Pharming Group slips on 2023 net loss, 'weak' guidance

Pharming

14/03/2024 10:10

** Shares in Pharming Group slip around 4% after the Dutch 
biopharmaceutical company provided 'weak' guidance, and
disclosed a net loss for FY and Q4
    ** Pharming group expects 2024 total revenues growth to slow
down y/y to 14% to $280 mln, compared to 19% in 2023 to $245.3
mln
    ** "A likely cause for weakness is the 2024 guidance ...
maybe the Street was expecting something more," Oppenheimer & Co
analyst Hartaj Singh says
    ** "We think the 2024 guidance is pretty conservative, with
room for upside, as the year goes on," Singh adds
    ** RBC says Q4 net result at -$2.7 mln is lower than
expected - the broker penned a net profit of $1.4 mln for Q4,
while Visible Alpha consensus expected $3.2 mln
    ** Van Lanschot Kempen also points to a "pressure on
profitability", with a 44% y/y rise in cost of sales driven by
Ruconest production costs and royalty payments on Joenja sales
    ** RBC also flags net cash of $41.7 mln below its forecast
of $48.2 mln

 (Reporting by Dimitri Rhodes)
 ((Dimitri.Rhodes@thomsonreuters.com))