Pharming Group (NL:PHARM)
:PHARM
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Pharming Group
(PHARM)
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Rating:56Neutral
Price Target:
€1.50
▼(-6.83% Downside)
Action:ReiteratedDate:04/11/26
The score is driven mainly by mixed financial performance—improving leverage and a return to positive operating/free cash flow in 2025, but with uneven revenue, thin margins, and historically volatile profitability. Technicals are moderately supportive with price above key moving averages and positive MACD. Offsetting these, valuation is a key risk due to an extremely high P/E and no dividend yield provided.
Positive Factors
High Gross Margins
Consistently very high gross margins reflect strong product economics and meaningful pricing power common in specialty biologics. These margins provide durable cash generation to fund R&D, commercialization and patient support programs, cushioning the business against volume swings.
Negative Factors
Revenue & Profit Volatility
Material swings in revenue and profitability over recent years reduce predictability and complicate long-term planning. Volatility can hinder consistent reinvestment in commercial expansion and clinical development, and increases execution risk for multi-year initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margins
Consistently very high gross margins reflect strong product economics and meaningful pricing power common in specialty biologics. These margins provide durable cash generation to fund R&D, commercialization and patient support programs, cushioning the business against volume swings.
Read all positive factors
Pharming Group (PHARM) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€1.08B
Dividend YieldN/A
Average Volume (3M)19.18M
Price to Earnings (P/E)347.8
Beta (1Y)1.07
Revenue Growth24.19%
EPS Growth99.16%
CountryNL
Employees404
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)<0.01
Shares Outstanding706,252,300
10 Day Avg. Volume15,825,784
30 Day Avg. Volume19,178,179
Financial Highlights & Ratios
PEG Ratio-2.75
Price to Book (P/B)3.72
Price to Sales (P/S)2.64
P/FCF Ratio20.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.02
Revenue Forecast (FY)€405.15M
Pharming Group Business Overview & Revenue Model
Company Description
Pharming 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 co...
How the Company Makes Money
Pharming primarily makes money by selling its prescription medicines. A key revenue stream is net product sales of RUCONEST for the on-demand treatment of acute HAE attacks, generated through commercial distribution (including sales to wholesalers...
Pharming Group Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 07, 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.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.
Negative Updates
RUCONEST Withdrawal in Certain Markets
The company plans to withdraw RUCONEST from certain European markets where commercialization is not financially sustainable.
Read all updates
Q3-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
56
Neutral
Balance Sheet
64
Positive
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 391.47M | 286.89M | 245.32M | 205.62M | 189.85M |
| Gross Profit | 344.11M | 231.82M | 220.10M | 188.06M | 169.67M |
| EBITDA | 31.77M | 13.18M | 9.88M | 33.53M | 48.78M |
| Net Income | 2.97M | -10.64M | -10.55M | 13.67M | 16.00M |
Balance Sheet | |||||
| Total Assets | 500.02M | 386.88M | 462.85M | 425.80M | 396.90M |
| Cash, Cash Equivalents and Short-Term Investments | 179.88M | 162.07M | 213.42M | 207.34M | 191.72M |
| Total Debt | 115.79M | 108.42M | 171.54M | 166.69M | 161.59M |
| Total Liabilities | 222.89M | 172.72M | 244.07M | 221.16M | 204.19M |
| Stockholders Equity | 277.10M | 214.16M | 218.78M | 204.64M | 192.72M |
Cash Flow | |||||
| Free Cash Flow | 51.18M | -2.50M | -18.77M | 20.92M | 20.17M |
| Operating Cash Flow | 51.96M | -1.73M | -17.30M | 22.90M | 36.13M |
| Investing Cash Flow | 19.13M | 31.62M | -129.39M | 5.32M | -20.34M |
| Financing Cash Flow | 15.03M | -34.41M | -1.04M | -4.98M | -26.68M |
Pharming Group Technical Analysis
Positive
1.61
Price Trends
1.40
Positive
1.45
Positive
1.30
Positive
Market Momentum
0.03
Negative
58.46
Neutral
58.21
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 1.61 is above the 20-day moving average (MA) of 1.44, above the 50-day MA of 1.40, and above the 200-day MA of 1.30, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 58.46 is Neutral, neither overbought nor oversold. The STOCH value of 58.21 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
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1.49
0.79
112.98%
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Galapagos
24.70
2.86
13.10%
NL:VVY
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1.35
-0.41
-23.23%
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.