Estados financieros detallados de Harmony Biosciences Holdings, Inc. (HRMY): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Harmony Biosciences Holdings, Inc. registró ingresos de $868.5M en el último ejercicio fiscal, con un CAGR de 5 años del 40.3%.
Márgenes de los últimos 12 meses: margen bruto 75.4%, margen operativo 24.0%, margen neto 18.9%.
Al precio actual de $42.21, HRMY cotiza a un P/E de 13.49 y un ROE del 20.06%. La capitalización bursátil es de $2.4B.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | $6.0M | $159.7M | $305.4M | $437.9M | $582.0M | $714.7M | $868.5M |
| Coste de Ventas | $184000 | $1.6M | $27.7M | $55.5M | $83.5M | $121.2M | $156.8M | $198.3M |
| Beneficio Bruto | -$184000 | $4.4M | $132.0M | $249.9M | $354.4M | $460.8M | $557.9M | $670.1M |
| I+D | $12.4M | $69.6M | $19.4M | $30.4M | $70.9M | $76.1M | $145.8M | $189.6M |
| Generales y Administrativos | $29.1M | $80.7M | $95.6M | $132.0M | $163.3M | $192.7M | $221.3M | $272.0M |
| Gastos Operativos | $41.4M | $150.3M | $115.0M | $162.4M | $234.2M | $268.8M | $367.1M | $461.6M |
| Beneficio Operativo | -$41.4M | -$145.9M | $17.0M | $87.5M | $120.2M | $192.0M | $190.8M | $208.5M |
| EBITDA | -$41.3M | -$142.7M | $1.5M | $80.5M | $146.9M | $221.5M | $233.4M | $255.0M |
| Gastos por Intereses | 0 | $6.1M | $28.2M | $24.2M | $18.8M | $23.8M | $17.5M | $14.6M |
| Beneficio Antes de Impuestos | -$39.9M | -$152.0M | -$36.9M | $37.4M | $104.7M | $173.4M | $191.8M | $215.1M |
| Impuestos | 0 | 0 | 0 | $2.8M | -$76.8M | $44.5M | $46.3M | $56.4M |
| Beneficio Neto | -$39.9M | -$152.0M | -$36.9M | $34.6M | $181.5M | $128.9M | $145.5M | $158.7M |
| BPA | $-1.42 | $-2.94 | $-1.12 | $0.60 | $3.07 | $2.17 | $2.56 | $2.76 |
| BPA Diluido | $-1.42 | $-2.94 | $-1.10 | $0.58 | $2.97 | $2.13 | $2.51 | $2.71 |
| Acciones en Circulación (Diluidas) | $49.2M | $63.7M | $57.8M | $59.2M | $61.1M | $60.4M | $57.9M | $58.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $239.5M | $243.8M | $215.4M | $261.3M |
| Beneficio Bruto | $179.8M | $175.2M | $170.9M | $198.1M |
| Beneficio Operativo | $65.5M | $38.6M | $37.3M | $89.3M |
| EBITDA | $73.5M | $51.7M | $48.9M | $102.3M |
| Beneficio Neto | $50.9M | $22.5M | $32.5M | $75.4M |
| BPA | $0.88 | $0.39 | $0.56 | $1.30 |
| BPA Diluido | $0.87 | $0.38 | $0.55 | $1.28 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $83.5M | $24.5M | $228.6M | $234.3M | $243.8M | $311.7M | $453.0M | $752.5M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $79.3M | $41.8M | $14.2M | $22.8M |
| Cuentas por Cobrar | 0 | $4.3M | $22.2M | $34.8M | $54.7M | $74.1M | $83.0M | $96.8M |
| Inventario | 0 | $1.1M | $3.8M | $4.4M | $4.3M | $5.4M | $7.2M | $5.4M |
| Activos Corrientes | $86.7M | $31.5M | $262.9M | $284.4M | $400.3M | $451.1M | $579.3M | $907.0M |
| Inmovilizado Material | $1.6M | $1.3M | $938000 | $4.1M | $573000 | $371000 | $3.4M | $5.3M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | $72.2M | $162.3M | $143.9M | $161.0M | $137.1M | $113.3M | $89.4M |
| Activos Totales | $89.3M | $106.7M | $427.1M | $433.4M | $673.9M | $811.4M | $999.2M | $1.27B |
| Cuentas por Pagar | $1.5M | $6.4M | $2.6M | $1.0M | $3.8M | $17.7M | $13.7M | $17.7M |
| Deuda a Corto | 0 | 0 | 0 | $2.0M | $2.0M | $15.0M | $16.2M | $86.9M |
| Pasivos Corrientes | $7.2M | $19.9M | $134.5M | $53.8M | $78.9M | $163.8M | $175.1M | $252.1M |
| Deuda a Largo | $324.2M | $97.9M | $194.2M | $190.0M | $189.6M | $178.6M | $163.0M | $148.2M |
| Pasivos Totales | $7.8M | $118.3M | $329.9M | $246.9M | $271.0M | $344.5M | $340.0M | $401.4M |
| Reservas | -$242.7M | -$422.9M | -$488.2M | -$453.6M | -$272.1M | -$143.3M | $2.2M | $160.9M |
| Patrimonio Neto | $81.5M | -$11.6M | $97.2M | $186.5M | $402.8M | $467.0M | $659.2M | $870.2M |
| Deuda Total | $324.2M | $97.9M | $194.2M | $195.7M | $191.6M | $193.6M | $181.4M | $239.6M |
