Pharma Mar (PHM) Q4 2025 earnings summary

Executive summary

• Achieved a record year with 27% revenue growth to €221.4 million, fivefold EBITDA increase to €68.1 million, and net profit up 187% to €75.0 million, driven by strong oncology sales and milestone payments.

• Major milestones included FDA and Swiss approvals for Zepzelca (lurbinectedin) as first-line maintenance in small cell lung cancer, EMA application submission for Europe, and licensing to Merck for Japan with a €22 million upfront payment.

• Advanced clinical pipeline with ongoing pivotal trials (LAGOON, SaLuDo) and early-stage compounds PM534 and PM54, with FDA IND approval for PM54 combination trial.

Financial highlights

• Total revenue rose 27% to €221.4 million, with sales up 20%, royalties up 4%, and licensing income up 67%.

• EBITDA reached €68.1 million, net profit was €75.0 million, and operating cash flow was €53 million.

• Cash and financial investments totaled €167.8 million at year-end; net cash position was €121.2 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.

Outlook and guidance

• Anticipates EMA opinion on Zepzelca in Q1 2026 and possible market entry in H2 2026, with continued sales and royalty growth expected.

• 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.