Harmony Biosciences Holdings, Inc.
HRMY · Pharmaceutical Preparations · 57.9M shares · +67%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $68M (gross $100M, SBC $32M)
Reference price $37.15 · est. market cap ~$2.2B — last insider sale, 2026-01-26 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A82Commercial CNS biopharma (Wakix) — highly profitable with strong free cash flow and growth.
Strengths
- Highly profitable — operating margin 24% (92nd), net margin 18% (88th), ROA 12% (94th)
- Strong free cash flow, growth — FCF $348M (94th), FCF margin 40%, revenue +22%
Risks
- Single-product (Wakix) concentration — per 10-K
- Pipeline/diversification execution — per 10-K
- Competition/patent risk — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +67%/yr over 4y (dilution, book value/share -40%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $882M cash & investments
- Notable holderHeld by 6 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +3 more (as of 2026-03-31)
- Revenue declineRevenue -11.6% YoY
- Insider sellingInsider selling — 2 open-market sale(s) by 1 insider(s) (~$892,005, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
77.2%
Operating margin
24.0%
Net margin
18.3%
Return on equity
18.2%
Return on assets
12.5%
ROIC
16.2%
Revenue growth (QoQ)
-11.6%
Net-income growth
9.1%
Debt / equity
0.2×
Current ratio
3.6×
Free cash flow
$348M
Tangible book value
$781M
Cash & investments
$882M
Stock comp / revenue
5.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-01 | Budur Kumar | Option exercise | 19K | — |
| 2026-05-01 | Budur Kumar | Tax withheld | 8.9K | $31.83 |
| 2026-04-07 | Zaeske Adam H. | Tax withheld | 3.2K | $27.62 |
| 2026-04-07 | Zaeske Adam H. | Option exercise | 7.5K | — |
| 2026-01-26 | Kapadia Sandip | Sell | 3.7K | $37.15 |
| 2026-01-25 | Dayno Jeffrey M. | Tax withheld | 5.7K | $36.82 |
| 2026-01-25 | Budur Kumar | Tax withheld | 1.4K | $36.82 |
| 2026-01-25 | Serafin Andrew | Option exercise | 2.6K | — |
| 2026-01-25 | Serafin Andrew | Tax withheld | 1.1K | $36.82 |
| 2026-01-25 | Kapadia Sandip | Option exercise | 4.7K | — |
| 2026-01-25 | Kapadia Sandip | Tax withheld | 2.6K | $36.82 |
| 2026-01-25 | Budur Kumar | Option exercise | 2.7K | — |
| 2026-01-25 | Dayno Jeffrey M. | Option exercise | 13K | — |
| 2026-01-24 | Dayno Jeffrey M. | Option exercise | 10K | — |
| 2026-01-24 | Budur Kumar | Option exercise | 2.2K | — |
| 2026-01-24 | Budur Kumar | Tax withheld | 1.2K | $36.82 |
| 2026-01-24 | Serafin Andrew | Option exercise | 2.5K | — |
| 2026-01-24 | Serafin Andrew | Tax withheld | 1.1K | $36.82 |
| 2026-01-24 | Kapadia Sandip | Option exercise | 3.8K | — |
| 2026-01-24 | Kapadia Sandip | Tax withheld | 2.2K | $36.82 |
| 2026-01-24 | Dayno Jeffrey M. | Tax withheld | 4.8K | $36.82 |
| 2026-01-15 | Kapadia Sandip | Sell | 21K | $35.92 |
| 2025-12-12 | Dayno Jeffrey M. | Option exercise | 20K | $8.22 |
| 2025-12-12 | Dayno Jeffrey M. | Sell | 20K | $40.11 |
| 2025-12-12 | Dayno Jeffrey M. | Sell | 5.9K | $40.11 |
| 2025-12-05 | Kapadia Sandip | Option exercise | 20K | $29.03 |
| 2025-12-05 | Kapadia Sandip | Sell | 20K | $39.54 |
| 2025-11-21 | Kapadia Sandip | Sell | 3.4K | $35.00 |
| 2025-09-30 | Kapadia Sandip | Option exercise | 45K | — |
| 2025-09-30 | Kapadia Sandip | Tax withheld | 24K | $27.56 |
| 2025-08-28 | Valor IV Pharma Holdings, LLC | Other | 6.6M | — |
