Summary of Pharming Group Conference Call Company Overview - Pharming Group is a Dutch-based biotech company primarily operating in the US, known for its recombinant protein platform and the drug RUCONEST, which has been on the market for 10 years [3][4] - The company has transitioned from a one-asset firm to a high-growth biotech with two market assets, RUCONEST and Joenja, both experiencing double-digit growth [3][5] Financial Performance - Pharming reported strong third-quarter results, raising revenue guidance due to the growth of RUCONEST (29% year-on-year in Q4) and Joenja (35% growth) [5][6] - The company aims to maintain double-digit growth while investing in high-growth assets from generated cash [10][32] Product Insights RUCONEST - RUCONEST serves a specific segment of the Hemophilia A (HA) market, targeting patients who are not controlled by prophylactic treatments and have severe crises [7][9] - The drug's unique value proposition includes its ability to replace the missing protein and provide a fast onset of action through IV administration [7][8] - Pharming does not foresee any new treatments that could significantly impact RUCONEST's market share, expecting continued growth [9][10] - The company has exited non-US markets due to financial unsustainability, with less than 1.5% of RUCONEST sales coming from those regions [11][12] Joenja - Joenja is positioned as a high-growth drug with potential to become Pharming's first billion-dollar product, currently indicated for APDS (Activated PI3K Delta Syndrome) [14][15] - The company is expanding Joenja's indications to pediatric patients, with FDA approval expected by the end of January, which could increase the addressable market by 30% [16][18] - There is also an opportunity to reclassify Variant of Uncertain Significance (VUS) patients as APDS patients, potentially increasing the patient base by 50% [17][18] Market Expansion - Joenja has launched successfully in the UK, with plans for further expansion into Europe and Japan, pending regulatory approvals [23][24] - The company is focused on ensuring appropriate pricing that reflects the drug's value in new markets [24] Acquisition and Pipeline - Pharming's acquisition of Abliva for KL1333, aimed at treating primary mitochondrial disease, is seen as a strategic addition to its rare disease portfolio [25][26] - KL1333 has a well-defined patient population and is in registrational phase 2 trials, with significant market potential [26][28] Operational Strategy - The company is focused on optimal capital allocation to drive growth and has recently cut 20% of G&A headcount to reallocate resources towards growth catalysts [32][33] - Pharming emphasizes the importance of disciplined management to enhance value creation in the long term [33] Conclusion - Pharming Group is positioned for continued growth through its existing products and strategic acquisitions, with a strong focus on expanding its market presence and optimizing operational efficiencies [32][33]

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Core Insights - U.S. stocks exhibited mixed performance, with the Dow Jones index increasing by over 300 points on Wednesday [1] Company Performance - Pharming Group N.V. (NASDAQ:PHAR) saw a significant share price increase of 5.9%, reaching $17.17, after reporting better-than-expected Q3 financial results and raising its FY25 sales guidance above estimates [1] - On Holding AG (NYSE:ONON) shares surged by 23% to $43.27 following positive third-quarter results and FY2025 sales guidance that exceeded expectations [3] - BigBear.ai Holdings, Inc. (NYSE:BBAI) experienced a 20.1% increase in share price to $7.28 after reporting better-than-expected quarterly results and announcing the acquisition of Ask Sage [3] - McGraw Hill, Inc. (NYSE:MH) shares rose by 17.4% to $13.35 after reporting better-than-expected second-quarter sales results and raising its FY26 sales guidance above estimates [3] - Perion Network Ltd. (NASDAQ:PERI) shares jumped 15.7% to $11.00 following positive quarterly results [3] - ChipMOS TECHNOLOGIES INC. (NASDAQ:IMOS) gained 13.6% to $25.65 [3] - Datavault AI Inc. (NASDAQ:DVLT) saw a 10% increase in share price to $1.5855 [3] - CorMedix Inc. (NASDAQ:CRMD) shares rose by 7% to $11.96 after reporting third-quarter results [3]

Core Viewpoint - Pharming Group N.V. Sponsored ADR (PHAR) shows a significant improvement in earnings outlook, making it an attractive investment option as analysts continue to raise earnings estimates for the company [1][2]. Earnings Estimates - Analysts' optimism regarding Pharming Group's earnings prospects is leading to higher estimates, which is expected to positively impact the stock price [2]. - The Zacks Rank system indicates a strong correlation between earnings estimate revisions and stock price movements, with Pharming Group benefiting from this trend [2][3]. Current-Quarter Estimates - For the current quarter, Pharming Group is expected to earn $0.03 per share, reflecting a year-over-year decline of 40.0% [6]. - Over the past 30 days, one estimate has increased with no negative revisions, resulting in a 150% increase in the Zacks Consensus Estimate [6]. Current-Year Estimates - For the full year, the expected earnings per share for Pharming Group is $0.06, representing a year-over-year increase of 137.5% [7]. - The trend for current-year estimate revisions is positive, with one estimate moving higher and no negative revisions, leading to a 220% increase in the consensus estimate [8]. Zacks Rank - The favorable estimate revisions have earned Pharming Group a Zacks Rank 1 (Strong Buy), indicating strong potential for outperformance [9]. - Research shows that stocks with a Zacks Rank 1 and 2 significantly outperform the S&P 500 [9]. Investment Outlook - Pharming Group's stock has risen 8.1% over the past four weeks due to strong estimate revisions, suggesting further upside potential [10]. - Investors may consider adding Pharming Group to their portfolios based on the current positive momentum [10].

