Harmony Biosciences Holdings, Inc.: Wakix 2Q26 Beat Preannounced; Fundamentals Unchanged with CFO Departure

研报英文原文证据摘录

Harmony Biosciences Holdings, Inc.: Wakix 2Q26 Beat Preannounced; Fundamentals Unchanged with CFO Departure

Deutsche Bank

Research

Rating Company Date

Hold Harmony Biosciences 17 July 2026

Holdings, Inc.

North America Reuters Bloomberg Rating Hold

United States HRMY.OQ HRMY US Price target (USD) 36.00 Price at 15 Jul 26 34.90

52-week range 40.51 – 25.90

Health Care

Biotechnology Valuation & Risks

Wakix 2Q26 Beat Preannounced;

Fundamentals Unchanged with CFO DavidResearchHoang,AnalystM.D., Ph.D.

Departure +1-212-250-1184

Sam Beck

Research Associate Key Takeaways

+1-929-354-4311

HRMY preannounced record 2Q26 Wakix revenues of ~$261M (+30% Y/Y, +21%

Q/Q), a healthy beat versus consensus of $241.9M and our estimate of $247.1M, Rosemary Li

and reiterated its full-year 2026 revenue guidance of $1.0B to $1.04B. The Research Associate

company also announced the immediate departure of CFO Glenn Reicin, with +1-347-985-6026

SVP and Controller Stephen Mollichella appointed as Interim Principal Financial Samuel Ravina

Officer. Shares traded slightly lower (-3.9%) versus the XBI (-2.7%), as the strong Research Associate

top-line beat likely did not outweigh concerns around the management transition +1-917-244-0223

and the ongoing IP litigation overhang.

Following the preannouncement, we spoke with management. They indicated the

pre-release was intended to reassure investors of the Wakix franchise's strong

momentum after a softer-than-expected 1Q. Management attributed the 2Q

strength to underlying patient demand and pull-through from recent commercial

initiatives (e.g., expanded sales force, increasing speed/fulfillment rate from

written Rx to drug dispense), noting that performance was not driven by price or

inventory dynamics. They also remain confident that the reiterated FY26