Pharming Group (PHAR) AI Stock Analysis

• Market Cap: $1.08B
• Dividend Yield: N/A
• Average Volume (3M): 26.04K
• Price to Earnings (P/E): 55.3
• Beta (1Y): 0.58
• Revenue Growth: 26.54%
• EPS Growth: N/A
• Country: US
• Employees: 404
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.07
• Shares Outstanding: 70,140,400
• 10 Day Avg. Volume: 25,128
• 30 Day Avg. Volume: 26,041
• PEG Ratio: -3.67
• Price to Book (P/B): 4.55
• Price to Sales (P/S): 3.34
• P/FCF Ratio: 25.55
• Enterprise Value/Market Cap: 0.97
• Enterprise Value/Revenue: 2.90
• Enterprise Value/Gross Profit: 3.29
• Enterprise Value/Ebitda: 0.17
• 1Y Price Target: $39.00
• Price Target Upside: 155.57% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.18
• Revenue Forecast (FY): $420.05M

• Rating: 57 Neutral
• Price Target: $15.00 ▼(-1.70% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is driven primarily by improving financial performance (return to profitability and stronger cash generation) and a constructive earnings-call outlook (raised revenue guidance and stronger operating profit). These positives are tempered by weak technical momentum and a relatively high P/E with no dividend support.

Positive Factors

Commercial Revenue Momentum

Sustained double-digit growth in both RUCONEST and Joenja indicates durable commercial traction across core products. Strong uptake in key markets (U.S., U.K.) supports predictable revenue and specialty-channel distribution, underpinning longer-term cash generation and reinvestment capacity.

Profitability and Cash Recovery

A clear turnaround to positive operating profit and meaningful operating/free cash flow reduces reliance on external funding. Improved FCF quality supports funding of R&D and geographic expansion, lowering financing risk and enabling strategic capital deployment for durable growth.

Advancing Rare‑Disease Pipeline

Progress across multiple late‑stage rare disease programs diversifies future revenue beyond RUCONEST. Near‑term readouts and pivotal enrollment completion could create new commercial franchises, strengthening the company’s long‑term positioning in specialty rare‑disease markets.

Negative Factors

Revenue Volatility

Historic swings in revenue growth undermine forecasting reliability and create earnings sensitivity. With net margins still thin, revenue downturns can quickly reverse profitability gains, complicating sustained investment in commercialization and R&D over the next several quarters.

Revenue Concentration

Heavy dependence on a single marketed product concentrates commercial and reimbursement risk. Any competitive, pricing, or access pressure on RUCONEST would meaningfully impact cash flow and growth unless pipeline candidates convert to material, diversified revenue streams.

Market Access & Regulatory Headwinds

Withdrawing from markets reduces addressable revenue and may signal reimbursement or sustainability challenges abroad. Coupled with slower-than-expected VUS reclassification for APDS, these structural access and regulatory delays constrain patient pool expansion and near‑term commercial upside.

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 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 Money

Pharming primarily makes money by selling RUCONEST for hereditary angioedema (HAE). Revenue is generated from product sales in the territories where RUCONEST is commercialized, with sales driven by patient demand, reimbursement coverage, physician prescribing, and the company’s commercial distribution arrangements (e.g., specialty distribution channels). Net product revenue is affected by typical pharmaceutical pricing and access factors such as wholesaler/distributor terms, rebates, chargebacks, discounts, patient assistance programs, and returns/allowances. Pharming’s earnings are therefore largely dependent on maintaining and growing RUCONEST utilization (including market share in acute HAE treatment), securing reimbursement and formulary access, and effectively managing commercial expenses and supply. Information on any additional material, currently recurring revenue streams beyond RUCONEST product sales (e.g., significant royalty income, licensing revenue, or milestone payments) is null.

Pharming Group Financial Statement Overview

Summary

TTM shows a credible turnaround with a return to operating profit, small net profit, and improved operating/free cash flow. However, TTM revenue declined materially and net margins remain thin, making results sensitive to execution and cost pressure.

Income Statement

Profitability has improved sharply in TTM (Trailing-Twelve-Months) with a return to positive operating profit and a small net profit, versus losses in 2023–2024. Gross profitability remains very strong and stable across periods. However, the business is currently growing in reverse: TTM revenue declined materially after solid growth in 2023–2024, and net profitability is still very thin, leaving earnings sensitive to any cost or pricing pressure.

Balance Sheet

Leverage looks more controlled in TTM (Trailing-Twelve-Months), with debt low relative to equity and equity representing a sizable base. Returns on equity have recovered from negative levels in 2023–2024 to slightly positive in TTM, indicating improving underlying economics. The main weakness is that returns remain low overall and have been volatile over the last few years, suggesting the balance sheet’s earning power is not yet consistently strong.

