Pharming N.V.(PHAR) - 2025 Q3 - Quarterly Report

Revenue Growth - Total third quarter 2025 revenues increased by 30% to US$97.3 million, compared to third quarter 2024[14] - RUCONEST® third quarter revenue increased by 29% to US$82.2 million, reflecting sustained growth in patients and prescribers[14] - Joenja® (leniolisib) third quarter revenue increased by 35% to US$15.1 million, driven by strong growth in patients on therapy[14] - Total revenues for Q3 2025 increased by US$22.4 million, or 30%, to US$97.3 million compared to US$74.8 million in Q3 2024[34] - RUCONEST® revenues amounted to US$82.2 million, a 29% increase compared to Q3 2024, primarily driven by volume growth in the U.S.[34] - Joenja® revenues reached US$15.1 million in Q3 2025, a 34% increase compared to Q3 2024, also driven by volume growth[34] - Total revenues for the first nine months of 2025 increased by 32% to US$269.6 million, compared to US$204.5 million in the same period of 2024[39] - Revenues for the first nine months of 2025 increased to $269.6 million, up 31.8% from $204.5 million in the same period of 2024[60] Profitability - Third quarter operating profit increased by 285% to US$15.8 million, compared to US$4.1 million in the third quarter 2024[14] - Operating profit increased 285% to US$15.8 million in Q3 2025, compared to US$4.1 million in Q3 2024[36] - Operating profit turned positive at $19.6 million, a significant recovery from an operating loss of $15.3 million in 2024[60] - Total comprehensive income for the period was $23.3 million, compared to a loss of $16.0 million in the previous year[61] - The company reported a profit before tax of $8.0 million, compared to a loss of $15.2 million in the same period last year[64] Cash Flow and Financial Position - Generated US$32.0 million in cash flow from operations during the quarter and US$44.0 million year to date[14] - Cash generated from operations amounted to US$32.0 million in Q3 2025, compared to US$9.7 million in Q3 2024[38] - Cash and cash equivalents increased to $132.4 million, up from $54.9 million at the beginning of the period[64] - Non-current assets grew to $196.2 million, a 61.5% increase from $121.5 million at the end of 2024[62] - Inventories increased to $67.1 million, up from $55.7 million, indicating potential growth in sales[62] Guidance and Future Outlook - 2025 total revenue guidance raised to US$365 - US$375 million, up from prior US$335 - US$350 million[14] - The company anticipates total revenues between US$365 million and US$375 million for 2025, representing 23% to 26% growth[48] - The company is advancing ongoing clinical trials and focusing on potential acquisitions in rare diseases to expand its portfolio[48] Market and Operational Changes - The U.S. market contributed 89% of third quarter revenue, while the EU and Rest of World contributed 11%[21] - Pharming announced a 20% net reduction in non-commercial and non-medical headcount to optimize capital deployment[29] - Pharming was promoted from the Euronext AScX® to the AMX® index, reflecting growing market capitalization and trading activity[31] Research and Development - Research and development expenses rose to $68.2 million, up from $60.8 million, highlighting continued investment in innovation[60] - The company acquired a subsidiary, contributing to an increase in non-controlling interests by $7.7 million[63]