Pharma Mar (PHM) Q3 2025 earnings summary

Executive summary

• Group revenue rose 3% year-on-year in the first nine months of 2025 to €130.9 million, with recurring revenue up 6% to €105.6 million and non-recurring revenue down 7% to €25.4 million.

• Net income for the period was €15.3 million, more than doubling from €7.4 million in the same period of 2024.

• EBITDA reached €23.1 million, significantly higher than €6.3 million in the prior year, driven by increased revenue and recognition of a European subsidy.

Financial highlights

• Product sales totaled €62.4 million, royalties €43.2 million, and licensing/development agreements €25.3 million for the period.

• Gross profit increased to €122.4 million from €119.6 million year-on-year.

• Operating profit rose to €17.1 million from €1.6 million, reflecting higher other gains and lower R&D expenses.

• Cash and financial assets stood at €147.5 million at period end, with a net cash position of €100.0 million.

• Operating cash flow was €19.5 million, up from €4.3 million, mainly due to the European IPCEI grant.

Outlook and guidance

• Net cash position is expected to support planned development and R&D expenditure without liquidity concerns.

• Results from the LAGOON Phase III trial in SCLC are expected in the first half of 2026.