← Harmony Biosciences Holdings, Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | — | — | ($152.0m) | ($36.9m) | $34.6m | $181.5m | $128.9m | $145.5m | $158.7m | |
| Net income/(loss) | ($266.4m) | ($145.8m) | ($239.5m) | ($56.4m) | $29.8m | $51.1m | $534.7m | $145.5m | $158.7m | |
| Net Income From Continuing Operations | — | — | — | — | — | $181.5m | $128.9m | $145.5m | $158.7m | |
| Depreciation and impairment of long-lived assets | — | — | — | — | — | — | $514k | $267k | $1.5m | |
| Intangible amortization | — | — | $2.8m | $9.8m | $18.4m | $23.0m | $23.8m | $23.8m | $23.8m | |
| Debt issuance costs amortization | — | — | $592k | $2.4m | $2.2m | $1.7m | $2.3m | $700k | $647k | |
| Amortization of premiums and accretion of discounts on Investment securities | — | — | — | — | — | ($432k) | ($2.7m) | ($2.3m) | ($1.5m) | |
| Depreciation and amortization | $62.2m | $43.4m | $39.8m | $45.8m | $53.3m | $43.3m | $11.0m | ($1.0m) | $7.9m | |
| Amortization of right-of-use operating lease assets | $0 | $0 | $13.4m | $11.8m | $12.0m | $10.1m | $10.7m | $9.9m | $10.1m | |
| Amortization Cash Flow | — | — | — | — | — | $23.0m | $23.8m | $23.8m | $23.8m | |
| Amortization Of Intangibles | — | — | — | — | — | $23.0m | $23.8m | $23.8m | $23.8m | |
| Amortization Of Securities | — | — | — | — | — | ($432k) | ($2.7m) | ($2.3m) | ($1.5m) | |
| Depreciation Amortization Depletion | — | — | — | — | — | $23.4m | $24.4m | $24.1m | $25.3m | |
| Deferred taxes | — | — | — | — | — | ($85.9m) | ($13.4m) | ($29.3m) | ($7.3m) | |
| Deferred tax expense/(benefit) | ($32.5m) | ($7.1m) | $24.7m | ($1.0m) | ($3.2m) | ($104.6m) | ($197.7m) | ($88.6m) | $22.3m | |
| Deferred Income Tax | — | — | — | — | — | ($85.9m) | ($13.4m) | ($29.3m) | ($7.3m) | |
| Deferred Tax | — | — | — | — | — | ($85.9m) | ($13.4m) | ($29.3m) | ($7.3m) | |
| Replacement awards and share-based compensation | — | — | — | — | — | — | $0 | $0 | $41.7m | |
| Impairment of lease assets | $0 | $0 | $12.3m | $12.9m | $400k | ($6.7m) | $0 | $0 | — | |
| Loss on debt extinguishment | — | — | — | $22.6m | $26.1m | — | $9.8m | — | — | |
| Interest on operating lease liabilities | $0 | $0 | $4.6m | $5.5m | $5.5m | $5.4m | $4.5m | $4.1m | $3.6m | |
| Operating lease liabilities | $0 | $0 | ($18.0m) | ($17.3m) | ($17.5m) | ($15.5m) | ($15.5m) | ($15.9m) | ($15.7m) | |
| Payments to acquire equity investments | — | — | — | — | — | — | $0 | $0 | ($48.2m) | |
| Proceeds from sales of equity investments | — | — | — | — | — | — | $0 | $0 | $42.2m | |
| Net (purchases) of investments, equity method | — | — | — | — | ($2.7m) | ($2.0m) | ($400k) | $0 | $0 | |
| Net (purchases)/sales of investments, equity method | ($2.4m) | ($1.4m) | ($1.1m) | $6.1m | ($200k) | ($400k) | — | — | — | |
| Acquired in-process research & development (IPR&D) expense | — | — | — | $2.0m | — | — | $2.3m | $43.6m | $34.2m | |
| Stock-based compensation | $9.8m | $10.1m | $9.9m | $4.7m | $15.7m | $26.2m | $31.7m | $42.6m | $44.9m | |
