Pharming Group N.v Stock Earnings Reports

Pharming reported Q1 2026 results with total revenues of $72.4M (down 8% YoY). The decline was driven primarily by RUCONEST (down 15%) due to an expected U.S. specialty pharmacy inventory drawdown, plus a planned exit from certain ex‑U.S. markets and modest competitive impact. Underlying RUCONEST demand shows resilience: new prescribers and new patient enrollments continued, and most RUCONEST patients have remained on therapy despite new oral entrants. Joenja delivered strong growth (+34% YoY; $14.1M revenue), with U.S. patient count up 25% YoY and continued international momentum; the company is pursuing pediatric label expansion in the U.S. via two staged sNDA resubmissions (highest doses already resubmitted in April; lower‑dose sNDA planned for summer). Key pipeline catalysts include two Phase II readouts for leniolisib in broader PIDs/CVID with immune dysregulation expected H2 2026 and completion of enrollment in the napazimone registrational study (PMD) this year. Pharming reiterated full‑year 2026 revenue guidance of $405M–$425M (growth ~8–13% YoY), expects gross margins ~90%, operating expenses $330M–$335M (including up to $30M extra for napazimone), and reported positive operating cash flow in Q1. Management emphasized disciplined cost actions (20% G&A headcount reduction benefit), confidence in RUCONEST as a durable cash engine for a difficult‑to‑treat HAE subpopulation, and multiple growth levers for Joenja (further APDS penetration, pediatric launch, geographic expansion, label expansion into other PIDs/CVID).