Pharming Group Q4 Revenue $106.5 Million, Reaffirms 2026 Guidance

Investing.com – Pharming Group NV (NXT AM:PHARM) announced on Thursday that its Q4 revenue was $106.5 million, a 15% increase year-over-year.

Annual revenue reached $376 million, a 26% increase compared to 2024.

Ruconest’s Q4 sales totaled $87 million, up 9% year-over-year. Joenja’s Q4 sales were $20 million, up 52% year-over-year and 31% quarter-over-quarter.

In Q4, the company added 4 paid patients in the U.S. using Joenja, bringing the total paid patients to 120 as of December 31, 2025. For the full year, Pharming added 24 paid treatment patients, compared to 16 in 2024.

The company diagnosed 40 new U.S. APDS patients in 2025, up from 18 in 2024.

Pharming reported increased international market demand, including improved market acceptance after its April 2025 listing in the UK.

Operating profit for Q4 was $6.2 million, and full-year operating profit was $25.8 million. Total operating expenses were $311 million, exceeding the company’s previous guidance range of $304 million to $308 million.

As of December 2025, cash and cash equivalents were $181 million, including $55 million in net cash flow from operations.

For fiscal year 2026, Pharming expects total revenue between $405 million and $425 million, representing an 8% to 13% year-over-year growth. The company anticipates continued growth for Ruconest, with accelerated growth for Joenja in the U.S. and international markets.

Total operating expenses for FY 2026 are projected to be between $330 million and $335 million, up 6% to 8% year-over-year. This includes a $60 million increase in R&D expenses to support ongoing Phase 2 trials of leniolisib and key clinical trials of napazimone, as well as a $9 million reduction in structural general and administrative costs announced in October.

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