| Stock appreciation rights market adjustment | — | — | — | $497k | $446k | $732k | ($499k) | $99k | $65k | |
| Other non-cash expenses | — | — | — | — | — | $1.5m | $1.8m | $2.1m | $1.3m | |
| Trade receivables | — | — | ($4.3m) | ($17.9m) | ($12.7m) | ($19.9m) | ($19.4m) | ($8.9m) | ($13.8m) | |
| Inventory | — | — | ($1.1m) | ($2.7m) | ($609k) | $135k | ($1.1m) | ($1.8m) | $1.8m | |
| Prepaid expenses and other assets | — | — | $1.5m | ($6.6m) | ($1.6m) | ($7.5m) | $74k | ($3.0m) | $31.8m | |
| Trade payables | — | — | $4.9m | ($3.8m) | ($1.6m) | $2.8m | $8.9m | ($5.4m) | $3.9m | |
| Other liabilities | — | — | — | — | — | $20.4m | $46.5m | $11.8m | $68.0m | |
| Purchase of property and equipment | — | — | ($149k) | ($2k) | ($298k) | ($172k) | ($312k) | ($1.2m) | ($310k) | |
| Acquisition net of cash acquired | — | — | — | — | — | — | ($37.0m) | ($33.1m) | — | |
| Payment of milestones | — | — | $127.0m | $2.0m | ($100.0m) | ($40.0m) | — | ($1.0m) | ($19.2m) | |
| Payment of upfront fee related to license agreements | — | — | — | — | — | — | $0 | ($25.5m) | ($15.0m) | |
| Extinguishment of debt | — | — | — | ($102.5m) | ($200.0m) | — | ($196.5m) | — | — | |
| Extinguishment of debt exit fees | — | — | — | ($18.0m) | ($22.0m) | — | ($5.8m) | — | — | |
| Payments of employee withholding taxes related to stock-based awards | ($9.6m) | ($4.7m) | ($2.8m) | ($17k) | $0 | — | ($514k) | ($2.5m) | ($3.0m) | |
| Proceeds from exercised options | — | — | $85k | $299k | $9.4m | $8.8m | $5.1m | $6.5m | $10.2m | |
| Realized and unrealized investment gains | ($148.9m) | ($110.0m) | ($97.1m) | ($98.5m) | ($56.2m) | ($5.0m) | ($75.9m) | ($52.6m) | ($61.4m) | |
| Realized and unrealized investment losses | $28.4m | $174.7m | $10.9m | $27.4m | $47.4m | $182.6m | $61.4m | $102.1m | $72.3m | |
| Net realized and unrealized investment foreign exchange (gains)/losses | ($15.0m) | ($800k) | $27.9m | ($25.3m) | $13.0m | $15.9m | ($5.3m) | $11.2m | ($7.9m) | |
| Net change from current period hedged transactions | $2.6m | ($1.8m) | $4.8m | $300k | ($6.2m) | $15.4m | ($14.0m) | ($6.5m) | $6.7m | |
| Unrealized (gain)/loss on real estate fund in net investment income | — | — | $0 | $0 | ($20.5m) | ($14.5m) | $17.9m | $6.1m | $5.8m | |
| Reserve for losses and loss adjustment expenses | $1.3b | $402.5m | ($203.0m) | $146.9m | $483.3m | $99.1m | $99.7m | $312.0m | $602.4m | |
| Unearned premiums | $174.1m | ($91.6m) | $18.0m | $68.0m | $310.2m | $345.2m | ($31.2m) | $219.5m | $80.0m | |
| Unpaid losses recoverable from reinsurers | — | — | — | — | — | ($1.6b) | $319.9m | $405.8m | ($109.9m) | |
| Ceded unearned premiums | ($257.6m) | ($44.8m) | $116.0m | ($9.6m) | ($143.1m) | ($141.2m) | $3.8m | ($168.2m) | ($66.9m) | |
| Deferred acquisition costs | $69.4m | $41.7m | ($41.1m) | ($13.3m) | $13.2m | ($28.2m) | $22.8m | ($25.9m) | ($35.1m) | |
| Reinsurance premiums payable | $23.8m | $52.1m | $19.5m | $129.7m | $1.2m | $1.4b | ($563.5m) | ($515.5m) | ($380.8m) | |
