PHAR

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. Pharming Group (ENXTAM:PHARM) has drawn fresh attention after lowering its 2026 revenue guidance by US$30 million and reporting half year 2026 results that showed reduced sales but a smaller net loss. See our latest analysis for Pharming Group. Pharming Group’s guidance cut and half year 2026 results appear to have fed into weaker sentiment, with the stock’s share price down 26.76% over 30 days and a 1 year total shareholder return of 5.37% in decline from prior levels. If this kind of news has you reassessing where growth or resilience might come from next, it could be worth scanning for opportunities in AI driven health stocks through the 128 healthcare AI stocks The guidance reset and sharp share price fall now leave Pharming Group trading at a steep discount to both analyst targets and an estimated fair value. Is that a clear mispricing, or a fair reflection of the risks ahead? The most followed narrative on Pharming Group compares a fair value of €2.36 to the last close of €0.88. It frames a wide gap that hinges on rare disease growth drivers and long term cash flows. Read the complete narrative. Curious what has to happen for that gap between price and fair value to close. The narrative leans heavily on multi year revenue compounding, margin uplift and a rich future earnings multiple. Want to see exactly which assumptions do the heavy lifting in this €2.36 figure. Result: Fair Value of €2.36 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the Pharming Group narrative still faces meaningful risk if Joenja label expansions are delayed or if hereditary angioedema competition gradually eats into RUCONEST volumes. Find out about the key risks to this Pharming Group narrative. The earlier Pharming Group narrative leans on discounted future cash flows and points to a wide gap between price and fair value. On current numbers though, the stock trades on a P/E of 76.9x versus 35.5x for peers and a fair ratio of 44.8x, which suggests a high bar if earnings stumble. For investors, that raises a simple question: Is this a rare chance to buy misunderstood growth, or just paying up for forecasts that may not fully play out? See what the numbers say about this price — find out in our valuation breakdown. With sentiment on Pharming Group split between concern and optimism, it may be useful to review the full picture for yourself using the 4 key rewards and 2 important warning signs. If Pharming Group has you rethinking where to focus next, it makes sense to broaden your watchlist using structured stock ideas rather than chasing headlines. Use the Simply Wall St Screener to quickly compare potential opportunities and keep your shortlist aligned with your own goals and risk comfort. Target potential upside by scanning companies highlighted in the 259 high quality undervalued stocks. These combine quality fundamentals with prices below their estimated worth. Strengthen your income stream by shortlisting stocks from the 433 dividend fortresses, which focuses on higher yields with an emphasis on resilience. Prioritise capital preservation by filtering companies in the 303 resilient stocks with low risk scores, which emphasises stability over aggressive growth. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PHARM.AS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

For investor audiences and media only Second quarter 2026 total revenues decreased by 3% to US$90.2 million, compared to the second quarter 2025 RUCONEST® revenue was US$72.3 million, a 10% decrease compared to the second quarter 2025 and a 24% increase compared to the first quarter 2026, with active patient base 93% of year-ago and strong new patient enrollments Joenja® revenue was US$17.9 million, a 40% increase compared to the second quarter 2025, reflecting continued strong U.S. and international growth, with first European launch in Germany after quarter-end Second quarter operating profit amounted to US$1.3 million compared to US$10.8 million in the second quarter 2025, impacted by manufacturing-related inventory impairments, lower revenue and France site closure Plans to report clinical data with leniolisib in significantly larger CVID patient populations in the fourth quarter 2026 Updates 2026 total revenue guidance to US$375 million - US$395 million, reflecting a US$30 million reduction, and improves operating expense guidance by US$15 million to US$315 million - US$320 million Pharming to host a conference call today at 13:30 CEST (7:30 am EDT) Leiden, the Netherlands, July 30, 2026: Pharming Group N.V. (Euronext Amsterdam: PHARM/Nasdaq: PHAR) presents its preliminary (unaudited) financial report for the second quarter and first half year ended June 30, 2026. Chief Executive Officer, Fabrice Chouraqui, commented:“While we have lowered our full-year revenue guidance, we are encouraged by the resilience of RUCONEST, a year after the launch of the first oral on-demand HAE treatment. The active patient base remained at 93% of year ago levels, and RUCONEST continues to be a cornerstone on-demand treatment for high-burden HAE patients. Supported by strong new patient enrollments in the second quarter, we expect RUCONEST revenues to stabilize and return to growth during the second half of 2026. Joenja (leniolisib) continued to build momentum in APDS, supported by expansion into additional geographies. Beyond APDS, we are encouraged by the potential for leniolisib in broader populations with primary immunodeficiencies, including CVID, where the PI3Kδ pathway is seen as a key driver of immune dysregulation, and we look forward to reporting data from two clinical trials in the fourth quarter of 2026. As we continue to implement a more disciplined operating model, reflected in our improved full-year operating expense guidance, Pharming is evolving into a more diversified rare disease company with a high-value pipeline that has the potential to materially increase our scale and strengthen our long-term growth profile.” Second quarter and first half 2026 highlightsCommercialized assetsRUCONEST marketed for the treatment of acute HAE attacks RUCONEST revenue in the second quarter of 2026 was US$72.3 million, a 10% decrease compared to the second quarter of 2025 and a 24% increase compared to the first quarter of 2026. Revenue for the first half of 2026 was US$130.7 million, a 12% decrease compared to the same period in 2025. RUCONEST revenue in the current quarter compared to the second quarter of 2025 was impacted by market dynamics in the U.S. (reducing revenue by 6%), inventory drawdowns at U.S. specialty pharmacy customers, and the completion of the planned withdrawal from non-U.S. markets. With its differentiated efficacy, reliability and rapid onset of action via IV administration, RUCONEST remains a trusted on-demand treatment option for high-burden patients experiencing more severe or frequent attacks who have failed other on-demand medications, despite increasing competition. The overwhelming majority of RUCONEST patients remain on therapy with the active patient base at 93% of year ago levels. Notably, we achieved a significant increase in new patient enrollments and continued to add new prescribers in the current quarter, indicating continued physician confidence and improvement in underlying performance. Joenja (leniolisib) marketed for the treatment of APDS Joenja revenue increased to US$17.9 million in the second quarter of 2026, a 40% increase compared to the second quarter of 2025. Revenue for the first half of 2026 was US$32.0 million, a 37% increase compared to the same period in 2025. Year-over-year revenue growth in the current quarter was driven by a strong increase in patients on paid therapy in the U.S., inventory normalization at U.S. specialty pharmacy customers following greater drawdowns in the first quarter, and increased demand in international markets. The U.S. market contributed 86% of second quarter revenues, while the EU and Rest of World contributed 14%. As of June 30, 2026, 132 patients were on paid therapy in the U.S., representing a 16% increase from the 114 patients at the end of the second quarter of 2025 and an increase of 5 patients during the quarter. APDS patient finding As of June 30, 2026, we have identified 1,042 diagnosed APDS patients of all ages globally, including 298 patients in the U.S. and 387 in core markets outside of the U.S. Of the identified patients in the U.S., 198 patients are 12 years of age or older and currently eligible for treatment with Joenja, while 60 are between 4 and 11 years of age. Joenja (leniolisib) developmentLeniolisib for APDS As of June 30, 2026, there are 188 APDS patients in either a leniolisib Expanded Access Program (compassionate use), an ongoing clinical study, or a paid access program. Pediatric label expansion On June 4, 2026, we announced that the U.S. Food and Drug Administration (FDA) had accepted our resubmitted supplemental New Drug Application (sNDA) seeking approval for Joenja as a treatment for children aged 4 to 11 years with APDS. Following the Complete Response Letter (CRL) received on January 30, 2026, and a subsequent Type A meeting with the FDA on March 26, 2026, the resubmission seeks approval of 40 mg and 50 mg twice-daily dosing for pediatric patients weighing 27 kg or more, who represent a meaningful proportion of the identified pediatric patient population. The FDA has assigned a Prescription Drug User Fee Act (PDUFA) target action date of October 24, 2026. We plan to submit a separate sNDA in the coming days, seeking approval for lower doses in patients weighing 13 - 27 kg. Japan We expect to launch Joenja for the treatment of APDS in adult and pediatric patients aged 4 years and older in the third quarter of 2026. European Economic Area (EEA) On May 22, 2026, we announced that the European Commission (EC) had granted