PHAR · Pharming Group N.V.

Pharming Group reported first quarter 2026 total revenues of $72.4 million, an 8% decline from $79.1 million in the same period last year. The decrease was driven by a 15% drop in RUCONEST revenue to $58.4 million, primarily due to anticipated inventory drawdowns at U.S. specialty pharmacies (which reduced revenue by 8%) and the planned exit from non-U.S. markets (3% impact). In contrast, Joenja revenue surged 34% to $14.1 million, reflecting strong U.S. patient uptake (127 patients on paid therapy, up 25% year-over-year) and international momentum, including the U.K. launch. Gross profit fell 7% to $65.8 million, while operating loss improved to $4.9 million from $7.0 million, aided by lower general and administrative expenses and absence of prior-year acquisition costs. Net loss narrowed to $5.2 million from $14.9 million, benefiting from favorable foreign exchange gains. The company generated positive net cash flow from operations of $2.0 million. Management reaffirmed full-year 2026 revenue guidance of $405-$425 million (8%-13% growth) and operating expenses of $330-$335 million. Key regulatory milestones include Joenja approval in Japan for APDS patients aged 4+, a positive CHMP opinion in Europe, and resubmission of the U.S. pediatric sNDA for the highest doses, with a second sNDA planned for lower doses. The company also highlighted progress in pipeline programs, including enrollment completion in the napazimone pivotal trial and Phase II readouts for leniolisib in broader primary immunodeficiencies expected in the second half of 2026.