Pharma Mar (PHM) Q4 2025 earnings summary

Executive summary

• Achieved significant strategic and financial progress in 2025, highlighted by U.S. and Swiss approvals of Zepzelca as first-line maintenance therapy for small cell lung cancer and strong revenue growth.

• FDA approved Zepzelca® with Tecentriq® for first-line maintenance; EMA application submitted for Europe, with anticipated approval in 2026.

• Entered a major licensing agreement with Merck for Zepzelca® in Japan, receiving €22 million upfront, and approvals in Uruguay and Ecuador.

• Advanced clinical pipeline with ongoing Phase III trials (LAGOON, SaLuDo) and early-stage compounds PM534 and PM54.

• Net profit surged 187% year-over-year to €75.0 million, driven by strong revenue growth and milestone payments.

Financial highlights

• Total revenue increased 27% year-over-year to €221.4 million, driven by sales (+20%), royalties (+4%), and licensing income (+67%).

• EBITDA reached €68.1 million, approximately five times higher than the previous year.

• Net profit was €75 million, with operating cash flow of €53 million.

• Recurring revenue (sales + royalties) increased 12% to €143.5 million; non-recurring revenue (licensing) up 66% to €77.9 million.

• Cash and financial investments totaled €167.8 million at year-end; debt reduced to €46.6 million.

Outlook and guidance

• Expects continued sales and royalty growth in 2026, supported by potential European approval and expanded U.S. use of Zepzelca.

• Commercial expenditure projected to grow by 30% over the next two years to support launches.

• Anticipates EMA opinion on Zepzelca in first-line maintenance in Q1, with possible European launch in H2 2026.

• LAGOON trial top-line results expected in H2 2026; SaLuDo trial enrollment to complete in H1 2026.

• Dividend of €1.00 per share proposed, up to €18 million, to be charged to unrestricted reserves.