Pharming Reports 89% Jump in Q3 Operating Profit, Narrows 2026 Revenue Guidance

Pharming Group N.V. reported an 89% surge in third-quarter operating profit, driven by a 21% increase in revenue, and subsequently narrowed its full-year 2026 revenue guidance. The results, which the company said confirmed preliminary figures released on October 22, reflect strong sales growth for its key treatments and disciplined cost management.

Third-Quarter Financials Surge

The Dutch rare-disease drugmaker announced Tuesday that its Q3 revenue grew to $117.6 million. This top-line growth, combined with government grants supporting research and development, helped propel operating profit to $29.9 million, up from $15.8 million in the prior-year period.

The company noted a one-time $5.1 million inventory impairment related to manufacturing. Excluding this charge, adjusted operating profit was $35.0 million. Net profit for the quarter was $22.4 million, a significant increase from $7.5 million a year earlier.

Product Sales and Updated Outlook

Pharming's revenue growth was supported by strong performance from its portfolio:

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• RUCONEST, a treatment for acute hereditary angioedema (HAE) attacks, saw revenue climb 14% to $93.8 million. The company attributed this to stabilizing U.S. demand and inventory patterns at a specialty pharmacy.
• Joenja, a treatment for APDS, generated revenue of $23.8 million, a 58% increase year-over-year, fueled by a growing number of U.S. patients and international launches in markets like Germany and Japan.

Following the strong quarter, Pharming adjusted its full-year 2026 forecast. The company now expects revenue between $380 million and $390 million, a narrower range than its previous estimate of $375 million to $395 million. It also lowered its operating expense guidance to a range of $310 million to $315 million from a prior $315 million to $320 million.

Corporate and Pipeline Updates

The earnings report follows a recent leadership change, with CEO Fabrice Chouraqui having stepped down on September 29. Leverne Marsh and Kenneth Lynard have been appointed as interim co-CEOs.

Looking ahead, Pharming anticipates releasing Phase II data for leniolisib in patients with common variable immunodeficiency in November. The company also updated its timeline for the FALCON trial of napazimone, now expecting enrollment to be completed in the first half of 2027.