Marketing Authorization for Joenja as the first and only approved treatment of APDS in adult and pediatric patients 12 years of age and older. Joenja was commercially launched in Germany on July 1, 2026, marking the first European launch following EC approval, with additional launches anticipated pending completion of national reimbursement negotiations. Other countries On July 8, 2026, Joenja was approved by Health Canada for the treatment of APDS in adult and pediatric patients 12 years of age and older. On July 10, 2026, Joenja was approved by the South Korea Ministry of Food and Drug Safety for the treatment of APDS in adult and pediatric patients 12 years of age and older. Leniolisib for additional primary immunodeficiencies (PIDs) Two Phase II clinical trials are evaluating leniolisib for additional primary immunodeficiencies (PIDs) with immune dysregulation, including genetically identifiable PIDs linked to altered PI3Kδ signaling and common variable immunodeficiency or CVID, which represent substantially larger patient populations than APDS. Patient enrollment in both clinical trials is complete and we anticipate trial read-outs in the fourth quarter of 2026, consistent with prior guidance. The PI3Kδ pathway is seen as a key driver of immune dysregulation in many PIDs, and we currently anticipate conducting a single registrational Phase III trial in the broader CVID indication, incorporating patient populations from both studies. A presentation at the 2026 Annual Meeting of the Clinical Immunology Society (CIS), which took place May 6-9, included clinician expanded access experience with leniolisib to treat immune dysregulation in patients with CVID and CVID-like disorders. Clinician-reported outcomes demonstrated improvements, with no progression, in clinical manifestations of immune dysregulation as well as improvements in patients’ quality of life. Other events As we continue to improve operating efficiency in line with our strategy, we have decided to close our production-support site in Évry, France, with the closure expected to take effect in the fourth quarter of 2026. As a result, we recognized a one-time charge in the current quarter to reflect the estimated costs associated with the planned closure.Financial Summary Figures may not add up due to rounding. Financial highlightsSecond quarter 2026 For the second quarter of 2026, total revenues decreased by US$3.0 million, or 3%, to US$90.2 million, compared to US$93.2 million in the second quarter of 2025. RUCONEST revenues amounted to US$72.3 million, a 10% decrease compared to the second quarter of 2025. The decrease in RUCONEST® revenues was primarily driven by a decrease in volume. Joenja revenues amounted to US$17.9 million in the second quarter of 2026, a 40% increase compared to the second quarter of 2025. This increase in Joenja revenues was primarily driven by an increase in volume. Gross profit decreased by US$8.5 million, or 10%, to US$75.7 million, compared to US$84.2 million in the second quarter of 2025, mainly due to manufacturing-related impairments of inventory (US$4.9 million) and the decrease in revenues. The operating profit amounted to US$1.3 million compared to US$10.8 million in the second quarter of 2025. Excluding US$4.9 million in one-time manufacturing-related impairments of inventory and US$1.7 million in expenses associated with the planned closure of the production-support site in Évry, France, adjusted operating profit1 in the second quarter 2026 amounted to US$7.9 million. Excluding US$2.1 million of non-recurring Abliva acquisition-related expenses, adjusted operating profit in the second quarter 2025 amounted to US$12.9 million. The operating result was primarily impacted by manufacturing-related impairments of inventory and a decrease in revenues, while operating expenses remained similar to the second quarter of 2025. The finance result (net) and share of result in associates amounted to a gain of US$1.8 million compared to a loss of US$3.7 million in the second quarter of 2025. This improvement was mainly driven by favorable EUR/USD exchange rate movements, resulting in a foreign currency gain of US$2.9 million in 2026, compared to a loss of US$1.9 million in the second quarter of 2025. The Company had a net profit of US$1.6 million, compared to US$4.6 million in the second quarter of 2025. The effect of the aforementioned drivers was partially offset by a favorable change in the net finance result. Cash used in operations amounted to US$9.7 million, compared to US$11.7 million cash generated from operations in the second quarter of 2025. Cash and cash equivalents, restricted cash and marketable securities decreased from US$171.8 million at the end of first quarter of 2026 to US$159.5 million at the end of the second quarter of 2026, primarily driven by unfavorable working capital movements, mainly a decrease in trade and other payables and an increase in inventories, as well as income tax payments, partially offset by collections of trade and other receivables. 1 Adjusted Operating Profit is a non-IFRS measure used by management to assess underlying operating performance and provides additional insight into the Company's core operating profitability. It excludes certain non-core items. First half year 2026 Total revenues decreased 6% during the first half of 2026 to US$162.7 million, compared to US$172.3 million during the first half of 2025. For the first half of 2026, total RUCONEST revenues were 12% lower at US$130.7 million, compared to revenues of US$149.0 million for the first half of 2025. The decrease in RUCONEST revenues was primarily driven by a decrease in volume. Joenja revenues amounted to US$32.0 million in the first half of 2026, a 37% increase compared to the first half of 2025. This increase in Joenja revenues was primarily driven by an increase in volume. Gross profit decreased by US$13.5 million, or 9%, to US$141.5 million, compared to US$155.0 million in the first half of 2025, mainly due to the decrease in revenues and manufacturing-related impairments of inventory (US$4.9 million). Further details on revenue and gross profit segmentation is provided in Note 7. Segment information in the Notes to the condensed consolidated interim financial statements of this press release.The operating loss amounted to US$3.6 million compared to an operating profit of US$3.8 million in the first half of 2025. Excluding US$4.9 million in one-time manufacturing-related impairments of inventory and US$1.7 million in expenses associated with the planned closure of the production-support site in Évry, France, adjusted operating profit in the first half 2026 amounted to US$3.0 million. Excluding US$9.9 million of non-recurring Abliva acquisition-related expenses, adjusted operating profit in the first half 2025 amounted to US$13.7 million. The deteriorated operating result was primarily driven by a decrease in revenues and manufacturing-related impairments of inventories in 2026. The finance result (net) and share result in associates amounted to a gain of US$1.9 million compared to a loss of US$8.5 million in the first half of 2025. This improvement was mainly driven by favorable EUR/USD exchange rate movements, resulting in a foreign currency gain of US$5.3 million in the first half year of 2026, compared to a loss of US$4.5 million in the first half year of 2025.The Company had a net loss of US$3.6 million, compared to a net loss of US$10.3 million in the first half of 2025. In addition to the aforementioned drivers, the net result was positively impacted by a lower tax expense of US$1.9 million compared to US$5.6 million in the first half of 2025. Cash used in operations amounted to US$7.7 million, compared to US$12.0 million of cash generated from operations in the first half of 2025. Cash and cash equivalents, restricted cash and marketable securities decreased by US$21.6 million to US$159.5 million from US$181.1 million at the end of 2025, primarily driven by negative working capital movements, increased income tax payments and US$12.3 million settlement of the lease liability following the early termination of the DSP facility lease at Pivot Park in Oss, the Netherlands. Outlook/Summary For 2026, the Company anticipates: Total revenues between US$375.0 million and US$395.0 million (0% to 5% growth), updated to reflect a US$30 million reduction compared with prior guidance. Total operating expenses between US$315.0 million and US$320.0 million (1% to 3% growth), including over US$40 million incremental R&D investment to advance the pipeline and US$9 million structural G&A cost reductions based on the plan announced in October 2025, reflecting an improvement of US$15 million from prior guidance. RUCONEST revenue stabilization and return to growth during second half of 2026, and significant and accelerating annual Joenja U.S. and ex-U.S. growth. Additional regulatory approvals and commercial launches for leniolisib for APDS patients 12 years of age or older and for pediatric label expansion in key global markets. Top-line data readouts for the two ongoing leniolisib Phase II clinical trials in PIDs with immune dysregulation, including CVID, to expand the asset’s addressable patient population. Completion of enrollment in the pivotal FALCON clinical study for napazimone (KL1333) in mitochondrial DNA-driven primary mitochondrial diseases. Enhancing capital efficiency to drive growth and build a leading global rare disease company. Continued focus on potential acquisitions and in-licensing of clinical stage opportunities in rare diseases. Financing, if required, would come via a combination of our strong balance sheet and access to capital markets. No further specific financial guidance for 2026 is provided. TrademarksJoenja® and RUCONEST® are registered trademarks owned by or licensed to Pharming Group N.V. or its affiliates. Additional