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Pharming Group Nv (PHAR)
:PHAR
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Pharming Group
(NASDAQ:PHAR)
Rating:67Neutral
Price Target:
$13.00
▼(-2.99% Downside)
Positive Factors
Earnings
Pharming posted EPS of $0.006 compared to an estimate of ($0.025), indicating better-than-expected earnings performance.
Product Expansion
NICE recommendation secured for Joenja, expanding UK access and reinforcing its growing commercial footprint.
Revenue Growth
Total revenue for the quarter was $93.2 million vs. an estimate of $83.26 million, demonstrating strong financial performance with revenue exceeding expectations.
Negative Factors
Leadership Changes
Pharming announced that Mr. Joroen Wakkerman, the current CFO, will be departing to explore other opportunities, which could bring uncertainty in financial leadership.
Risk Factors
Risk factors that could impede reaching the price target include lack of meaningful market penetration, failed or inconclusive clinical trials, or inability of the company to secure adequate funding.
Pharming Group (PHAR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$928.61M
Dividend YieldN/A
Average Volume (3M)10.87K
Price to Earnings (P/E)―
Beta (1Y)0.49
Revenue Growth22.68%
EPS Growth42.45%
CountryUS
Employees404
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.06
Shares Outstanding68,514,760
10 Day Avg. Volume12,259
30 Day Avg. Volume10,873
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.80
Enterprise Value/Revenue2.18
Enterprise Value/Gross Profit2.44
Enterprise Value/Ebitda24.47
Forecast
1Y Price Target
$30.33Price Target Upside126.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
Pharming Group Business Overview & Revenue Model
Company DescriptionPharming 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 MoneyPharming Group generates revenue mainly through the sales of its flagship product, RUCONEST, which is marketed in various countries either directly or through distribution and marketing partnerships. Revenue is earned from product sales to healthcare providers, hospitals, and specialty pharmacies. The company also engages in strategic collaborations and licensing agreements to expand its market reach and leverage additional revenue streams. Key partnerships with distributors and pharmaceutical companies enhance its commercial footprint, contributing significantly to its earnings.
Pharming Group Earnings Call Summary
Earnings Call Date:Jul 31, 2025
(Q2-2025)
| % Change Since: 32.80%|
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Positive
The earnings call reflects a strong positive sentiment due to significant revenue growth, a turnaround in operating profits, and expansion of the pipeline. However, there are some concerns about inventory impacts on revenue and potential market disruptions.Q2-2025 Updates
Positive Updates
Strong Revenue Growth
Pharming delivered a very strong quarter with total revenues growing by 26% in the second quarter of 2025 versus the same quarter last year, fueled by significant growth of RUCONEST and Joenja.
Operating Profit Turnaround
The company reported a meaningful operating profit of $12.9 million compared to a loss in the previous year.
RUCONEST and Joenja Performance
RUCONEST experienced a 28% year-on-year growth, while Joenja saw a strong double-digit revenue growth quarter-on-quarter of 15%.
Pipeline Expansion
Pharming's pipeline includes the ongoing development of Joenja in larger indications and the addition of KL1333 from the Abliva acquisition, which has passed an interim analysis in a registrational trial.
Financial Position
Cash and marketable securities increased significantly, indicating strong cash flow generation from operating activities.
Negative Updates
Inventory Management Impact on Joenja Revenue
Despite the growth in patients, Joenja's revenue saw a slight decrease due to an increase in stock inventory in Q2 last year.
Potential Market Disruption from Competitors
The approval and upcoming launch of sebetralstat may introduce some market disruption, although RUCONEST targets a different patient population.
Challenges in VUS Patient Reclassification
The reclassification of VUS patients into APDS is expected to take time, with the process dependent on genetic labs using new data to identify eligible patients.
