Harmony Biosciences Holdings: Strong Financial Performance and Promising Pipeline Drive Buy RatingValuation and Risks. We assess Harmony using a discounted cash flow (DCF)- and sum-of-the-parts (SOTP)- based methodology. We assign probabilities of success to pitolisant GR in NT1, NT2, and IH of 60%, pitolisant HD in NT1, NT2, and IH of 60%, EPX100 in Dravet syndrome of 80%, and EPX100 in Lennox-Gastaux syndrome of 80%. We employ a 12% discount rate and a terminal multiple of 6.0x. Taken together, these assumptions yield a total firm value of approximately $3B and price target of $55.