informationPresentation The conference call presentation is available on the Pharming.com website from 07:30 CEST today. Conference Call The conference call will begin at 13:30 CEST/07:30 EDT on Thursday, July 30. A transcript will be made available on the Pharming.com website in the days following the call. Please note, the Company will only take questions from dial-in attendees. Webcast Link: https://edge.media-server.com/mmc/p/m35zejc7 Conference call dial-in details: https://register-conf.media-server.com/register/BId285845cff504c39931913d279f646ea Additional information on how to register for the conference call/webcast can be found on thePharming.com website. Financial Calendar 2026 3Q 2026 financial results                        November 5, 2026 For further public information, contact: PharmingMichael Levitan, VP Investor Relations and Capital MarketsT: +1 (908) 705 1696E: [email protected] Saskia Mehring, Head of Corporate CommunicationsT: +31 6 28 32 60 41E: [email protected] Media RelationsJulia Deutsch (Lyra Strategic Advisory on behalf of Pharming)E: [email protected] Netherlands: Leon Melens (LifeSpring Life Sciences Communication on behalf of Pharming)T: +31 6 53 81 64 27 About Pharming Group N.V. Pharming Group N.V. (Euronext Amsterdam: PHARM/Nasdaq: PHAR) is a global biopharmaceutical company dedicated to transforming the lives of patients with rare, debilitating, and life-threatening diseases. We develop and commercialize innovative medicines, including small molecules and biologics. Pharming is headquartered in Leiden, the Netherlands, with U.S. and European operations. For more information, visit www.pharming.com and find us on LinkedIn. Auditor’s involvement The Condensed Consolidated Interim Financial Statements have not been audited by the Company’s statutory auditor. Responsibility Statement The Board of Directors of the Company (the “Board”) hereby declares that to the best of its knowledge, the condensed consolidated interim financial statements, which have been prepared in accordance with IAS 34 (interim financial reporting), give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company, and this interim Board report includes a fair review of the information required pursuant to section 5:25d(8) and (9) of the Dutch Financial Supervision Act (Wet op het financieel toezicht). Leiden, July 30, 2026 Fabrice Chouraqui, Chief Executive Officer and Executive DirectorRichard Peters, Non-Executive Director and Chairman of the Board of DirectorsMark Pykett, Non-Executive DirectorBarbara Yanni, Non-Executive DirectorLeonard Kruimer, Non-Executive DirectorJabine van der Meijs, Non-Executive DirectorElaine Sullivan, Non-Executive Director Forward-looking Statements This press release may contain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. Examples of forward-looking statements may include statements with respect to timing and progress of Pharming's preclinical studies and clinical trials of its product candidates, Pharming's clinical and commercial prospects, and Pharming's expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming's clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory, commercial, competitive and technical developments. In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming's 2025 Annual Report and the Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming's actual results could differ materially and adversely from those anticipated or implied thereby. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Any forward-looking statements speak only as of the date of this press release and are based on information available to Pharming as of the date of this release. Pharming does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. Inside Information This press release relates to the disclosure of information that qualifies, or may have qualified, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Pharming Group N.V. Condensed Consolidated Interim Financial Statements in US Dollars (unaudited) For the period ended June 30, 2026 Condensed consolidated interim statement of income Condensed consolidated interim statement of comprehensive income Condensed consolidated interim balance sheet Condensed consolidated interim statement of changes in equity Condensed consolidated interim statement of cash flow 2 Comparative presentation updated for consistency. Notes to the condensed consolidated interim financial statements For the period ended June 30, 2026 1.   Company information Pharming Group N.V. is a limited liability public company which is listed on Euronext Amsterdam (PHARM) and on the NASDAQ (PHAR), with its headquarters and registered office located at: Darwinweg 24 2333 CR Leiden The Netherlands Pharming Group N.V. is a global biotechnology company that develops and commercializes innovative therapies for rare and ultra-rare diseases with significant unmet need. We focus on immunological and genetic conditions where our scientific and commercial expertise can help advance care over the long term. 2.   Statement of compliance The consolidated interim financial statements for the six-month period ended June 30, 2026, have been prepared in accordance with International Accounting Standard IAS 34, Interim financial reporting. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2025. They do not include all of the information required for a complete set of financial statements in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on July 29, 2026. The published figures in these condensed consolidated interim financial statements are unaudited. 3.   Accounting policies Accounting policies are consistent with those of the financial statements for the year ended December 31, 2025. The following exchange rates have been applied: 4.   Estimates and judgements The preparation of interim financial statements in conformity with IAS 34 and Book 2 Title 9 of the Dutch Civil Code requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Company’s accounting policies were the same as those applied to the consolidated financial statements for the year ended December 31, 2025. 5.   Going concern In preparing and finishing the interim financial statements the Board of Directors of Pharming have assessed the Company’s ability to fund its operations for a period of at least twelve months after the date the interim financial statements are issued. Based upon the assessment on a going concern basis, the Company has concluded that funding of its operations for a period of twelve months, after the date the interim financial statements are issued, is realistic and achievable. Overall, based on the outcome of this assessment, the interim financial statements have been prepared on a going concern basis. 6.   Seasonality of operations Seasonality has no material impact on Company’s interim financial statements. 7.   Segment information Operating segments are components of the Company that engage in business activities from which it may incur expenses, for which discrete financial information is available and whose operating results are evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance. The Executive Members of the Board of Directors are considered the CODM. CODM reviews the Company’s results under four operating segments based on a combination of the products that the Company has launched - RUCONEST and Joenja, and the main geographies where sales are consummated - focused on the US and reporting, in aggregate, EU and Rest of the World (“RoW”). The four operating segments correspond to each of its four reportable segments for financial reporting purposes. The CODM reviews revenues and gross profit to assess the performance of their operating segments, which are the sole performance measures on segment level which are provided regularly to the CODM. No other information, such as operating expenses, assets or other performance indicators on segment level are provided regularly to the CODM. Total revenues and gross profit per each operating and reportable segment for the period ended June 30 are: There are no intersegment sales. 8.   Other income Other income decreased by US$0.4 million in the first half of 2026 to US$1.8 million as compared to US$2.2 million the first half of 2025. 9.   Expenses by nature Costs of sales Costs of inventories recognized as expenses in the first half year of 2026 were US$12.7 million versus US$13.2 million for the first half of 2025 and relates to actual product sales of RUCONEST and Joenja. Pharming expensed royalty fees to Novartis on Joenja sales, amounting to US$3.4 million in the first half of 2026 (first half of 2025: US$2.4 million). Inventory impairments amounted to US$5.1 million (1H 2025: US$1.7 million) and stems from the valuation of the inventories against lower net realizable value and mainly relates to material no longer expected to be used for commercial sales. Other operating costs Other operating costs decreased to US$146.9 million in the first half of 2026 compared to US$153.4 million in the first half year of 2025. Employee benefits are charged to research and development costs, general and administrative costs, or marketing and sales costs based on the nature of the services provided. Employee benefits of production related employees have been included in the value of inventories. Depreciation and amortization charges amounted to US$6.0 million in the first half of 2026 compared to US$5.3 million the first half year of 2025, and related to the following: 10.   