Pharming Group (PHARM) Q4 2025 earnings summary

Executive summary

• Achieved 27% year-over-year revenue growth in 2025, reaching $376.1 million, driven by strong RUCONESTⓇ and Joenja® demand, and shifted to operating profitability from a loss in 2024.

• Generated $54.7 million positive operating cash flow in 2025, with cash and equivalents rising to $181.1 million at year-end, despite the Abliva acquisition.

• Expanded late-stage pipeline with two programs targeting billion-dollar sales potential, including the addition of napazimone (KL1333) for mitochondrial disease.

• Expanded patient base for both RUCONESTⓇ and Joenja®, with significant growth in the U.S. and international markets.

Financial highlights

• FY 2025 revenues grew 27% to $376.1 million; Q4 revenues were $106.5 million, up 15% year-over-year.

• RUCONESTⓇ full-year revenue up 26% to $317.9 million; Joenja® up 29% to $58.2 million.

• Adjusted operating profit for 2025 was $36.4 million, compared to a loss of $8.6 million in 2024.

• Gross margin for 2025 was 88% (gross profit of $330.6 million on $376.1 million revenue), remaining stable despite a $5 million Joenja sales milestone payment.

• Cash and marketable securities increased to $181.1 million, even after $68 million spent on the Abliva acquisition.

Outlook and guidance

• 2026 revenue guidance set at $405–$425 million (8–13% growth); operating expenses expected at $330–$335 million, including over $60 million in incremental R&D investments and $9 million G&A cost reductions.

• Joenja® growth in 2026 expected to be 10 percentage points higher than 2025, with 70–75% of growth from the U.S.

• No additional milestone payments expected in 2026; gross margin estimated at 90%.

• Key 2026 milestones include Phase II leniolisib readouts in PIDs and completion of FALCON study enrollment for napazimone.