Pharming Group reports second quarter and first half 2025 financial results and provides business update

Core Insights - Pharming Group N.V. reported a strong second quarter with a total revenue growth of 26% and positive operating profit, driven by significant growth in RUCONEST® and Joenja® [2][7][29] - The company raised its full-year revenue guidance to between US$335 million and US$350 million, up from the previous range of US$325 million to US$340 million [7][44] Financial Performance - Total revenues for Q2 2025 increased by 26% to US$93.2 million compared to Q2 2024, with RUCONEST® revenue growing by 28% to US$80.4 million and Joenja® revenue increasing by 15% to US$12.8 million [7][29][30] - Operating profit for Q2 2025 was US$10.8 million, a significant improvement from a loss of US$3.1 million in Q2 2024 [7][31] - For the first half of 2025, total revenues rose by 33% to US$172.3 million, with RUCONEST® revenues up 37% to US$149.0 million [35][36] Product Development and Market Expansion - Joenja® is showing accelerated uptake, with patient growth in the first half of 2025 surpassing the total for all of 2024 [2][11] - A recent study published in the journal Cell suggests that the prevalence of APDS may be up to 100 times higher than previously estimated, potentially expanding Joenja®'s addressable patient population [3][16] - The company launched Joenja® in the U.K. and submitted a regulatory filing for leniolisib in Japan, indicating ongoing efforts to expand market access [4][20] Strategic Initiatives - Pharming is working on mitigating the impact of U.S. tariffs, although it does not expect a material impact on its business [5] - The company is on track to reduce general and administrative expenses by 15% or US$10 million to optimize capital allocation for sustainable growth [26] - The acquisition of Abliva AB was completed, increasing Pharming's ownership to 100% [25] Cash Flow and Financial Position - 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, primarily due to cash generated from operations [7][34] - The company reported a net profit of US$4.6 million for Q2 2025, compared to a net loss of US$1.2 million in Q2 2024 [33]