Pharming Group Trims 2026 Revenue Outlook by $30 Million on Ruconest Weakness

Pharming Group N.V. on Thursday reduced its full-year 2026 revenue guidance by $30 million after reporting second-quarter sales that fell short of Wall Street expectations. The downward revision was primarily attributed to persistent weakness in sales of its legacy drug, Ruconest.

Guidance Cut and Q2 Results

The company announced it now projects 2026 revenues to be in the range of $375 million to $395 million, a reduction from its previous forecast of $405 million to $425 million. According to the source material, the Visible Alpha consensus estimate of $403.5 million now stands just above the high end of Pharming's updated range.

For the second quarter, Pharming reported total revenues of $90.2 million, approximately 12% below the consensus estimate of $100.8 million. The company's operating profit for the quarter was $1.3 million, significantly missing the consensus forecast for a $14.1 million gain.

Ruconest Sales Drive Shortfall

The primary driver of the revenue miss was the performance of Ruconest, which saw sales decline 10% year-over-year to $72.3 million, well below the $83.8 million analysts had anticipated. The company cited U.S. market dynamics, inventory drawdowns, and planned withdrawals from certain international markets as reasons for the shortfall.

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Reflecting these challenges, Pharming has revised its outlook for the drug. It now anticipates Ruconest sales will decline by approximately 4% to 5% for the full year, a notable shift from its prior expectation of low single-digit percentage growth. However, the company stated it expects the product's sales to stabilize and return to growth in the second half of the year, pointing to an increase in patient enrollments during the second quarter.

Joenja Performance and Cost Controls

In a more positive development, revenues for the company's newer drug, Joenja, reached $17.9 million in the quarter, slightly ahead of the $17.0 million consensus estimate. The drug added five new U.S. patients during the period.

In response to the revenue pressure, Pharming also announced a reduction in its operating expense guidance. The company now expects expenses to be between $315 million and $320 million, a $15 million reduction from the prior range of $330 million to $335 million.