Pharming revenue is expected to reach approximately US$117.6 million for the third quarter of 2026, up 21% from a year earlier, the biotechnology company said on October 22. The preliminary, unaudited figures exceeded analyst consensus, according to Pharming, prompting it to bring forward its full quarterly results and business update to October 27 from November 5.

Key Takeaways

  • Expected quarterly revenue of US$117.6 million reflects growth in both RUCONEST and Joenja.
  • Pharming narrowed its 2026 revenue forecast to US$380 million–US$390 million and lowered operating expense guidance.
  • The company expects a separate leniolisib Phase II readout in November and FALCON enrollment completion in the first half of 2027.

Table of Contents

Pharming revenue gains reflect demand and ordering effects

For the three months ended September 30, expected revenue compares with US$97.3 million in the same period of 2025. RUCONEST accounted for approximately US$93.8 million, an increase of 14% year on year and 30% from the second quarter of 2026.

Pharming attributed RUCONEST’s performance to stabilizing and recovering U.S. demand, an early seasonal inventory increase at one U.S. specialty pharmacy customer after substantial drawdowns earlier in the year, and completion of its planned withdrawal from non-U.S. markets.

Joenja revenue is expected to total approximately US$23.8 million, up 58% year on year. The company cited growth in U.S. patients receiving paid therapy and stronger international demand, including launches in Germany and Japan during the quarter and further penetration in the U.K. Ordering patterns in other international markets also provided a temporary benefit.

Annual spending forecast falls as revenue range tightens

Third-quarter operating expenses are expected to be approximately US$74.6 million, compared with US$74.5 million a year earlier. Pharming said spending was below analyst consensus and attributed the performance to efficient scaling of the business.

For 2026, the company narrowed total revenue guidance to US$380 million–US$390 million, representing growth of 1%–4%, from US$375 million–US$395 million, or 0%–5% growth. The revision raises the bottom of the range while lowering the top.

Full-year operating expense guidance was reduced to US$310 million–US$315 million, representing growth of 0%–1%, from US$315 million–US$320 million, or 1%–3% growth.

Leniolisib and FALCON trial milestones remain ahead

Pharming said it presented positive Phase II leniolisib data at ESID 2026 in patients with genetically defined primary immunodeficiencies and immune dysregulation linked to PI3Kδ signaling. Topline results from a separate Phase II trial in common variable immunodeficiency, or CVID, patients with immune dysregulation are expected in November 2026.

The company is working toward a single registrational Phase III trial in the broader CVID indication, incorporating patient populations from both studies. That trial remains a planned development step.

For napazimone, also known as KL1333, Pharming expects approximately 145 of the planned 180 participants to be enrolled in the pivotal FALCON trial for mtDNA-driven mitochondrial disease by the end of 2026. It now expects enrollment to finish in the first half of 2027, with topline results approximately one year after enrollment is completed.

Full quarterly update moves to October 27

Pharming plans to release its full preliminary, unaudited third-quarter financial results and business update on October 27, 2026. Management will hold an analyst and investor conference call and webcast that day at 13:30 CET/08:30 EDT.

Advance registration is required for the call or live webcast. The company said it would take questions only from dial-in participants, with a webcast replay available shortly after the event.

Conclusion

Pharming’s preliminary update combines higher quarterly revenue with nearly unchanged operating expenses and a lower annual spending forecast. The October 27 release is scheduled to provide the fuller financial results and business update.

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