| Underwriting premiums receivable | ($88.7m) | $31.6m | $142.8m | $79.9m | ($142.9m) | ($177.8m) | $47.1m | ($181.7m) | ($83.8m) | |
| Income tax payable and refundable | $15.9m | $1.6m | ($1.2m) | $7.6m | ($7.6m) | ($1.3m) | $3.5m | ($3.0m) | $8.8m | |
| Accrued expenses and other payables | $147.0m | ($88.2m) | ($19.3m) | $2.4m | $73.5m | ($87.0m) | $13.2m | $22.4m | $79.9m | |
| Derivative assets and derivative liabilities | — | — | — | — | $13.6m | ($21.7m) | $15.4m | $38.4m | ($25.4m) | |
| Other (1) | $500k | $500k | ($1.6m) | ($6.8m) | $100k | ($24.4m) | $62.2m | ($3.8m) | ($55.8m) | |
| (Purchases) of fixed income securities — Trading | ($1.3b) | ($1.3b) | ($1.2b) | ($281.9m) | ($866.4m) | ($724.6m) | ($418.5m) | ($544.6m) | ($436.8m) | |
| Proceeds from sales and maturities of fixed income securities — Available for sale | $2.0b | $1.6b | $2.1b | $2.4b | $1.5b | $2.2b | $1.3b | $1.9b | $2.5b | |
| Proceeds from sales and maturities of fixed income securities — Trading | $957.6m | $1.7b | $1.3b | $554.4m | $548.2m | $293.6m | $474.0m | $850.1m | $623.0m | |
| Net proceeds from catastrophe bonds — Trading | $7.4m | ($4.1m) | $7.5m | $9.8m | $14.3m | $500k | $1.5m | $500k | $1.0m | |
| Net change in (payable)/receivable for securities (purchased)/sold | ($9.9m) | ($5.5m) | ($400k) | $1.5m | $26.6m | ($31.8m) | $19.9m | $16.8m | ($36.9m) | |
| Net (purchases) of fixed assets | — | — | — | — | $64.5m | ($3.0m) | $8.9m | $17.5m | $18.1m | |
| Proceeds from term loan facility | — | — | — | — | $0 | $0 | $300.0m | $0 | $0 | |
| Repayment of term loan facility | — | — | — | — | — | — | $0 | $0 | ($300.0m) | |
| Proceeds from senior notes issued | — | — | — | — | — | — | $0 | $0 | $296.8m | |
| Redemption of preference shares (1) | ($293.2m) | $0 | ($241.6m) | $0 | $0 | $0 | $0 | ($275.0m) | $0 | |
| Preference share issuance | $0 | $0 | $241.6m | — | — | $0 | $0 | $217.0m | $0 | |
| Unpaid losses | ($943.7m) | ($575.8m) | $236.3m | $864.9m | $109.5m | $1.6b | ($319.9m) | — | — | |
| Other receivables | ($48.2m) | $29.9m | ($400k) | ($17.4m) | ($19.4m) | ($26.4m) | $11.7m | — | — | |
| Funds withheld | ($26.7m) | $8.0m | $6.8m | ($13.0m) | ($5.7m) | $1.1m | $43.6m | — | — | |
| Capital contribution | — | $0 | $0 | $268.0m | $45.0m | $0 | $0 | — | — | |
| Fair value of derivatives and settlement of liabilities under derivatives | ($16.6m) | $5.9m | $73.8m | ($87.5m) | $13.6m | ($21.7m) | — | — | — | |
| Net sales/(purchases) of fixed assets | ($35.0m) | ($27.3m) | ($22.2m) | ($40.7m) | ($64.5m) | $3.0m | — | — | — | |
| Investment in multiline reinsurer | — | $0 | $0 | ($500k) | ($2.5m) | ($1.6m) | — | — | — | |
| Proportion due to non-controlling interest | ($1.3m) | ($1.0m) | $1.2m | $0 | $0 | — | — | — | — | |
| Change in fair value of loan notes issued by variable interest entities | ($21.2m) | $4.4m | $3.1m | $0 | $0 | — | — | — | — | |
| Proceeds from the net issuance of ordinary shares, net of issuance costs | $500k | $2.7m | $1.4m | $0 | $0 | — | — | — | — | |
