Pharming Group (PHG) Q3 2026 Earnings Report

The call was predominantly positive, supported by 21% third-quarter revenue growth, 58% Joenja growth, RUCONEST's return to revenue growth and stabilized U.S. demand, an 89% increase in operating profit, improved full-year guidance, strong liquidity, pediatric and international expansion, and encouraging clinical progress. The main challenges were the expected approximately 3% full-year decline in RUCONEST U.S. revenue, inventory-related timing effects, manufacturing inventory impairments, the unresolved CEO search, and prior FALCON site-activation delays.

For the full year 2026, revenue guidance was tightened to $380 million to $390 million, representing 14% growth, while operating expense guidance was lowered to $310 million to $315 million, representing 0% to 1% growth, including approximately $35 million incremental R&D investment and about $9 million of structural G&A savings; guidance assumes RUCONEST revenue will stabilize and return to growth in the second half of 26 and Joenja will deliver significant and accelerating growth, with RUCONEST U. S. Revenue expected to decline approximately 3% for the full year and Joenja annual revenue growth expected in the mid-30s%, while cost of goods sold is expected to be approximately 12% of revenue, corresponding to a gross margin of 88%, and Q4 revenue is implied to be roughly $100 million to $110 million; the company expects an initial bolus of new Joenja pediatric patients on therapy throughout Q4 in the range of 15 to 20 patients, expects 145 of the planned 180 FALCON participants to be enrolled by the end of this year, enrollment to be complete during the first half of 27, and top line results approximately 1 year after enrollment is complete, and expects to report top-line CVID results in November.