Harmony Biosciences Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Harmony Biosciences Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6	160	305	438	582	715	868
Cost of revenue	1.58	27.7	55.5	83.5	121	157	198
Gross profit	4.42	132	250	354	461	558	670
Research and development	69.6	19.4	30.4	70.9	76.1	146	190
Selling and marketing	44.3	55.8	68.1	79.3	97.4	111	120
General and administrative	36.4	39.7	63.9	84	95.3	110	153
Operating expenses	150	115	162	234	269	367	462
Operating income	-146	17	87.5	120	192	191	208
Interest expense	7.36	28.6	24.2	18.8	23.8	17.5	14.6
Other non-operating income		-3.07	0.02	0.17	0.16	-0.07	-0.68
Pre-tax income	-152	-36.9	37.4	105	173	192	215
Income tax			2.83	-76.8	44.5	46.3	56.4
Net income	-152	-36.9	34.6	181	129	145	159
EBITDA	-146	17.4	87.9	121	193	191
EPS, basic	-24.07	-2.48	0.60	3.07	2.17	2.56	2.76
EPS, diluted	-24.07	-2.48	0.58	2.97	2.13	2.51	2.71
Shares, basic (weighted)	7.78	25.8	57.5	59.2	59.5	56.9	57.5
Shares, diluted (weighted)	7.78	25.8	59.2	61.1	60.4	57.9	58.5

Balance sheet

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	24.5	229	234	244	312	453	753
Short-term investments				79.3	41.8	14.2	22.8
Receivables	4.26	22.2	34.8	54.7	74.1	83	96.8
Inventory	1.09	3.82	4.43	4.3	5.36	7.2	5.36
Other current assets	0.26	1.3	3.22	8.79	5.54	8.12	13.5
Total current assets	31.5	263	284	400	451	579	907
Property, plant and equipment	1.33	0.94	0.82	0.57	0.37	1.26
Lease right-of-use assets			3.3	2.31	2.34	2.12	5.34
Intangible assets	72.2	162	144	161	137	113	89.4
Long-term investments				22.6	72.2	109	107
Other non-current assets	0.94	0.15	3.52	2.8	6.3	7.41	18.4
Total assets	107	427	433	674	811	999	1,272
Accounts payable	6.36	2.56	1	3.79	17.7	13.7	17.7
Accrued liabilities	5.5	123	40.2	59.9	99.5	121	191
Short-term debt			2	2	15	16.3	20
Total current liabilities	19.9	135	53.8	78.9	164	175	252
Long-term debt	97.9	194	190	190	179	163	144
Lease liabilities			2.23	0.98	1.08	0.82	4.51
Other non-current liabilities	0.16	1.11	3.18	2.5	2.11	1.95	5.62
Total liabilities	118	330	247	271	344	340	401
Total debt	97.9	194	192	192	194	179	164
Paid-in capital		585	640	675	610	657	709
Retained earnings	-423	-488	-454	-272	-143	2.22	161
Other comprehensive income				-0.15	0	0.07	0.35
Shareholders' equity	-423	97.2	187	403	467	659	870
Total equity	-423	97.2	187	403	467	659	870
Total liabilities and equity	107	427	433	674	811	999	1,272
Shares outstanding	7.79	56.9	58.8	59.6	56.8	57.1	57.7

Cash flow statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-152	-36.9	34.6	181	129	145	159
Depreciation and amortization	0.4	0.39	0.42	0.42	0.51	0.27
Stock-based compensation	9.91	4.69	15.7	26.2	31.7	42.6	44.9
Deferred income tax	-42.1	-2.22	6.51	10.4	-13.4	-28	40.7
Change in receivables	-4.26	-17.9	-12.7	-19.9	-19.4	-8.89	-13.8
Change in inventory	-1.09	-2.74	-0.61	0.14	-1.07	-1.84	1.84
Cash from operations	-75.4	-2.99	98.6	144	219	220	348
Capital expenditures	-0.15	-0	-0.3	-0.17	-0.31	-1.15	-0.31
Acquisitions					-37
Purchases of investments				-111	-127	-105	-86.2
Cash from investing	-127	-2	-100	-142	-46.4	-67.5	-39.6
Debt issued	100	200	200		200
Debt repaid			-0.5	-2	-4.75	-15	-16.3
Stock issued	0.09	135	30	8.84	5.06	6.5	10.2
Share buybacks		-0.17			-100
Cash from financing	144	209	7.42	6.84	-106	-11	-9.05
Net change in cash	-58.8	204	5.68	9.48	67.4	141	300
Free cash flow	-75.6	-2.99	98.3	144	219	219	348
Interest paid	4.23	26.2	19.8	16.4	20.1	17.3	14.7
Income taxes paid			2.88	12.6	48.2	79.6	19.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $41.26 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	75.4%	Gross profit / revenue.
Operating margin	24.0%	Operating income / revenue.
Pre-tax margin	25.1%	Pre-tax income / revenue.
Net margin	18.9%	Net income / revenue.
Operating cash flow margin	37.0%	Cash from operations / revenue.
Effective tax rate	24.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.2%	Net income / average total assets.
Return on invested capital (ROIC)	28.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	23.0%	Research and development expense / revenue.
Stock-based pay / revenue	4.3%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	25.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	40.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	23.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	38.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	20.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	65.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	9.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	8.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	58.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	34.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	59.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	34.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	32.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	29.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	55.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	27.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	17.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.48x	Current assets / current liabilities.
Quick ratio	3.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.85x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.15x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.2%	Total debt / total assets.
Liabilities / assets	27.2%	Total liabilities / total assets.
Net debt	-$513.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	17.1x	Operating income / interest expense.
Working capital	$580.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$921.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Inventory turnover	37.1x	Cost of revenue / average inventory.
Days inventory	10 days	365 x average inventory / cost of revenue.
Receivables turnover	8.65x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
Days payables	34 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	18 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$16.34	Revenue / diluted weighted shares.
Operating cash flow per share	$6.04	Cash from operations / diluted weighted shares.
Book value per share	$17.19	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.86	Tangible book value / shares outstanding.
Cash per share	$11.49	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.40B	Share price x shares outstanding.
Enterprise value	$1.89B	Market cap + total debt - cash - short-term investments.
P/E	13.3x	Market cap / net income. Only when net income is positive.
P/S	2.50x	Market cap / revenue.
P/B	2.40x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.61x	Market cap / tangible book value, when positive.
P/OCF	6.77x	Market cap / cash from operations, when positive.
EV/Sales	1.97x	Enterprise value / revenue.
EV/EBIT	8.19x	Enterprise value / operating income, when both are positive.
Earnings yield	7.5%	Net income / market cap (the inverse of P/E).

What was Harmony Biosciences Holdings, Inc.'s revenue in fiscal 2025?

Harmony Biosciences Holdings, Inc. reported revenue of $868.5M for fiscal 2025, 21.5% higher than the year before.

Was Harmony Biosciences Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $158.7M, a net margin of 18.3%.

How much free cash flow did Harmony Biosciences Holdings, Inc. generate in fiscal 2025?

Cash from operations of $348.2M minus capital expenditures of $310.0K left free cash flow of $347.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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