Pharming Group (NL:PHARM)
:PHARM
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Pharming Group
(PHARM)
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Rating:61Neutral
Price Target:
€1.00
▼(-37.89% Downside)
Action:Reiterated
Date:05/09/26
The score is supported primarily by improving financial fundamentals (strong rebound in operating/free cash flow and a de-risking balance sheet). This is tempered by very weak technicals (price below all major moving averages with negative MACD) and limited valuation support (negative P/E, no dividend). Earnings-call messaging is moderately constructive due to reaffirmed guidance and Joenja momentum, but near-term RUCONEST declines and competitive/regulatory risks cap the upside.
Positive Factors
Strong cash generation
Consistent positive operating and free cash flow materially improves funding flexibility for launches, R&D and commercialization without immediate financing. Over the next 2–6 months this durable cash generation reduces refinancing risk and supports execution of pipeline and prelaunch spending.
Negative Factors
RUCONEST revenue decline
RUCONEST remains a core revenue driver; sustained declines driven by channel inventory normalization and planned ex‑U.S. exits can structurally reduce near‑term cash flow. Even with expected H2 recovery, prolonged volume pressure would weaken revenue stability and free cash flow resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent positive operating and free cash flow materially improves funding flexibility for launches, R&D and commercialization without immediate financing. Over the next 2–6 months this durable cash generation reduces refinancing risk and supports execution of pipeline and prelaunch spending.
Read all positive factors
Pharming Group (PHARM) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€783.23M
Dividend YieldN/A
Average Volume (3M)19.18M
Price to Earnings (P/E)―
Beta (1Y)1.02
Revenue Growth6.65%
EPS GrowthN/A
CountryNL
Employees404
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.02
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)0.01
Revenue Forecast (FY)€397.63M
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:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call balanced short-term headwinds (an expected RUCONEST revenue decline driven by inventory normalization, ex-U.S. exits and early competitive impacts; a near-term Q2 revenue risk; and some cash/one-time lease impacts) with several substantial positives: strong 34% YoY growth in Joenja, continued patient and prescriber additions for RUCONEST, successful regulatory progress (pediatric resubmission, CHMP positive opinion), upcoming Phase II readouts and napazimone enrollment completion, positive operating cash flow, and continued cost discipline. Management reaffirmed full-year guidance and emphasized pipeline catalysts and durable cash generation, indicating confidence in a return to growth in H2 2026 and beyond.Positive Updates
Total Q1 Revenue and Guidance Reaffirmed
Q1 2026 revenue of $72.4M (down 8% YoY) with full-year 2026 revenue guidance reaffirmed at $405M–$425M, implying ~8%–13% growth vs. 2025.
Negative Updates
RUCONEST Revenue Decline
RUCONEST revenue declined 15% YoY in Q1, the primary driver of the overall revenue decline; factors cited include an expected U.S. specialty pharmacy inventory drawdown (~8% headwind) and planned exit from ex-U.S. markets (~3% headwind).
Read all updates
Q1-2026 Updates
Positive
Negative
Total Q1 Revenue and Guidance Reaffirmed
Q1 2026 revenue of $72.4M (down 8% YoY) with full-year 2026 revenue guidance reaffirmed at $405M–$425M, implying ~8%–13% growth vs. 2025.
Read all positive updates
Company Guidance
Pharming reaffirmed full‑year 2026 revenue guidance of $405–$425 million (growth ~8–13% vs. 2025), anchored by a mid‑point assumption of low‑single‑digit RUCONEST growth; Q1 revenues were $72.4M (‑8% YoY) with RUCONEST down 15% YoY (an ~8% expected inventory normalization headwind consistent with prior 7–9% guidance plus ~3% from the planned ex‑U.S. exit) and Joenja revenues of $14.1M (+34% YoY). Management expects continued RUCONEST pressure into Q2 with recovery in H2 as inventories rebuild, gross margin ≈90%, operating expenses of $330–335M (including $60M incremental R&D and up to $30M for napazimone), positive Q1 operating cash flow of $2M, cash & marketable securities of $171.8M (down $9.3M), no $10M commercial milestone assumed this year, and accelerating Joenja growth (>10 percentage points vs. 2025) supported by U.S. pediatric sNDA resubmission (40/50 mg submitted; FDA ~6‑month review) and planned European (Germany Q2) and Japan (August) launches.Pharming Group Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 369.26M | 391.47M | 286.89M | 245.32M | 205.62M | 189.85M |
| Gross Profit | 325.39M | 344.11M | 231.82M | 220.10M | 188.06M | 169.67M |
| EBITDA | 33.75M | 31.77M | 13.18M | 9.88M | 33.53M | 48.78M |
| Net Income | 12.46M | 2.97M | -10.64M | -10.55M | 13.67M | 16.00M |
Balance Sheet | ||||||
| Total Assets | 488.86M | 500.02M | 386.88M | 462.85M | 425.80M | 396.90M |
| Cash, Cash Equivalents and Short-Term Investments | 170.72M | 179.88M | 162.07M | 213.42M | 207.34M | 191.72M |
| Total Debt | 116.08M | 115.79M | 108.42M | 171.54M | 166.69M | 161.59M |
| Total Liabilities | 220.18M | 222.89M | 172.72M | 244.07M | 221.16M | 204.19M |
| Stockholders Equity | 268.68M | 277.10M | 214.16M | 218.78M | 204.64M | 192.72M |
Cash Flow | ||||||
| Free Cash Flow | 51.92M | 51.18M | -2.50M | -18.77M | 20.92M | 20.17M |
| Operating Cash Flow | 52.63M | 51.96M | -1.73M | -17.30M | 22.90M | 36.13M |
| Investing Cash Flow | -67.03M | 19.13M | 31.62M | -129.39M | 5.32M | -20.34M |
| Financing Cash Flow | 1.73M | 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
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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.