Pharming Group (PHARM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues were $72.4 million, down 8% year-on-year, mainly due to anticipated RUCONEST® inventory drawdowns and exit from non-U.S. markets, partially offset by Joenja®'s 34% growth and international expansion.

• Joenja® delivered 34% revenue growth, with a 25% increase in U.S. patients and regulatory milestones in Japan and Europe.

• Positive operating cash flow of $2.0 million was sustained through disciplined cost management.

• Regulatory progress included U.S. pediatric label expansion for Joenja® and pipeline advancement in leniolisib and napazimone.

Financial highlights

• RUCONEST® revenue declined 15% year-on-year to $58.4 million due to inventory drawdowns and non-U.S. market exit; Joenja® revenue grew 34% to $14.1 million.

• Gross profit for Q1 2026 was $65.8 million, down 7% from Q1 2025.

• Adjusted operating loss for Q1 2026 was $4.9 million, compared to a $0.8 million profit in Q1 2025.

• Cash and marketable securities totaled $171.8 million, down $9.3 million mainly due to a $12.3 million lease termination payment.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $405–$425 million, representing 8–13% growth over 2025.

• Operating expenses projected at $330–$335 million, including $60 million incremental R&D and $9 million G&A cost reductions.

• Joenja® growth expected to accelerate with launches in Germany and Japan and anticipated U.S. pediatric label approval.

• Gross margin expected to be approximately 90%.