| Buy-out of minority interest | $0 | $0 | ($800k) | $0 | $0 | — | — | — | — | |
| Make-whole payment | $0 | ($8.6m) | ($5.5m) | $0 | $0 | — | — | — | — | |
| (Purchases) of fixed income securities — Available for sale | ($1.6b) | ($1.8b) | ($1.7b) | ($1.6b) | — | — | — | — | — | |
| (Purchases) of equity securities — Trading | ($131.3m) | ($16.5m) | $0 | $0 | — | — | — | — | — | |
| Proceeds from sales of equity securities — Trading | $316.3m | $505.6m | $0 | $0 | — | — | — | — | — | |
| Preference shares issuance | $0 | $0 | $241.6m | $0 | — | — | — | — | — | |
| Contingent consideration - earn out provision settlement | $0 | ($11.7m) | $0 | $0 | — | — | — | — | — | |
| Beginning Cash Position | — | — | — | — | — | $235.1m | $244.5m | $311.9m | $453.3m | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | — | $6.8m | ($105.6m) | ($11.0m) | ($9.0m) | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | — | ($141.8m) | ($46.4m) | ($67.5m) | ($39.6m) | |
| Change In Account Payable | — | — | — | — | — | $2.8m | $8.9m | ($5.4m) | $3.9m | |
| Change In Accrued Expense | — | — | — | — | $17.3m | $20.6m | $46.5m | — | — | |
| Change In Inventory | — | — | — | — | — | $135k | ($1.1m) | ($1.8m) | $1.8m | |
| Change In Other Current Liabilities | — | — | — | — | — | $20.4m | $46.5m | $11.8m | $68.0m | |
| Change In Payable | — | — | — | — | — | $2.8m | $8.9m | ($5.4m) | $3.9m | |
| Change In Payables And Accrued Expense | — | — | — | — | — | $2.8m | $8.9m | ($5.4m) | $3.9m | |
| Change In Prepaid Assets | — | — | — | — | — | ($7.5m) | $74k | ($3.0m) | $31.8m | |
| Change In Receivables | — | — | — | — | — | ($19.9m) | ($19.4m) | ($8.9m) | ($13.8m) | |
| Change In Working Capital | — | — | — | — | — | ($4.1m) | $35.0m | ($7.3m) | $91.8m | |
| Changes In Account Receivables | — | — | — | — | — | ($19.9m) | ($19.4m) | ($8.9m) | ($13.8m) | |
| Changes In Cash | — | — | — | — | — | $9.5m | $67.4m | $141.3m | $299.5m | |
| End Cash Position | — | — | — | — | — | $244.5m | $311.9m | $453.3m | $752.8m | |
| Financing Cash Flow | — | — | — | — | — | $6.8m | ($105.6m) | ($11.0m) | ($9.0m) | |
| Free Cash Flow | — | — | — | — | — | $144.3m | $219.1m | $218.7m | $347.9m | |
| Investing Cash Flow | — | — | — | — | — | ($141.8m) | ($46.4m) | ($67.5m) | ($39.6m) | |
| Issuance Of Capital Stock | — | — | — | — | $30.0m | $0 | $0 | — | — | |
| Net Business Purchase And Sale | — | — | — | — | — | $0 | ($37.0m) | ($34.1m) | ($19.2m) | |
| Net Intangibles Purchase And Sale | — | — | — | — | ($100.0m) | ($40.0m) | $0 | — | — | |
| Net PPE Purchase And Sale | — | — | — | — | — | ($172k) | ($312k) | ($1.2m) | ($310k) | |
| Operating Gains Losses | — | — | — | — | $26.1m | — | $9.8m | — | — | |
| Other Non Cash Items | — | — | — | — | — | $3.9m | $5.8m | $46.5m | $36.3m | |
| Proceeds From Stock Option Exercised | — | — | — | — | — | $8.8m | $5.1m | $6.5m | $10.2m | |
| Purchase Of Business | — | — | — | — | — | $0 | ($37.0m) | ($34.1m) | ($19.2m) | |
