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Pharming Group
(NASDAQ:PHAR)
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Rating:54Neutral
Price Target:
$10.50
▼(-16.80% Downside)
Action:Reiterated
Date:08/01/26
The score is held back primarily by weak technicals (price well below major moving averages) and a high P/E with no dividend support. Financials are improving (return to positive earnings/cash generation and manageable leverage) but remain constrained by sharp TTM revenue decline and low net margins. The latest earnings call adds a modest offset: despite reduced revenue guidance and cash outflows, Joenja momentum, cost control, and Q4 clinical catalysts provide potential upside.
Positive Factors
Joenja commercial growth & label expansion
Sustained high‑growth trajectory for Joenja across geographies and planned pediatric label expansion meaningfully broadens the addressable ultra‑rare APDS market. Durable underlying demand, international launches and pediatric approval extend recurring revenue potential and reduce dependence on a single product.
Negative Factors
RUCONEST revenue pressure
RUCONEST remains a large and established revenue source; sustained year‑over‑year declines due to competition and strategic market exits weaken core cash flow and increase reliance on newer products. Structural pressure on the legacy franchise raises execution risk for commercial recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Joenja commercial growth & label expansion
Sustained high‑growth trajectory for Joenja across geographies and planned pediatric label expansion meaningfully broadens the addressable ultra‑rare APDS market. Durable underlying demand, international launches and pediatric approval extend recurring revenue potential and reduce dependence on a single product.
Read all positive factors
Pharming Group (PHAR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$715.13M
Dividend YieldN/A
Average Volume (3M)5.77K
Price to Earnings (P/E)68.9
Beta (1Y)0.43
Revenue Growth15.66%
EPS GrowthN/A
CountryUS
Employees407
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.14
Shares Outstanding70,778,120
10 Day Avg. Volume5,378
30 Day Avg. Volume5,772
Financial Highlights & Ratios
PEG Ratio-3.60
Price to Book (P/B)4.55
Price to Sales (P/S)3.35
P/FCF Ratio25.55
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$38.00Price Target Upside201.11% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.25
Revenue Forecast (FY)$405.31M
Pharming Group Business Overview & Revenue Model
Company Description
Pharming Group N.V. is a biopharmaceutical company dedicated to the creation and commercialization of protein replacement therapies and precision medicines. The firm concentrates its efforts on addressing rare diseases and critical unmet medical n...
How the Company Makes Money
Pharming makes money primarily by selling its approved rare-disease therapies. The largest revenue stream is product revenue from RUCONEST, generated from sales to specialty distributors, hospitals, and/or specialty pharmacies that supply treatmen...
Pharming Group Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: strong commercial momentum for Joenja (robust percentage growth, geographic and pediatric expansion) and encouraging underlying RUCONEST demand indicators (active patient base ~93%, sequential revenue rebound) are offset by near-term headwinds — RUCONEST year-over-year revenue declines, a $30M revenue guidance reduction, operating cash outflows, and a manufacturing inventory impairment. Management emphasized cost discipline, positive operating profit in Q2, sufficient cash to fund the pipeline, and several upcoming clinical catalysts (leniolisib Phase II readouts in Q4, napazimone in 2027) that could materially change the trajectory. Given the balance of meaningful near-term challenges against several concrete growth drivers and pipeline milestones, the overall tone is cautious and balanced.Positive Updates
Strong Joenja Commercial Growth
Q2 Joenja revenue $17.9M, up 40% year-over-year; U.S. revenue $15.4M up 31% and international revenue $2.5M up 150%. Paid U.S. patients on therapy 132, up 16% year-over-year. Company expects Joenja annual growth in the high-30%s for 2026 (vs 29% in 2025) driven by geographic expansion (U.K., Germany launched July, Japan launch expected in August) and pediatric label expansion (PDUFA Oct 24 for higher doses; sNDA for lower doses filed).
Negative Updates
Overall revenue decline and lowered guidance
Q2 total revenue $90.2M, down 3% year-over-year. Company lowered full-year 2026 revenue guidance by $30M to $375M–$395M, implying ~0%–5% growth versus 2025; RUCONEST U.S. revenue expected to decline ~3% for full year at the midpoint.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Joenja Commercial Growth
Q2 Joenja revenue $17.9M, up 40% year-over-year; U.S. revenue $15.4M up 31% and international revenue $2.5M up 150%. Paid U.S. patients on therapy 132, up 16% year-over-year. Company expects Joenja annual growth in the high-30%s for 2026 (vs 29% in 2025) driven by geographic expansion (U.K., Germany launched July, Japan launch expected in August) and pediatric label expansion (PDUFA Oct 24 for higher doses; sNDA for lower doses filed).