Core Viewpoint - Pharming Group N.V. (PHAR) shares have increased by 8.1% in the past four weeks, closing at $15.43, with a potential upside of 100.9% based on Wall Street analysts' mean price target of $31 [1][11]. Price Targets and Analyst Estimates - The mean price target consists of three short-term estimates with a standard deviation of $14.93, indicating variability among analysts. The lowest estimate is $14.00 (9.3% decline), while the highest is $42.00 (172.2% increase) [2][9]. - Analysts' price targets can often mislead investors, as empirical research shows they rarely indicate actual stock price movements [7][10]. - A low standard deviation in price targets suggests a strong agreement among analysts regarding the stock's price direction, which can be a starting point for further research [9]. Earnings Estimates and Analyst Sentiment - There is growing optimism among analysts regarding PHAR's earnings prospects, supported by a strong consensus in revising EPS estimates higher, which correlates with potential stock price increases [11][12]. - Over the last 30 days, one estimate has increased, leading to a 220% rise in the Zacks Consensus Estimate for the current year [12]. - PHAR holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13]. Conclusion on Price Movement - While the consensus price target may not be a reliable measure of potential gains, the implied direction of price movement appears to be a useful guide for investors [14].

Financial Data and Key Metrics Changes - Total revenues grew by 30% in Q3 2025 compared to the same quarter last year, reaching $97.3 million [2][19] - Operating profit increased to $15.8 million, nearly four times last year's result [2][19] - Operating cash flow was $32 million, restoring cash position to levels seen at the end of 2024 [2][19] - Gross profit grew by 33% to $90.2 million, resulting in a gross margin of 93% compared to 91% in the same quarter of 2024 [19][63] Business Line Data and Key Metrics Changes - Ruconest revenue increased by 29% year-on-year to $82 million, driven by new prescribers and patient enrollments [3][7] - Joenja's revenue grew by 35% year-on-year, generating $15.1 million, with a 25% increase in patients on treatment [3][11] - The company anticipates adding new growth sources for Joenja with pediatric indications and geographic expansion [3][12] Market Data and Key Metrics Changes - The company upgraded its full-year 2025 revenue guidance to $360-$365 million from the previous $335-$350 million [4][21] - The strong performance in Q3 reflects a solid foundation for growth, transitioning from a single-asset company to a biotech with two high-growth products [4][5] Company Strategy and Development Direction - The company aims to optimize capital deployment towards high-growth initiatives and enhance financial discipline [4][25] - Pharming is focused on building a leading global rare disease company, leveraging its strong capabilities in rare diseases [5][24] - The company is advancing its pipeline with two programs that have over $1 billion sales potential each [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects of Ruconest, emphasizing its unique value for severe HAE patients [9][24] - The anticipated pediatric launch of Joenja is expected to be a significant growth driver, with preparations on track for a January 2026 approval [12][24] - Management highlighted the importance of maintaining financial discipline and ensuring efficient capital allocation [25][21] Other Important Information - The company is taking steps to reduce G&A headcounts to optimize capital deployment [4] - The recent publication in Cell suggests a higher prevalence of APDS, potentially expanding the patient population significantly [15][16] Q&A Session Summary Question: Impact of new oral therapy on Ruconest and revenue from pediatric patients on Joenja - Management does not see Ruconest competing with sebetralstat, as it serves a different patient population with more severe needs [28][29] - For Joenja, a significant number of pediatric patients identified are expected to convert to therapy quickly after approval [29] Question: Timeline for Ruconest withdrawal outside the US and competitive threats - The withdrawal is planned for the first half of next year, driven by financial sustainability concerns [36] - Management believes Ruconest serves a unique patient population and does not anticipate significant competitive threats [37] Question: Revenue guidance uplift and contributions from Ruconest and Joenja - The revenue guidance uplift is attributed to strong performances from both Ruconest and Joenja, with expectations for continued growth [54][55] Question: Capital allocation priorities and M&A plans - The company is focused on disciplined capital allocation and is not in a rush for M&A, looking for value-accretive opportunities [44][45] Question: Progress on the basket PID trial - The phase two proof-of-concept study is progressing well, with expected readouts in the second half of 2026 [46]

