Harmony Biosciences vs Novavax
Novavax reported revenue of $1.1 billion in fiscal 2025, 1.3 times Harmony Biosciences' $868 million in fiscal 2025. Harmony Biosciences' revenue grew 21.5% in its latest year, and Novavax's grew 64.7%. Harmony Biosciences had an operating margin of 24.0%, against 40.3% at Novavax. Free cash flow was $348 million at Harmony Biosciences and −$250 million at Novavax.
Side by side
| Harmony Biosciences | Novavax | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $868M | $1.1B |
| Revenue growth | 21.5% | 64.7% |
| Revenue growth a year, last 5 years | 40.3% | 18.8% |
| Gross margin | 77.2% | 93.5% |
| Operating margin | 24.0% | 40.3% |
| Net margin | 18.3% | 39.2% |
| Free cash flow | $348M | −$250M |
| Free cash flow margin | 40.1% | −22.3% |
| Return on capital | 48.9% | — |
| Net debt to EBITDA | — | −1.0x |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 1.2% | 13.7% |
| Last close | $33.11 | $10.78 |
| P/E at the last close | 10.9× | — |
| Insider trades, last 12 months | sold $6.0 million | — |
| Piotroski F-score | 5 of 9 | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Harmony BiosciencesNovavax
Operating margin
Percent of revenue
Harmony BiosciencesNovavax
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Harmony BiosciencesNovavax
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Harmony Biosciences and Novavax pages.