Netherlands' Pharming Group prelim Q1 revenue falls on lower RUCONEST sales

Pharming NV

07/05/2026 06:15

Overview

Netherlands biopharma's preliminary Q1 revenue fell 8% yr/yr, driven by lower RUCONEST® sales

RUCONEST® revenue dropped 15%, mainly due to inventory drawdowns and exit from non-U.S. markets

Joenja® revenue rose 34% yr/yr, reflecting strong U.S. and international momentum

Outlook

Pharming reaffirms 2026 revenue guidance of US$405-425 mln, 8%-13% growth expected

Company expects 2026 operating expenses of US$330-335 mln, including US$60 mln incremental R&D

Result Drivers

RUCONEST INVENTORY DRAWDOWNS & MARKET EXIT - Co said RUCONEST revenue decline was mainly due to anticipated inventory drawdowns at U.S. specialty pharmacies and its planned exit from non-U.S. markets

JOENJA PATIENT UPTAKE - Joenja revenue growth was driven by increased number of patients on paid therapy in the U.S. and higher demand in international markets

Company press release: ID:nGNE9cQLfP

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
-$5.20 mln
Q1 Gross Profit
$65.80 mln
Q1 Operating Profit
-$4.90 mln


Analyst Coverage

The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the pharmaceuticals peer group is "buy."

Wall Street's median 12-month price target for Pharming Group NV is €2.23, about 59.5% above its May 6 closing price of €1.40

The stock recently traded at 45 times the next 12-month earnings vs. a P/E of 51 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)