Pharma Mar (PHM) investor relations material

Executive summary

• Total revenue for Q1 2026 increased by 10% year-over-year to €42.9 million, with recurring revenue up 7% to €40.5 million and non-recurring revenue up 137% to €2.4 million.

• EBITDA improved to €2.7 million from -€1.1 million in Q1 2025, and net income reached €1.5 million versus a €3.9 million loss a year earlier.

• Cash and cash equivalents rose to €168.5 million, with financial debt reduced to €44.7 million, resulting in a net cash position of €123.8 million.

• EthiFinance Ratings upgraded the long-term credit rating from "BB+" to "BBB" with a stable outlook.

Financial highlights

• Net sales increased by 2.5% to €23.7 million, driven by Zepzelca® revenues in Europe, which rose 16.1%.

• Oncology royalty revenue grew 14% to €16.8 million, with Zepzelca® US royalties at €13.3 million and Yondelis® royalties at €3.5 million.

• Non-recurring revenue from licensing agreements surged 137% to €2.4 million.

• Operating profit turned positive at €0.6 million, compared to a €3.1 million loss in Q1 2025.

• Positive operating cash flow of €8.6 million, compared to negative €6.3 million in Q1 2025.

Outlook and guidance

• EMA's CHMP issued a positive opinion recommending Zepzelca® with atezolizumab as first-line maintenance for small cell lung cancer in the EU; EU marketing authorization expected within two months.

• Recruitment for the Phase III SaLuDo trial in leiomyosarcoma expected to complete in H1 2026, with data in H1 2027.

• Results from the LAGOON Phase III trial in recurrent small cell lung cancer expected mid-2026.