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Pharming Group N.V. (NL:PHARM)
:PHARM
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Pharming Group
(OTC:PHARM)
Rating:64Neutral
Price Target:
€1.00
▲(4.17% Upside)
Pharming Group (PHARM) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€664.59M
Dividend YieldN/A
Average Volume (3M)9.82M
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth21.62%
EPS Growth38.07%
CountryNL
Employees404
SectorHealthcare
Sector Strength43
IndustryBiotechnology
Share Statistics
EPS (TTM)<0.01
Shares Outstanding685,147,640
10 Day Avg. Volume20,155,911
30 Day Avg. Volume9,817,842
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
€1.73Price Target Upside79.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Pharming Group Business Overview & Revenue Model
Company DescriptionPharming Group N.V., a biopharmaceutical company, develops and commercialize protein replacement therapies and precision medicines for the treatment of rare diseases and unmet medical needs in the United States, Europe, and internationally. The company's lead product is Ruconest, a recombinant human C1 esterase inhibitor that is used for the treatment of acute hereditary angioedema. It also engages in the development of rhC1INH for the treatment of pre-eclampsia, acute kidney injury, and COVID-19; leniolisib, a phosphoinositide 3-kinase delta (PI3K delta) to treat patients with activated PI3K delta syndrome; and alpha-glucosidase therapy for the treatment of pompe and fabry diseases. The company has a development collaboration and license agreement with Novartis; and a strategic collaboration agreement with Orchard Therapeutics plc for research, development, manufacturing, and commercialization of OTL-105, an investigational ex-vivo autologous hematopoietic stem cell gene therapy for the treatment of hereditary angioedema. Pharming Group N.V. is headquartered in Leiden, the Netherlands.
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: 13.21%|
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue growth driven by the performance of RUCONEST and Joenja, along with robust financials and cash flow. Despite some nonrecurring expenses and potential delays in patient reclassification, the outlook remains positive with new market opportunities and pipeline advancements.Q2-2025 Updates
Positive Updates
Strong Revenue Growth
Total revenues grew by 26% in the second quarter of 2025 versus the same quarter last year. The company upgraded its full year 2025 revenue guidance.
RUCONEST and Joenja Performance
RUCONEST achieved a 28% year-on-year growth, and Joenja saw a 15% quarter-on-quarter revenue growth, with significant increase in the number of patients on therapy.
New Market Opportunities
Joenja was launched in the U.K., and the first patients are on commercial therapy. There is expected approval and expansion in markets such as Japan, the EU, and Canada over the next 12 months.
Strong Financials and Cash Flow
Gross profit increased by 27% to $84.2 million. Operating profit improved to $12.9 million from a loss the previous year. Cash and marketable securities increased significantly.
Pipeline Progress
The company has a growing pipeline with potential blockbuster assets and ongoing phase II studies for new indications.
Negative Updates
Abliva Acquisition Expenses
Approximately $2 million in nonrecurring Abliva acquisition-related expenses impacted operating profits.
Currency Impact on Expenses
The higher euro-dollar exchange rate had a $5.3 million negative impact on expenses.
Potential Delays in VUS Reclassification
The reclassification of VUS patients to APDS, a significant opportunity for growth, is expected to take time due to the process of genetic labs using new data.
Company Guidance
During the Q2 2025 earnings call, Pharming's CEO, Fabrice Chouraqui, highlighted a strong quarter with total revenues increasing by 26% year-over-year, reaching $80.4 million, and an operating profit of $12.9 million, excluding $2 million in nonrecurring Abliva acquisition-related expenses. The growth was driven by a 28% increase in RUCONEST sales and an acceleration in Joenja patient uptake, with new patients in the first half of 2025 exceeding the total increase for all of 2024. Pharming upgraded its full-year 2025 revenue guidance to $335-$350 million, up from the prior $325-$340 million estimate. Despite a slight increase in operating expenses due to currency impacts and nonrecurring costs, Pharming reported a significant rise in cash and marketable securities, from $108.9 million in Q1 2025 to $130.8 million by the end of Q2 2025, mainly driven by strong operating cash flows. The company also discussed its strategic focus on expanding Joenja's reach through geographic launches and potential pediatric label expansion, alongside the promising development of its pipeline, including KL1333, which has shown positive interim results in a registrational trial.Pharming Group Financial Statement Overview
Summary
Pharming Group shows a strong gross profit margin and significant improvement in cash flow generation. However, challenges in profitability and return on equity persist, with a negative net profit margin and low operating margins.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
0.96
Price Trends
0.93
Positive
0.88
Positive
0.85
Positive
Market Momentum
0.03
Negative
53.78
Neutral
26.82
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 0.96 is above the 20-day moving average (MA) of 0.93, above the 50-day MA of 0.93, and above the 200-day MA of 0.85, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 53.78 is Neutral, neither overbought nor oversold. The STOCH value of 26.82 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
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Performance Comparison
NL:PHARM
Pharming Group
1.00
0.26
35.88%
NL:GLPG
Galapagos
27.76
5.54
24.93%
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.