Pharming Group Nv (PHAR)
NASDAQ:PHAR
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Pharming Group
(NASDAQ:PHAR)
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Rating:56Neutral
Price Target:
$13.50
▼(-22.15% Downside)
Action:Reiterated
Date:05/09/26
PHAR scores mid-range primarily because improving fundamentals (return to profitability and positive free cash flow) and reaffirmed guidance are offset by weak technicals (downtrend across moving averages with negative MACD) and valuation uncertainty from a negative P/E. The earnings call adds support via Joenja momentum and upcoming catalysts, but near-term RUCONEST pressure and regulatory timing risk keep the overall score restrained.
Positive Factors
High gross margins and profitability
Sustained gross margins near 90% indicate durable product economics and pricing power from specialty therapies. Combined with the return to profitability in 2025/TTM, this supports reinvestment in commercialization and R&D, and provides a margin buffer against cost inflation or isolated revenue dips over the next 2–6 months.
Negative Factors
Revenue concentration in RUCONEST
Heavy reliance on a single commercial product creates structural concentration risk: RUCONEST declines from inventory normalization, competitive entrants, or market exits materially impact revenue and cash generation. With net margins still modest, sustained RUCONEST pressure could strain profitability and slow funding for pipeline expansions.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins and profitability
Sustained gross margins near 90% indicate durable product economics and pricing power from specialty therapies. Combined with the return to profitability in 2025/TTM, this supports reinvestment in commercialization and R&D, and provides a margin buffer against cost inflation or isolated revenue dips over the next 2–6 months.
Read all positive factors
Pharming Group (PHAR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$881.79M
Dividend YieldN/A
Average Volume (3M)13.64K
Price to Earnings (P/E)73.1
Beta (1Y)0.41
Revenue Growth15.66%
EPS GrowthN/A
CountryUS
Employees404
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.18
Shares Outstanding70,625,230
10 Day Avg. Volume14,938
30 Day Avg. Volume13,643
Financial Highlights & Ratios
PEG Ratio-3.59
Price to Book (P/B)4.55
Price to Sales (P/S)3.34
P/FCF Ratio25.55
Enterprise Value/Market Cap1.15
Enterprise Value/Revenue2.74
Enterprise Value/Gross Profit3.14
Enterprise Value/Ebitda25.62
Forecast
1Y Price Target
$38.00Price Target Upside119.15% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.12
Revenue Forecast (FY)$397.63M
Pharming Group Business Overview & Revenue Model
Company Description
Pharming Group N.V., a biopharmaceutical company, develops and commercialize protein replacement therapies and precision medicines for the treatment of rare diseases and unmet medical needs in the United States, Europe, and internationally. The co...
How the Company Makes Money
Pharming primarily makes money by selling RUCONEST for hereditary angioedema (HAE). Revenue is generated from product sales in the territories where RUCONEST is commercialized, with sales driven by patient demand, reimbursement coverage, physician...
Pharming Group Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presents a constructive outlook driven by strong Joenja growth, meaningful pipeline and regulatory catalysts, and demonstrated cost discipline with positive operating cash flow. These positives offset near‑term revenue variability driven mainly by expected RUCONEST inventory normalization, strategic market exits and short‑term competitive pressure. Management reaffirmed full‑year guidance and highlighted multiple upcoming clinical and commercial events that could drive upside.Positive Updates
Reaffirmed Full-Year Revenue Guidance
Q1 revenues were $72.4M (down 8% YoY) but management reaffirmed full-year 2026 revenue guidance of $405M–$425M, implying growth of ~8%–13% YoY and signaling confidence in near‑term recovery and product momentum.
Negative Updates
Quarterly Revenue Decline and RUCONEST Headline Impact
Q1 revenue declined 8% YoY to $72.4M. RUCONEST fell 15% YoY, with an estimated 8% headwind from U.S. specialty pharmacy inventory normalization and ~3% from planned exit of ex‑U.S. markets—these factors drove the majority of the decline.
Read all updates
Q1-2026 Updates
Positive
Negative
Reaffirmed Full-Year Revenue Guidance
Q1 revenues were $72.4M (down 8% YoY) but management reaffirmed full-year 2026 revenue guidance of $405M–$425M, implying growth of ~8%–13% YoY and signaling confidence in near‑term recovery and product momentum.
