Pharming Group N.V. reported fourth‑quarter 2025 results on March 12, 2026, with revenue of $106.5 million and earnings per share of $0.07. The earnings figure surpassed the lower consensus estimate of $0.01 but fell short of the higher estimate of $0.15, reflecting a mixed view of the company’s profitability.
Revenue was driven by a 9 % year‑over‑year increase in RUCONEST sales, which rose to $86.7 million thanks to a price increase in the United States and higher volume, and a 53 % jump in Joenja sales to $19.8 million, driven by a sharp rise in volume.
Operating profit improved to $25.8 million from a loss of $8.6 million in 2024, while net profit turned positive at $2.5 million versus a $11.8 million loss the previous year. The turnaround was largely attributable to the stronger revenue mix and disciplined cost management.
Management guided 2026 total revenue to $405 million–$425 million, an 8 %–13 % increase over the prior year, and operating expenses to $330 million–$335 million. The outlook signals confidence in continued growth while maintaining a focus on cost discipline.
Strategic moves announced include the decision to discontinue RUCONEST sales outside the United States, a shift of resources toward pipeline development, and the receipt of a Complete Response Letter from the U.S. FDA for the sNDA of Joenja in children with APDS. The company also highlighted upcoming milestones for leniolisib and napazimone in 2026.
Investors responded cautiously to the results, reflecting concerns about the company’s strategic shift and the impact of the FDA letter on future revenue streams.
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