Pharming Group (PHARM) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with welcome to shareholders, board members, and special guests, including the proposed new non-executive director.

• Chairman Dr. Richard Peters introduced the agenda, covering financial results, governance, remuneration, board appointments, and strategic updates.

• Statutory requirements for convening the meeting were met, with notice and documents published on April 30, 2025.

• Voting procedures and Q&A protocols were explained, with opportunities for both in-person and online participation.

• The agenda included the 2024 annual report, remuneration report, corporate governance, dividend policy, financial statements, board discharges, director appointments, auditor reappointment, share issuance, and repurchase authorizations.

Financial performance review

• 2024 revenues increased by 21% to $297.2 million, with RUCONEST® contributing $252.2 million and Joenja® $45.0 million.

• Achieved operating profit and positive cash flow in the last two quarters of 2024; adjusted operating loss reduced to $8.6 million.

• Gross profit rose to $261.8 million; net loss narrowed to $10.5 million.

• Cash and marketable securities at year-end were $169.4 million, down mainly due to convertible bond refinancing.

• 2025 revenue guidance set at $325–340 million, with operating expenses expected flat excluding Abliva-related costs.

Board and executive committee updates

• CEO Fabrice Chouraqui highlighted strategic vision and recent acquisition of Abliva.

• Dr. Elaine Sullivan appointed as Non-Executive Director for four years; Jabine van der Meijs and Leonard Kruimer reappointed.

• Board and executive committee roles and memberships detailed, highlighting expertise in governance, audit, and transactions.

• Search for a new CFO is ongoing, with updates to be provided in due course.

• Steven Barr, Chair of the Remuneration Committee, announced he will not stand for reelection.