Finance income (expenses) Foreign currency results primarily reflect movements in the EUR/USD exchange rate. The strengthening of the U.S. dollar against the euro during the first half of 2026 (compared with a weakening during the first half of 2025) generated foreign exchange gains. These gains were mainly attributable to the revaluation of the U.S. dollar-denominated cash and marketable securities balances held by euro functional currency entities and euro-denominated monetary assets and liabilities held by the U.S. dollar functional currency entity. Interest income increased compared with the first half of 2025 due to a higher average balance of cash and marketable securities following the completion of the Abliva acquisition in the first half of 2025, as well as higher effective yields earned on cash and cash equivalents. 11.   Income tax (expenses) Income tax expenses are recognized in each interim period based on the best estimate of the weighted average annual effective income tax rate expected for the full financial year. 12.   Investments Investments accounted for using the equity method The asset relates to an investment in the ordinary shares of BioConnection Investments B.V. (“BioConnection”). In the Board of Directors’ judgement, the investment in BioConnection constitutes an investment in an associated company and is therefore not consolidated. Pharming has significant influence but does not have control of BioConnection and is embargoed by a shareholder’s agreement between the shareholders of BioConnection from influencing any activity between the two parties which is in any significant way different from the relationship which existed between the two prior to the investment. The carrying amount of this investment has changed as follows: Investment in debt instruments designated as at FVTPL The asset relates to the preference share in BioConnection Investments B.V. The Board of Directors made an assessment on the accounting treatment of the preference share obtained. The Board concluded that the asset should be recognized as a financial asset (debt instrument) measured at initial recognition at fair value, subsequently measured at fair value through profit and loss. The fair value is calculated on a yearly basis using the forward-looking Black-Scholes-Merton (“BSM”) financial instrument pricing framework. No events or matters are known as of the date of this report which would lead to a significant impact in the fair value of the asset, compared to December 31, 2025. The carrying amount of this investment has changed as follows: 13.   Deferred tax assets The deferred tax assets decreased mainly due to foreign exchange effects and changes in temporary differences. 14.   Inventories Inventories include batches of Joenja and RUCONEST and related work in progress. Changes in the adjustment to net realizable value: The inventory valuation at June 30, 2026, of US$65.4 million (December 31, 2025: US$64.9 million) is stated net of an impairment of US$16.6 million (December 31, 2025: US$13.1 million). The impairment relates to the write down of inventories to their net realizable value. Inventories are available for use in commercial, preclinical and clinical activities. Estimates have been made with respect to the ultimate use or sale of product, taking into account current and expected sales as well as preclinical and clinical programs. These estimates are reflected in the additions to the impairment. The costs of materials used in research and development activities are presented under the research and development costs. The main portion of inventories at June 30, 2026, have expiration dates starting beyond 2026 and are all expected to be sold and/or used before expiration. Cash, cash equivalents and marketable securities Since April 1, 2026, the marketable securities are considered to be cash equivalents as they are managed from that date as part of the Group’s total liquidity position and are held to meet potential short-term cash commitments rather than for investment purposes. The money market funds consist of LVNAV money market funds regulated under the EU Money Market Fund Regulation, which imposes liquidity, maturity, diversification and credit quality requirements broadly comparable to those applicable to SEC Rule 2a‑7 money market funds. The carrying value includes accrued interest of US$0.3 million as of June 30, 2026 (December 31, 2025: US$0.1 million). Cash is free at disposal of the Company. 16.   Equity The Company’s authorized share capital amounts to €10.56 million (US$12.0 million) and is divided into 1,056,000,000 ordinary shares with a nominal value of €0.01 each. All 707,781,240 shares outstanding at June 30, 2026, have been fully paid-up. Other reserves include those reserves related to currency translation, share-based compensation expenses and other equity-settled transactions. Please refer to the Condensed consolidated interim statement of changes in Equity. The other reserves are made up as shown in the below table. 17.   Convertible bonds In April 2024, the Company issued €100.0 million (US$113.9 million, based on the EUR/USD exchange rate as of June 30, 2026) aggregate principal amount of 4.50% convertible bonds due 2029. The movements of the convertible bonds were as follows: 18.   Earnings per share and diluted shares Basic earnings per share is calculated based on the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share in the case of a profit is computed based on the weighted average number of ordinary shares outstanding including the dilutive effect of shares to be issued in the future under certain arrangements such as option plans. However, as the net result represents a loss, the diluted earnings per share are equal to the basic earnings per share. For 1H 2026 and 1H 2025, the basic and diluted earnings per share are: Diluted shares The composition of the number of shares and share rights outstanding as well as authorized share capital as per June 30, 2026 is provided in the table below: 19.   Financial risk management and fair value Financial risk management Pharming is exposed to several financial risks: market risks (being currency risk and interest rate risk), credit risks and liquidity risks. The Board of Directors and the Executive Committee are responsible for the management of currency, interest, credit and liquidity risks and as such ultimately responsible for decisions taken in this field. The Group’s exposure to financial risks has not materially changed during the period. Fair value The following table provides information on the fair value of financial instruments not measured at fair value as at the reporting date: For financial instruments not included in the table above, the carrying amount is a reasonable approximation of fair value. The following table presents information on the fair value measurement hierarchy of financial instruments measured at fair value: Further information on the investments in debt instruments designated as at FVTPL is included in note 12. During the six-month period ended June 30, 2026, there have been no changes related to the fair value hierarchy. Comparative information was updated for consistency. 20. Related party transactions There are no material changes in the nature, scope, and scale in this reporting period compared to last year. More information is included in note 24 to the consolidated financial statements as at and for the year ended December 31, 2025. 21. Events since the end of the reporting period There were no significant events since the end of the reporting period. Attachment Pharming Group reports 2Q_1H26 results_EN_30JULY2026

This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ruconest active patient base remained resilient at 93% of prior year levels despite oral competition, with new patient enrollments recovering to near pre-competitive levels. Joenja delivered strong 40% year-over-year revenue growth, driven by U.S. momentum and accelerating European expansion. Two Phase 2 studies for leniolisib in broader primary immunodeficiencies (CVID and genetic PIDs) are fully enrolled, with top-line results expected in Q4 2026, representing a potential multi-billion-dollar opportunity. Operating expense guidance was reduced by $15 million to $315-$320 million, reflecting disciplined cost management and improved operational efficiency. Near-term catalysts include U.S. pediatric label expansion for Joenja (PDUFA date October 24, 2026) and upcoming launches in Germany and Japan. Total Q2 2026 revenue declined 3% year-over-year, driven by a 10% drop in Ruconest revenue due to competitive dynamics and inventory normalization. Full-year 2026 revenue guidance was lowered by $30 million to $375-$395 million, reflecting ongoing market share pressure from oral on-demand HAE treatments. Operating cash flow was negative $9.7 million in Q2, impacted by strategic inventory build and lower revenues. A $4.9 million impairment of manufacturing inventory for Ruconest was recorded, indicating potential production or quality issues. The planned closure of a production support site in France and associated restructuring costs highlight ongoing operational challenges. Here are the key highlights from Pharming Group's Q2 2026 earnings call, focusing on the most significant Q&A exchanges. Warning! GuruFocus has detected 5 Warning Sign with LNC. Is PHGUF fairly valued? Test your thesis with our free DCF calculator. Q: Regarding the upcoming Phase 2 data for leniolisib in CVID and genetic PIDs, what are the next steps assuming a positive outcome? A: (Anurag Relen, Chief Medical Officer) We expect results in Q4. The studies have similar patient populations with significant overlap. We anticipate conducting a single registrational Phase III trial in the broader CVID indication, likely a randomized control study similar to the one performed in APDS. We will review the data and dose regimen with the FDA and other regulators to finalize the plan. Q: New Ruconest enrollments recovered to 84 in Q2, close to pre-competitive launch levels. Has this trend continued into Q3? A: (Levern March, Chief Commercial Officer) Yes, the momentum is consistent into July. While there is some seasonality in the HAE market, the trend is holding. We