Pharming Group (PHARM) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 21% YoY to $117.6m; reported operating profit increased 89% to $29.9m, and net profit reached $22.4m. FY revenue guidance narrowed to $380m–$390m.

• RUCONEST returned to growth and Joenja expanded; leniolisib Phase II results in broader PIDs were positive, with CVID data expected in November.

Financial highlights

• Q3 revenue was $117.6m vs. $97.3m; gross profit was $102.2m vs. $90.2m, including a $5.1m manufacturing-related inventory impairment.

• Reported Q3 operating profit was $29.9m vs. $15.8m; adjusted operating profit was $35.0m vs. $16.0m.

• Q3 net profit was $22.4m vs. $7.5m; operating expenses were $74.6m, flat YoY.

• 9M revenue rose 4% to $280.2m; net profit was $18.9m vs. a $2.8m loss, and operating profit was $26.3m vs. $19.6m.

• Q3 operating cash flow was $32.4m; cash and marketable securities totaled $190.9m at quarter-end.

Outlook and guidance

• FY 2026 revenue guidance narrowed to $380m–$390m from $375m–$395m, implying 1%–4% growth; operating expense guidance fell to $310m–$315m.

• Expense guidance includes ~$35m of incremental R&D investment and $9m of structural G&A savings.

• Guidance assumes RUCONEST stabilizes and returns to growth in H2 and Joenja delivers significant, accelerating growth; midpoint implies ~3% full-year decline in U.S. RUCONEST revenue and mid-30% Joenja growth.

• FY COGS is forecast at ~12% of revenue, including $10m of Q2–Q3 inventory impairments; implied Q4 revenue is $100m–$110m.

• CVID Phase II topline data are expected in November 2026; FALCON enrollment is expected to complete in H1 2027, with topline results about one year later.