PHARMING GROUP N.V.

Recommendation history

• 2026-05-07HoldHold: Pharming reaffirmed 2026 revenue guidance of $405–425 million, or 8%–13% growth, but Q1 revenue fell 8% to $72.4 million as RUCONEST declined 15%. Joenja is the clear growth engine—revenue rose 34% to $14.1 million—but the investment case still depends on pediatric approval, international launches and successful PID readouts, while management provided no quantitative disclosure on Ekterly switching or RUCONEST® retention.
• FY 2025HoldPharming delivered a strong 2025—revenue rose 27% to $376.1 million, operating profit reached $26 million, and operating cash flow was $54.7 million—but 2026 guidance of $405–425 million implies only 8%–13% growth while operating expenses rise to $330–335 million. Joenja’s 53% Q4 growth and RUCONEST’s resilience support the bull case, but the unresolved FDA pediatric CRL, HAE competition, and binary pipeline readouts make the shares a hold rather than a clean buy.
• 2025-11-06BuyBuy: Pharming delivered a strong Q3, with revenue up 30% to $97.3 million, operating profit near 4x higher at $15.8 million, 93% gross margin and $32 million operating cash flow. Both RUCONEST and Joenja are gaining momentum, supporting raised FY2025 revenue guidance of $365–375 million; the main tension is whether RUCONEST can withstand oral competition and whether Joenja’s unproven VUS/prevalence upside materializes.
• H1 2025HoldHold: Pharming delivered a strong Q2, with revenue up 26%, RUCONEST revenue up 28% to $80.4 million, operating profit of $12.9 million, and 2025 revenue guidance raised to $335–$350 million. The bull case is durable RUCONEST cash generation plus accelerating Joenja patient uptake; however, Joenja’s VUS reclassification opportunity remains timing-dependent, while sebetralstat introduces an unquantified competitive risk and the larger pipeline remains several years from readout.
• 2025-05-08HoldHold: Pharming delivered a strong Q1, with revenue up 42%, RUCONEST up 49% to $68.6 million, Joenja up 9% to $10.5 million, and adjusted operating profit of $0.8 million excluding $7.8 million of Abliva costs. The raised FY2025 revenue outlook of $325–340 million is encouraging, but Joenja’s still-slow patient conversion, an unquantified $10 million G&A reduction, tariff exposure, and cash falling to $108.9 million after the Abliva acquisition keep this from being a clean buy.
• FY 2024HoldHold: Pharming delivered strong 2024 execution, with revenue up 21% to $297 million, RUCONEST revenue up 11% to $252 million and Joenja revenue up 147% to $45 million, but 2025 guidance of $315–$335 million implies only 6%–13% growth. The core franchise remains resilient and Joenja has substantial expansion potential, yet the outlook is offset by new HAE competition, a $30 million 2025 Abliva cost burden, unresolved CMC and regulatory milestones, and limited quantified evidence for the larger pipeline opportunities.
• 2024-10-24HoldHold: Pharming delivered solid execution—9M revenue rose 25% to $204.5 million, including RUCONEST revenue of $172.6 million (+12%) and Joenja revenue of $32 million—but Joenja’s U.S. ramp is slowing after reaching roughly half of known patients. The $280-$295 million FY2024 revenue outlook remains intact, yet near-term upside depends on unproven VUS conversion, international reimbursement, pediatric expansion and a successful CEO transition, while the company remained at a $15.3 million 9M operating loss.