Education
About Us
Working with TipRanks
Follow Us
Pharming Group N.V. (NL:PHARM)
:PHARM
Top Page
Pharming Group
(OTC:PHARM)
Select Model
Select Model
Rating:65Neutral
Price Target:
€1.00
▼(-16.67% Downside)
Pharming Group's overall stock score is driven by strong technical indicators and positive earnings call sentiment, reflecting growth and expansion. However, profitability challenges and valuation concerns weigh on the score.
Pharming Group (PHARM) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€859.18M
Dividend YieldN/A
Average Volume (3M)19.09M
Price to Earnings (P/E)―
Beta (1Y)1.25
Revenue Growth21.62%
EPS Growth38.07%
CountryNL
Employees404
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)<0.01
Shares Outstanding685,147,640
10 Day Avg. Volume18,579,731
30 Day Avg. Volume19,089,024
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€2.45Price Target Upside104.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Pharming Group Business Overview & Revenue Model
Company DescriptionPharming Group (PHARM) is a biopharmaceutical company focused on developing innovative therapies for rare diseases and unmet medical needs. The company specializes in the development of recombinant human proteins, particularly its lead product, Ruconest, which is used for the treatment of hereditary angioedema (HAE). Pharming operates primarily in the biopharmaceutical sector, with a commitment to improving patient outcomes through advanced therapeutic solutions.
How the Company Makes MoneyPharming Group generates revenue primarily through the sale of its product, Ruconest, which is marketed for the treatment of hereditary angioedema. The company earns money by selling this medication directly to healthcare providers and through partnerships with pharmaceutical distributors. Additionally, Pharming may engage in collaborations and licensing agreements with other biopharmaceutical companies to develop new therapies or expand its product offerings, contributing to its revenue stream. The company also benefits from reimbursement agreements with insurance providers, which facilitate patient access to its products and enhance sales. Overall, Pharming's revenue model is centered on product sales, strategic partnerships, and licensing agreements in the biopharmaceutical market.
Pharming Group Earnings Call Summary
Earnings Call Date:Jul 31, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Positive
The earnings call reflects a strong performance by Pharming with significant revenue growth and product expansion. The company has successfully turned around its operating profit and upgraded its revenue guidance. However, challenges such as acquisition-related expenses and potential market competition were noted.Q2-2025 Updates
Positive Updates
Strong Revenue Growth
Pharming delivered a strong quarter with total revenues growing by 26% in Q2 2025 compared to the same quarter last year. Operating profit reached $12.9 million, a significant turnaround from a loss in the previous year.
RUCONEST and Joenja Performance
RUCONEST revenues grew by 28% year-on-year, reaching $80.4 million. Joenja also saw strong performance with a 15% quarter-on-quarter revenue growth, achieving $12.8 million in net revenue.
Pipeline and Product Expansion
Pharming has expanded its pipeline with the acquisition of KL1333 and ongoing development of Joenja for new indications. Joenja has been successfully launched in the UK, and regulatory applications for label expansion have been filed in Japan and with the FDA.
Upgraded Revenue Guidance
Pharming raised its 2025 total revenue guidance to between $335 million and $350 million, up from the prior guidance of $325 million to $340 million.
Negative Updates
Abliva Acquisition-Related Expenses
Operating expenses included $2.1 million in nonrecurring Abliva acquisition-related expenses, impacting the financials.
Challenges with Patient Reclassification
The reclassification of VUS patients to APDS is expected to take time, with bottlenecks identified in the reclassification process by genetic labs and subsequent patient engagement.
Potential Market Disruption from Competitors
Concerns were raised about the upcoming launch of sebetralstat, which may cause disruption in the market, although the impact on RUCONEST is expected to be minimal.
