Pharming N.V.(US:PHAR)2025-07-31 10:02Revenue Growth - Total revenues for Q2 2025 increased by 26% to US$93.2 million compared to Q2 2024, driven by strong growth in RUCONEST® and Joenja®[10] - Total revenues for the first half of 2025 increased by 33% to US$172.3 million compared to the first half of 2024[42] - Total revenues for 1H 2025 reached $172.3 million, a 32.7% increase compared to $129.7 million in 1H 2024[85] - Joenja® revenue increased by 15% to US$12.8 million in Q2 2025, with patient uptake accelerating significantly[13] - RUCONEST® revenue for Q2 2025 rose by 28% to US$80.4 million, reflecting strong growth in patients and prescribers[13] - Total RUCONEST® revenues for the first half of 2025 were 37% higher at US$149.0 million compared to US$109.0 million for the first half of 2024[42] Profitability - Operating profit for Q2 2025 amounted to US$10.8 million, a turnaround from a loss of US$3.1 million in Q2 2024[13] - The net profit for Q2 2025 was US$4.6 million, compared to a net loss of US$1.2 million in Q2 2024[40] - Operating profit for the first half of 2025 was $3.8 million, a turnaround from an operating loss of $19.4 million in the first half of 2024[61] - The total comprehensive income for the period was $15.8 million, compared to a loss of $17.8 million in the first half of 2024[62] - The company reported a loss for the period of $10.3 million, an improvement from a loss of $13.7 million in the first half of 2024[61] - The net loss attributable to equity owners of the parent was US$10.0 million in the first half of 2025, compared to a net loss of US$13.7 million in the first half of 2024, reflecting an improvement of about 26.5%[120] Cash and Assets - Cash and marketable securities increased to US$130.8 million at the end of Q2 2025, up from US$108.9 million at the end of Q1 2025[13] - Cash and cash equivalents rose to $92.1 million as of June 30, 2025, compared to $54.9 million at the end of 2024[63] - Non-current assets increased to $200.5 million as of June 30, 2025, up from $121.5 million at the end of 2024[63] - The total assets of the company reached $446.3 million as of June 30, 2025, compared to $400.0 million at the end of 2024[63] - Cash and cash equivalents increased to US$92.1 million as of June 30, 2025, compared to US$54.9 million as of December 31, 2024, an increase of about 67.5%[110] Guidance and Future Plans - Total revenue guidance for 2025 has been raised to US$335 million - US$350 million, up from the previous guidance of US$325 million - US$340 million[13] - The company anticipates total revenues between US$335.0 million and US$350.0 million for 2025, representing 13% to 18% growth[49] - The company plans to advance ongoing clinical trials and focus on potential acquisitions in rare diseases[50] Acquisitions and Investments - Pharming acquired the remaining 11.1% interest in Abliva AB, increasing its ownership to 100%[33] - The acquisition of Abliva AB was completed for a total cash consideration of $67.1 million, enhancing the clinical pipeline with a therapy expected to launch in the U.S. in 2028[74][80] - The lead product KL1333 from Abliva is in a pivotal clinical study, with over 30,000 patients in the U.S. and EU potentially addressable[76] Other Financial Metrics - Gross profit for Q2 2025 increased by US$18.1 million, or 27%, to US$84.2 million compared to Q2 2024[37] - Other income increased to $2.2 million in 1H 2025, up from $1.3 million in 1H 2024, reflecting a growth of 69.2%[86] - Interest income declined to US$1.3 million in the first half of 2025 from US$2.7 million in the first half of 2024, a decrease of approximately 53.2%[92] - The impairment of inventories increased to US$13.3 million as of June 30, 2025, compared to US$8.7 million as of December 31, 2024, an increase of approximately 53.4%[106] - The carrying value of convertible bonds increased to US$96.4 million as of June 30, 2025, from US$82.4 million as of December 31, 2024, an increase of about 16.9%[117]