Read all positive updates
Company Guidance
Pharming reaffirmed 2026 guidance of $405–$425 million in revenue (growth of ~8–13% vs. 2025) while forecasting operating expenses of $330–$335 million that include $60 million of incremental R&D (up to $30 million for napazimone); management expects RUCONEST to show low single‑digit annual growth at the midpoint of guidance and Joenja growth to accelerate by more than 10 percentage points versus 2025. Key financials cited on the call included Q1 revenues of $72.4 million (down 8% YoY), RUCONEST down 15% in Q1 (with ~8% from expected U.S. inventory normalization and ~3% from the exit of ex‑U.S. markets), Joenja revenue of $14.1 million (up 34% YoY) with 127 U.S. paid patients (25% YoY increase) and an 85% U.S. fill rate, positive Q1 operating cash flow of $2 million, cash and marketable securities of $171.8 million (down $9.3 million), a ~90% gross margin expectation, no $10 million commercial milestone assumed, and pipeline milestones including a 6‑month FDA review assumption for the initial pediatric sNDA (40/50 mg resubmitted in April, lower‑dose sNDA planned for summer), two Phase II readouts for leniolisib later this year, and registrational study enrollment for napazimone expected to complete this year.Pharming Group Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 369.38M | 377.18M | 307.75M | 245.32M | 205.62M | 225.46M |
| Gross Profit | 322.40M | 331.56M | 271.09M | 220.10M | 188.06M | 201.49M |
| EBITDA | 39.48M | 30.62M | 16.89M | 9.88M | 33.53M | 55.30M |
| Net Income | 12.33M | 2.86M | -12.26M | -10.55M | 13.67M | 18.13M |
Balance Sheet | ||||||
| Total Assets | 489.37M | 499.81M | 414.18M | 462.85M | 425.80M | 450.44M |
| Cash, Cash Equivalents and Short-Term Investments | 170.90M | 179.81M | 173.85M | 213.42M | 207.34M | 217.59M |
| Total Debt | 116.20M | 115.78M | 116.30M | 171.54M | 166.69M | 183.39M |
| Total Liabilities | 220.41M | 222.79M | 185.27M | 244.07M | 221.16M | 231.73M |
| Stockholders Equity | 268.96M | 277.02M | 228.91M | 218.78M | 204.64M | 218.71M |
Cash Flow | ||||||
| Free Cash Flow | 50.07M | 49.31M | -2.68M | -18.77M | 20.48M | 23.95M |
| Operating Cash Flow | 50.77M | 50.07M | -1.86M | -17.30M | 22.46M | 42.90M |
| Investing Cash Flow | -70.52M | 18.43M | 32.74M | -129.39M | 5.32M | -24.15M |
| Financing Cash Flow | 3.53M | 14.48M | -35.63M | -1.04M | -4.98M | -31.68M |
Pharming Group Technical Analysis
Negative
17.34
Price Trends
15.27
Negative
16.14
Negative
15.73
Negative
Market Momentum
-0.75
Negative
35.07
Neutral
18.77
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PHAR, the sentiment is Negative. The current price of 17.34 is above the 20-day moving average (MA) of 13.04, above the 50-day MA of 15.27, and above the 200-day MA of 15.73, indicating a bearish trend. The MACD of -0.75 indicates Negative momentum. The RSI at 35.07 is Neutral, neither overbought nor oversold. The STOCH value of 18.77 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PHAR.
Pharming Group Risk Analysis
Pharming Group disclosed 63 risk factors in its most recent earnings report. Pharming Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Joenja is a newly approved drug in the U.S. and could develop unexpected safety or efficacy concerns, which would likely have a material adverse effect on us. Q4, 2023
Pharming Group Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $1.92B | -42.93 | -24.53% | ― | ― | 27.89% | |
57 Neutral | $7.19B | -24.67 | -43.02% | ― | -100.00% | -24.90% | |
56 Neutral | $881.79M | 73.13 | 4.75% | ― | 15.66% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $883.80M | -4.39 | -153.61% | ― | 1.92% | -1130.30% | |
46 Neutral | $788.80M | -6.12 | -35.33% | ― | ― | 23.91% | |
42 Neutral | $579.78M | -2.80 | -188.82% | ― | 4.89% | 24.20% |
* Healthcare Sector Average
PHAR
Pharming Group
12.24
0.08
0.63%
TRVI
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13.45
6.87
104.41%
ORIC
Oric Pharmaceuticals
7.84
-1.24
-13.66%
PRAX
Praxis Precision Medicines
278.93
237.56
574.23%
SPRY
ARS Pharmaceuticals
8.75
-5.07
-36.69%
PRME
Prime Medicine, Inc.
3.14
1.82
137.88%
Pharming Group Corporate Events
Pharming Posts Mixed Q1 2026 as Joenja® Growth Offsets RUCONEST® Decline and Global Label Expansion Advances
May 7, 2026
On May 7, 2026, Pharming reported preliminary unaudited first-quarter 2026 revenues of US$72.4 million, down 8% year on year, as RUCONEST® sales fell 15% to US$58.4 million amid anticipated U.S. inventory drawdowns, a planned exit from non-U....
Pharming Group Showcases New Leniolisib Data and Expands Immunology Focus at CIS 2026
May 7, 2026
On May 7, 2026, Pharming Group announced that it is presenting a series of data sets on its PI3Kδ inhibitor leniolisib at the Clinical Immunology Society’s 2026 Annual Meeting in New Orleans, covering May 6–9. The program includes...
Pharming Group Sets May 28, 2026 AGM With Key Governance and Capital Measures on Agenda
Apr 16, 2026
Pharming Group N.V. announced on April 16, 2026 that it will hold its 2026 Annual General Meeting of Shareholders on May 28, 2026 at the Corpus Congress Centre in Oegstgeest, the Netherlands, with a live webcast available. The AGM agenda includes ...
Pharming Group Files 2025 Annual Report and Form 20-F
Apr 2, 2026
On April 2, 2026, Pharming Group N.V. announced that it has filed its 2025 Annual Report for the year ended December 31, 2025, making the document available through its dedicated annual report site and investor relations pages. The company also co...
Pharming Group Wins Positive EMA Panel Backing for Joenja in Rare APDS
Mar 27, 2026
On March 27, 2026, Pharming Group announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use issued a positive opinion recommending EU marketing authorization for Joenja (leniolisib) to treat activated phos...
Pharming Group Wins Landmark Japan Approval for Joenja in Pediatric and Adult APDS
Mar 24, 2026
On March 24, 2026, Pharming Group announced that Japan’s Ministry of Health, Labour and Welfare approved Joenja (leniolisib) as the first targeted treatment for activated PI3K delta syndrome (APDS) in adults and children aged four and older....
Pharming Group Posts Strong 2025 Growth, Turns Profitable and Lifts 2026 Outlook
Mar 12, 2026
On March 12, 2026, Pharming reported preliminary, unaudited results showing that full-year 2025 revenues rose 27% to US$376.1 million, driven by record RUCONEST sales and accelerating Joenja demand, with Joenja revenues up 29% and strong uptake in...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.