| 2025-08-15 | Kapadia Sandip | Sell | 22K | $36.50 |
| 2025-05-01 | Budur Kumar | Option exercise | 19K | — |
| 2025-05-01 | Budur Kumar | Tax withheld | 8.9K | $29.86 |
| 2025-04-01 | Kapadia Sandip | Sell | 6.2K | $32.48 |
| 2025-04-01 | Kapadia Sandip | Sell | 740 | $33.12 |
| 2025-03-29 | Kapadia Sandip | Option exercise | 15K | — |
| 2025-03-29 | Kapadia Sandip | Tax withheld | 8.0K | $33.19 |
| 2025-03-03 | Dierks Jeffrey | Option exercise | 4.9K | $8.22 |
| 2025-03-03 | Dierks Jeffrey | Sell | 500 | $33.23 |
| 2025-03-03 | Dierks Jeffrey | Sell | 4.4K | $32.61 |
| 2025-01-27 | Kapadia Sandip | Sell | 1.8K | $38.05 |
| 2025-01-27 | Dierks Jeffrey | Sell | 1.6K | $38.02 |
| 2025-01-24 | Dierks Jeffrey | Tax withheld | 1.1K | $38.01 |
| 2025-01-24 | Dayno Jeffrey M. | Option exercise | 10K | — |
| 2025-01-24 | Dayno Jeffrey M. | Tax withheld | 4.6K | $38.01 |
| 2025-01-24 | Kapadia Sandip | Option exercise | 3.8K | — |
| 2025-01-24 | Serafin Andrew | Option exercise | 2.5K | — |
| 2025-01-24 | Serafin Andrew | Tax withheld | 865 | $38.01 |
| 2025-01-24 | Kapadia Sandip | Tax withheld | 2.0K | $38.01 |
| 2025-01-24 | Budur Kumar | Option exercise | 2.2K | — |
| 2025-01-24 | Budur Kumar | Tax withheld | 1.2K | $38.01 |
| 2025-01-24 | Dierks Jeffrey | Option exercise | 13K | $30.69 |
| 2025-01-24 | Dierks Jeffrey | Sell | 8.0K | $36.94 |
| 2025-01-24 | Dierks Jeffrey | Sell | 5.1K | $37.87 |
| 2025-01-24 | Dierks Jeffrey | Option exercise | 2.7K | — |
| 2025-01-21 | Dayno Jeffrey M. | Option exercise | 19K | $8.22 |
| 2025-01-21 | Dayno Jeffrey M. | Sell | 19K | $40.13 |
| 2025-01-21 | Kapadia Sandip | Option exercise | 25K | $29.03 |
| 2025-01-21 | Kapadia Sandip | Sell | 25K | $40.18 |
| 2025-01-21 | Dierks Jeffrey | Option exercise | 1.1K | $33.44 |
| 2025-01-21 | Dierks Jeffrey | Sell | 1.1K | $40.00 |
| 2025-01-16 | Dierks Jeffrey | Option exercise | 29K | $33.44 |
| 2025-01-16 | Dierks Jeffrey | Sell | 29K | $37.41 |
| 2025-01-15 | Dierks Jeffrey | Option exercise | 11K | $33.44 |
| 2025-01-15 | Dierks Jeffrey | Sell | 11K | $37.01 |
| 2025-01-13 | Dierks Jeffrey | Option exercise | 7.2K | $33.44 |
| 2025-01-13 | Dierks Jeffrey | Sell | 7.2K | $37.04 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-14 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-14 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-04-02 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-24 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-12 | ResultsReg FDExhibits | filing ↗ |
| 2025-11-04 | ResultsReg FDExhibits | filing ↗ |
| 2025-10-23 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-14 | 2026-05-14 | 0001104659-26-061237 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-056720 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001104659-26-056786 ↗ |
| 8-K | 2026-04-14 | 2026-04-14 | 0001104659-26-042886 ↗ |
| 8-K | 2026-04-02 | 2026-03-31 | 0001104659-26-038888 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001104659-26-018858 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001104659-26-018859 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001104659-26-002731 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001104659-25-105942 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001104659-25-105962 ↗ |
| 8-K | 2025-10-23 | 2025-10-23 | 0001104659-25-101688 ↗ |
| 8-K | 2025-09-24 | 2025-09-24 | 0001104659-25-092776 ↗ |