continue to add new prescribers, reinforcing Ruconest's entrenched position in high-burden HAE patients. Q: Can you provide more color on the commercial launch efforts for Joenja in the EU and the magnitude of the opportunity? A: (Levern March, Chief Commercial Officer) We have identified about 387 potentially eligible APDS patients across our core 8 markets. The UK launch is proceeding at pace, the German launch is underway since July 1st, and we are preparing to launch in Japan in August. We are assuming a similar conversion rate to what we've seen in the U.S. as we secure reimbursement. Q: For the 84 new Ruconest patients, what do they look like in terms of severity and attack rate? Are they all new to therapy? A: (Levern March, Chief Commercial Officer) These are high-burden patients with high-frequency attacks, more severe attacks, and concerns about high-risk attack locations like laryngeal attacks. The 84 figure represents pure new enrollments (first time on Ruconest) and does not include patients returning to therapy. Q: Regarding the larger CVID and PID patient populations, how well characterized are these patients and how accessible are they commercially? A: (Anurag Relen, Chief Medical Officer) This is very different from APDS. CVID is clinically diagnosed, and these patients are largely already identified. They are almost always on immunoglobulin replacement therapy. This means the diagnosis mechanics are different and less reliant on genetic testing compared to APDS. Q: With the upcoming CVID data, could it provide any incremental boost to Joenja revenue prior to potential approval? A: (Fabrice Chouraqui, CEO) No. We will engage with the FDA and assume we need to conduct a Phase III trial. Until we receive proper approval, we cannot promote the data and do not expect any sales from CVID. However, the many opportunities in APDS, including pediatric expansion and geographic expansion, will fuel Joenja's growth in the coming years. Q: On the on-demand HAE market, how do you expect new patient initiations to play out? Will patients still find Ruconest after trying other drugs? A: (Levern March, Chief Commercial Officer) The vast majority of new enrollments come from patients who have had suboptimal responses to other therapies and are switching to Ruconest. We expect this to continue because patients with high severity or frequent attacks (two or more per month) require a more reliable, faster-onset treatment, where Ruconest is uniquely positioned. Q: Could you provide more color on the manufacturing impairment of inventory? Which product does it relate to? A: (Kenneth Linnert, Chief Financial Officer) This relates to manufacturing inventory for Ruconest. The matter is not concluded, but indicators suggest some inventory may not be usable for commercial purposes. We impaired it according to our normal process and will conclude on the matter before the end of Q3. Q: For the genetic PID Phase 2 study, how did you select the specific genetic PIDs? A: (Anurag Relen, Chief Medical Officer) The genes selected for the basket study were all chosen based on published data showing a connection to the PI3K delta pathway. The selection was driven by evidence that abnormalities in these genes could lead to driving that specific pathway. Q: When might we see pediatric approval for Joenja in the European Union? A: (Anurag Relen, Chief Medical Officer) We have identified a significant number of pediatric APDS patients outside the U.S. We plan to bring the same pediatric data set to Europe, beginning with the UK as we did with the adult population, and then continue across Europe. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Pharming Group N.V. Sponsored ADR? Here are five stocks we like better. Pharming cut its 2026 outlook, forecasting revenue of $375 million to $395 million after second-quarter revenue fell 3% to $90.2 million. The company also lowered its operating-expense forecast by $15 million, while expecting RUCONEST sales to stabilize and resume growth in the second half of 2026. Joenja remained the growth driver, with second-quarter revenue up 40% to $17.9 million. Pharming is advancing launches in Germany and Japan, pursuing additional pediatric doses in the U.S., and expects high-30% Joenja revenue growth in 2026. Pharming expects fourth-quarter Phase II results for leniolisib in broader primary immunodeficiency conditions, including CVID, which management estimates could represent an addressable population up to 40 times larger than APDS. Despite positive operating profit, cash and marketable securities declined to $159.5 million at quarter-end. Pharming Group (NASDAQ:PHAR) reported second-quarter revenue of $90.2 million, down 3% from a year earlier, as growth from its Joenja treatment partly offset lower sales of hereditary angioedema therapy RUCONEST. The company reduced its full-year revenue outlook by $30 million but said it expects RUCONEST sales to stabilize and return to growth during the second half of 2026. The company now expects 2026 revenue of $375 million to $395 million, representing approximately flat to 5% growth versus 2025. It also lowered its operating-expense forecast by $15 million to a range of $315 million to $320 million. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Management said the revised outlook reflects a clearer view of the competitive hereditary angioedema, or HAE, market nearly a year after the launch of the first oral on-demand treatment. Pharming continues to position RUCONEST as an on-demand option for patients with frequent or severe attacks, while seeking to expand Joenja in activated phosphoinositide 3-kinase delta syndrome, or APDS, and potentially in broader immune-deficiency indications. RUCONEST revenue fell 10% year over year to $72.3 million in the second quarter, though sales rose 24% sequentially. Chief Commercial Officer LaVerne Marsh said the year-over-year decline reflected U.S. competitive dynamics, the completion of Pharming’s planned withdrawal from international markets, and temporary inventory normalization. → 3 Value ETFs to Consider as Growth Stocks Lag Behind Marsh said the active RUCONEST patient base remained at approximately 93% of its level a year earlier. The company recorded 84 new patient enrollments during the quarter, compared with about 50 in the first quarter and close to the level reported in the second quarter of 2025. Pharming also added 17 new prescribers. “The resilient patient base, improvement in new enrollments, and continued addition of prescribers support our belief that revenue will stabilize,” Marsh said, adding that RUCONEST is expected to return to growth in the second half. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? Management said new RUCONEST enrollments increasingly involve patients with high disease burdens, including those with frequent or severe attacks and concerns about high-risk attack locations. Marsh also said the new-enrollment figure excludes patients restarting therapy. In response to an analyst question, Chief Financial Officer Kenneth Lynard said the company expects inventory patterns to be within normal seasonal ranges for the rest of 2026 after inventory reductions earlier in the year. Joenja revenue rose 40% year over year to $17.9 million. U.S. revenue increased 31% to $15.4 million, while international revenue climbed 150% to $2.5 million. At the end of the quarter, 132 patients were on paid Joenja therapy in the U.S., up 16% from a year earlier and by five patients from the first quarter. The number of identified U.S. APDS patients rose by 16 during the quarter to 298, including 60 patients between ages 4 and 11. Pharming is awaiting an October 24 PDUFA date for U.S. approval of higher 40-milligram and 50-milligram pediatric doses of Joenja. Marsh said the company submitted a supplemental new drug application for lower 20-milligram and 30-milligram doses on the day of the call. Outside the U.S., the company launched Joenja in Germany on July 1 and said it is preparing to launch in Japan during August after progressing through pricing and reimbursement steps. Marsh said Pharming had identified approximately 387 potentially eligible APDS patients across eight core markets outside the U.S. Management expects Joenja’s annual revenue to grow in the high-30% range in 2026, supported by Germany, Japan and the anticipated U.S. pediatric expansion. Lynard said this compares with 29% growth in 2025. Chief Medical Officer Anurag Relan said Pharming’s two fully enrolled Phase II studies of leniolisib, the active ingredient in Joenja, are expected to report top-line results in the fourth quarter. The programs are evaluating the treatment in broader primary immunodeficiency populations, including common variable immunodeficiency, or CVID, with immune dysregulation. The CVID study includes 20 patients across multiple centers, while a second 12-patient basket study at the National Institutes of Health is examining genetically defined primary immunodeficiencies associated with immune dysregulation. The studies are assessing lymph node and spleen size, blood-cell counts, liver and lung involvement, patient and clinician-reported outcomes, and biomarkers. Relan said Pharming currently anticipates that positive Phase II results could support a single registrational Phase III study in a broader CVID population. The company said the potential CVID addressable population could be up to 40 times larger than APDS, though management said it does not expect CVID sales before a Phase III trial and regulatory approval. Pharming also expects results in 2027 from the pivotal FALCON study of napazimone in patients with primary mitochondrial disease. Lynard said reported and adjusted operating profit were positive in the second quarter despite lower revenue and nearly $9 million in incremental investments compared with the