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1. Company Snapshot

1.a. Company Description

Pharming Group N.V., a biopharmaceutical company, develops and commercialize protein replacement therapies and precision medicines for the treatment of rare diseases and unmet medical needs in the United States, Europe, and internationally.The company's lead product is Ruconest, a recombinant human C1 esterase inhibitor that is used for the treatment of acute hereditary angioedema.It also engages in the development of rhC1INH for the treatment of pre-eclampsia, acute kidney injury, and COVID-19; leniolisib, a phosphoinositide 3-kinase delta (PI3K delta) to treat patients with activated PI3K delta syndrome; and alpha-glucosidase therapy for the treatment of pompe and fabry diseases.


The company has a development collaboration and license agreement with Novartis; and a strategic collaboration agreement with Orchard Therapeutics plc for research, development, manufacturing, and commercialization of OTL-105, an investigational ex-vivo autologous hematopoietic stem cell gene therapy for the treatment of hereditary angioedema.Pharming Group N.V. is headquartered in Leiden, the Netherlands.

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1.b. Last Insights on PHARM

Pharming Group N.V.'s recent performance has been driven by positive developments in its pipeline and business expansion. The company's announcement of a public cash offer to acquire Abliva AB, strengthening its late-stage pipeline with a potential first-in-disease asset, has been a key driver. Additionally, Pharming reported positive topline data in its pediatric clinical trial of leniolisib, a rare primary immunodeficiency treatment, which is expected to support global regulatory filings in 2025. The company's upcoming presentation of its Q4 and full-year 2024 financial results on March 13, 2025, is also expected to provide further insight into its performance.

1.c. Company Highlights

2. Pharming Group N.V. Delivers Strong Q3 2025 Results with 30% Revenue Growth

Pharming Group N.V. reported a robust third quarter in 2025, with total revenues increasing by 30% year-over-year and operating profit surging to $15.8 million, nearly 4 times last year's result. The earnings per share (EPS) came in at $0.01128, significantly beating estimates of $0.00038. The strong top-line growth was driven by the continued significant growth of RUCONEST and Joenja, with RUCONEST growing 29% year-over-year and Joenja's revenue increasing by 35%.

Publication Date: Nov -25

📋 Highlights
  • Revenue Growth:: Total revenues surged 30% year-over-year, with operating profit reaching $15.8 million, nearly 4x 2024's result.
  • Product Performance:: RUCONEST grew 29% YoY, while Joenja increased 35%, driven by 25% higher patients on treatment and new patient acquisitions.
  • Revenue Guidance Upgrade:: Full-year 2025 revenue guidance raised to $360–375 million, up from $335–350 million, due to sustained product momentum.
  • Pediatric Launch Momentum:: 54 U.S. pediatric patients identified for Joenja, with 1/3 enrolled in early access, expected to drive rapid revenue growth.

Revenue Growth Drivers

The growth in RUCONEST was fueled by continued strength in new prescribers and new patient enrollments, despite the launch of a new oral on-demand therapy. Joenja's third-quarter revenue increase was driven by a 25% year-over-year growth in patients on treatment and increasing success in finding new APDS patients. As Fabrice Chouraqui, Chief Executive Officer, stated, "RUCONEST serves a different type of patient, more severe patients, and has a unique value proposition."

Guidance Upgrade and Pipeline Progress

The company upgraded its full-year 2025 revenue guidance to $360 million to $375 million, up from $335 million to $350 million, driven by the continued strong performance of RUCONEST and Joenja. The pipeline is also advancing rapidly, with a clear objective to deliver two potential blockbuster assets, including KL1333 for primary mitochondrial disease and PIDs with immune dysregulation.

Valuation and Outlook

With a P/S Ratio of 3.24 and an EV/EBITDA of 26.2, the market is pricing in significant growth expectations. Analysts estimate next year's revenue growth at 4.1%. Given the company's strong Q3 performance and upgraded guidance, it appears that the company is on track to meet or exceed these expectations. The company's commitment to disciplined capital allocation and potential for value-accretive M&A transactions also adds to the positive outlook.

