Pharming earnings strengthened in the third quarter of 2026, with revenue rising 21% to US$117.6 million and operating profit increasing 89% to US$29.9 million. The preliminary, unaudited results released on October 27 showed growth across both marketed medicines, although inventory timing and temporary ordering benefits contributed to sales.

Key Takeaways

  • RUCONEST sales recovered, while Joenja revenue grew 58% alongside U.S. patient growth and international launches.
  • Quarterly net profit reached US$22.4 million, but nine-month operating cash flow remained below the prior-year level.
  • Full-year revenue guidance stands at US$380 million–US$390 million; separate CVID trial results are expected in November.

Pharming earnings show stronger quarterly profitability

For the three months ended September 30, revenue increased from US$97.3 million a year earlier. Operating profit rose from US$15.8 million, while net profit reached US$22.4 million, compared with US$7.5 million.

Pharming attributed the operating improvement primarily to higher revenue and increased government grants supporting research and development. Gross profit rose to US$102.2 million from US$90.2 million, despite US$5.1 million in manufacturing-related inventory impairments.

The quarterly recovery was stronger than the nine-month trend. Revenue for the first nine months rose 4% to US$280.2 million, while gross profit slipped 1% to US$243.7 million, partly reflecting US$10.0 million in inventory impairments over that period.

ItemDetails
2026 revenue guidanceUS$380 million–US$390 million; previously US$375 million–US$395 million.
2026 operating-expense guidanceUS$310 million–US$315 million; previously US$315 million–US$320 million.

Drug sales grow, with some timing benefits

RUCONEST, used to treat acute hereditary angioedema attacks, generated US$93.8 million in quarterly revenue, up 14% year over year. Pharming cited stabilizing U.S. demand and an early seasonal inventory increase at one U.S. specialty pharmacy customer following earlier drawdowns. Nine-month RUCONEST revenue remained 3% lower at US$224.5 million.

Joenja revenue increased 58% to US$23.8 million. Management attributed growth to more U.S. patients on paid therapy, launches in Germany and Japan, and further penetration in the U.K. Temporary ordering patterns in other international markets also helped.

At September 30, Joenja had 136 U.S. patients on paid therapy, compared with 116 a year earlier, plus 75 patients in international markets. Shipments of newly approved U.S. doses for children aged 4–11 weighing at least 27 kg began in October, after the reporting quarter, so those shipments did not contribute to third-quarter revenue.

Annual guidance narrows rather than rises

Pharming maintained the outlook set out in its October 22 preliminary revenue announcement. The revised annual revenue range narrows both ends of the previous forecast rather than raising the overall range, while the operating-expense forecast is lower.

Cash generation improves as clinical milestones approach

Third-quarter operating cash flow was US$32.4 million, broadly level with US$32.0 million a year earlier. Cash, restricted cash and marketable securities totaled US$190.9 million at September 30, up from US$159.5 million at the end of June.

The year-to-date picture was less strong: operating cash flow fell to US$24.7 million from US$44.0 million. Pharming also reported a US$12.3 million lease-liability settlement following the early termination of a Netherlands facility lease in the first quarter.

Beyond its commercial medicines, Pharming expects November 2026 results from a Phase II leniolisib trial in common variable immunodeficiency, or CVID, with immune dysregulation. Management said those findings and a separate genetic-immunodeficiency trial would inform a potential registrational study; that development path remains conditional on the data.

Next milestone

The next expected clinical milestone is the November 2026 CVID data release. A separate FDA decision on lower Joenja doses for lighter children aged 4–11 has a target action date of January 30, 2027.

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