Financial Performance - Total revenues for Q3 2025 increased by 30% to US$97.3 million[13, 43] - RUCONEST® revenues in Q3 2025 reached US$82.2 million[13, 22] - Joenja® revenues in Q3 2025 amounted to US$15.1 million[13, 27] - Operating profit significantly grew to US$16.0 million in Q3 2025[13, 43] - Cash flow from operations was US$32 million in Q3 2025[14, 41] - Total revenues for 9M 2025 grew 33% to US$269.6 million[44, 45] Business Updates and Outlook - 2025 revenue guidance raised to US$365-375 million due to strong RUCONEST® performance[14, 51] - RUCONEST® U S volume growth was +24% in 3Q25 and +28% in 9M25[22] - There are 116 US patients on Joenja® representing a +25% increase vs 3Q24[27] - FDA filing for Leniolisib for 4-11 year old APDS patients is based on Phase III data and has a PDUFA date of Jan 31, 2026[28]

Core Insights - Pharming Group N.V. reported a strong financial performance for Q3 2025, with total revenues increasing by 30% to US$97.3 million compared to Q3 2024, driven by growth in both RUCONEST® and Joenja® [9][30][31] Financial Performance - Total revenues for Q3 2025 reached US$97.3 million, a 30% increase from US$74.8 million in Q3 2024 [30] - RUCONEST® revenue increased by 29% to US$82.2 million, reflecting sustained growth in patients and prescribers [9][10] - Joenja® revenue grew by 35% to US$15.1 million, driven by a significant increase in patients on paid therapy [13][31] - Operating profit surged by 285% to US$15.8 million compared to US$4.1 million in Q3 2024 [32] - The company generated US$32 million in cash flow from operations during the quarter [34] Strategic Developments - Pharming announced a significant reduction in general and administrative headcount to optimize capital deployment towards high-growth initiatives [5][23] - The company is focusing on expanding its pipeline, particularly for leniolisib in broader primary immunodeficiency populations and addressing unmet needs in primary mitochondrial disease with KL1333 [4][5] Market Position and Outlook - The company raised its full-year revenue guidance to between US$365 million and US$375 million, up from the previous range of US$335 million to US$350 million [6][44] - The U.S. market contributed 89% of Q3 revenue, while the EU and Rest of World contributed 11% [14] - Pharming plans to launch a pediatric formulation of leniolisib for children aged 4 to 11 years, with FDA priority review expected by January 2026 [20][44] Organizational Changes - Leverne Marsh has been appointed as Chief Commercial Officer, effective January 1, 2026, succeeding Stephen Toor [7][24] - Kenneth Lynard was appointed as Chief Financial Officer, effective October 1, 2025, enhancing the company's financial leadership [22] Corporate Highlights - Pharming was promoted from the Euronext AScX® to the AMX® index, reflecting its growing market capitalization and trading activity [25] - The company is working on options to mitigate the impact of recently announced U.S. tariffs, although it does not expect a material impact on its business [26]

Core Insights - Pharming Group N.V. will participate in the Jefferies Global Healthcare Conference in London from November 17-20, 2025 [1] - CEO Fabrice Chouraqui will engage in a Fireside Chat Q&A session on November 19 at 10:00 GMT/11:00 CET [2] - Pharming is a global biopharmaceutical company focused on developing innovative medicines for rare and life-threatening diseases [3] Company Information - Pharming is headquartered in Leiden, the Netherlands, with a significant number of employees based in the U.S. [3] - The company is dedicated to transforming the lives of patients through a portfolio of small molecules and biologics [3] Contact Information - Investor Relations can be reached at investor@pharming.com for inquiries regarding the conference or to schedule meetings [2][5] - Media Relations contacts include Saskia Mehring for global inquiries and Ethan Metelenis for U.S. inquiries [5]

Core Insights - Pharming Group N.V. will report its preliminary (unaudited) financial results for the third quarter of 2025 on November 6, 2025, along with a business update [1] - A conference call and webcast for analysts and investors will take place on the same day at 13:30 CET/07:30 am ET [1] Conference Call Details - Participants must register in advance to join the conference call or watch the live webcast [2] - Registration for the conference call can be done through a provided link, after which dial-in information and a unique PIN will be sent to attendees [3] - The webcast will also be available on the Pharming website, with a replay accessible shortly after the event [4] Company Overview - Pharming Group N.V. is a global biopharmaceutical company focused on developing and commercializing innovative medicines for patients with rare and life-threatening diseases [5] - The company is headquartered in Leiden, the Netherlands, with a significant number of employees based in the U.S. [5]