Pharming Posts Record Third-Quarter Revenue of $117.6 Million and Raises Outlook
Key Facts
Pharming said third-quarter 2026 revenue rose 21% year over year to $117.6 million, exceeding market expectations, while net profit reached $22.4 million. The company said total revenue increased from the third quarter of 2025, while operating profit rose to $29.9 million from $15.8 million. Basic earnings per share were $0.032 and diluted earnings per share were $0.030, compared with $0.011 and $0.010, respectively, a year earlier. The results point to year-over-year improvements in revenue and profitability, following a second quarter marked by declines in revenue and operating profit. Pharming announced the results on October 27, alongside an update to its financial outlook for the rest of the year.
Revenue growth came from the company's two main products: RUCONEST revenue rose 14% to $93.8 million, while Joenja revenue increased 58% to $23.8 million from the same period last year. The company attributed RUCONEST's growth primarily to higher U.S. sales volumes. Joenja's growth was tied to higher volume and benefited from the product's launches in Germany and Japan and stronger uptake in the U.S. market. The company said, "RUCONEST revenue increased 14% to $93.8 million, and Joenja revenue increased 58% to $23.8 million." The figures reflect the products' contributions to overall revenue growth during the quarter, with Joenja expanding at a faster pace than the older product.
The third-quarter results follow weaker performance in the second quarter of 2026, when total revenue fell 3% year over year to $90.2 million. Operating profit that quarter was $1.3 million, compared with $10.8 million in the second quarter of 2025. In October, the company had indicated it expected third-quarter revenue of about $117.6 million, up 21% from the year-earlier quarter, with operating expenses expected to be about $74.6 million. Reported revenue was roughly in line with that expectation, while the results showed operating profit of $29.9 million. The comparison shows a shift from year-over-year declines in revenue and operating profit in the second quarter to strong growth in the third.
Pharming narrowed its 2026 revenue guidance to $380–390 million, compared with a previous range of $375–395 million. It also lowered its annual operating expense estimate to $310–315 million, from $315–320 million previously. The update sets a narrower range for expected revenue, alongside a lower expense ceiling than in the previous estimates. The reported information did not provide a new annual net profit figure, so the announced changes are limited to revenue and operating expense guidance. The guidance update comes alongside third-quarter revenue and profitability growth.
On its clinical development pipeline, the company expects to publish topline results from the Phase 2 trial of leniolisib in patients with CVID in November 2026. It said it is working on one pivotal Phase 3 trial for the broader indication in patients with CVID. The November data are the next near-term milestone the company announced for the leniolisib program, while the Phase 3 trial relates to the potential registration pathway in the broader patient group. Pharming also expects to complete enrollment in the pivotal FALCON trial of napazimone during the first half of 2027. The company said topline results from the trial are expected about a year after enrollment is completed.
In share trading, PHAR closed at $11.90 on October 26, before announcing results the following day. EL7 data showed a close of $9.75 on October 20, putting the October 26 closing price above its level about six trading days earlier. The available session tracking is limited to the closing price; it does not include a documented intraday price range. The share move recorded before the release of financial results and the annual guidance update. After the announcement, markets are watching for the CVID trial data expected in November, according to the company's announced schedule.