prior-year quarter. Adjusted operating profit declined by $5 million year over year, primarily due to lower revenue and higher research and development spending. Operating cash flow was an outflow of $9.7 million in the quarter, driven by working-capital changes, including a strategic inventory build, and operating performance. Cash and marketable securities totaled $159.5 million at quarter-end, down $12.3 million from the end of the first quarter. For the first half, revenue totaled $162.7 million, down 6% year over year. Joenja revenue increased 37%, while RUCONEST revenue declined 12%. The company increased research and development investment by $13 million in the first half while adjusted operating expenses rose 1%. Pharming expects cost of goods sold, including a $4.9 million manufacturing-inventory impairment recorded during the second quarter, to be approximately 11% of full-year revenue, implying a gross margin of about 89%. Lynard said the impairment related to RUCONEST manufacturing inventory that may not be available for commercial use, with the company expecting to conclude its assessment before the end of the third quarter. Pharming Group N.V. is a clinical-stage biopharmaceutical company headquartered in Leiden, the Netherlands, with a primary focus on developing and commercializing innovative protein replacement therapies for patients living with rare diseases. The company employs a proprietary transgenic technology platform designed to produce recombinant human proteins in the milk of transgenic animals, enabling scalable and cost-efficient manufacturing of complex therapeutic proteins. The company's lead product, RUCONEST (recombinant human C1 esterase inhibitor), is approved for the treatment of acute hereditary angioedema (HAE) attacks in multiple markets, including the United States and Europe. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Pharming Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Interested in Pharming Group N.V. Sponsored ADR? Here are five stocks we like better. RUCONEST revenue fell (down ~15% Y/Y) largely due to specialty pharmacy inventory drawdown and the company’s exit from certain non‑U.S. markets, but management expects inventory normalization in H2 and highlights continued demand with ~50 new patient enrollments and 23 new prescribers. Joenja is a key growth driver—revenues rose 34% Y/Y (about $14.1M) with U.S. paid patients up 25% Y/Y—and Pharming has resubmitted a pediatric sNDA for ages 4–11 with an FDA decision expected within six months and a second lower‑dose submission planned for the summer. Pharming reiterated 2026 revenue guidance of $405–$425 million despite Q1 revenue of EUR72.4M (down 8%), reported positive operating cash flow (~EUR2M) and EUR171.8M in cash/marketable securities, while keeping 2026 operating expense guidance and adding R&D investment ahead of two Phase II leniolisib readouts later this year. Pharming Group (NASDAQ:PHAR) executives said first-quarter 2026 results reflected an expected decline in RUCONEST revenue tied largely to specialty pharmacy inventory movements and the company’s planned exit from certain non-U.S. markets, while Joenja continued to post strong growth and the company advanced regulatory and clinical milestones across its pipeline. CEO Fabrice Chouraqui said quarterly revenue fell primarily due to RUCONEST, a decline he said was “largely expected due to inventory drawdown at specialty pharmacy,” which the company previously discussed on its fourth-quarter 2025 call. Chouraqui also pointed to the “commercial exit from non-U.S. markets” as a contributor to the year-over-year decline, a decision the company announced last year “as part of our renewed financial discipline since the commercialization of RUCONEST in this market was not financially sustainable.” → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% Chief Commercial Officer Leverne Marsh said RUCONEST revenue was down 15% year-over-year, driven by three factors: inventory dynamics that reduced quarterly revenue by 8%, the ex-U.S. exit contributing about 3%, and what she described as a measured impact from competition in the U.S. hereditary angioedema (HAE) market. Despite the headline decline, Marsh emphasized continued demand indicators underneath revenue. She said the company added about 50 new patient enrollments in the quarter and brought on 23 new prescribers. Marsh framed these trends as evidence that clinicians continue to use RUCONEST for a “high attack, high severity” subset of patients. → Light Speed Returns: Corning Cashes In on NVIDIA Growth On competitive dynamics, Marsh said that nine months after the launch of a new oral competitor in the U.S., the “overwhelming majority” of RUCONEST patients have remained on therapy. She added that among those who explored alternatives, “many high-burden patients are returning to RUCONEST” when response to new treatments is not adequate. During Q&A, Marsh explained why the company expects additional RUCONEST pressure in the second quarter, citing the lag needed to see trialing and switching behavior through “three to four reorder cycles.” CFO Kenneth Lynard added that the company expects inventory patterns to normalize, saying Pharming anticipates an inventory build in the second half of the year “to basically reflect the demand.” → Years in the Making, AMD’s Upside Movement Has Just Begun Chouraqui clarified that the roughly 50 new patient enrollments discussed in the quarter represent patients “in the pipes” who have received a prescription but are not yet necessarily on therapy, noting there is typically a delay between enrollment and treatment start. Pharming highlighted Joenja as an early-stage growth driver. Chouraqui said Joenja revenues grew 34% year-over-year with “strong momentum both in the U.S.” and in international markets. Marsh reported Joenja revenue of $14.1 million globally in the quarter and said that by quarter-end the company had 127 patients on paid therapy in the United States, a 25% increase over the first quarter of 2025. Marsh said Pharming added seven net new U.S. patients on paid therapy in the quarter, an acceleration compared with the prior two quarters. She also cited an 85% U.S. fill rate, which she attributed to reimbursement support and patient services. Beyond patients already on therapy, Marsh said the company has identified 187 U.S. APDS patients older than 12 who are eligible, plus 57 eligible patients in the four-to-11 age group, calling pediatrics “the next frontier for growth in the U.S.” On international progress, Marsh said Pharming is seeing strong uptake in the U.K. and growth in government-supported access programs elsewhere. Looking ahead, she said the company is positioning for launches in Europe and Japan later this year. In response to an analyst question, Marsh said the first European launch is expected in Germany “toward the second quarter,” and she said Pharming anticipates commercial, paid patients in the second quarter. She also said the company expects to launch in Japan in August. Management provided an update on its efforts to expand Joenja’s U.S. label into pediatrics (ages four to 11) following a complete response letter (CRL) received in January. The company said it held a Type A meeting with the FDA at the end of March, which included two APDS expert physicians. Executives described the interaction as constructive and said the FDA recognized the unmet need and challenges of recruiting young children into trials for an ultra-rare disease. Chief Medical Officer Anurag Relan said Pharming and the FDA aligned on a two-step approach. The company resubmitted the sNDA in April for the 40 mg and 50 mg doses, which Relan said cover “a meaningful proportion” of children ages four to 11. He said an FDA decision is expected within six months or sooner, and the company plans to issue a press release upon FDA acceptance. Relan said a second sNDA for the lowest-weight patients is planned for the summer, also expected to follow a six-month review timeline. Responding to questions about dosing, Relan said the Type A discussion did not change Pharming’s overall dosing strategy and that the planned low-dose submission does not require an additional clinical trial. Marsh said roughly half of the identified four-to-11 population would be eligible for the higher-dose resubmission, with the other half expected to fall into the lower-dose group. Pharming also discussed lifecycle expansion opportunities for leniolisib (Joenja) beyond APDS, focusing on primary immunodeficiencies (PIDs) with immune dysregulation, including common variable immune deficiency (CVID) with immune dysregulation. Relan said Pharming has two phase II, proof-of-concept studies that are now fully enrolled: A multicenter CVID study enrolling 20 patients A genetic PID study conducted at the NIH enrolling 12 patients Relan said both are single-arm, open-label dose range-finding studies, and readouts are expected later this year. He added that one study is a month shorter in duration, so results could become available slightly earlier for one program than the other. At the Clinical Immunology Society meeting, Relan said Pharming and collaborators are presenting seven abstracts, including data from an expanded access program in which six CVID or CVID-like patients with immune dysregulation received leniolisib for a median of 1.4 years. Relan said clinicians reported improvement and “no patient showing progression” across manifestations including cytopenias, splenomegaly, lymphadenopathy, liver disease, and lung disease. He also cited immune profile changes, including reduced transitional and CD21 low B cells, which he said are consistent with PI3K delta pathway modulation seen in APDS. Relan cautioned the dataset was clinician-reported and not from a prospective clinical study, but he called the consistency of improvement