Pharming Group Nv Stock Earnings Reports

Pharming reported Q1 2026 results with revenues of $72.4M (down 8% YoY) driven by an expected RUCONEST decline (inventory normalization and exit from non-U.S. markets) while Joenja grew 34% to $14.1M. Management emphasized RUCONEST remains a durable cash engine serving a difficult-to-treat HAE subpopulation despite new competitive entrants, and noted continued new prescribers and patient enrollments. Joenja momentum is strong: U.S. patients on paid therapy rose 25% YoY, launches are planned in Germany and Japan this year, and the company has resubmitted an sNDA to the FDA for pediatric doses (40 mg and 50 mg) with a decision expected within ~6 months; a second sNDA for lower-weight pediatric doses is planned for this summer. Two Phase II readouts for leniolisib in broader PIDs/CVID with immune dysregulation are expected later this year, and the napazimone registrational study is expected to complete enrollment this year with a readout next year. Operating discipline reduced costs (operating expenses down 9% YoY) and Q1 generated positive operating cash flow of ~$2M; cash and marketable securities were $171.8M. Pharming reiterated full-year 2026 revenue guidance of $405M–$425M (growth ~8–13%) and expects to fund pipeline investments from existing cash and future RUCONEST cash flow.