Pharming Delivers Strong 2025 Performance With $376M Revenue Milestone, Driven by Esterase Inhibitor RUCONEST and Joenja Expansion

Pharming Group N.V. (PHAR) has announced preliminary full-year 2025 revenues reaching approximately $376 million, marking a significant 27% year-over-year increase from $297.2 million in 2024. This result surpasses the company’s revised guidance of $365-$375 million that was issued in November, demonstrating what management characterized as exceptionally strong market uptake and operational efficiency.

The revenue achievement was primarily fueled by two key commercial assets. RUCONEST, the company’s recombinant C1 esterase inhibitor for treating acute hereditary angioedema attacks, generated $231.2 million during the first nine months of 2025, reflecting 34% growth compared to $172.6 million in the same period of 2024. Meanwhile, Joenja, an oral PI3K delta inhibitor indicated for activated PI3K delta syndrome (APDS), contributed $38.4 million, representing 20% growth from $31.9 million year-over-year.

CEO Fabrice Chouraqui remarked on the strong execution: “We delivered a strong year in 2025, driven by robust demand for our commercial assets and renewed financial discipline. Pharming remains focused on advancing programs in primary immunodeficiencies and mitochondrial disease while supporting continued commercial growth to drive long-term value creation.”

Expanding Market Opportunities and Geographic Reach

The esterase inhibitor RUCONEST continues to gain traction in the competitive hereditary angioedema market, while Joenja is experiencing accelerating adoption among U.S. patients, supported by the company’s ongoing international expansion initiatives. Management anticipates sustained revenue momentum throughout 2026 as these products reach broader patient populations.

A significant milestone lies ahead: Pharming’s supplemental New Drug Application seeking FDA approval for Joenja in pediatric patients aged 4 to 11 years with APDS is currently under priority review, with a regulatory decision expected on January 31, 2026. This potential label expansion could unlock additional revenue streams in the coming year.

Pipeline Advancement and Clinical Progress

Pharming’s development pipeline represents considerable long-term value. Leniolisib is progressing through Phase II proof-of-concept trials for primary immunodeficiencies featuring immune dysregulation, including CVID with immune dysregulation. Concurrently, KL1333 is advancing through the pivotal FALCON study for mitochondrial DNA-driven mitochondrial disease. To highlight the scientific significance of these programs, Pharming will feature renowned clinical experts—Dr. Jocelyn Farmer (specializing in immune dysregulation and CVID) and Dr. Amel Karaa (mitochondrial medicine specialist)—during its upcoming presentations.

Looking Ahead: Investor Day and Financial Guidance

Operating expenses for 2025 are projected to remain within the previously communicated range of $304-$308 million, underscoring management’s disciplined approach to cost management. Pharming will host a virtual Investor Day on February 3, 2026, where leadership will provide a comprehensive update on its development programs and unveil its 2026 financial guidance. Full fourth-quarter and complete fiscal year 2025 results will be published on March 12, 2026.

Trading activity reflects investor confidence, with PHAR trading between $7.50 and $18.30 over the past twelve months. The stock closed at $17.18, up 1.90% from the previous session.