Pharming Group N.V. Fourth quarter and full year 2025 financial results March 12, 2026 NASDAQ: PHAR | EURONEXT Amsterdam: PHARM CEO Fabrice Chouraqui Chief Executive Officer Introduction SPEAKERS Fabrice Chouraqui Chief Executive Officer Leverne Marsh Chief Commercial Officer Anurag Relan, MD Chief Medical Officer Kenneth Lynard Chief Financial Officer Forward-looking statements This presentation may contain forward-looking statements. Forward-looking statements are statements of future expectations that ar ...

Core Insights - Pharming Group N.V. reported a strong financial performance for 2025, with total revenues increasing by 27% to US$376.1 million, driven by growth in RUCONEST® and Joenja® [2][7][35] - The company achieved an operating profit of US$25.8 million in 2025, a significant improvement from a loss of US$8.6 million in 2024 [4][40] - Pharming anticipates total revenues for 2026 to be between US$405 million and US$425 million, representing growth of 8% to 13% [4][56] Financial Performance - Total revenues for Q4 2025 increased by 15% to US$106.5 million compared to Q4 2024 [29] - RUCONEST® revenues for the full year 2025 reached US$317.9 million, a 26% increase year-over-year, while Joenja® revenues increased by 29% to US$58.2 million [8][36] - The company reported a net profit of US$2.5 million for 2025, compared to a net loss of US$11.8 million in 2024 [43] Product Performance - RUCONEST® continues to be a key treatment option for patients with HAE, with a 9% revenue increase in Q4 2025 [8][9] - Joenja® saw a 53% revenue increase in Q4 2025, driven by a significant rise in patients on paid therapy in the U.S. [10][11] - The U.S. market accounted for 86% of Pharming's total revenues in 2025, highlighting the importance of this market for the company's growth [11] Pipeline and Future Outlook - Pharming's pipeline includes key upcoming milestones, such as Phase II readouts for leniolisib in broader primary immunodeficiencies expected in the second half of 2026 [6][21] - The company is on track to complete enrollment in the pivotal FALCON study for napazimone (KL1333) in 2026, with data readout anticipated in late 2027 [6][24] - Pharming aims to enhance capital allocation to drive growth and is focused on potential acquisitions and in-licensing opportunities in rare diseases [56]

Core Insights - Pharming Group forecasts 2026 revenue between $405 million and $425 million, representing an 8% to 13% growth compared to 2025, exceeding analyst expectations of approximately $398 million [1][10] - The company emphasizes continued revenue growth, disciplined spending, and multiple clinical readouts expected over the next two years [4] Financial Guidance - For 2026, Pharming expects operating expenses to be between $300 million and $335 million, with a gross margin of approximately 90% [1][12] - The company reported preliminary 2025 revenue of around $376 million, a 27% increase from 2024, with Joenja revenue surpassing $50 million [7][9] Commercial Portfolio - RUCONEST is projected to generate $318 million in 2025, reflecting a 26% year-over-year growth, while Joenja is expected to reach $58 million, up 29% [9] - CEO Fabrice Chouraqui highlighted RUCONEST's durability and its role as a reliable treatment for hereditary angioedema patients, noting its complex manufacturing process [5][14] Regulatory and Pipeline Updates - Pharming plans to request a Type A meeting with the FDA in March regarding pediatric dosing for Joenja, which has been excluded from 2026 revenue guidance due to regulatory uncertainties [2][6][11] - Management anticipates two phase II readouts for leniolisib (Joenja) in H2 2026 and an EMA decision in H1 2026, alongside a pivotal trial for napazimone (KL1333) with results expected in late 2027 [3][16][21] Market Dynamics - RUCONEST's growth is expected to be driven by U.S. volume growth, with a 3% price increase implemented in line with CPI [14] - The company has not included potential revenue from reclassification of VUS patients in its guidance due to timing uncertainties [15]