Pharming Group NV
AEX:PHARM
Pharming Group NV
Pharming Group NV is a holding company, which engages in the development of pharmaceutical products for the treatment of rare diseases and unmet medical needs. The company is headquartered in Leiden, Zuid-Holland and currently employs 321 full-time employees. The firm is engaged in the development, production and commercialization of human therapeutic proteins to be used in the therapies. The firm's product portfolio is aimed at treatments for genetic disorders, blood-related disorders, infectious and inflammatory diseases, tissue and bone damage and surgical/traumatic bleeding. Its core product, RUCONEST (conestat alfa) is a recombinant human C1 esterase inhibitor approved for the treatment of acute Hereditary Angioedema (HAE) attacks in patients in Europe, the Unites States, Israel and South Korea. The product is available on a named-patient basis in other territories where it has not yet obtained marketing authorization.
Pharming Group NV is a holding company, which engages in the development of pharmaceutical products for the treatment of rare diseases and unmet medical needs. The company is headquartered in Leiden, Zuid-Holland and currently employs 321 full-time employees. The firm is engaged in the development, production and commercialization of human therapeutic proteins to be used in the therapies. The firm's product portfolio is aimed at treatments for genetic disorders, blood-related disorders, infectious and inflammatory diseases, tissue and bone damage and surgical/traumatic bleeding. Its core product, RUCONEST (conestat alfa) is a recombinant human C1 esterase inhibitor approved for the treatment of acute Hereditary Angioedema (HAE) attacks in patients in Europe, the Unites States, Israel and South Korea. The product is available on a named-patient basis in other territories where it has not yet obtained marketing authorization.
Revenue: Pharming reported full-year 2025 revenue of $376.1 million, up 27% year‑on‑year and Q4 revenue of $106.5 million, up 15% versus Q4 2024.
Profitability: The company returned to operating profit in 2025, with management citing $26 million of operating profit and adjusted operating profit of $36.4 million versus a loss in 2024.
Cash: Year-end cash and marketable securities were about $181 million, supported by operating cash flow (reported $54.7 million / CEO referenced $55 million) despite $68 million used for the Abliva acquisition.
Product performance: RUCONEST remains the stable cash engine (full‑year growth 26%); Joenja is the growth driver (full‑year $58 million, +29%), with Q4 Joenja revenue of $19.8 million (+53% YoY) and 120 patients on paid therapy in the U.S.
Guidance: 2026 revenue guidance of $405 million to $425 million (growth ~8%–13%); operating expense guidance $330 million to $335 million, with >$60 million incremental R&D investment.
Regulatory & pipeline: FDA Type A meeting for Joenja pediatric resubmission scheduled end of March; CHMP opinion expected later this month for EU MAA; PMDA decision expected by end of March for Japan. Two leniolisib Phase II trials completed enrollment; napazimone pivotal study enrollment expected to complete in 2026 with a 2027 readout.
Near-term headwinds: Q1 2026 RUCONEST revenue expected to show inventory-driven headwind of about 7%–9% YoY; management expects some early-2026 pressure but mid-single-digit RUCONEST growth for the full year at the guidance midpoint.
