HRMY share price increases more than 20% intraday: why it happened
- Harmony Biosciences Holdings Inc (NASDAQ: HRMY) stock price rose more than 20% during intraday trading. That’s why it happened.
Harmony Biosciences Holdings Inc (NASDAQ: HRMY) – a pharmaceutical company dedicated to the development and commercialization of innovative therapies for patients with rare neurological diseases – has risen more than 20% on intraday trading. Investors are responding positively to the company’s financial results and business updates for the second quarter ended June 30, 2021.
Second Quarter 2021 Financial Highlights:
– Net revenue of $ 73.8 million for the quarter ended June 30, 2021, an increase of 94.2% over revenue of $ 38.0 million for the previous fiscal quarter ;
– Strong organic growth in WAKIX sales, supported by an increase in the average number of patients on WAKIX and the number of unique healthcare professionals who have prescribed WAKIX since its launch;
– Positive net result and profitability achieved for the second consecutive quarter; and
– Cash and cash equivalents of $ 159.7 million.
âHarmony has made significant progress in growing the business through our three-pillar growth strategy during the first half of 2021. Building on the momentum we experienced in the first quarter of this year, we continue to advance the commercialization of WAKIX with strong second quarter results. income due to both an increase in the average number of patients on WAKIX and the number of healthcare professionals prescribing the product.
With the launch of our Phase 2 study in patients with myotonic dystrophy in the second trimester, we continue to advance our clinical development programs, with the goal of expanding the clinical utility of WAKIX beyond narcolepsy. Additionally, importantly, we have taken the first step in our plan to create a broad product portfolio beyond WAKIX, through the acquisition of a potential first-class molecule with a novel mechanism of development. ‘action. Additionally, and to further support our expanding clinical programs and business development goals, we recently entered into a strategic funding collaboration with Blackstone which provides us with additional capital to drive Harmony’s continued long-term growth. “
– John Jacobs, President and CEO of Harmony
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