Read all positive updates
Company Guidance
Pharming narrowed its 2026 revenue guidance to $375–$395 million (a $30 million reduction), implying roughly 0%–5% growth versus 2025; at the midpoint management expects RUCONEST U.S. revenue to be down ~3% for the year while Joenja is forecast to grow in the high‑30%s (vs 29% in 2025). Full‑year operating expense guidance was reduced by $15 million to $315–$320 million (1%–3% growth vs 2025), which incorporates >$40 million of incremental R&D spending and about a $9 million benefit from a prior 20% G&A headcount reduction. The company expects RUCONEST to stabilize and return to growth in H2, targets COGS around 11% of revenue (gross margin ~89%) after a $4.9 million Q2 inventory impairment, and says its cash and marketable securities of $159.5 million (down $12.3 million sequentially) together with future operating cash flow are sufficient to fund the pipeline; two leniolisib Phase II readouts are due in Q4 to inform registrational plans.Pharming Group Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 366.45M | 376.13M | 307.75M | 245.32M | 205.62M | 225.46M |
| Gross Profit | 317.09M | 330.63M | 271.09M | 220.10M | 188.06M | 201.49M |
| EBITDA | 42.65M | 34.78M | 16.89M | 9.88M | 33.53M | 55.30M |
| Net Income | 9.27M | 2.85M | -12.26M | -10.55M | 13.67M | 18.13M |
Balance Sheet | ||||||
| Total Assets | 467.98M | 499.81M | 414.18M | 462.85M | 425.80M | 450.44M |
| Cash, Cash Equivalents and Short-Term Investments | 158.28M | 179.81M | 173.85M | 213.42M | 207.34M | 217.59M |
| Total Debt | 113.30M | 115.78M | 116.30M | 171.54M | 166.69M | 183.39M |
| Total Liabilities | 197.49M | 222.79M | 185.27M | 244.07M | 221.16M | 231.73M |
| Stockholders Equity | 270.49M | 277.02M | 228.91M | 218.78M | 204.64M | 218.71M |
Cash Flow | ||||||
| Free Cash Flow | 28.71M | 49.31M | -2.68M | -18.77M | 20.48M | 23.95M |
| Operating Cash Flow | 29.37M | 50.07M | -1.86M | -17.30M | 22.46M | 42.90M |
| Investing Cash Flow | -87.56M | 18.43M | 32.74M | -129.39M | 5.32M | -24.15M |
| Financing Cash Flow | 3.84M | 14.48M | -35.63M | -1.04M | -4.98M | -31.68M |
Pharming Group Technical Analysis
Negative
12.62
Price Trends
13.01
Negative
14.40
Negative
15.47
Negative
Market Momentum
-0.11
Positive
37.82
Neutral
17.83
Positive
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 12.62 is below the 20-day moving average (MA) of 13.10, below the 50-day MA of 13.01, and below the 200-day MA of 15.47, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 37.82 is Neutral, neither overbought nor oversold. The STOCH value of 17.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $2.61B | -56.64 | -24.53% | ― | ― | 27.89% | |
60 Neutral | $8.58B | -22.99 | -43.02% | ― | -100.00% | -24.90% | |
56 Neutral | $1.20B | -7.69 | -35.33% | ― | ― | 23.91% | |
54 Neutral | $715.13M | 68.87 | 4.75% | ― | 15.66% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $545.46M | -2.30 | -188.82% | ― | 4.89% | 24.20% | |
46 Neutral | $559.08M | -2.55 | -153.61% | ― | 1.92% | -1130.30% |
* Healthcare Sector Average
PHAR
Pharming Group
10.08
-0.88
-8.03%
TRVI
Trevi Therapeutics
18.25
10.92
148.98%
ORIC
Oric Pharmaceuticals
11.07
0.95
9.39%
PRAX
Praxis Precision Medicines
307.83
253.74
469.11%
SPRY
ARS Pharmaceuticals
5.13
-12.05
-70.14%
PRME
Prime Medicine, Inc.
2.92
-1.12
-27.72%
Pharming Group Corporate Events
Pharming Wins FDA Review for Joenja Pediatric sNDA in APDS
Jun 4, 2026
On June 4, 2026, Pharming Group announced that the U.S. Food and Drug Administration accepted its resubmitted supplemental New Drug Application for Joenja (leniolisib) to treat children aged 4 to 11 years with APDS, a rare primary immunodeficiency...
Pharming Group appoints KPMG as new auditor as shareholders back full AGM agenda
May 28, 2026
On May 28, 2026, Pharming Group shareholders approved all proposals at the company’s Annual General Meeting, including the appointment of KPMG Accountants as independent external auditor for the 2026–2028 financial years. Investors als...
Pharming Wins EU Green Light for Joenja, First Approved Treatment for APDS
May 22, 2026
On May 22, 2026, Pharming announced that the European Commission granted EU‑wide marketing authorization for Joenja (leniolisib), the first and only approved treatment for activated PI3K delta syndrome (APDS) in patients aged 12 and older. T...
Pharming Posts Mixed Q1 2026 as Joenja® Growth Offsets RUCONEST® Decline and Global Label Expansion Advances
May 7, 2026
On May 7, 2026, Pharming reported preliminary unaudited first-quarter 2026 revenues of US$72.4 million, down 8% year on year, as RUCONEST® sales fell 15% to US$58.4 million amid anticipated U.S. inventory drawdowns, a planned exit from non-U....
Pharming Group Showcases New Leniolisib Data and Expands Immunology Focus at CIS 2026
May 7, 2026
On May 7, 2026, Pharming Group announced that it is presenting a series of data sets on its PI3Kδ inhibitor leniolisib at the Clinical Immunology Society’s 2026 Annual Meeting in New Orleans, covering May 6–9. The program includes...
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.