across endpoints an encouraging early signal ahead of formal study readouts in the second half of the year. Chouraqui also pointed to napazimone (formerly KL1333) for primary mitochondrial disease as a major pipeline program, saying the registrational study is expected to complete enrollment this year with a readout next year. CFO Kenneth Lynard said first-quarter revenue totaled EUR 72.4 million, down 8% year-over-year. He reiterated RUCONEST revenue declined 15% and attributed most of the change to the expected U.S. inventory normalization (an 8% headwind, consistent with the 7% to 9% headwind discussed on the prior call) and the ex-U.S. exit (3%). He also noted that the first quarter is typically the lowest seasonal quarter for RUCONEST due to ordering patterns. Joenja revenue increased 34% year-over-year, and Lynard said revenue was “modestly affected by inventory timing,” adding that excluding this effect growth would have been $1 million to $2 million higher. Lynard said operating expenses fell 9% year-over-year, and on an adjusted basis—excluding non-recurring acquisition costs tied to Abliva in the prior year—expenses were flat, which he said reflected the company’s ability to increase pipeline investment without increasing overall costs. Pharming generated EUR 2 million in positive operating cash flow in the quarter. Total cash and marketable securities fell EUR 9.3 million to EUR 171.8 million, driven primarily by a EUR 12.3 million payment related to early termination of a facility lease. Management reaffirmed 2026 revenue guidance of $405 million to $425 million, which the company said implies 8% to 13% growth versus 2025. Lynard said the outlook assumes low single-digit RUCONEST growth at the midpoint, with pressure expected in the second quarter and growth anticipated in the second half. He said guidance now includes expected U.S. pediatric label revenues later in the year, which previously had been excluded. Lynard added that hitting the upper end of the range would be most influenced by faster-than-expected pediatric approval and launch timing. Pharming reiterated an operating expense outlook of $330 million to $335 million for 2026, including $60 million in incremental R&D investment to advance the pipeline and “up to $30 million additional for the development of napazimone.” Lynard also referenced a previously announced 20% structural headcount reduction in G&A, which he said delivers a $9 million benefit, while marketing and sales spending remains stable. Gross margin is expected to be about 90%. In closing remarks, Chouraqui said the company believes it is making “important progress across the business” while maintaining financial discipline, and he pointed to upcoming catalysts including the two phase II leniolisib readouts later this year and completion of enrollment for the napazimone registrational study. Pharming Group N.V. is a clinical-stage biopharmaceutical company headquartered in Leiden, the Netherlands, with a primary focus on developing and commercializing innovative protein replacement therapies for patients living with rare diseases. The company employs a proprietary transgenic technology platform designed to produce recombinant human proteins in the milk of transgenic animals, enabling scalable and cost-efficient manufacturing of complex therapeutic proteins. The company's lead product, RUCONEST (recombinant human C1 esterase inhibitor), is approved for the treatment of acute hereditary angioedema (HAE) attacks in multiple markets, including the United States and Europe. The article "Pharming Group Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

First quarter 2026 total revenues were US$72.4 million, an 8% decrease compared to the first quarter 2025 RUCONEST® revenue was US$58.4 million, a 15% decrease compared to the first quarter 2025, mainly due to anticipated inventory drawdowns and the planned exit from non-U.S. markets Joenja® revenue was US$14.1 million, a 34% increase compared to the first quarter of 2025, reflecting strong U.S. and international momentum Reaffirmed 2026 total revenue guidance of US$405 - US$425 million (8% - 13% growth) Generated positive net cash flow from operations of US$2.0 million in the quarter Joenja® approved in Japan and received positive CHMP opinion for APDS Resubmitted pediatric sNDA to the FDA for Joenja® (leniolisib) for highest doses; plan additional sNDA this summer for lowest doses Pharming to host a conference call today at 13:30 CEST (7:30 am EDT) Leiden, the Netherlands, May 7, 2026: Pharming Group N.V. (“Pharming” or “the Company”) (Euronext Amsterdam: PHARM / Nasdaq: PHAR) presents its preliminary unaudited financial report for the three months ended March 31, 2026. Chief Executive Officer, Fabrice Chouraqui commented: “The first quarter demonstrated important progress across the business while also reflecting revenue variability for RUCONEST®. Joenja® delivered strong revenue growth of 34% year over year, driven by robust patient uptake, reinforcing its role as an important growth driver still early in its lifecycle. We also made meaningful regulatory progress, including approval in Japan for APDS patients aged 4 and older and a positive CHMP opinion in Europe. In the U.S., constructive dialogue with the FDA following receipt of the CRL enabled us to already resubmit our pediatric sNDA for the two highest doses, which cover a meaningful proportion of children aged 4 to 11, and plan an additional sNDA submission for the lowest doses this summer. First‑quarter RUCONEST® revenue was impacted by several factors we had largely anticipated and incorporated into our full-year guidance, notably specialty pharmacy inventory drawdowns and our strategic exit from non-U.S. markets. We continue to see the overwhelming majority of patients stay on RUCONEST® nine months after the launch of a new oral treatment. New patient enrollments and growing prescriber engagement further validate RUCONEST®’s strong value proposition for high-burden patients. We also advanced our key pipeline value drivers, including enrollment in the pivotal napazimone (KL1333) trial in primary mitochondrial disease and preparations for Phase II readouts later this year for leniolisib in broader primary immunodeficiencies. The encouraging compassionate-use experience with leniolisib in patients with CVID and immune dysregulation, which will be presented today at the Clinical Immunology Society Annual Meeting, further supports our view on the program’s potential. Finally, our focus on financial discipline also delivered tangible results, including positive net cash flow from operations in the quarter despite quarterly revenue variability. Taken together, our commercial execution, regulatory progress, pipeline advancement, and disciplined financial management position Pharming well for sustained long-term growth and value creation.” First quarter 2026 highlights Commercialized products RUCONEST® marketed for the treatment of acute HAE attacks RUCONEST® revenue in the first quarter of 2026 was US$58.4 million, a 15% decrease compared to the first quarter of 2025. RUCONEST® revenue in the current quarter compared to the first quarter of 2025 was impacted by inventory drawdowns at U.S. specialty pharmacy customers, which were anticipated and reduced revenue by 8%, our previous decision to withdraw the product from non-U.S. markets, which reduced revenue by 3%, and competitive market dynamics in the U.S. With its efficacy, reliability and rapid onset of action via IV administration, RUCONEST® remains a trusted on-demand treatment option for patients experiencing more severe or frequent attacks who have failed other on-demand medications. We continued to enroll new patients and add new prescribers in the quarter, with the vast majority of RUCONEST® patients showing limited interest in trialing or switching to alternative treatment options. Among patients who have trialed the new oral treatment option, we have observed that a meaningful proportion, particularly those experiencing more frequent attacks, have already made the decision to return to RUCONEST®. Joenja® (leniolisib) marketed for the treatment of APDS Joenja® revenue increased to US$14.1 million in the first quarter of 2026, a 34% increase compared to the first quarter of 2025. Revenue growth was driven by a significant increase in patients on paid therapy in the U.S., offset by greater inventory drawdowns in the current quarter, and increased demand in international markets, including strong patient uptake in the U.K. following the April 2025 launch and significant growth in the number of patients on government-supported access programs. The U.S. market contributed 82% of first quarter revenue, while the EU and Rest of World contributed 18%. As of March 31, 2026, 127 patients were on paid therapy in the U.S., representing a 25% increase from the 102 patients at the end of the first quarter of 2025 and an increase of seven patients during the quarter. APDS patient finding As of March 31, 2026, we have identified 1,016 diagnosed APDS patients of all ages globally, including 282 patients in the U.S. and 385 in core markets outside of the U.S. Of the identified patients in the U.S., 187 patients are 12 years of age or older and currently eligible for treatment with Joenja®, while 57 are between 4 and 11 years of age. Joenja® (leniolisib) development Leniolisib for APDS As of March 31, 2026, there are 180 APDS patients in either a leniolisib Expanded Access Program (compassionate use), an ongoing clinical study, or a paid access program. Pediatric label expansion On January 30, 2026, we received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding our supplemental New Drug Application (sNDA) for Joenja® (leniolisib) for the treatment of APDS in children aged 4 to 11 years. We held a Type A meeting with the FDA on March 26, 2026, to discuss