Pharma Mar (PHM) Q1 2026 earnings summary

Executive summary

• Revenue rose 10% year-over-year to €42.9 million, with recurring revenue up 7% to €40.5 million.

• EBITDA improved to €2.7 million from a loss of €1.1 million in Q1 2025, and net profit reached €1.5 million, reversing a €3.9 million loss in the prior year.

• Cash and financial assets totaled €168.5 million at quarter-end, while financial debt decreased to €44.7 million.

• Positive regulatory milestones for Zepzelca, including EMA recommendation and approvals in Taiwan, Australia, and Singapore.

• EthiFinance upgraded the long-term credit rating to 'BBB' with a stable outlook.

Financial highlights

• Net sales increased 2.5% year-over-year to €23.7 million, driven by Zepzelca revenue in Europe and compassionate use sales in France.

• Oncology royalty revenue rose 14% to €16.8 million, with Zepzelca US royalties estimated at €13.3 million and trabectedin US royalties up 72.7% to €3.5 million.

• Non-recurring revenue from licensing agreements surged 137% to €2.4 million.

• Cash and financial assets totaled €168.5 million at quarter-end.

• Operating cash flow was €8.6 million, up from negative €6.3 million in Q1 2025.

Outlook and guidance

• Net cash position of €123.8 million supports ongoing R&D and investment plans.

• Expected completion of key clinical trial recruitment (SaLuDo) in H1/Q2 2026, with data in H1 2027.

• Results from the LAGOON trial in SCLC anticipated mid-2026.

• Continued investment in early-stage oncology compounds PM54 and PM534 for solid tumors.