Cash Flow

Cash generation improved meaningfully in TTM (Trailing-Twelve-Months) with solid positive operating cash flow and free cash flow, a clear reversal from negative cash flow in 2023–2024. Free cash flow is also broadly in line with reported earnings in TTM, supporting the quality of profits. Offsetting this, free cash flow growth is negative in TTM, and the track record over the last few years shows notable swings between strong inflows and cash burn.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	321.12M	297.20M	245.32M	205.62M	198.87M
Gross Profit	282.27M	261.80M	220.10M	188.06M	177.73M
EBITDA	26.06M	16.32M	9.88M	33.53M	48.78M
Net Income	2.43M	-11.84M	-10.55M	13.67M	16.00M
Balance Sheet
Total Assets	425.52M	399.99M	462.85M	425.80M	397.31M
Cash, Cash Equivalents and Short-Term Investments	153.08M	167.89M	213.42M	207.34M	191.92M
Total Debt	19.62M	112.31M	171.54M	166.69M	161.76M
Total Liabilities	189.68M	178.92M	244.07M	221.16M	204.40M
Stockholders Equity	235.84M	221.06M	218.78M	204.64M	192.92M
Cash Flow
Free Cash Flow	41.98M	-2.59M	-18.77M	20.48M	21.13M
Operating Cash Flow	42.62M	-1.79M	-17.30M	22.46M	37.84M
Investing Cash Flow	15.69M	31.62M	-129.39M	5.32M	-21.30M
Financing Cash Flow	12.33M	-34.41M	-1.04M	-4.98M	-27.95M

Pharming Group Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 15.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PHAR, the sentiment is Negative. The current price of 15.26 is below the 20-day moving average (MA) of 15.96, below the 50-day MA of 17.12, and above the 200-day MA of 14.58, indicating a neutral trend. The MACD of -0.46 indicates Positive momentum. The RSI at 43.38 is Neutral, neither overbought nor oversold. The STOCH value of 31.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PHAR.

Pharming Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRAX	67 Neutral	$8.04B	-21.87	-58.74%	―	364.98%	-25.33%
PHAR	57 Neutral	$1.08B	55.29	0.87%	―	26.54%	―
ORIC	57 Neutral	$1.09B	-5.55	-38.79%	―	―	4.29%
TRVI	56 Neutral	$1.37B	-42.49	-27.34%	―	―	15.84%
SPRY	53 Neutral	$824.17M	-6.70	-100.29%	―	5459.66%	-59.70%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PRME	50 Neutral	$637.35M	-2.57	-178.61%	―	647.13%	26.79%

Pharming Group Corporate Events

Pharming Group Posts Strong 2025 Growth, Turns Profitable and Lifts 2026 Outlook

On March 12, 2026, Pharming reported preliminary, unaudited results showing that full-year 2025 revenues rose 27% to US$376.1 million, driven by record RUCONEST sales and accelerating Joenja demand, with Joenja revenues up 29% and strong uptake in the U.S. and U.K. The company turned to an operating profit of US$25.8 million and generated US$54.7 million in positive operating cash flow, marking an inflection toward sustainable profitability and strengthening its capacity to fund growth.

RUCONEST revenues climbed 26% in 2025 to US$317.9 million, supported by a larger U.S. patient and prescriber base, while Joenja reached US$58.2 million as paid-therapy patients in the U.S. increased 25% and global diagnosed APDS patients reached 998 by year-end. Pharming issued 2026 revenue guidance of US$405–425 million, signaling 8–13% growth, and underscored its late-stage pipeline with planned 2026 Phase II leniolisib readouts and completion of enrollment in the pivotal FALCON study for napazimone in primary mitochondrial disease, reinforcing its positioning in the rare disease market.

The most recent analyst rating on (PHAR) stock is a Buy with a $37.00 price target. To see the full list of analyst forecasts on Pharming Group stock, see the PHAR Stock Forecast page.

Pharming Group Sets 2026 Guidance and Showcases Rare Disease Pipeline at Investor Day

On February 3, 2026, Pharming Group issued 2026 financial guidance and used its virtual Investor Day to spotlight its advancing rare disease pipeline, particularly two key clinical programs targeting primary immunodeficiencies (PIDs) with immune dysregulation and mitochondrial DNA‑driven mitochondrial disease. The company forecast total revenues of US$405 million to US$425 million for 2026, implying 8% to 13% growth driven mainly by strong momentum in Joenja and continued RUCONEST sales, against operating expenses of US$330 million to US$335 million largely reflecting increased R&D outlays for ongoing Phase II trials of leniolisib in broader PID and common variable immunodeficiency populations and the pivotal FALCON trial of the newly named mitochondrial disease candidate napazimone (KL1333), with key readouts expected in 2026 and 2027 that could strengthen Pharming’s position in the rare disease market and create significant long‑term value for stakeholders if clinical results are positive.

The most recent analyst rating on (PHAR) stock is a Buy with a $42.00 price target. To see the full list of analyst forecasts on Pharming Group stock, see the PHAR Stock Forecast page.

Pharming Group Beats 2025 Revenue Guidance and Sets February Investor Day

On January 8, 2026, Pharming Group reported preliminary, unaudited 2025 revenues of about US$376 million, surpassing its upgraded guidance range of US$365–375 million and marking roughly 27% year‑on‑year growth, driven by continued expansion of hereditary angioedema drug RUCONEST® and strong U.S.-led uptake and geographic rollout of Joenja®. Operating expenses for 2025 are expected to land within the previously guided US$304–308 million range, highlighting tighter cost control, while the company prepares to publish full fourth-quarter and full‑year results on March 12, 2026 and to host a virtual Investor Day on February 3, 2026, where management and external clinical experts will update investors on Pharming’s advancing pipeline in primary immunodeficiencies and mitochondrial disease and outline 2026 financial guidance, underlining the group’s ambition to sustain growth and strengthen its rare‑disease positioning.

The most recent analyst rating on (PHAR) stock is a Hold with a $17.50 price target. To see the full list of analyst forecasts on Pharming Group stock, see the PHAR Stock Forecast page.