Pharming Group N.V.
Pharming develops and sells medicines for rare immune and genetic diseases, with treatments already on the market and others in clinical development.
Overview
Latest results
Jan–Sep 2026 · Reported in USD
Latest financial publication
Preliminary Q3 and nine-month 2026 results
Investment Thesis
Joenja must broaden the business faster than RUCONEST slows
European Tech Equities analysis ·
A second product needs to become a second earnings engine
Pharming Group N.V. has a commercial business to build from. RUCONEST treats acute hereditary angioedema attacks, while Joenja treats the rare immune disorder APDS. The case rests on expanding Joenja into more countries and eligible patients while protecting the cash and earnings generated by RUCONEST. Growth in the newer medicine has to outweigh pressure on the larger product and the cost of those launches.
Both medicines grew, with some timing effects
Preliminary Q3 sales reached $93.8 million for RUCONEST and $23.8 million for Joenja, up 14% and 58% respectively. Joenja benefited from more patients and its German and Japanese launches. However, some of the increase in both products came from inventory and ordering patterns, so the quarter should not simply be multiplied by four to estimate annual demand.
Diagnosis and access determine the reachable market
Global medicine budgets are growing, but APDS is a small, specific market within them. European authorisation creates an opening, while reimbursement and patient identification determine how much of it becomes revenue. The Japanese launch followed inclusion on the national insurance drug-price list, illustrating why approval and access are separate steps. Expansion into other immune disorders would widen the opportunity only if additional trials establish benefit and regulators agree.
Higher sales support a narrower annual outlook
Preliminary Q3 revenue of about $117.6 million was 21% above the previous year. Pharming narrowed its 2026 revenue guidance to $380–390 million and lowered its operating-expense outlook to $310–315 million. Those are management forecasts, not final annual results. The latest complete accounts remain H1, when the company reported a $3.6 million operating loss and $7.7 million of operating cash outflow.
Keep marketed drugs and trial possibilities separate
The strongest valuation foundation is cash that RUCONEST and approved Joenja uses can produce after selling, manufacturing and development costs. New patient groups and countries can then be assessed against actual starts and continuing treatment. Unapproved indications belong in separate, probability-weighted scenarios. Otherwise, a small diagnosed population can turn into an enormous spreadsheet population without a corresponding route to prescriptions.
What would weaken the case
- RUCONEST loses revenue faster than Joenja adds it, reducing the funds available for expansion.
- Finding APDS patients and securing reimbursement proves slower or more expensive than planned.
- Manufacturing setbacks or disappointing pipeline results add costs without creating new revenue.
Sources
- Pharming second-quarter and first-half 2026 results
- FDA · RUCONEST prescribing information
- EMA · Joenja approval, clinical evidence and restrictions
- Preliminary Q3 2026 revenue and revised results date
- Pharming · U.S. Joenja paediatric approval, 11 September 2026
- IQVIA Institute · Global medicine spending outlook, March 2026
- Joenja · Japan launch, 13 August 2026
- Pharming · development pipeline
Financials
The business in numbers
Latest
Income statement
| For the periodUSD million | Preliminary 9M 2026 |
|---|---|
| Revenue | 280.20 |
| Gross profit | 243.70 |
| Gross margin | 87.0% |
| Operating profit (EBIT) | 26.30 |
| Operating margin | 9.4% |
| Net income | 18.90 |
Cash flow
Balance sheet
Sources and details
Q3 and nine-month 2026 results are preliminary and unaudited. The release reports revenue, gross profit, operating profit, net profit and operating cash flow for both periods. The US$190.9 million total combines cash, restricted cash and marketable securities, so it is not presented as cash alone; detailed balance-sheet values retain the H1 date.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
H1 2025 · H1 2026 report pp. 12, 16; 2025 comparatives
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS; amounts in US dollars. Net profit is the group result including non-controlling interests; EPS is attributable to ordinary shareholders. Cash excludes restricted cash and separately reported marketable securities. From April 2026, money-market funds are classified as cash equivalents; the $117.796m reclassification is not operating cash generation. Debt includes convertible bonds and leases. Cash after investment subtracts cash purchases of tangible and intangible assets from operating cash flow, excluding acquisitions, securities transactions and financing payments. The 2025 accounts include the Abliva acquisition. Missing interim balance-sheet comparatives remain blank.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Q3 and nine-month 2026 results are preliminary and unaudited. The release reports revenue, gross profit, operating profit, net profit and operating cash flow for both periods. The US$190.9 million total combines cash, restricted cash and marketable securities, so it is not presented as cash alone; detailed balance-sheet values retain the H1 date.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
FY 2024 · Annual report printed pp. 124, 126, 128; 2024 comparatives
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS; amounts in US dollars. Net profit is the group result including non-controlling interests; EPS is attributable to ordinary shareholders. Cash excludes restricted cash and separately reported marketable securities. From April 2026, money-market funds are classified as cash equivalents; the $117.796m reclassification is not operating cash generation. Debt includes convertible bonds and leases. Cash after investment subtracts cash purchases of tangible and intangible assets from operating cash flow, excluding acquisitions, securities transactions and financing payments. The 2025 accounts include the Abliva acquisition. Missing interim balance-sheet comparatives remain blank.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Q3 and nine-month 2026 results are preliminary and unaudited. The release reports revenue, gross profit, operating profit, net profit and operating cash flow for both periods. The US$190.9 million total combines cash, restricted cash and marketable securities, so it is not presented as cash alone; detailed balance-sheet values retain the H1 date.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
H1 2025 · H1 2026 report pp. 12, 16; 2025 comparatives
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS; amounts in US dollars. Net profit is the group result including non-controlling interests; EPS is attributable to ordinary shareholders. Cash excludes restricted cash and separately reported marketable securities. From April 2026, money-market funds are classified as cash equivalents; the $117.796m reclassification is not operating cash generation. Debt includes convertible bonds and leases. Cash after investment subtracts cash purchases of tangible and intangible assets from operating cash flow, excluding acquisitions, securities transactions and financing payments. The 2025 accounts include the Abliva acquisition. Missing interim balance-sheet comparatives remain blank.