Financial Position and Capital Allocation

The company's cash position is almost back to where it was at the end of 2024 before the Abliva acquisition, indicating a strong financial position. The management has stated that they are committed to being disciplined and have high ambitions, but there is no rush to do any M&A, and they will look at opportunities to expand their portfolio and pipeline only if they are value-accretive.

3. NewsRoom

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European Penny Stocks To Watch In November 2025

Nov -28

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Wall Street Analysts Believe Pharming Group (PHAR) Could Rally 81.71%: Here's is How to Trade

Nov -26

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Earnings Estimates Moving Higher for Pharming Group (PHAR): Time to Buy?

Nov -10

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Does Pharming Group (PHAR) Have the Potential to Rally 100.91% as Wall Street Analysts Expect?

Nov -10

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Pharming Group (ENXTAM:PHARM) Is Up 22.9% After Raising Revenue Guidance and FDA Progress – Has the Bull Case Changed?

Nov -08

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Pharming Group (PHGUF) Q3 2025 Earnings Call Highlights: Revenue Surge and Strategic Adjustments

Nov -06

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Pharming Group reports third quarter 2025 financial results with significant growth in revenue, profitability and cash flow

Nov -06

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Pharming Group to participate in Fireside Chat at Jefferies Global Healthcare Conference in London

Oct -30

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.00%)

6. Segments

Recombinant Human C1 Esterase Inhibitor

Expected Growth: 8%

Recombinant Human C1 Esterase Inhibitor from Pharming Group N.V. growth driven by increasing hereditary angioedema prevalence, rising demand for orphan drugs, and growing adoption in emerging markets. Additionally, expanding product pipeline, strategic partnerships, and favorable regulatory environment contribute to the 8% growth rate.

7. Detailed Products

Rhucin

A recombinant human C1 inhibitor for the treatment of hereditary angioedema and other indications

Rucio

A recombinant human lactoferrin for the treatment of inflammatory bowel disease and other gastrointestinal disorders

Leniolisib

A phosphoinositide 3-kinase delta (PI3Kδ) inhibitor for the treatment of activated phosphoinositide-dependent kinase 1 (APDS)

8. Pharming Group N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Pharming Group N.V. operates in a niche market with limited substitutes, but there are some alternatives available, such as traditional pharmaceutical companies.

Bargaining Power Of Customers

Pharming Group N.V. has a diverse customer base, and no single customer has significant bargaining power.

Bargaining Power Of Suppliers

Pharming Group N.V. relies on a few key suppliers for raw materials, but there are alternative suppliers available, reducing the bargaining power of suppliers.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant capital requirements and regulatory hurdles, making it difficult for new entrants to enter the market.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players and a high level of rivalry among companies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.37%
Debt Cost 4.39%
Equity Weight 60.63%
Equity Cost 7.74%
WACC 6.42%
Leverage 64.92%

11. Quality Control: Pharming Group N.V. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Pharming

A-Score: 3.7/10

Value: 3.2

Growth: 3.9

Quality: 4.3

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

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Oxford Nanopore Technologies

A-Score: 3.6/10

Value: 6.6

Growth: 3.8

Quality: 4.3

Yield: 0.0

Momentum: 6.0

Volatility: 1.0

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Immatics

A-Score: 3.5/10

Value: 6.8

Growth: 6.1

Quality: 4.1

Yield: 0.0

Momentum: 4.0

Volatility: 0.0

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Prothena

A-Score: 3.0/10

Value: 7.0

Growth: 1.8

Quality: 4.4

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

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Evogene

A-Score: 3.0/10

Value: 9.0

Growth: 3.0

Quality: 5.6

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

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Ryvu Therapeutics

A-Score: 2.6/10

Value: 6.2

Growth: 2.6

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.41$

Current Price

1.41$

Potential

-0.00%

Expected Cash-Flows