Pharma Mar (PHM) Q2 2026 earnings summary

Executive summary

• Recurring revenue rose 18% year-over-year to €85.1M in H1 2026, driven by strong ZepzelcaⓇ (lurbinectedin) performance and U.S. royalty growth, even before the commercial launch in Europe.

• ZepzelcaⓇ received first-line maintenance approval in Europe in June 2026 and launched commercially in Germany and Austria in July, opening a new growth avenue.

• EBITDA dropped to €3.6M from €25.1M year-over-year, reflecting the absence of prior year’s large non-recurring items.

• Net profit was €0.6M, down from €19.4M in the prior year, due to lower non-recurring revenue.

• The company is leveraging revenue growth and cash generation to accelerate pipeline development and pursue new assets.

Financial highlights

• Total revenues were €92.5M in H1 2026, down 3% year-over-year due to lower non-recurring items, while recurring revenues grew 18% to €85.1M.

• ZepzelcaⓇ net sales rose 23%, with royalty income up 50.5% to €31.6M; overall oncology royalty income grew 46.3%.

• EBITDA was €3.6M in H1 2026 versus €25.1M in H1 2025, mainly due to the absence of €20.7M non-recurring revenue and €14.7M grant in 2025.

• Net cash position increased to €126.4M at June 2026, up €5.2M from December 2025; cash and financial assets totaled €169.5M.

• Debt reduced to €43M, 8% lower than year-end 2025.

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.

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

• Net cash position supports planned R&D and development activities without liquidity concerns.