Company Guidance
During the Q2 2025 earnings call, Pharming provided updated guidance based on strong financial performance, with total revenues increasing by 26% compared to the same period last year, driven by a 28% year-on-year growth in RUCONEST and significant patient uptake for Joenja. The operating profit reached $12.9 million, excluding $2 million in nonrecurring expenses related to the Abliva acquisition. The company upgraded its full-year 2025 revenue guidance to between $335 million and $350 million, reflecting a 13% to 18% growth. Operating expenses are expected to be between $304 million and $308 million, slightly above previous guidance, partially due to currency exchange impacts. Pharming also emphasized the continued expansion of Joenja in the U.K. and upcoming launches in Japan, the EU, and Canada, alongside a strong pipeline with potential blockbuster assets.Pharming Group Financial Statement Overview
Summary
Pharming Group shows strong gross profit margins and significant improvement in cash flow generation. However, challenges remain with negative net profit margins and return on equity, indicating ongoing profitability issues.Income Statement
Pharming Group's income statement shows a mixed performance. The gross profit margin remains strong at 89.3% for TTM, indicating efficient cost management. However, the net profit margin is negative at -2.41%, reflecting ongoing profitability challenges. Revenue growth is positive at 5.98% TTM, suggesting some recovery, but EBIT and EBITDA margins are relatively low at 3.77% and 8.40% respectively, indicating pressure on operating profitability.55
Neutral
Balance Sheet
The balance sheet reveals moderate leverage with a debt-to-equity ratio of 0.54 TTM, which is manageable. However, the return on equity is negative at -3.64%, highlighting challenges in generating returns for shareholders. The equity ratio stands at 53.7%, indicating a stable capital structure with a reasonable proportion of equity financing.60
Neutral
Cash Flow
Cash flow analysis shows a significant improvement in free cash flow growth at 487.54% TTM, indicating enhanced cash generation capabilities. The operating cash flow to net income ratio is 0.35, suggesting that operating activities are contributing positively to cash flow. The free cash flow to net income ratio is high at 0.97, reflecting efficient conversion of earnings into cash.70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 340.05M | 286.89M | 245.32M | 205.62M | 189.85M | 228.39M |
| Gross Profit | 303.70M | 231.82M | 220.10M | 188.06M | 169.67M | 203.06M |
| EBITDA | 28.56M | 13.18M | 9.88M | 33.53M | 48.78M | 92.11M |
| Net Income | -8.20M | -10.64M | -10.55M | 13.67M | 16.00M | 37.75M |
Balance Sheet | ||||||
| Total Assets | 446.26M | 386.88M | 462.85M | 425.80M | 396.90M | 419.12M |
| Cash, Cash Equivalents and Short-Term Investments | 126.01M | 162.07M | 213.42M | 207.34M | 191.72M | 205.49M |
| Total Debt | 128.33M | 108.42M | 171.54M | 166.69M | 161.59M | 162.22M |
| Total Liabilities | 206.71M | 172.72M | 244.07M | 221.16M | 204.19M | 235.39M |
| Stockholders Equity | 239.55M | 214.16M | 218.78M | 204.64M | 192.72M | 183.73M |
Cash Flow | ||||||
| Free Cash Flow | 30.13M | -2.50M | -18.77M | 20.92M | 20.17M | 74.51M |
| Operating Cash Flow | 31.05M | -1.73M | -17.30M | 22.90M | 36.13M | 90.98M |
| Investing Cash Flow | 21.21M | 31.62M | -129.39M | 5.32M | ― | ― |
| Financing Cash Flow | -13.11M | -34.41M | -1.04M | -4.98M | ― | 65.33M |
Pharming Group Technical Analysis
Neutral
1.20
Price Trends
1.20
Positive
1.07
Positive
0.95
Positive
Market Momentum
<0.01
Positive
46.53
Neutral
13.29
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:PHARM, the sentiment is Neutral. The current price of 1.2 is below the 20-day moving average (MA) of 1.26, above the 50-day MA of 1.20, and above the 200-day MA of 0.95, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 46.53 is Neutral, neither overbought nor oversold. The STOCH value of 13.29 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NL:PHARM.
Pharming Group Peers Comparison
UnderperformOutperform
Sector (51)
NL:PHARM
Pharming Group
1.20
0.39
48.09%
NL:GLPG
Galapagos
29.16
1.26
4.52%
NL:VVY
Vivoryon Therapeutics AG
1.64
-0.75
-31.35%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.