the issues outlined in the letter and align on a path forward for resubmission. Upon the receipt of written feedback received from the FDA in the form of meeting minutes, we resubmitted the sNDA for the 40 mg and 50 mg twice-daily doses which would cover a meaningful proportion of the identified patient population, and plan to file a separate sNDA this summer for patients requiring a lower dose. European Economic Area (EEA) On March 26, 2026, the CHMP adopted a positive opinion recommending marketing authorization for Joenja® (leniolisb) in adult and pediatric patients aged 12 years and older. A final decision by the European Commission (EC) on the marketing authorization is expected in the second quarter of 2026. If approved, Joenja® would become the first approved treatment for APDS in the European Union. The centralized marketing authorization would be valid in all 27 European Union Member States, as well as Norway, Iceland and Liechtenstein. Japan In March 2026, the Japanese Ministry of Health, Labour and Welfare (MHLW) granted marketing authorization for Joenja® for the treatment of APDS in adult and pediatric patients aged 4 years and older. Joenja® is the first approved treatment for APDS in Japan and this approval is the first anywhere globally for children aged 4 to 11. Leniolisib for additional primary immunodeficiencies (PIDs) Two Phase II clinical trials are evaluating leniolisib for additional primary immunodeficiencies (PIDs) with immune dysregulation, including genetically identifiable PIDs linked to altered PI3Kδ signaling and common variable immunodeficiency or CVID, which represent substantially larger patient populations than APDS. Patient enrollment in both clinical trials is complete and we anticipate trial read-outs in the second half of 2026, consistent with prior guidance. A presentation at the 2026 Annual Meeting of the Clinical Immunology Society (CIS), taking place May 6-9, includes clinician expanded access experience with leniolisib to treat immune dysregulation in patients with CVID and CVID-like disorders. Clinician-reported outcomes demonstrated improvements, or no change or progression, in clinical manifestations of immune dysregulation and improvements in patients’ quality of life. Organizational updates On January 1, 2026, Leverne Marsh joined the Company as Chief Commercial Officer, succeeding Stephen Toor. Financial summary Underlying figures are unrounded. Therefore, totals may differ slightly from the sum of individual items due to rounding effects in the presentation of this press release. Financial highlights For the first quarter of 2026, total revenues decreased by US$6.6 million, or 8%, to US$72.4 million, compared to US$79.1 million in the first quarter of 2025. RUCONEST® revenues amounted to US$58.4 million, a 15% decrease compared to the first quarter of 2025. This decrease in RUCONEST® revenues was primarily driven by volume decreases in the U.S. and internationally, following our decision to withdraw from all non-U.S. markets. Joenja® revenues amounted to US$14.1 million in the first quarter of 2026, a 34% increase compared to the first quarter of 2025. This increase in Joenja® revenues was primarily driven by an increase in volume. Gross profit decreased by US$5.0 million or 7% to US$65.8 million (1Q 2025: US$70.8 million), mainly due to the decrease in revenues. The operating loss amounted to US$4.9 million compared to an operating loss of US$7.0 million in the first quarter of 2025. Excluding US$7.8 million of non-recurring Abliva acquisition-related expenses, the first quarter of 2025 would have reflected adjusted operating profit of US$0.8 million. The adjusted operating profit declined due to the decrease in revenues, increased R&D spending mainly related to the addition of napazimone (KL1333) to our pipeline, and unfavorable currency translation effects, partially offset by other expense savings. The finance result (net) and share of result in associates amounted to a gain of US$0.2 million compared to a loss of US$4.8 million in the first quarter of 2025. This improvement was primarily driven by favorable EUR/USD exchange rate movements, resulting in a foreign currency gain of US$2.4 million, compared to a loss of US$2.6 million in the first quarter of 2025. In the first quarter of 2026, a net loss of US$5.2 million was realized, compared to a net loss of US$14.9 million in the first quarter of 2025. In addition to the aforementioned drivers, the net result was positively impacted by a lower tax expense of US$0.5 million compared to a tax expense of US$3.1 million in the first quarter of 2025. Cash generated from operations amounted to US$2.0 million, compared to US$0.2 million in the first quarter of 2025. Cash and cash equivalents, including restricted cash and marketable securities, decreased from US$181.1 million at the end of fourth quarter of 2025 to US$171.8 million at the end of the first quarter of 2026. This decrease was primarily driven by a US$12.3 million settlement of the lease liability following the early termination of the DSP facility lease at Pivot Park in Oss, the Netherlands. Outlook/Summary For 2026, the Company anticipates: Total revenues between US$405 million and US$425 million (8% to 13% growth), with quarterly fluctuations expected. Total operating expenses between US$330 million and US$335 million (6% to 8% growth), including US$60 million incremental R&D expenses to advance the pipeline and US$9 million structural G&A cost reductions based on the plan announced in October 2025. Continued RUCONEST® growth, and significant and accelerating Joenja® U.S. and ex-U.S. growth. Progress towards additional regulatory approvals and commercial launches for leniolisib for APDS patients 12 years of age or older and for pediatric label expansion in key global markets. Top-line data readouts for the two ongoing leniolisib Phase II clinical trials in PIDs with immune dysregulation to expand the asset’s addressable patient population. Completion of enrollment in the pivotal FALCON clinical study for napazimone (KL1333) in mitochondrial DNA-driven primary mitochondrial diseases. Enhancing capital allocation to drive growth and build a leading global rare disease company. Continued focus on potential acquisitions and in-licensing of clinical stage opportunities in rare diseases. Financing, if required, would come via a combination of our strong balance sheet and access to capital markets. No further specific financial guidance for 2026 is provided. Additional information Presentation The conference call presentation is available on the Pharming.com website from 07:30 CEST today. Conference Call The conference call will begin at 13:30 CEST / 07:30 EDT on Thursday, May 7. A transcript will be made available on the Pharming.com website in the days following the call. Please note, the Company will only take questions from dial-in attendees. Webcast Link: https://edge.media-server.com/mmc/p/topu6hc2/ Conference call dial-in details: https://register-conf.media-server.com/register/BI1dba0cdf00fd47289729b51369140831 Additional information on how to register for the conference call/webcast can be found on the Pharming.com website. Financial Calendar 2026 Annual General Meeting of Shareholders May 28 2Q/1H 2026 financial results July 30 3Q 2026 financial results November 5 For further public information, contact: Investor Relations Michael Levitan, VP Investor Relations and Capital Markets T: +1 (908) 705 1696 E: [email protected] Media Relations Global: Saskia Mehring, Head of Corporate Communications T: +31 6 28 32 60 41 E: [email protected] U.S.: Ethan Metelenis (Precision AQ on behalf of Pharming) T: +1 (917) 882-9038 Netherlands: Leon Melens (LifeSpring Life Sciences Communication on behalf of Pharming) T: +31 6 53 81 64 27 About Pharming Group N.V. Pharming Group N.V. (EURONEXT Amsterdam: PHARM/Nasdaq: PHAR) is a global biopharmaceutical company dedicated to transforming the lives of patients with rare, debilitating, and life-threatening diseases. We develop and commercialize innovative medicines, including small molecules and biologics. Pharming is headquartered in Leiden, the Netherlands, with U.S. and European operations. For more information, visit www.pharming.com and find us on LinkedIn. Forward-looking Statements This press release may contain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. Examples of forward-looking statements may include statements with respect to timing and progress of Pharming's preclinical studies and clinical trials of its product candidates, Pharming's clinical and commercial prospects, and Pharming's expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming's clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory, commercial, competitive and technical developments. In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming's 2025 Annual Report and the Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming's actual results could differ materially and adversely from those anticipated or implied thereby. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Any forward-looking statements speak only as of the date of this press release and are based on information available to Pharming as of the date of this release. Pharming does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. Inside Information This press release relates to the disclosure of information that qualifies, or may have qualified, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Pharming Group N.V. Condensed Consolidated Interim Financial Statements in US Dollars (unaudited) For the period ended March 31, 2026 Condensed consolidated statement of income Condensed consolidated statement of comprehensive income Condensed consolidated balance sheet Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flow Attachment Pharming Group reports 1Q26 results_EN_07MAY26