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Pharming Group (NL:PHARM)
:PHARM
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Pharming Group
(PHARM)
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Rating:64Neutral
Price Target:
€1.50
▲(7.14% Upside)
Pharming Group's overall stock score is driven by strong earnings call results and positive technical indicators. However, the negative valuation due to a high P/E ratio and lack of dividend yield, along with ongoing profitability challenges, weigh down the score.
Pharming Group (PHARM) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
$781.75M
Dividend YieldN/A
Average Volume (3M)19.18M
Price to Earnings (P/E)―
Beta (1Y)1.21
Revenue Growth24.19%
EPS Growth99.58%
CountryNL
Employees404
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)<0.01
Shares Outstanding685,147,640
10 Day Avg. Volume15,825,784
30 Day Avg. Volume19,178,179
Financial Highlights & Ratios
PEG Ratio-2.95
Price to Book (P/B)2.98
Price to Sales (P/S)2.22
P/FCF Ratio-255.48
Enterprise Value/Market Cap0.81
Enterprise Value/Revenue1.86
Enterprise Value/Gross Profit2.09
Enterprise Value/Ebitda22.20
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 12, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong financial performance with significant revenue growth and upgraded guidance. RUCONEST and Joenja both showed robust performance, and the company's cash position has been restored. However, there is a planned withdrawal of RUCONEST from certain markets due to financial sustainability concerns. Overall, the positive aspects significantly outweigh the lowlight.Q3-2025 Updates
Positive Updates
Strong Revenue Growth
Total revenues grew by 30% in Q3 2025 versus the same quarter last year, and operating profit jumped to $15.8 million, nearly 4x last year's result.
RUCONEST and Joenja Performance
RUCONEST revenue grew 29% year-on-year, driven by new prescribers and patient enrollments. Joenja third quarter revenue increased by 35%, reflecting strong patient growth and new patient identification.
Upgraded Revenue Guidance
The company raised its full-year 2025 revenue guidance to $365 million to $375 million from the previous $335 million to $350 million.
Cash Position Recovery
Operating cash flow was $32 million, bringing the cash position nearly back to its level before the Abliva acquisition at the end of 2024.
Pipeline Advancements
Progress in the pipeline includes Phase II proof-of-concept studies for PIDs with immune dysregulation, and a registrational study for KL1333 in primary mitochondrial disease.
Negative Updates
RUCONEST Withdrawal in Certain Markets
The company plans to withdraw RUCONEST from certain European markets where commercialization is not financially sustainable.
Company Guidance
During the third quarter of 2025, Pharming Group N.V. reported a robust performance, with total revenues increasing by 30% compared to the same period in the previous year. Operating profit soared to $15.8 million, nearly four times the result of Q3 2024, supported by an operating cash flow of $32 million. The company's strong financial results were largely driven by significant growth in its two primary commercial products: RUCONEST and Joenja, which saw revenue increases of 29% and 35% year-on-year, respectively. This performance led to an upgrade in Pharming's full-year 2025 revenue guidance, now projected between $365 million and $375 million, up from the previous range of $335 million to $350 million. The company also highlighted a gross margin improvement to 93% and noted a strategic reduction in G&A headcount to optimize capital deployment. Pharming continues to leverage its strong rare disease capabilities to build a leading global rare disease company, with a promising late-stage pipeline poised to deliver further growth.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
Positive
1.40
Price Trends
1.23
Positive
1.09
Positive
0.97
Positive
Market Momentum
<0.01
Negative
68.51
Neutral
64.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:PHARM, the sentiment is Positive. The current price of 1.4 is above the 20-day moving average (MA) of 1.19, above the 50-day MA of 1.23, and above the 200-day MA of 0.97, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 68.51 is Neutral, neither overbought nor oversold. The STOCH value of 64.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:PHARM.
Pharming Group Peers Comparison
UnderperformOutperform
Sector (51)
NL:PHARM
Pharming Group
1.40
0.66
89.02%
NL:GLPG
Galapagos
26.84
1.72
6.85%
NL:VVY
Vivoryon Therapeutics AG
1.64
-0.57
-25.62%
Pharming Group Corporate Events
Pharming Group Reports Strong Q3 2025 Growth
Nov 7, 2025
Pharming Group N.V. is a global biopharmaceutical company focused on developing and commercializing innovative medicines for rare, debilitating, and life-threatening diseases, with a strong presence in the U.S. market.
Pharming Group N.V. Reports Strong Q3 2025 Earnings
Nov 7, 2025
Pharming Group N.V. Reports Strong Financial Performance Amid Strategic Adjustments
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.