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Pharming Group N.V. (NL:PHARM)
:PHARM
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Pharming Group
(OTC:PHARM)
Rating:56Neutral
Price Target:
€1.00
▲(19.05%Upside)
Pharming Group (PHARM) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€589.91M
Dividend YieldN/A
Average Volume (3M)6.33M
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth25.41%
EPS Growth-31.21%
CountryNL
Employees404
SectorHealthcare
Sector Strength37
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.02
Shares Outstanding685,147,640
10 Day Avg. Volume4,584,855
30 Day Avg. Volume6,328,914
Financial Highlights & Ratios
PEG Ratio0.96
Price to Book (P/B)3.22
Price to Sales (P/S)0.00
P/FCF Ratio136.50
Enterprise Value/Market Cap1.29
Enterprise Value/Revenue0.64
Enterprise Value/Gross Profit2.66
Enterprise Value/Ebitda35.45
Forecast
1Y Price Target
€1.00Price Target Upside19.15% Upside
Rating ConsensusHold
Number of Analyst Covering0
Pharming Group Business Overview & Revenue Model
Company DescriptionPharming Group N.V. is a biopharmaceutical company headquartered in the Netherlands, specializing in the development, production, and commercialization of innovative protein therapeutics for rare diseases and unmet medical needs. The company's flagship product is RUCONEST®, a recombinant human C1 esterase inhibitor used to treat acute hereditary angioedema (HAE) attacks. Pharming focuses on leveraging its proprietary platform for producing recombinant proteins to address various rare and orphan diseases.
How the Company Makes MoneyPharming Group generates revenue primarily through the sales of its main product, RUCONEST®, across various international markets. The company has established distribution and commercialization agreements with partners in key regions, enhancing its market reach and penetration. Additionally, Pharming engages in licensing agreements and strategic partnerships to expand its product pipeline and secure additional income streams. The company's revenue model is supported by its focus on rare diseases, which often allows for premium pricing due to the high unmet need and limited competition in these therapeutic areas.
Pharming Group Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: 10.09%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Positive
Pharming had a strong start to 2025 with significant revenue growth and pipeline progression, despite facing some financial challenges due to one-time acquisition costs.Q1-2025 Updates
Positive Updates
Strong Revenue Growth
Total revenues increased by 42% in Q1 2025, driven by a 49% growth in RUCONEST sales and a 9% increase in Joenja sales.
RUCONEST Performance
RUCONEST sales reached $68.6 million, reflecting a continued increase in new patient enrollment and sustained expansion of the prescriber base.
Financial Improvement
Operating loss narrowed significantly year-over-year, with a profit generated for the third consecutive quarter excluding non-recurring expenses.
Pipeline Progress
Initiation and patient enrollment for genetic PID and CVID Phase II studies, along with the resumption of the KL1333 Phase II trial.
Financial Guidance Upgrade
Full-year revenue guidance for 2025 raised to between $325 million and $340 million, implying a growth of 9% to 14%.
Negative Updates
Impact of Non-Recurring Expenses
The company faced $7.8 million in non-recurring expenses related to the Abliva acquisition, impacting net loss figures.
Cash Decrease
Cash and marketable securities decreased by $60.5 million since the end of 2024, mainly due to the Abliva acquisition.
Company Guidance
During the Q1 2025 call, Pharming provided optimistic guidance for the fiscal year, highlighting a 42% increase in total revenues and a 49% growth in RUCONEST sales, reaching $68.6 million. Joenja sales rose by 9%, and the company expects further acceleration due to upcoming catalysts like the U.S. pediatric label expansion and international launches. Operating expenses, excluding non-recurring costs related to the Abliva acquisition, were $70.4 million, and the company plans to cut G&A expenses by $10 million annually. Pharming raised its 2025 revenue guidance to between $325 million and $340 million, anticipating a growth of 9% to 14% while maintaining operating expenses flat, excluding Abliva-related costs. The company's pipeline initiatives are set to expand Joenja's potential market and support long-term value creation.Pharming Group Financial Statement Overview
Summary
Pharming Group shows strong revenue growth and cost efficiency, but faces profitability challenges and inconsistent free cash flow generation, impacting overall financial health.Income Statement
Pharming Group has shown revenue growth with TTM (Trailing-Twelve-Months) revenue increasing from previous years, indicating a positive growth trajectory. However, the company has been struggling with profitability, as evidenced by a negative net profit margin and EBIT margin over the recent periods. The gross profit margin remains strong, highlighting efficient cost management. Overall, while revenue growth is promising, profitability issues need addressing.62
Positive
Balance Sheet
The company's balance sheet indicates a moderate debt-to-equity ratio, suggesting a balanced approach to leveraging. The equity ratio remains healthy, which implies a stable financial foundation. However, the return on equity is negative due to net losses, which is a concern. The company needs to focus on improving its profitability to enhance shareholder value.70
Positive
Cash Flow
Pharming Group's cash flow statement shows an improvement in operating cash flow in the TTM period, but free cash flow remains inconsistent. The operating cash flow to net income ratio is positive, indicating efficient cash generation relative to net income. However, the free cash flow to net income ratio suggests challenges in converting profits into free cash flow consistently.55
Neutral
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 274.76M | 245.32M | 205.62M | 189.85M | 228.39M |
| Gross Profit | 252.72M | 220.10M | 188.06M | 169.67M | 203.06M |
| EBITDA | 13.18M | 9.88M | 33.53M | 48.78M | 92.11M |
| Net Income | -10.64M | -10.55M | 13.67M | 16.00M | 37.75M |
Balance Sheet | |||||
| Total Assets | 386.88M | 462.85M | 425.80M | 396.90M | 419.12M |
| Cash, Cash Equivalents and Short-Term Investments | 162.07M | 213.42M | 207.34M | 191.72M | 205.49M |
| Total Debt | 108.42M | 171.54M | 166.69M | 161.59M | 162.22M |
| Total Liabilities | 172.72M | 244.07M | 221.16M | 204.19M | 235.39M |
| Stockholders Equity | 214.16M | 218.78M | 204.64M | 192.72M | 183.73M |
Cash Flow | |||||
| Free Cash Flow | -2.59M | -18.77M | 20.92M | 20.17M | 74.51M |
| Operating Cash Flow | -1.73M | -17.30M | 22.90M | 36.13M | 90.98M |
| Investing Cash Flow | 31.62M | -129.39M | 5.32M | ― | ― |
| Financing Cash Flow | -34.41M | -1.04M | -4.98M | ― | 65.33M |
Pharming Group Technical Analysis
Neutral
0.84
Price Trends
0.93
Negative
0.85
Positive
0.84
Positive
Market Momentum
-0.02
Positive
43.95
Neutral
32.12
Neutral
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 0.84 is below the 20-day moving average (MA) of 0.88, below the 50-day MA of 0.93, and above the 200-day MA of 0.84, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 43.95 is Neutral, neither overbought nor oversold. The STOCH value of 32.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NL:PHARM.
Pharming Group Peers Comparison
Overall Rating
UnderperformOutperform
Sector (57)
Financial Indicators
Performance Comparison
NL:PHARM
Pharming Group
0.87
0.10
12.48%
NL:GLPG
Galapagos
25.52
0.32
1.27%
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.