TacticScaleWhat Harmony Biosciences Does & How It Makes Money (HRMY)
Updated October 2026 · reflects Harmony Biosciences's latest reported financials
Commercial-stage biotech developing therapies for rare neurological diseases. The company makes money mainly by selling WAKIX (pitolisant) for narcolepsy in the United States.
How Harmony Biosciences makes money
The company makes money mainly by selling WAKIX (pitolisant) for narcolepsy in the United States. It puts that revenue into clinical trials that could win approval for new uses and new drugs.
What Harmony Biosciences does
Harmony Biosciences is a commercial-stage pharmaceutical company based in Plymouth Meeting, Pennsylvania. It focuses on rare neurological diseases in the US. Its marketed drug is WAKIX (pitolisant), which has a novel mechanism of action and treats excessive daytime sleepiness in adults with narcolepsy. WAKIX is the company's commercial base. The pipeline builds on pitolisant with trials in Prader-Willi Syndrome (Phase 3) and Myotonic Dystrophy (Phase 2), plus next-generation formulations (Pitolisant GR and HD). It also includes new drug candidates: BP1.15205, an orexin 2 receptor agonist for narcolepsy; HBS-102, an MCHR1 antagonist; ZYN-002 for Fragile X Syndrome (Phase 3 registrational) and 22q Deletion Syndrome; EPX-100 and EPX-200 for rare epilepsies such as Dravet and Lennox-Gastaut syndromes; and CBS105 and CBS104 for treatment-resistant narcolepsy and refractory epilepsy.
Products & services
- WAKIX (pitolisant)
- Pitolisant GR / HD
- BP1.15205 (orexin 2 receptor agonist)
- ZYN-002
- EPX-100 (clemizole hydrochloride)
- EPX-200 (lorcaserin liquid)
What is Harmony Biosciences worth?
On an owner-earnings DCF, Harmony Biosciences's most-likely value is about $137 versus a recent price near $40 (239% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$65) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $40 is below even the no-growth floor ($65); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -5.5%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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