| Purchase Of Intangibles | — | — | — | — | ($100.0m) | ($40.0m) | $0 | — | — | |
| Purchase Of PPE | — | — | — | $2k | $298k | ($172k) | ($312k) | ($1.2m) | ($310k) | |
| Repurchase Of Capital Stock | — | — | — | — | — | $0 | ($100.0m) | $0 | $0 | |
| Net cash provided by operating activities | ($111.5m) | ($304.5m) | ($75.4m) | ($3.0m) | $98.6m | $144.5m | $219.4m | $219.8m | $348.2m | |
| Purchase of investment securities | — | — | ($1.7b) | ($1.6b) | ($2.2b) | ($110.7m) | ($127.5m) | ($105.3m) | ($86.2m) | |
| (Purchases) of short-term investments — Available for sale | ($130.7m) | ($130.8m) | ($182.7m) | ($216.1m) | ($17.2m) | ($55.9m) | ($265.9m) | ($334.7m) | ($216.2m) | |
| (Purchases) of short-term investments — Trading | ($96.0m) | ($16.4m) | ($193.6m) | ($58.3m) | ($26.8m) | ($7.0m) | ($15.1m) | ($5.7m) | ($20.5m) | |
| (Purchases) of privately-held investments — Available for sale | — | — | — | — | $0 | $0 | ($14.7m) | ($10.0m) | ($33.7m) | |
| (Purchases) of privately-held investments — Trading | $0 | $0 | ($287.3m) | ($92.8m) | ($205.1m) | ($377.9m) | ($99.0m) | ($57.0m) | ($78.0m) | |
| (Purchases) of other investments | $0 | ($100.0m) | $0 | $0 | ($20.0m) | ($62.5m) | ($9.3m) | ($32.5m) | ($39.5m) | |
| Net Investment Purchase And Sale | — | — | — | — | — | ($101.7m) | ($9.2m) | ($6.8m) | ($5.1m) | |
| Purchase Of Investment | — | — | — | — | — | ($110.7m) | ($127.5m) | ($105.3m) | ($86.2m) | |
| Proceeds from maturities and sales of investment securities | — | — | — | — | — | $9.1m | $118.3m | $98.5m | $81.1m | |
| Proceeds from sales and maturities of short-term investments — Available for sale | $189.5m | $113.2m | $159.0m | $246.1m | $99.6m | $13.6m | $231.0m | $167.0m | $437.9m | |
| Proceeds from sales and maturities of short-term investments — Trading | $212.0m | $78.9m | $141.1m | $103.8m | $60.8m | $2.6m | $19.5m | $6.7m | $21.7m | |
| Proceeds from sale of privately-held investments — Trading | — | $0 | $9.8m | $64.9m | $182.1m | $147.4m | $136.9m | $195.4m | $243.3m | |
| Proceeds from sales of other investments | ($500k) | $0 | $0 | $71.1m | $0 | $5.9m | $4.9m | $8.5m | $21.4m | |
| Sale of investment | $9.3m | $0 | $0 | — | — | $9.1m | $118.3m | $98.5m | $81.1m | |
| Net Other Investing Changes | — | — | — | — | — | ($40.0m) | — | ($25.5m) | ($15.0m) | |
| Net cash used in investing activities | $419.0m | $657.3m | ($127.1m) | ($2.0m) | ($100.3m) | ($141.8m) | ($46.4m) | ($67.5m) | ($39.6m) | |
| Proceeds from long-term debt | — | — | $100.0m | $200.0m | $200.0m | — | $200.0m | — | — | |
| Debt issuance costs | — | — | ($5.2m) | ($5.8m) | ($9.2m) | — | ($3.0m) | — | — | |
| Long-term debt and loan notes issued by variable interest entities | ($70.6m) | ($44.0m) | $100k | $100k | $0 | $0 | — | — | — | |
| Repayment of long-term debt issued by Silverton | ($115.6m) | ($86.4m) | ($7.7m) | $0 | $0 | — | — | — | — | |
| Issuance Of Debt | — | — | — | — | — | $0 | $200.0m | $0 | $0 | |
