Pharming Group (PHARM) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with welcome to shareholders, board members, and executive committee, noting two non-executive directors were absent due to conflicts.

• Chairman Richard Peters introduced the agenda, covering annual report review, remuneration, auditor appointment, amendments to remuneration policy, share issuance and repurchase authorizations, and other business.

• Meeting convened in accordance with statutory requirements, with notice and documents published on April 16, 2026.

• Voting procedures and question protocols explained, with shareholders able to vote in person or by proxy.

• Audio recording will be made for minutes, with draft and final versions published within six months.

Financial performance review

• 2025 revenue grew 27% to $376.1 million, with RUCONEST up 26% and Joenja up 29%.

• Gross margin stable at ~88%; operating expenses up 14%, but only 2% on a like-for-like basis excluding one-offs.

• Adjusted operating profit reached $36.4 million, reversing a prior year loss.

• Cash flow from operations was $54.7 million, ending 2025 with $181.1 million in cash and securities.

• Q1 2026 revenue was $72.4 million (down 8% YoY), with RUCONEST down 15% and Joenja up 34%.

• 2026 revenue guidance is $405–425 million, with gross margin expected at ~90% and operating expenses of $330–335 million.

Board and executive committee updates

• CEO highlighted strategic transformation, new leadership hires, and a focus on performance culture.

• Board and executive committee roles outlined, including CEO Fabrice Chouraqui and CFO Kenneth Lynard.

• Values rolled out: patient focus, simplicity, urgency, and accountability.

• Remuneration report detailed CEO transition, incentive plan outcomes, and new compensation benchmarks.

• The Dutch Works Council, established in 2022, was highlighted as part of governance.