Company Guidance
During the Q2 2025 earnings call, Pharming's CEO, Fabrice Chouraqui, highlighted a robust financial performance marked by a 26% increase in total revenues compared to the same quarter the previous year. The company reported an operating profit of $12.9 million, excluding $2 million in nonrecurring expenses related to the Abliva acquisition. RUCONEST and Joenja drove this growth, with RUCONEST revenues rising by 28% year-over-year and Joenja patient uptake accelerating significantly. Pharming upgraded its full-year revenue guidance to $335-350 million, anticipating 13-18% growth, and reported a strong cash position of $130.8 million, up from $108.9 million in Q1 2025. The company is also expanding its pipeline, with Joenja's geographic and pediatric expansion, and the development of KL1333 for mitochondrial disease.Pharming Group Financial Statement Overview
Summary
Pharming Group shows strong revenue growth and a solid gross profit margin. However, negative net income and low EBIT margins are concerns. The balance sheet is stable with moderate leverage and strong equity ratios, but the negative ROE highlights profitability issues. Cash flow improvements are notable, although the conversion of profits to free cash remains an area for improvement.Income Statement
Pharming Group's recent TTM data reveals a gross profit margin of 89.22%, showcasing strong cost efficiency. However, the net profit margin is negative at -2.41%, indicating challenges in achieving net profitability. The revenue has shown a positive growth rate of 14.81% from the previous year, demonstrating a capacity for expansion. Despite this, the EBIT margin remains low at 4.40%, and the EBITDA margin at 8.91% suggests limited operating profitability.65
Positive
Balance Sheet
The debt-to-equity ratio stands at 0.54, reflecting a moderate leverage position. The return on equity (ROE) is negative at -3.44%, indicating a lack of profitability from shareholder equity. However, the equity ratio is a healthy 53.68%, highlighting a strong equity base relative to assets.70
Positive
Cash Flow
The company has improved its free cash flow, growing to $30.8 million from a negative position. The operating cash flow to net income ratio is favorable at 3.85, indicating strong cash generation relative to net income. However, the free cash flow to net income ratio of -3.74 suggests ongoing challenges in converting profits into free cash.60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 341.20M | 297.20M | 245.32M | 205.62M | 189.85M | 228.39M |
| Gross Profit | 304.52M | 261.80M | 220.10M | 188.06M | 169.67M | 203.06M |
| EBITDA | 30.42M | 16.32M | 9.88M | 33.53M | 48.78M | 92.11M |
| Net Income | -8.24M | -10.64M | -10.55M | 13.67M | 16.00M | 37.75M |
Balance Sheet | ||||||
| Total Assets | 446.26M | 399.99M | 462.85M | 425.80M | 396.90M | 419.12M |
| Cash, Cash Equivalents and Short-Term Investments | 128.73M | 167.89M | 213.42M | 207.34M | 191.72M | 205.49M |
| Total Debt | 128.33M | 108.42M | 171.54M | 166.69M | 161.59M | 162.22M |
| Total Liabilities | 206.71M | 178.92M | 244.07M | 221.16M | 204.19M | 235.39M |
| Stockholders Equity | 239.55M | 221.06M | 218.78M | 204.64M | 192.72M | 183.73M |
Cash Flow | ||||||
| Free Cash Flow | 30.80M | -2.59M | -18.77M | 20.92M | 20.17M | 74.51M |
| Operating Cash Flow | 31.72M | -1.79M | -17.30M | 22.90M | 36.13M | 90.98M |
| Investing Cash Flow | 21.37M | 31.62M | -129.39M | 5.32M | ― | ― |
| Financing Cash Flow | -10.67M | -34.41M | -1.04M | -4.98M | ― | 65.33M |
Pharming Group Technical Analysis
Positive
13.40
Price Trends
11.12
Positive
10.34
Positive
9.55
Positive
Market Momentum
0.70
Negative
61.21
Neutral
81.43
Negative
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 13.4 is above the 20-day moving average (MA) of 12.17, above the 50-day MA of 11.12, and above the 200-day MA of 9.55, indicating a bullish trend. The MACD of 0.70 indicates Negative momentum. The RSI at 61.21 is Neutral, neither overbought nor oversold. The STOCH value of 81.43 is Negative, 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 0 New Risks
Pharming Group Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $928.61M | ― | -3.40% | ― | 22.68% | 42.45% | |
55 Neutral | $886.54M | ― | -35.74% | ― | ― | -8.46% | |
51 Neutral | $7.83B | -0.15 | -40.10% | 2.29% | 21.46% | -2.01% | |
48 Neutral | $753.53M | ― | -34.71% | ― | 17.87% | 41.27% | |
48 Neutral | $863.49M | ― | -81.20% | ― | 16.74% | 59.89% | |
45 Neutral | $648.90M | ― | -121.50% | ― | ― | -10.46% | |
40 Underperform | $562.74M | ― | -343.83% | ― | 304.17% | 29.37% |
* Healthcare Sector Average
Performance Comparison
PHAR
Pharming Group
13.40
5.93
79.38%
KALV
KalVista Pharmaceuticals
13.16
0.27
2.09%
ANAB
AnaptysBio
19.96
-16.81
-45.72%
DNTH
Dianthus Therapeutics
24.33
-4.06
-14.30%
TRVI
Trevi Therapeutics
7.42
4.47
151.53%
IMNM
Immunome
10.16
-5.37
-34.58%
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.