Taking More Constructive View on Wakix IP Litigation; PT to $36 (+$6)

研报英文原文证据摘录

Taking More Constructive View on Wakix IP Litigation; PT to $36 (+$6)

Deutsche Bank

Research

Rating Company Date

Hold Harmony Biosciences 29 June 2026

Holdings, Inc.

North America Reuters Bloomberg Rating Hold

United States HRMY.OQ HRMY US Price target (USD) 36.00 Price at 26 Jun 26 35.47

52-week range 40.51 – 25.90

Health Care

Biotechnology Valuation & Risks

Taking More Constructive View on Wakix IP

Litigation; PT to $36 (+$6) DavidResearchHoang,AnalystM.D., Ph.D.

+1-212-250-1184

Key Takeaways

Sam Beck Ahead of 2Q26 earnings, we spoke with management about the stock’s recent Research Associate

strength, which saw shares up +15-16% over the past month, in line with XBI. +1-929-354-4311

While sector outperformance is likely driving shares to a degree, we also believe

investor sentiment may be improving on the ongoing Wakix IP litigation. Recall Rosemary Li

the bench trial of ANDA (Paragraph IV) filer AET/Sandoz vs. HRMY concluded on Research Associate

Feb. 20, 2026, with negative implications for Wakix, which could see an earlier Samuel Ravina

entry of generic pitolisant than anticipated (2027) vs. assumed LOE date (2030) Research Associate

(see our note here). At the time, we had downgraded HRMY shares on a perceived +1-917-244-0223

higher level of IP risk. After our recent conversations with management and

investors, we believe the range of possible outcomes likely favors HRMY and a

longer runway for Wakix to retain exclusivity.

Key changes

While it is possible that HRMY loses the original IP case, centered on polymorph Price target (USD) 30 36 20%

pitolisant, AET/Sandoz would still need to contend with litigation on amorphous Source: Deutsche Bank

pitolisant (recall HRMY obtained amorphous IP from Novitium; see our note here).