Pharma Mar (PHM) Q3 2025 earnings summary

Executive summary

• Group revenue rose 3% year-on-year in the first nine months of 2025 to €130.9 million, with recurring revenue up 6% and non-recurring revenue down 7%.

• EBITDA increased to €23.1 million from €6.3 million year-on-year, driven by higher revenue and recognition of a European subsidy.

• Net income for the period more than doubled to €15.3 million compared to €7.4 million in the same period last year.

• Significant regulatory milestones achieved, including FDA approval for Zepzelca® (lurbinectedin) in combination with atezolizumab for SCLC maintenance.

Financial highlights

• Total revenue: €130.9 million (+3% year-on-year); recurring revenue: €105.6 million (+6%); non-recurring revenue: €25.4 million (-7%).

• EBITDA: €23.1 million (vs. €6.3 million in 2024); net income: €15.3 million (vs. €7.4 million in 2024).

• Oncology sales rose 9% to €62.4 million, with Zepzelca® revenues up 34.7% to €31.4 million.

• R&D expenditure: €69.6 million, down 8% year-on-year due to completion of major clinical trial recruitment.

• Cash and financial assets: €147.5 million; net cash position: €100.0 million.

Outlook and guidance

• Net cash position supports planned development and R&D expenditure without cash stress.

• Ongoing and upcoming clinical trials expected to drive future growth, with key results anticipated in 2026.