Harmony Biosciences is developing CBD gel for rare conditions, with positive sales projections.

Harmony Biosciences, not a traditional cannabis stock, is developing a synthetic CBD gel called ZYN-002 for rare neuropsychiatric conditions. The drug is being evaluated in a phase III study for Fragile X Syndrome, a rare genetic disorder affecting over 200,000 people. Positive data could lead to approval and further development for 22q11.2 deletion syndrome.

Harmony also markets Wakix, the only non-controlled substance FDA-approved treatment for narcolepsy. First-quarter 2025 sales rose 20% year over year to $185 million, with a cash balance of $610 million. The company expects 2025 sales between $820-$860 million, driven by continued demand for Wakix and upcoming next-generation formulations.

Despite facing competition in neuroscience and sleep disorder markets, Harmony Biosciences is actively expanding its pipeline. The company’s stock has dropped 7% year to date, in contrast to the industry’s 1% decline. EPS estimates for 2025 and 2026 show mixed movements, with upcoming catalysts like the RECONNECT study results and epilepsy data readouts expected next year.

Read more at Nasdaq: Here’s Why Harmony Biosciences Is an Unconventional Cannabis Investment