Harmony Biosciences has solidified its position in the rare neuroscience market through exclusive U.S. commercialization of WAKIX®, a pioneering non-controlled narcolepsy treatment. The company’s 2025 financials exhibit steady improvement, with operating income up 9.2% alongside robust operating cash flows supporting aggressive share repurchases. Its clinical pipeline is diversifying beyond narcolepsy with next-generation pitolisant formulations targeting idiopathic hypersomnia and genetic neurological disorders, complemented by recent expansion into rare epilepsy therapies. Regulatory exclusivities provide a moat; however, evolving pricing transparency and competition remain key risks. Market watchers should focus on upcoming Phase 3 readouts and integration of acquired assets as pivotal catalysts.