Pharming Group (PHARM) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues were $90.2M, down 3% year-over-year, with RUCONEST revenue declining 10% but showing sequential improvement, and Joenja revenue increasing 40% year-over-year, supported by U.S. and international expansion.

• The company is transforming into a diversified rare disease business, anchored by RUCONEST's cash flow, Joenja's high growth, and a pipeline with two potential billion-dollar opportunities.

• Revised full-year 2026 revenue guidance was lowered by $30M to $375M–$395M, with improved operating expense guidance and several near-term catalysts anticipated.

• Joenja saw strong growth, including first European launch in Germany and approvals in Canada and South Korea, with further expansion planned.

• Operating discipline improved, with positive cash flow from operations maintained despite revenue headwinds and one-time charges.

Financial highlights

• Q2 2026 revenue was $90.2M (down 3% YoY); RUCONEST revenue $72.3M (down 10% YoY, up 24% sequentially); Joenja revenue $17.9M (up 40% YoY).

• First half 2026 revenue was $162.7M, a 6% decline year-over-year; RUCONEST down 12%, Joenja up 37%.

• Adjusted operating profit for Q2 was $7.9M, impacted by $4.9M in inventory impairments and $1.7M in closure-related expenses.

• Net profit for Q2 2026 was $1.6M, with a first half net loss of $3.6M, improved from a $10.3M loss in 1H 2025.

• Cash and marketable securities at June 30, 2026, were $159.5M, down from $181.1M at year-end 2025.

Outlook and guidance

• Full-year 2026 revenue guidance revised to $375M–$395M (0–5% growth), with operating expense guidance improved by $15M to $315M–$320M, including $40M incremental R&D investment.

• RUCONEST U.S. revenue expected to decline about 3% for the year, with stabilization and return to growth anticipated in H2 2026.

• Joenja annual revenue growth projected in the high 30%s, supported by launches in Germany, Japan, and anticipated U.S. pediatric label expansion.

• Top-line results from two phase II leniolisib studies in broader immunodeficiency populations expected in Q4 2026; FALCON pivotal study readout for napazimone in 2027.

• Additional regulatory approvals and launches for Joenja in key markets are anticipated.