Pharma Mar (PHM) Q2 2026 earnings summary

Executive summary

• Recurring revenue rose 18% year-over-year to €85.1 million, driven by strong ZepzelcaⓇ (lurbinectedin) performance in Europe and increased royalties.

• ZepzelcaⓇ received first-line maintenance approval in Europe in June and launched commercially in Germany and Austria in July, opening a new growth avenue.

• Net profit for H1 2026 was €0.6 million, down from €19.4 million in H1 2025, reflecting lower non-recurring revenue and grants.

• The company is in a transformative period, leveraging revenue growth and cash generation to accelerate pipeline development and pursue new assets.

Financial highlights

• Total revenues were €92.5 million in H1 2026, down 3% year-over-year due to non-recurring items in 2025, but recurring revenues showed strong growth.

• Net sales increased 1.3% to €46.4 million, with lurbinectedin revenue in Europe up 39.5% to €21.6 million.

• Oncology royalty income grew 46.3% year-over-year to €38.7 million, with ZepzelcaⓇ royalties up 50.5% to €31.6 million.

• EBITDA was €3.6 million in H1 2026 versus €25.1 million in H1 2025, mainly due to the absence of large one-time items.

• Net cash position increased by €5.2 million to €126.4 million as of June 30, 2026; financial debt decreased by €3.5 million to €43.0 million.

Outlook and guidance

• Recurring revenues expected to rise in H2 2026 with EU commercial sales ramping up and further royalty growth anticipated.

• Rapid adoption in Europe expected, with 95% market reimbursement coverage targeted within a year and major markets like Spain, France, and Italy expected to secure reimbursement by spring 2027.

• Important market share in Europe targeted by Q4 2027.

• Data from the Phase III SaLuDo trial for leiomyosarcoma expected in H1 2027.

• No formal revenue guidance provided due to ongoing reimbursement negotiations and reliance on U.S. partner disclosures.