Pharming Group (NasdaqGM:PHAR) FY Conference Transcript

Summary of Pharming Group FY Conference Call Company Overview - Company: Pharming Group (NasdaqGM:PHAR) - Date of Conference: February 25, 2026 - Key Participants: Anurag Relan (Chief Medical Officer), Kenneth Lynard (CFO), Michael Levitan (IR team) Core Points and Arguments Financial Performance - 2025 Sales: $376 million, representing a 27% growth compared to 2024 [6] - 2026 Revenue Guidance: Expected to be between $405 million and $425 million, indicating an 8%-13% growth [7] - Operating Expenses for 2025: Projected to be between $304 million and $308 million [7] - Operating Profit: Generated $30 million in operating profit for the first nine months of the year [8] - Operating Cash Flow: Achieved $44 million in operating cash flow [8] Product Highlights - RUCONEST: - Approved for treating acute attacks of hereditary angioedema (HAE) and has been in the market for about 10 years [4] - Unique value proposition as the only recombinant C1 inhibitor replacement therapy [9] - Demonstrated efficacy with 97% of attacks treated successfully in clinical trials [10] - Sustained response in 93% of treated attacks lasting at least three days [10] - Joenja: - Launched in 2023 for treating activated PI3K delta syndrome (APDS) [5] - Considered a significant growth catalyst with potential for higher prevalence than previously observed [5] - Ongoing Phase II trials for leniolisib in new indications [5] - Napazimone (formerly KL1333): - Targeting primary mitochondrial disease with a significant patient population of over 30,000 diagnosed in the U.S. and Europe [21] - Phase 2 program underway with positive interim analysis indicating potential for disease-modifying treatment [22] Strategic Developments - Acquisition of Abliva: Enhances the pipeline with KL1333 (napazimone) making good progress in trials [5] - Commercial Strategy: Pharming has withdrawn from commercial activities related to RUCONEST outside the U.S. but retains infrastructure to support Joenja's growth in Europe [40] - Business Development: Active scouting for in-licensing and M&A opportunities to enhance the pipeline [42] Additional Important Information - Regulatory Updates: - Received a Complete Response Letter for the supplemental NDA application to expand Joenja's use to pediatric patients aged 4-11 [26] - Anticipated approval from EMA in March, with potential approval in Japan later this year [27] - Clinical Trials: - Two Phase II proof-of-concept studies for Joenja expected to read out in the second half of the year [27] - Napazimone study (FALCON Study) enrolling 180 patients with results expected by the end of next year [25] - Market Position: Pharming aims to develop into a leading global rare disease company with a diverse portfolio and strong market presence [6] This summary encapsulates the key points discussed during the Pharming Group FY Conference Call, highlighting the company's financial performance, product developments, strategic initiatives, and regulatory updates.