RBC starts Pharming at 'outperform' after leniolisib FDA approval

Pharming

29/03/2023 09:42

** RBC initiates Pharming Group  PHAR.AS  with "outperform"
following the FDA approval of the Dutch biopharma company's
leniolisib drug, to be sold under the name Joenja, for the
treatment of immunodeficiency disease ADPS
    ** "We think Joenja could double Pharming's revenues by
2027," the broker says, with potential peak sales of $220 mln;
the portfolio should be "highly profitable" once established, it
adds
    ** RBC predicts attractive peer margins of 50%-60% once
Joenja and Ruconest — a drug for hereditary angioedema that
generated sales of $206 mln last year — reach maturity
    ** It expects the market to now focus on Joenja's initial
launch trajectory, especially Pharming's ability to identify
diagnosed patients and get them onto therapy
    ** However, Pharming's clinical pipeline is empty and needs
to be strengthened, the broker says, noting the company is
actively seeking opportunities to in-license or acquire products
to fix this
    ** Out of the six analysts that cover Pharming Group, five
rate the stock "strong buy"/"buy" and ​one "hold"

 (Reporting by Dina Kartit)
 ((dina.kartit@thomsonreuters.com))