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Pharming Group N.V. (PHAR) Analyst/Investor Day Transcript
Feb. 03, 2026 8:00 PM ET Pharming Group N.V. (PHAR) Stock, PHGUF Stock
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Pharming Group N.V. (PHAR) Analyst/Investor Day February 3, 2026 10:00 AM EST
Company Participants
Fabrice Chouraqui - CEO & Executive Director
Kenneth Lynard - Chief Financial Officer
Michael Levitan - VP of Investor Relations & Corporate Communications
Anurag Relan - Chief Medical Officer
Rebecca Marsh
Magnus Hansson
Conference Call Participants
Joseph Pantginis - H.C. Wainwright & Co, LLC, Research Division
Jeffrey Jones - Oppenheimer & Co. Inc., Research Division
Angela Qian - Canaccord Genuity Corp., Research Division
Jocelyn R. Farmer
Lucy-Emma Codrington-Bartlett - Jefferies LLC, Research Division
Amel Karaa
Conversation
Fabrice Chouraqui
CEO & Executive Director
Good afternoon, and welcome to our 2026 Investor Day. I'm Fabrice Chouraqui, the CEO of Pharming. We are very excited that you're all able to join us, and I really hope that you'll be able to learn more about Pharming and specifically about our financial guidance for the year as well as our high-value clinical stage pipeline programs. We are going to make forward-looking statements during this presentation, and here is our disclaimer.
I also want to remind you that this presentation is intended solely for an investor audience. As you can see on the agenda, we'll have 3 sections. In the first section, we'll provide a short business and financial update, during which we'll cover our financial guidance for the year. And then we'll have 2 longer sessions dedicated to our pipeline, one on leniolisib in high prevalence PIDs and the second one on KL1333, napazimone.
As you can see on the agenda, we have planned for a section with a Q&A at the end of each of these sections. So in just a few years, as you can see, Pharming has transformed from a single asset company into a fast-growth biotech with 2 commercial assets growing each double digit and a late-stage pipeline with 2 programs with over $1 billion sales potential each.
RUCONEST continues to grow after 10 years on the market, and it is poised to remain the on-demand treatment of choice for difficult-to-treat patients because of its mechanism of action, it replaces the missing or deficient C1-esterase-inhibitor protein and its IV administration, which provides [indiscernible] patients with the reliability they need as they suffer from more frequent and more severe crisis.
RUCONEST is also a product which is produced from the milk of transgenic rabbits, which makes its manufacturing process complex and difficult to replicate. Our second commercial asset, Joenja, is just at the beginning of its life cycle with multiple growth catalysts that will drive further growth acceleration. While we are disappointed in the FDA response to the submission of our pediatric label expansion in APDS, we are committed to bringing Joenja to this population with significant unmet need, and we are going to request a Type A meeting, which should be scheduled in March.
Joenja has also many other growth opportunities in APDS. The data published in Cell in June last year suggests significantly higher APDS prevalence and also the potential to reclassify about 250 VUS patients as APDS over time. And the expansion into larger PIDs and CVID, which will be the focus of the second session today, could unlock a much larger market. KL1333 or napazimone for primary mitochondrial disease, which is the other pipeline focus of today, is another $1 billion-plus opportunity.
The program is in a pivotal Phase II and has cleared a futility analysis on both primary endpoints. So as you can see, this combination of durable revenues, strong growth drivers and a high-value late-stage pipeline positions Pharming well for substantial value creation in the near term and in the long term.
With this portfolio and pipeline as the foundation, we are now committed to leveraging our strong rare disease capabilities to build a leading global rare disease company with a broad portfolio of rare and ultra-rare drugs and deliver on our vision. Our 2 commercial assets performed extremely well in 2025, providing the foundation for our strong financial momentum.
We announced preliminary 2025 revenue of approximately $376 million, an increase of 27% versus 2024, slightly exceeding our already upwardly revised latest guidance provided in November. With this strong revenue growth and our commitment to cost discipline, we achieved significant operating profit and operating cash flows as we stated in our latest financial report in Q3 2025. I will now ask our Chief Financial Officer, Kenneth Lynard, to elaborate on our financials and provide an overview on our 2026 financial guidance.
Kenneth Lynard
Chief Financial Officer
Thank you, Fabrice. 2025 was a strong year, and I'm happy to provide more insight into our financial performance as well as our guidance for 2026. Before doing so, let me remind you that our financial data for 2025 are preliminary and unaudited. Final results may, therefore, differ and will be reported during our earnings call for the fourth quarter and full year 2025, which we'll be hosting on the 12th of March 2026. During that call, we will get into further details on the performance of the fourth quarter of 2025.
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