Pharming Revenue Rises 21% to $117.6 Million, Beats Analyst Estimates
Key Facts
Pharming reported preliminary unaudited revenue for the third quarter of 2026 rose about 21% from the same period a year earlier to approximately $117.6 million. The company said in its October business update that quarterly revenue exceeded analyst consensus estimates, while operating expenses came in below their forecasts. It estimated those expenses at approximately $74.6 million for the quarter, roughly flat year on year. Alongside the quarterly performance announcement, Pharming narrowed its full-year revenue guidance to between $380 million and $390 million. It also lowered its annual operating expense forecast to a range of $310 million to $315 million.
By product, Ruconest revenue totaled approximately $93.8 million in the third quarter, according to the company's official disclosure. Pharming attributed the drug's performance to recovering demand in the United States, alongside an early seasonal inventory buildup by a specialty pharmacy customer. The customer's inventory buildup followed earlier drawdowns, contributing to revenue for the period alongside the recovery in U.S. demand. Joenja recorded revenue of approximately $23.8 million in the same quarter. The company said an increase in the number of patients receiving paid treatment in the United States supported sales, alongside expansion in Germany, Japan and Britain. It added that international ordering patterns also had a temporary impact on the drug's revenue during the period.
The business update follows a leadership transition that Pharming attributed to differences between the board and Fabrice Chouraqui over the execution of the company's strategy. It said in the transition statement that "their views on how to take the company's strategy forward are not sufficiently aligned." The board began searching for a permanent successor to Chouraqui, according to the same statement. On the regulatory front, Joenja received U.S. approval in September to expand its use to children aged 4 to 11, provided they weigh at least 27 kilograms. The company had expected to make the new doses available in October, following approval to expand the age group eligible for treatment.
In its clinical development program, Pharming announced results in October from an exploratory trial of leniolisib in patients with inherited immune disorders accompanied by immune dysregulation. The phase 2 trial enrolled 13 participants and used an open-label design in which participants and researchers knew which treatment was being administered. The trial used a single treatment arm, with dose escalation among participants and no comparison group. Results showed an average reduction of 26.4% in spleen volume from baseline among 11 participants evaluable for this measure. The company said leniolisib's safety and efficacy have not yet been established for investigational uses outside activated phosphoinositide 3-kinase delta syndrome.
The next scheduled event is the release of full third-quarter financial results and a business update on 27 October 2026, after the company brought forward the disclosure date. Pharming then expects to announce preliminary results from a separate trial of leniolisib in patients with common variable immunodeficiency during November 2026. On the regulatory front, the U.S. Food and Drug Administration granted priority review to the application for lower doses of Joenja and set 30 January 2027 as the target decision date. Meanwhile, enrollment in the FALCON trial of napazimone is now expected to be completed in the first half of 2027, according to the company's update. That represents a delay from the schedule published with its first-half results, when it expected to complete enrollment during the current year.