| Long Term Debt Issuance | — | — | — | — | — | $0 | $200.0m | $0 | $0 | |
| Net Issuance Payments Of Debt | — | — | — | — | — | ($2.0m) | ($1.2m) | ($15.0m) | ($16.2m) | |
| Net Long Term Debt Issuance | — | — | — | — | — | ($2.0m) | ($1.2m) | ($15.0m) | ($16.2m) | |
| Principal repayment of long-term debt | — | — | — | — | ($500k) | ($2.0m) | ($4.8m) | ($15.0m) | ($16.2m) | |
| Repayments of Short-Term Debt | — | — | — | — | $0 | $0 | ($300.0m) | $0 | $0 | |
| Long-term debt repayment | $0 | ($125.0m) | ($125.0m) | $0 | $0 | — | — | — | — | |
| Long Term Debt Payments | — | — | — | — | — | ($2.0m) | ($201.2m) | ($15.0m) | ($16.2m) | |
| Repayment Of Debt | — | — | — | — | — | ($2.0m) | ($201.2m) | ($15.0m) | ($16.2m) | |
| Common Stock Issuance | — | — | — | — | $30.0m | $0 | $0 | — | — | |
| Net Common Stock Issuance | — | — | — | — | — | $0 | ($100.0m) | $0 | $0 | |
| Repurchase of common stock | ($30.0m) | $0 | ($100k) | ($167k) | $0 | — | ($100.0m) | — | — | |
| Payments of Ordinary Dividends, Common Stock | ($56.2m) | ($42.9m) | $0 | $0 | $0 | $40.0m | $40.3m | $195.0m | $0 | |
| Common Stock Payments | — | — | — | — | — | $0 | ($100.0m) | $0 | $0 | |
| Dividends paid on preference shares | ($36.2m) | ($30.5m) | ($35.9m) | ($44.5m) | ($44.5m) | ($44.6m) | ($49.9m) | ($54.9m) | ($45.5m) | |
| Dividends paid to non-controlling interest | ($100k) | ($100k) | $0 | $0 | $19.8m | $16.4m | $20.1m | $17.3m | $14.7m | |
| Net Other Financing Charges | — | — | — | — | ($31.5m) | — | ($9.4m) | ($2.5m) | ($3.0m) | |
| Net cash used in financing activities | ($540.4m) | ($307.2m) | $143.8m | $209.2m | $7.4m | $6.8m | ($105.6m) | ($11.0m) | ($9.0m) | |
| Effect of exchange rate movements on cash and cash equivalents | $13.9m | ($16.7m) | $1.1m | $14.8m | ($8.1m) | ($18.8m) | $6.6m | ($8.1m) | $14.5m | |
| NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ($219.0m) | $28.9m | ($58.8m) | $204.2m | $5.7m | $9.5m | $67.4m | $141.3m | $299.5m | |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH-Beginning of period | — | — | $25.2m | $229.4m | $235.1m | $244.5m | $311.9m | $453.3m | $752.8m | |
| Cash and cash equivalents at beginning of period | — | $32.0m | $1.1b | $1.0b | $1.7b | $1.3b | $959.2m | $1.0b | $914.2m | |
| Restricted cash | — | — | — | $296.0m | $364.9m | $232.1m | $323.2m | — | — | |
| Cash and cash equivalents at end of period | $156.3m | $1.1b | $1.0b | $1.7b | — | — | — | — | — | |
| Change In Cash Supplemental As Reported | — | — | — | — | — | $9.5m | $67.4m | $141.3m | $299.5m | |
| Cash paid during the year for interest | ($100k) | ($100k) | $4.2m | $26.2m | $19.8m | $16.4m | $20.1m | $17.3m | $14.7m | |
| Interest paid on long-term debt | $29.0m | $25.3m | $19.0m | $14.0m | $14.0m | $14.3m | $15.6m | $20.5m | $17.4m | |
| Cash paid during the year for income taxes net of refunds received | $3.4m | ($300k) | ($4.7m) | $15.0m | $2.9m | $12.6m | $48.2m | $79.6m | $19.8m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.