Pharming Group (PHAR)
NASDAQ:PHAR
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Pharming Group
(NASDAQ:PHAR)
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Rating:57Neutral
Price Target:
$17.00
▲(3.53% Upside)
Action:ReiteratedDate: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
Revenue and Profitability Turnaround
Pharming delivered a durable operational inflection in 2025 with strong top-line growth and a return to operating profit. Sustained revenue expansion alongside positive operating leverage reduces financing reliance and improves the firm's ability to reinvest in commercial expansion and R&D over the coming 2–6 months.
Negative Factors
Product Concentration
Business economics remain highly concentrated in RUCONEST, exposing overall revenue and cash generation to single-product demand, reimbursement shifts, or competitive pressures. This dependence increases execution risk and makes firm-level results sensitive to any RUCONEST access or pricing headwinds.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability Turnaround
Pharming delivered a durable operational inflection in 2025 with strong top-line growth and a return to operating profit. Sustained revenue expansion alongside positive operating leverage reduces financing reliance and improves the firm's ability to reinvest in commercial expansion and R&D over the coming 2–6 months.
Read all positive factors
Pharming Group (PHAR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.21B
Dividend YieldN/A
Average Volume (3M)21.74K
Price to Earnings (P/E)55.3
Beta (1Y)0.52
Revenue Growth26.54%
EPS GrowthN/A
CountryUS
Employees404
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.07
Shares Outstanding70,625,230
10 Day Avg. Volume20,830
30 Day Avg. Volume21,741
Financial Highlights & Ratios
PEG Ratio-3.57
Price to Book (P/B)4.55
Price to Sales (P/S)3.34
P/FCF Ratio25.55
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue3.09
Enterprise Value/Gross Profit3.52
Enterprise Value/Ebitda0.19
Forecast
1Y Price Target
$39.00Price Target Upside137.52% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.17
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 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...
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 reflects a strong financial performance with significant revenue growth and an optimistic future outlook. The primary growth drivers, RUCONEST and Joenja, have performed exceptionally well, and the upgraded revenue guidance underscores company confidence. However, challenges exist with the international market withdrawal of RUCONEST and the VUS reclassification timeline. Overall, the positive aspects outweigh the challenges.Positive Updates
Strong Revenue Growth
Total revenues grew by 30% in Q3 2025 compared to the same quarter last year, driven by RUCONEST and Joenja.
Negative Updates
RUCONEST International Market Withdrawal
Planned withdrawal of RUCONEST from select international markets due to financial sustainability concerns.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Revenue Growth
Total revenues grew by 30% in Q3 2025 compared to the same quarter last year, driven by RUCONEST and Joenja.
Read all positive updates
Company Guidance
During Pharming Group N.V.'s third quarter 2025 conference call, the company provided updated guidance for the full year, raising its revenue expectations to between $365 million and $375 million, up from the previous range of $335 million to $350 million. This upward revision is driven by strong performance from its commercial assets, RUCONEST and Joenja, which reported year-over-year revenue growth of 29% and 35%, respectively. The company highlighted a significant increase in operating profit to $15.8 million, nearly four times the profit from the previous year. Additionally, operating cash flow reached $32 million, contributing to a cash position of $168.9 million by the end of the third quarter. Pharming also discussed strategic initiatives, such as the optimization of capital deployment and geographic expansion, which support its vision of becoming a leading global rare disease company.Pharming Group Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
