Harmony Biosciences Jumps After Strong 2026 WAKIX Revenue Forecast
The biotech company projects its key narcolepsy drug, WAKIX, will surpass $1 billion in annual revenue, signaling robust long-term growth and boosting investor confidence.
Shares of Harmony Biosciences (NASDAQ: HRMY) climbed on Monday after the company issued an ambitious long-term revenue forecast for its flagship drug, WAKIX (pitolisant), a primary treatment for excessive daytime sleepiness in adults with narcolepsy.
In a forward-looking statement, the Pennsylvania-based pharmaceutical firm announced it anticipates net revenue for WAKIX to exceed $1 billion in 2026. The guidance underscores the company's confidence in the sustained growth of its primary commercial asset and its potential for significant value creation in the coming years. Investors reacted positively to the news, with Harmony's stock price rising nearly 1.8% to close at $38.55 in Monday trading.
The blockbuster projection builds on a strong period of growth for WAKIX. Harmony also preannounced preliminary unaudited full-year 2025 net revenue of approximately $868 million for the drug, a figure that surpassed previous guidance. This performance was driven by a steady increase in the number of patients, which reached an average of 8,100 in the third quarter of 2025.
"The continued growth of WAKIX is a testament to its value as a differentiated treatment option for patients with narcolepsy," said Jeffrey M. Dayno, President and CEO of Harmony Biosciences, in a recent company statement. "Achieving the $1 billion revenue milestone for WAKIX would represent a significant accomplishment for our organization."
WAKIX is the first and only non-scheduled treatment approved by the U.S. Food and Drug Administration (FDA) for treating excessive daytime sleepiness or cataplexy in adult patients with narcolepsy. Its unique mechanism of action, working through the H3 histamine receptor, sets it apart in a market aiming to serve patients with rare neurological disorders.
The strong guidance has drawn favorable reactions from Wall Street. The stock currently holds a "Strong Buy" consensus rating from analysts, with an average price target of $45.91, suggesting considerable upside from its current valuation. Following the announcement, several investment firms reiterated positive outlooks. According to StockAnalysis, Mizuho analyst Graig Suvannavejh recently maintained a "Buy" rating and raised his price target to $46, reflecting increased confidence in the company's trajectory.
With a market capitalization of approximately $2.22 billion, Harmony has demonstrated impressive financial health. The company boasts a high profit margin of 22.5% and a strong return on equity of nearly 26% over the trailing twelve months, indicating efficient and profitable operations centered around WAKIX.
Beyond its commercial success with WAKIX, Harmony is focused on advancing a diverse, late-stage pipeline of assets. The company is actively pursuing development programs for other central nervous system disorders with high unmet medical needs, which it believes will be a key driver for long-term growth beyond the success of WAKIX. This includes exploring new indications for pitolisant and developing other novel compounds aimed at treating rare neurological conditions.
As Harmony Biosciences continues to execute its commercial strategy and advance its clinical pipeline, the billion-dollar forecast for WAKIX serves as a powerful signal to investors that the company's growth narrative has both momentum and significant runway.