HRMYHarmony Biosciences Holdings, Inc.

Pharmaceutical Preparations

Revenue: $868M; 22% YoY
Operating margin: 24.0%; 10% YoY
EBITDA: $208M; 9.1% YoY
Market cap: $2.3B
Employees: 20,000; $43K revenue each
Net debt / EBITDA: -1.9×; −$396M net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
219% of net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
29% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
54% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$43K · 30th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 63rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$305M	$438M	$582M	$715M	$868M	22%
Operating income	$88M	$120M	$192M	$191M	$208M	9.2%
Net income	$35M	$181M	$129M	$145M	$159M	9.1%
Operating cash flow	$99M	$144M	$219M	$220M	$348M	58%
Capex	$298K	$172K	$312K	$1M	$310K	73%
Stock-based comp	$16M	$26M	$32M	$43M	$45M	5.4%
Buybacks	—	—	$100M	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $6M · 13
Net: −$6M

Pay vs performance

No pay-versus-performance disclosure yet.