Pharming revenue rises 21% to $117.6 million as operating profit jumps 89%
Key Facts
Pharming said preliminary unaudited total revenue was $117.6 million in the third quarter of 2026, up about 21% from $97.3 million a year earlier. The company said operating profit rose 89% to $29.9 million compared with the same period in 2025. Results were driven by revenue growth from RUCONEST and Joenja, with the former contributing more in absolute terms and the latter posting faster growth. In its outlook update, the company narrowed its full-year revenue target range and reduced its operating expense range. The figures follow a year-on-year decline in revenue and operating profit in the second quarter.
RUCONEST revenue was about $93.8 million in the third quarter, up 14% from the same period in 2025 and 30% from the second quarter of 2026. Pharming attributed the performance to stable demand in the United States and its continued recovery. It also cited an early seasonal increase in distribution-channel inventory at one U.S. specialty pharmacy customer. Large withdrawals earlier in the year were part of the inventory movement context the company reported. The company also listed the completion of its planned withdrawal from markets outside the United States among factors related to revenue, without specifying that the withdrawal occurred in the third quarter.
Joenja generated revenue of $23.8 million, up 58% year on year. The company said growth reflected a continued increase in the number of U.S. patients receiving paid treatment, along with higher international demand. The markets it cited included Germany and Japan, while treatment continued to gain traction in the United Kingdom. Pharming said demand patterns in other international markets provided temporary support to revenue. The two products’ growth therefore came from different drivers: recovering demand and channel inventory movements for RUCONEST, and an expanding patient base and international demand for Joenja.
Operating expenses were $74.6 million in the third quarter, compared with $74.5 million in the same quarter of 2025. The company generated operating cash flow of $32.4 million during the quarter and $24.7 million year to date through the end of the period. Its cash position was $190.9 million at quarter-end. On a broader comparative basis, revenue fell 6% in the first half of 2026 to $162.7 million from $172.3 million in the first half of 2025. In the second quarter alone, revenue declined 3% to $90.2 million from $93.2 million, while operating profit was $1.3 million versus $10.8 million a year earlier.
Pharming raised the floor of its 2026 revenue outlook and narrowed the range to $380–390 million from $375–395 million. It also lowered its target annual operating expense range to $310–315 million from $315–320 million previously. The changes provide the company’s financial framework for the rest of the year, following its announcement of preliminary third-quarter results. On clinical development, the company expects to report preliminary results in November 2026 from the Phase 2 trial of leniolisib in patients with CVID accompanied by immune dysregulation. It is also conducting a single pivotal Phase 3 trial for the broader indication, combining patient groups from two studies.
The company estimated the prevalence of CVID accompanied by immune dysregulation at about 39 patients per million, compared with about 1.5 patients per million for APDS. In the pivotal FALCON trial of napazimone, Pharming expects to have enrolled about 145 of the planned 180 participants by the end of 2026. It expects enrollment to be completed in the first half of 2027, with preliminary results due about a year after completion. On management, the company announced on September 29 that Chief Executive Fabrice Chouraqui would step down with immediate effect, and appointed Leverne Marsh and Kenneth Lynard as co-interim chief executives. The company had set October 27 as the date for announcing results and held a call for analysts and investors that day at 13:30 Central European Time.