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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Harmony Biosciences reported revenue of $868M in the fiscal year ended Dec 2025, up 21.5% from the year before. Operating income was $208M, an operating margin of 24.0%, and net income was $159M. Operating cash flow of $348M less capital expenditure of $310,000 left free cash flow of $348M. It held more cash than debt (net cash $589M).
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 305 | 438 | 582 | 715 | 868 |
| Cost of revenue | 55.5 | 83.5 | 121 | 157 | 198 |
| Gross profit | 250 | 354 | 461 | 558 | 670 |
| Research & development | 30.4 | 70.9 | 76.1 | 146 | 190 |
| Selling, general & admin | 132 | 163 | 193 | 221 | 272 |
| Operating income | 87.5 | 120 | 192 | 191 | 208 |
| Interest expense | 24.2 | 18.8 | 23.8 | 17.5 | 14.6 |
| Pre-tax income | 37.4 | 105 | 173 | 192 | 215 |
| Income tax | 2.8 | −76.8 | 44.5 | 46.3 | 56.4 |
| Net income | 34.6 | 181 | 129 | 145 | 159 |
| Diluted EPS | 0.58 | 2.97 | 2.13 | 2.51 | 2.71 |
| Diluted shares | 59.2 | 61.1 | 60.4 | 57.9 | 58.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 234 | 244 | 312 | 453 | 753 |
| Receivables | 34.8 | 54.7 | 74.1 | 83.0 | 96.8 |
| Inventory | 4.4 | 4.3 | 5.4 | 7.2 | 5.4 |
| Current assets | 284 | 400 | 451 | 579 | 907 |
| Net PP&E | 0.8 | 0.6 | 0.4 | 1.3 | – |
| Total assets | 433 | 674 | 811 | 999 | 1,272 |
| Payables | 1.0 | 3.8 | 17.7 | 13.7 | 17.7 |
| Current liabilities | 53.8 | 78.9 | 164 | 175 | 252 |
| Short-term debt | 2.0 | 2.0 | 15.0 | 16.3 | 20.0 |
| Long-term debt | 190 | 190 | 179 | 163 | 144 |
| Total liabilities | 247 | 271 | 344 | 340 | 401 |
| Shareholders' equity | 187 | 403 | 467 | 659 | 870 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 98.6 | 144 | 219 | 220 | 348 |
| Capital expenditure | 0.3 | 0.2 | 0.3 | 1.2 | 0.3 |
| Free cash flow | 98.3 | 144 | 219 | 219 | 348 |
| Depreciation & amortisation | 0.4 | 0.4 | 0.5 | 0.3 | – |
| Stock-based compensation | 15.7 | 26.2 | 31.7 | 42.6 | 44.9 |
| Acquisitions | – | – | 37.0 | – | – |
| Share buybacks | – | – | 100 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 43.4% | 32.9% | 22.8% | 21.5% |
| Operating income growth (YoY) | – | 37.3% | 59.8% | −0.6% | 9.2% |
| EPS growth (YoY) | – | 412.1% | −28.3% | 17.8% | 8.0% |
| Gross margin | 81.8% | 80.9% | 79.2% | 78.1% | 77.2% |
| Operating margin | 28.7% | 27.4% | 33.0% | 26.7% | 24.0% |
| Net margin | 11.3% | 41.4% | 22.1% | 20.4% | 18.3% |
| Return on equityBlank when equity is negative | 18.5% | 45.0% | 27.6% | 22.1% | 18.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 23.1% | 20.2% | 29.6% | 23.2% | 20.4% |
| Free cash flow margin | 32.2% | 33.0% | 37.6% | 30.6% | 40.1% |
| Cash conversion (CFO ÷ net income) | 2.85x | 0.80x | 1.70x | 1.51x | 2.19x |
| Receivable days | 42 | 46 | 46 | 42 | 41 |
| Inventory days | 29 | 19 | 16 | 17 | 10 |
| Payable days | 7 | 17 | 53 | 32 | 33 |
| Interest cover | 3.62x | 6.39x | 8.08x | 10.9x | 14.2x |
| Debt ÷ equity | 1.03x | 0.48x | 0.41x | 0.27x | 0.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −42.3 | −52.1 | −118 | −274 | −589 |
| Current ratio | 5.29x | 5.07x | 2.75x | 3.31x | 3.60x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.