Pharming Group (PHARM) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues rose 42% year-over-year to $79.1 million, driven by strong RUCONESTⓇ and Joenja® sales and increased patient uptake.

• RUCONESTⓇ sales grew 49% to $68.6 million, with U.S. market contributing 97% of sales and over 90 new patient enrollments.

• Joenja® revenue increased 9% to $10.5 million, with the largest quarterly increase in new U.S. patients since Q2 2024 and launches in the UK and Australia.

• Adjusted operating profit was $0.8 million, excluding $7.8 million in non-recurring Abliva acquisition expenses.

• Completed Abliva acquisition for $66.1 million, integrating KL1333 into the pipeline and starting pivotal FALCON trial recruitment.

Financial highlights

• Gross profit increased 50% to $70.8 million, with gross margin improving to 89.5%.

• Net loss widened to $14.9 million from $12.4 million, mainly due to non-deductible acquisition costs.

• Operating expenses included $7.8 million in non-recurring Abliva acquisition costs; excluding these, OpEx was $70.4 million, below Q4 2024 levels.

• Cash and marketable securities decreased by $60.5 million to $108.9 million, primarily due to the Abliva acquisition.

• Positive operating cash flow achieved for the third consecutive quarter, even with acquisition costs.

Outlook and guidance

• 2025 revenue guidance raised to $325–340 million, representing 9–14% growth over 2024.

• Operating expenses expected to be flat year-over-year, excluding $30 million in Abliva-related costs.

• Available cash and future cash flows expected to cover pipeline investments and pre-launch costs.

• Anticipated acceleration in Joenja patient growth in H2 2025, driven by VUS reclassification, pediatric label expansion, and international launches.

• Quarterly revenue fluctuations anticipated; no further specific financial guidance provided.