68
Positive
Cash Flow
57
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 377.18M | 297.20M | 245.32M | 205.62M | 198.87M |
| Gross Profit | 331.56M | 261.80M | 220.10M | 188.06M | 177.73M |
| EBITDA | 30.62M | 16.32M | 9.88M | 33.53M | 48.78M |
| Net Income | 2.86M | -11.84M | -10.55M | 13.67M | 16.00M |
Balance Sheet | |||||
| Total Assets | 499.81M | 399.99M | 462.85M | 425.80M | 397.31M |
| Cash, Cash Equivalents and Short-Term Investments | 179.81M | 167.89M | 213.42M | 207.34M | 191.92M |
| Total Debt | 115.78M | 112.31M | 171.54M | 166.69M | 161.76M |
| Total Liabilities | 222.79M | 178.92M | 244.07M | 221.16M | 204.40M |
| Stockholders Equity | 277.02M | 221.06M | 218.78M | 204.64M | 192.92M |
Cash Flow | |||||
| Free Cash Flow | 49.31M | -2.59M | -18.77M | 20.48M | 21.13M |
| Operating Cash Flow | 50.07M | -1.79M | -17.30M | 22.46M | 37.84M |
| Investing Cash Flow | 18.43M | 31.62M | -129.39M | 5.32M | -21.30M |
| Financing Cash Flow | 14.48M | -34.41M | -1.04M | -4.98M | -27.95M |
Pharming Group Technical Analysis
Positive
16.42
Price Trends
16.57
Negative
16.92
Negative
14.89
Positive
Market Momentum
0.08
Negative
52.27
Neutral
60.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PHAR, the sentiment is Positive. The current price of 16.42 is above the 20-day moving average (MA) of 15.96, below the 50-day MA of 16.57, and above the 200-day MA of 14.89, indicating a neutral trend. The MACD of 0.08 indicates Negative momentum. The RSI at 52.27 is Neutral, neither overbought nor oversold. The STOCH value of 60.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PHAR.
Pharming Group Risk Analysis
Pharming Group disclosed 63 risk factors in its most recent earnings report. Pharming Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Joenja is a newly approved drug in the U.S. and could develop unexpected safety or efficacy concerns, which would likely have a material adverse effect on us. Q4, 2023
Pharming Group Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $8.92B | -21.87 | -58.74% | ― | 364.98% | -25.33% | |
57 Neutral | $1.21B | 55.31 | 1.15% | ― | 26.54% | ― | |
56 Neutral | $1.68B | -42.49 | -25.49% | ― | ― | 15.84% | |
52 Neutral | $908.24M | -5.55 | -38.79% | ― | ― | 4.29% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $639.15M | -2.57 | -178.61% | ― | 647.13% | 26.79% | |
48 Neutral | $813.24M | -6.70 | -100.29% | ― | 5459.66% | -59.70% |
* Healthcare Sector Average
PHAR
Pharming Group
16.98
8.78
107.07%
TRVI
Trevi Therapeutics
13.07
7.67
142.04%
ORIC
Oric Pharmaceuticals
9.05
4.36
92.96%
PRAX
Praxis Precision Medicines
320.22
289.37
937.99%
SPRY
ARS Pharmaceuticals
8.19
-5.15
-38.61%
PRME
Prime Medicine, Inc.
3.54
2.29
183.20%
Pharming Group Corporate Events
Pharming Group Files 2025 Annual Report and Form 20-F
Apr 2, 2026
On April 2, 2026, Pharming Group N.V. announced that it has filed its 2025 Annual Report for the year ended December 31, 2025, making the document available through its dedicated annual report site and investor relations pages. The company also co...
Pharming Group Wins Positive EMA Panel Backing for Joenja in Rare APDS
Mar 27, 2026
On March 27, 2026, Pharming Group announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use issued a positive opinion recommending EU marketing authorization for Joenja (leniolisib) to treat activated phos...
Pharming Group Wins Landmark Japan Approval for Joenja in Pediatric and Adult APDS
Mar 24, 2026
On March 24, 2026, Pharming Group announced that Japan’s Ministry of Health, Labour and Welfare approved Joenja (leniolisib) as the first targeted treatment for activated PI3K delta syndrome (APDS) in adults and children aged four and older....
Pharming Group Posts Strong 2025 Growth, Turns Profitable and Lifts 2026 Outlook
Mar 12, 2026
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...
Pharming Group Sets 2026 Guidance and Showcases Rare Disease Pipeline at Investor Day
Feb 3, 2026
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 d...
Pharming Group Beats 2025 Revenue Guidance and Sets February Investor Day
Jan 8, 2026
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 continu...
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.