Since launching in 2017, Plymouth Meeting’s Harmony Biosciences has grown from a small drug developer into a billion-dollar company, writes John George for the Philadelphia Business Journal.
CEO Dr. Jeffrey Dayno says the company is entering a new phase, expanding beyond its main product, Wakix, with new treatments in development.
Wakix, which treats narcolepsy-related sleepiness and muscle weakness, earned $714 million in 2024, up 23% from the previous year. Harmony expects sales to hit $820-$860 million in 2025. The company is also working on new drugs that could push sales past $3 billion.
This year, Harmony expects major developments every quarter. In early 2025, the FDA will decide whether to review its request to use pitolisant (the key ingredient in Wakix) for another sleep disorder, idiopathic hypersomnia. By midyear, Harmony will share research on a new narcolepsy drug and prepare for human trials. It will also release late-stage data on ZYN002, a possible treatment for Fragile X syndrome, a genetic condition affecting learning and behavior.
Harmony acquired ZYN002 in 2023 and EPX-100, a potential epilepsy treatment, in 2024. Later this year, the company will begin testing an improved version of Wakix for narcolepsy.
With a growing lineup of treatments, Harmony’s stock has risen over 9% since January. Full-year financial results are expected later this month.
Read more about Harmony Biosciences in the Philadelphia Business Journal.
