Pharma Mar (PHM) Q2 2025 earnings summary

Executive summary

• Total revenues increased by 18% year-over-year to €95.3 million in the first half of 2025, reflecting strong momentum and a solid financial position.

• EBITDA improved to €25.1 million from a loss of €0.8 million in the prior year, driven by licensing income and subsidies.

• Net profit rose to €19.4 million, over 5x higher than the prior year period.

• Major regulatory milestones achieved for Zepzelca, including FDA priority review and EMA submission for SCLC.

• Oncology segment drove sales and royalty income, with nearly 50% of revenues reinvested in R&D.

Financial highlights

• Recurring revenues increased 5% year-over-year to €72.2 million, with net sales up 9% to €45.8 million.

• Non-recurring revenues surged 87% to €23 million, mainly from a new Zepzelca license agreement in Japan.

• Royalty income remained flat, with U.S. royalties impacted by increased competition and unfavorable FX rates.

• R&D expenses decreased by 7% compared to the same period last year, totaling €47.5 million.

• Cash and equivalents plus investments totaled up to €182.9 million at period end, with net cash position at €80.6 million.

Outlook and guidance

• EMA review for first-line maintenance treatment in small cell lung cancer expected to conclude by Q1 2026, with European launch planned for H1 2026.

• FDA PDUFA date for Zepzelca set for October 7, 2025; additional regulatory reviews ongoing in Israel, Switzerland, Australia, and Singapore.

• R&D spending expected to intensify in coming quarters due to new early-stage clinical developments.

• SCLC trial results (LAGOON) anticipated in 1H26, with potential for expanded indications.

• Pre-launch activities, market access, and sales network preparations underway in Europe.