Pharming Q3 operating profit jumps 89%, narrows 2026 revenue outlook

Pharming’s third-quarter revenue rose 21% to $117.6 million and operating profit jumped 89%, the Dutch rare-disease drugmaker said on Tuesday, as it narrowed its full-year revenue forecast and lowered its cost guidance.

The results confirm preliminary revenue and operating expense figures that Pharming released on Oct 22.

Operating profit was $29.9 million, versus $15.8 million a year earlier, helped by higher revenue and government grants supporting research and development. 

Excluding a one-time $5.1 million manufacturing-related inventory impairment, adjusted operating profit was $35.0 million. Net profit was $22.4 million, versus $7.5 million a year earlier, on higher revenue and a better net finance result.

Pharming now expects 2026 revenue of $380 million to $390 million, versus a prior range of $375 million to $395 million. 

Pharming lowered its operating expense forecast to $310 million-$315 million from $315 million-$320 million. Third-quarter operating expenses were $74.6 million, compared with $74.5 million a year earlier.

RUCONEST revenue, from its treatment for acute HAE attacks, rose 14% to $93.8 million from a year earlier. 

The company attributed this to stabilizing U.S. demand, an early seasonal rise in inventory at a single U.S. specialty pharmacy after big drawdowns earlier in the year, and completion of a planned withdrawal from non-U.S. markets. Nine-month RUCONEST revenue was $224.5 million, down 3% from a year earlier.

Joenja revenue, from its treatment for APDS, rose 58% to $23.8 million from a year earlier.

It was driven by growth in U.S. patients on paid therapy, higher international demand including launches in Germany and Japan, and what the company called a temporary benefit from ordering patterns in other international markets. At Sept 30, 136 U.S. patients were on paid therapy, versus 116 a year earlier.

Cash generated from operations was $32.4 million, and cash and marketable securities totaled $190.9 million at Sept 30.

Chief Executive Fabrice Chouraqui stepped down on Sept 29; Leverne Marsh and Kenneth Lynard were named interim co-CEOs.

Pharming expects Phase II data for leniolisib in patients with common variable immunodeficiency in November. Enrollment in its FALCON trial of napazimone is now expected to finish in the first half of 2027.