Pharma Mar (PHM) Q4 2025 earnings summary

Executive summary

• Achieved significant strategic and financial progress in 2025, highlighted by U.S. and Swiss approvals of Zepzelca as first-line maintenance therapy for small cell lung cancer, major licensing to Merck for Japan, and strong revenue growth.

• Total revenue increased 27% year-over-year to €221.4 million, with EBITDA rising fivefold to €68.1 million and net profit up 187% to €75.0 million.

• Advanced clinical pipeline with ongoing pivotal trials (LAGOON, SaLuDo) and early-stage compounds PM534 and PM54.

• Entered a major licensing agreement with Merck for Zepzelca in Japan, receiving €22 million upfront.

• FDA approved IND for PM54 combination trial with immunotherapy, expected to start H1 2026.

Financial highlights

• Revenue from all sources increased: sales +20%, royalties +4%, and license revenue +67% year-over-year, totaling €221.4 million.

• EBITDA reached €68.1 million, about five times higher than the previous year; net profit was €75.0 million, up 187%.

• Operating cash flow generated was €53.1 million; year-end cash and financial investments totaled €167.8 million, with debt stable at €46.6 million.

• Recurring revenue (sales + royalties) increased 12% to €143.5 million; non-recurring revenue (licensing) up 66% to €77.9 million.

• Net cash position at year-end was €121.2 million.

Outlook and guidance

• Expect continued sales and royalty growth in 2026, driven by potential European approval and expanded U.S. use of Zepzelca.

• Anticipate EMA opinion on Zepzelca in Europe in Q1 2026, with possible market entry in some countries in H2 2026.

• LAGOON trial top-line results expected in H2 2026; SaLuDo trial enrollment to complete in H1 2026, with results in 2027.

• Commercial expenditure projected to grow 30% over the next two years to support launches.

• Dividend of €1.00 per share proposed, up to €18 million, to be charged to unrestricted reserves.