| Deuda Neta | $240.7M | $73.5M | -$34.4M | -$38.6M | -$131.5M | -$159.9M | -$285.8M | -$535.8M |
| Capital Circulante | $79.5M | $11.6M | $128.4M | $230.7M | $321.4M | $287.3M | $404.2M | $654.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $647.0M | $752.5M | $589.4M | $549.8M |
| Activos Totales | $1.21B | $1.27B | $1.27B | $1.37B |
| Pasivos Totales | $373.1M | $401.4M | $361.5M | $373.8M |
| Patrimonio Neto | $835.1M | $870.2M | $910.3M | $999.2M |
| Deuda Total | $169.7M | $239.6M | $206.5M | $154.0M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$39.9M | -$152.0M | -$36.9M | $34.6M | $181.5M | $128.9M | $145.5M | $158.7M |
| Amortizaciones | $184000 | $3.8M | $10.2M | $21.1M | $25.0M | $24.4M | $24.1M | $25.3M |
| Compensación en Acciones | $1.1M | $9.9M | $4.7M | $16.1M | $26.9M | $31.7M | $42.6M | $44.9M |
| Cambio en Capital Circulante | -$164000 | $3.4M | -$11.6M | $2.2M | -$6.9M | $35.0M | -$7.3M | $91.8M |
| Flujo de Caja Operativo | -$38.8M | -$75.4M | -$3.0M | $98.6M | $144.5M | $219.4M | $219.8M | $348.2M |
| Inversiones (CapEx) | -$1.3M | -$149000 | -$2.0M | -$298000 | -$172000 | -$312000 | -$1.2M | -$310000 |
| Adquisiciones | 0 | 0 | -$2.0M | 0 | 0 | -$37.0M | -$33.1M | 0 |
| Recompra de Acciones | -$3.2M | 0 | -$167000 | 0 | 0 | -$100.0M | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$40.1M | -$75.6M | -$5.0M | $98.3M | $144.3M | $219.1M | $218.7M | $347.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $108.7M | $126.2M | $27.8M | $92.4M |
| Inversiones (CapEx) | -$71000 | -$107000 | 0 | 0 |
| Flujo de Caja Libre | $108.7M | $126.0M | $27.8M | $92.4M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $10.8M | $10.2M | $10.6M | $9.3M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | +2564.6% | +91.2% | +43.4% | +32.9% | +22.8% | +21.5% |
| Crecimiento Beneficio Neto (anual) | | -280.9% | +75.7% | +193.6% | +424.5% | -29.0% | +12.9% | +9.1% |
| Crecimiento BPA (anual) | | -107.0% | +61.9% | +153.6% | +411.7% | -29.3% | +18.0% | +7.8% |
| Cambio en Acciones (anual) | | +29.3% | -9.2% | +2.3% | +3.2% | -1.2% | -4.1% | +1.2% |
| Crecimiento FCF (anual) | | -88.3% | +93.4% | +2070.3% | +46.9% | +51.8% | -0.2% | +59.1% |
| Margen Bruto | | 73.7% | 82.6% | 81.8% | 80.9% | 79.2% | 78.1% | 77.2% |
| Margen Operativo | | -2433.8% | 10.6% | 28.7% | 27.4% | 33.0% | 26.7% | 24.0% |
| Margen EBITDA | | -2380.2% | 0.9% | 26.3% | 33.5% | 38.1% | 32.7% | 29.4% |
| Margen Neto | | -2535.1% | -23.1% | 11.3% | 41.4% | 22.1% | 20.4% | 18.3% |
| Margen FCF | | -1260.8% | -3.1% | 32.2% | 33.0% | 37.6% | 30.6% | 40.1% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | 7.6% | -73.3% | 25.7% | 24.1% | 26.2% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.82 | $-1.19 | $-0.09 | $1.66 | $2.36 | $3.63 | $3.78 | $5.94 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $49.2M | $63.7M | $56.9M | $57.5M | $59.2M | $59.5M | $56.9M | $57.5M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 20.06% |
| Rentabilidad sobre capital invertido | 14.96% |
| Rentabilidad sobre activos | 13.20% |
| Margen bruto | 75.42% |
| Margen operativo | 24.03% |
| Margen neto | 18.88% |
Salud financiera
| Deuda / Patrimonio | 0.15 |
| Ratio corriente | 3.48 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 5.23 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -26.06 | -12.59 | -32.28 | 71.07 | 17.95 | 14.88 | 13.44 | 13.56 |
| P/VC | 22.35 | -203.43 | 21.16 | 13.15 | 8.09 | 4.11 | 2.97 | 2.47 |
| P/V | 0.00 | 393.12 | 12.87 | 8.03 | 7.45 | 3.30 | 2.74 | 2.48 |
| Margen Bruto | 0.0% | 73.7% | 82.6% | 81.8% | 80.9% | 79.2% | 78.1% | 77.2% |
| Margen Operativo | 0.0% | -2433.8% | 10.6% | 28.7% | 27.4% | 33.0% | 26.7% | 24.0% |
| Margen Neto | 0.0% | -2535.1% | -23.1% | 11.3% | 41.4% | 22.1% | 20.4% | 18.3% |