PLYMOUTH MEETING, PA — Harmony Biosciences Holdings, Inc. (Nasdaq: HRMY) has recently revealed preliminary and unaudited growth of over 30% in net product revenue for the fourth quarter and full year 2023. The Pennsylvania-based company also provided a 2024 revenue guidance of $700 to $720 million and outlined key priorities ahead of its presentation at the 42nd Annual J.P. Morgan Healthcare Conference.
The company’s net revenue for 2023 was approximately $582 million, largely driven by their continued clinical development programs and portfolio diversification. “We enter 2024 poised to generate up to $720 million in net revenue and are well on our way toward a one billion dollar plus opportunity for WAKIX in adult narcolepsy alone,” said Harmony President and CEO, Jeffrey M. Dayno, M.D.
The preliminary figures show that net product revenue for the quarter ending December 31, 2023, was around $168 million, a substantial increase from $128.3 million for the same period in 2022. For the full year, the revenue was approximately $582 million compared to $437.9 million in 2022, marking a significant growth of 33%.
For investors, Harmony’s growth strategy could prove fruitful as the company plans to leverage its strong cash position and continue adding new products to build out a robust pipeline. The average number of patients on WAKIX, Harmony’s flagship product for treating narcolepsy, increased by about 350 sequentially to approximately 6,150 for the quarter ended December 31, 2023. In 2024, the company aims to grow this number to around 7,000.
The firm’s priorities for 2024 include driving commercial strategy to achieve Net Revenue >$700 million, increasing educational outreach to drive continued growth in the prescriber base and patient interest in WAKIX, and advancing and expanding their pipeline. The company also plans to initiate a Phase 3 TEMPO study in Prader-Willi syndrome in Q1 2024 and complete the review of positive Myotonic Dystrophy Type 1 Phase 2 POC data in EDS and fatigue.
In a move that could further enhance shareholder value, Harmony has repurchased approximately 1.8 million shares of common stock for $50 million in the fourth quarter of 2023 and around 3.2 million shares of common stock for $100 million in the full year 2023. The company still has a remaining share repurchase program authorization of $150 million and expects to continue the opportunistic repurchase of shares.
As Harmony Biosciences continues to expand its portfolio and advance its clinical development programs, investors will be closely watching the company’s performance in 2024. The firm’s growth strategy, combined with its strong financial performance, could offer significant opportunities for shareholders in the coming year.
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