Pharming Group (PHARM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues were $72.4 million, down 8% year-over-year, mainly due to anticipated RUCONEST® inventory drawdowns and exit from non-U.S. markets, partially offset by strong Joenja® growth.

• Joenja® revenue grew 34% year-over-year, driven by a 25% increase in U.S. patients and international expansion, with regulatory milestones achieved in Japan and Europe.

• Disciplined cost management maintained positive operating cash flow of $2.0 million and supported continued pipeline investment.

• 2026 total revenue guidance reaffirmed at $405–425 million, representing 8–13% growth.

• Pipeline progress included completion of enrollment for napazimone pivotal trial and Phase II leniolisib studies in broader PIDs.

Financial highlights

• RUCONEST® revenue declined 15% year-over-year to $58.4 million due to inventory drawdowns and non-U.S. market exit; Joenja® revenue grew 34% to $14.1 million.

• Gross profit for Q1 2026 was $65.8 million, down 7% from Q1 2025.

• Operating loss was $4.9 million, improved from a $7.0 million loss in Q1 2025; adjusted operating profit declined due to lower revenue and higher R&D.

• Net loss narrowed to $5.2 million from $14.9 million in Q1 2025, aided by lower tax expense and favorable currency effects.

• Cash and marketable securities totaled $171.8 million, down $9.3 million mainly due to a $12.3 million lease termination payment.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $405–425 million (8–13% growth), with expected quarterly fluctuations.

• Operating expenses projected at $330–335 million, including $60 million incremental R&D and $9 million G&A cost reductions.

• Gross margin expected to be approximately 90%.

• Joenja® growth expected to accelerate with launches in Japan and Europe and anticipated U.S. pediatric label approval.

• Available cash and future operating cash flows expected to fully support all pipeline investments and pre-launch activities.