Pharming Group (PHARM) H1 2024 earnings summary

Executive summary

• Q2 2024 revenues grew 35% year-over-year to $74.1M, driven by strong RUCONEST and Joenja growth, with 91 U.S. patients on Joenja therapy at quarter end.

• RUCONEST sales increased 23% in Q2 and 16% in H1 2024 year-over-year, with strong U.S. demand and new patient enrollments up 18%.

• Joenja Q2 revenue was $11.1M (+16% sequentially), with H1 2024 revenue at $20.7M (+44% year-over-year); global expansion and regulatory reviews ongoing.

• Continued expansion of Joenja into new geographies and indications, with significant growth potential from VUS resolution and pediatric label expansion.

• Positive cash flow from RUCONEST supports Joenja launches and pipeline development.

Financial highlights

• Q2 2024 revenues up 35% year-over-year to $74.1M; H1 2024 revenues up 33% to $129.7M; gross margin stable at 89% in Q2 and 87% in H1.

• Q2 2024 gross profit was $66.1M (+34% year-over-year); H1 2024 gross profit $113.3M (+29%).

• Net loss for Q2 2024 was $1.2M; H1 2024 net loss was $13.7M.

• Cash and marketable securities at June 30, 2024, were $161.8M, down from $215.0M at year-end, mainly due to bond refinancing and increased receivables.

• Joenja U.S. revenue nearly tripled to $11.1M in Q2; gross-to-net discount stable at 15%.

Outlook and guidance

• 2024 revenue guidance reaffirmed at $280M–$295M, representing 14–20% growth.

• Joenja expected to drive significant growth, with new patients from VUS resolution and pediatric expansion in 2025–2026.

• Ex-U.S. Joenja launches expected in Japan, UK, EU, Canada, and Australia, with regulatory milestones in 2025–2026.

• Phase II clinical trial for leniolisib in PIDs with immune dysregulation to be initiated in 2024.

• No material cash burn expected before potential acquisitions or in-licensing deals.