Pharming Group (0QCO) AI Stock Analysis

Company Guidance

For full year 2026, revenue guidance is $380 million to $390 million, representing 14% growth, and operating expenses guidance is $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; RUCONEST revenue is expected to stabilize and return to growth in the second half of 26, with RUCONEST U. S. Revenue expected to decline approximately 3% for the full year at the midpoint, while Joenja is expected to deliver significant and accelerating growth for the year and annual revenue growth in the mid-30s%, compared to 29% growth in 2025; 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, with an initial bolus of new Joenja patients on therapy throughout Q4 in the range of 15 to 20 patients; 145 of the planned 180 FALCON participants are expected to be enrolled by the end of this year, enrollment is expected to be complete during the first half of 27, and top line results are expected approximately 1 year after enrollment is complete.