Quarterly
Income statement
| For the periodUSD million | Preliminary Q3 2026 |
|---|---|
| Revenue | 117.60 |
| Gross profit | 102.20 |
| Gross margin | 86.9% |
| Operating profit (EBIT) | 29.90 |
| Operating margin | 25.4% |
| Net income | 22.40 |
Cash flow
| For the periodUSD million | Preliminary Q3 2026 |
|---|---|
| Operating cash flow | 32.40 |
Sources and details
Q3 and nine-month 2026 results are preliminary and unaudited. The release reports revenue, gross profit, operating profit, net profit and operating cash flow for both periods. The US$190.9 million total combines cash, restricted cash and marketable securities, so it is not presented as cash alone; detailed balance-sheet values retain the H1 date.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS; amounts in US dollars. Net profit is the group result including non-controlling interests; EPS is attributable to ordinary shareholders. Cash excludes restricted cash and separately reported marketable securities. From April 2026, money-market funds are classified as cash equivalents; the $117.796m reclassification is not operating cash generation. Debt includes convertible bonds and leases. Cash after investment subtracts cash purchases of tangible and intangible assets from operating cash flow, excluding acquisitions, securities transactions and financing payments. The 2025 accounts include the Abliva acquisition. Missing interim balance-sheet comparatives remain blank.
Year to date
Income statement
| For the periodUSD million | Preliminary 9M 2026 |
|---|---|
| Revenue | 280.20 |
| Gross profit | 243.70 |
| Gross margin | 87.0% |
| Operating profit (EBIT) | 26.30 |
| Operating margin | 9.4% |
| Net income | 18.90 |
Cash flow
| For the periodUSD million | Preliminary 9M 2026 |
|---|---|
| Operating cash flow | 24.70 |
Sources and details
Q3 and nine-month 2026 results are preliminary and unaudited. The release reports revenue, gross profit, operating profit, net profit and operating cash flow for both periods. The US$190.9 million total combines cash, restricted cash and marketable securities, so it is not presented as cash alone; detailed balance-sheet values retain the H1 date.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS; amounts in US dollars. Net profit is the group result including non-controlling interests; EPS is attributable to ordinary shareholders. Cash excludes restricted cash and separately reported marketable securities. From April 2026, money-market funds are classified as cash equivalents; the $117.796m reclassification is not operating cash generation. Debt includes convertible bonds and leases. Cash after investment subtracts cash purchases of tangible and intangible assets from operating cash flow, excluding acquisitions, securities transactions and financing payments. The 2025 accounts include the Abliva acquisition. Missing interim balance-sheet comparatives remain blank.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Preliminary Q3 and nine-month 2026 results
Pharming shares early evidence for wider use of leniolisib
October’s presentation adds detail to a small study in immune disorders. With 13 participants and no control group, the findings remain early.
Pharming presents positive Phase II topline data for leniolisib in genetic PIDs with immune dysregulation at ESID 2026
Pharming announces CEO transition
Pharming announces U.S. FDA acceptance and Priority Review of sNDA for lower doses of Joenja® to treat children with APDS
Interviews
Interviews are coming soon
No interviews with Pharming Group N.V. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
Q3 2026 (preliminary, unaudited) · Published Oct 27, 2026 · Checked Oct 27, 2026
9M 2026 (preliminary, unaudited) · Published Oct 27, 2026 · Checked Oct 27, 2026
Preliminary Q3 2026 · Published Oct 22, 2026 · Checked Oct 23, 2026
H1 2026 · Published Jul 30, 2026 · Checked Sep 10, 2026
FY 2025 · Published Apr 2, 2026 · Checked Sep 10, 2026
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