Pharming Demonstrates Accelerated Commercial Momentum, Achieving Prior Year Performance Targets with 27% Revenue Expansion

Pharming Group N.V. (PHAR) has disclosed preliminary 2025 financial results showing total revenues reaching approximately $376 million, reflecting strong execution across its core therapeutic portfolio and exceeding its most recent guidance projections. This represents a 27% year-over-year expansion when compared to the prior year’s $297.2 million, underscoring sustained market demand and operational efficiency improvements.

Revenue Driver: Two Strategic Pillars

The company’s financial performance rests primarily on two commercial mainstays. RUCONEST, its recombinant C1 esterase inhibitor for managing acute hereditary angioedema episodes, generated $231.2 million across the initial nine months of 2025—a 34% increase relative to the prior comparative period’s $172.6 million. Joenja, a novel oral PI3K delta inhibitor for activated phosphoinositide 3-kinase delta syndrome (APDS), contributed $38.4 million in the same timeframe, marking a 20% increase from prior year levels of $31.9 million.

The strong showing reflects both sustained competitive positioning in the hereditary angioedema market and accelerating U.S. adoption of Joenja, supported by ongoing geographic expansion initiatives.

Financial Discipline and Operational Outlook

Management noted that full-year revenues eclipsed the previously communicated guidance corridor of $365–$375 million issued in November 2025. Operating expenses are anticipated to align with prior guidance, falling within the $304–$308 million range. This combination of revenue outperformance and cost discipline highlights management’s “robust demand” positioning as the company enters 2026.

Regulatory Milestones and Clinical Advancement

A supplemental New Drug Application for Joenja in pediatric patients aged 4–11 years with APDS is currently under FDA priority review, with an anticipated decision scheduled for January 31, 2026. Separately, the company’s clinical pipeline continues advancing through proof-of-concept and pivotal stages, with Leniolisib progressing in Phase II studies for primary immunodeficiencies featuring immune dysregulation, including CVID presentations, and KL1333 advancing through the FALCON pivotal trial for mitochondrial DNA-associated mitochondrial disease.

Investor Communications and Strategic Direction

CEO Fabrice Chouraqui commented on the results, stating: “We delivered a strong year in 2025, driven by robust demand for our commercial assets and renewed financial discipline.” The company will host a virtual Investor Day on February 3, 2026, featuring scientific presentations from leading clinical experts Dr. Jocelyn Farmer (immune dysregulation and CVID) and Dr. Amel Karaa (mitochondrial medicine) to contextualize the clinical development programs.

Pharming has indicated it anticipates sustained revenue growth in 2026, contingent upon continued commercial uptake of existing assets and advancement of its clinical portfolio. Comprehensive fourth-quarter and full-year 2025 results are scheduled for publication on March 12, 2026.

Stock performance over the trailing twelve months has ranged between $7.50 and $18.30 per share, with the most recent close at $17.18, representing a 1.90% gain from the prior session.