capital

757,153

708,968

Accumulated other comprehensive (loss) income

( 1,940 )

346

Retained earnings

317,018

160,903

TOTAL STOCKHOLDERS' EQUITY

1,072,232

870,218

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,478,245

$

1,271,631

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

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HARMONY BIOSCIENCES HOLDINGS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except share and per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Net product revenue¹

$¹

268,917¹

$

239,455

$

745,584

$

624,677

Cost of product sold

80,686

59,650

188,396

129,797

Gross profit

188,231

179,805

557,188

494,880

Operating expenses:

Research and development

71,663

54,962

187,642

139,661

Sales and marketing

34,721

29,549

100,535

90,333

General and administrative

27,650

29,807

88,207

94,974

Total operating expenses

134,034

114,318

376,384

324,968

Operating income

54,197

65,487

180,804

169,912

Other expense, net

( 316 )

( 106 )

( 496 )

( 575 )

Interest expense

( 3,060 )

( 3,621 )

( 9,364 )

( 11,103 )

Interest income

8,428

5,730

21,257

16,070

Income before income taxes

59,249

67,490

192,201

174,304

Income tax expense

( 11,053 )

( 16,625 )

( 36,086 )

( 38,103 )

Net income²

$²

48,196²

$

50,865

$

156,115

$

136,201

Unrealized (loss) income on investments

( 1,213 )

118

( 2,286 )

291

Comprehensive income

$

46,983

$

50,983

$

153,829

$

136,492

EARNINGS PER SHARE:

Basic

$

0.83

$

0.88

$

2.68

$

2.36

Diluted

$

0.81

$

0.87

$

2.63

$

2.32

Weighted average number of shares of common stock - basic

58,409,880

57,550,902

58,271,509

57,655,272

Weighted average number of shares of common stock - diluted

59,679,319

58,717,910

59,272,602

58,738,361

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

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HARMONY BIOSCIENCES HOLDINGS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In thousands, except share and per share data)

Accumulated

Additional other

Total

Common Stock paid-in comprehensive

Retained stockholders'

Shares

Amount capital loss earnings equity

Balance as of June 30, 2026

58,120,695

$

1

$

731,147

$

( 727 )

$

268,822

$

999,243

Net income

—

—

—

—

48,196

48,196

Unrealized loss on investments

—

—

—

( 1,213 )

—

( 1,213 )

Restricted stock unit tax withholding, net of stock option exercises

599,386

—

17,960

—

—

17,960

Stock-based compensation

—

—

8,046

—

—

8,046

Balance as of September 30, 2026

58,720,081

$

1

$

757,153

$

( 1,940 )

$

317,018

$

1,072,232

Accumulated

Additional other

Total

Common Stock paid-in comprehensive

Retained stockholders'

Shares

Amount capital income (loss) earnings equity

Balance as of December 31, 2025

57,726,170

$

1

$

708,968

$

346

$

160,903

$

870,218

Net income

—

—

—

—

156,115

156,115

Unrealized loss on investments

—

—

—

( 2,286 )

—

( 2,286 )

Restricted stock unit tax withholding, net of stock option exercises

993,911

—

20,184

—

—

20,184

Stock-based compensation

—

—

28,001

—

—

28,001

Balance as of September 30, 2026

58,720,081

$

1

$

757,153

$

( 1,940 )

$

317,018

$

1,072,232

Accumulated

Additional other

Total

Common Stock paid-in comprehensive

Accumulated stockholders'

Shares

Amount capital income deficit equity

Balance as of June 30, 2025

57,531,080

$

1

$

685,288

$

239

$

87,552

$

773,080

Net income

—

—

—

—

50,865

50,865

Unrealized loss on investments

—

—

—

118

—

118

Restricted stock unit tax withholding, net of stock option exercises

65,278

—

91

—

—

91

Stock-based compensation

—

—

10,969

—

—

10,969

Balance as of September 30, 2025

57,596,358

$

1

$

696,348

$

357

$

138,417

$

835,123

Accumulated

Additional other

Total

Common Stock paid-in comprehensive

Retained stockholders'

Shares

Amount capital income earnings equity

Balance as of December 31, 2024

57,144,887

$

1

$

656,872

$

66

$

2,216

$

659,155

Net income

—

—

—

—

136,201

136,201

Unrealized gain on investments

—

—

—

291

—

291

Restricted stock unit tax withholding, net of stock option exercises

451,471

—

4,553

—

—

4,553

Stock-based compensation

—

—

34,923

—

—

34,923

Balance as of September 30, 2025

57,596,358

$

1

$

696,348

$

357

$

138,417

$

835,123

The accompanying notes are an integral part of the unaudited condensed consolidated financial statement s

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HARMONY BIOSCIENCES HOLDINGS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH F