<div id="readability-page-1"><p>Pharming Group N.V. ((NL:PHARM)) has held its Q1 earnings call. Read on for the main highlights of the call.</p><h3>Claim 55% Off TipRanks</h3><ul><li>Unlock  hedge fund-level data  and  powerful investing tools  for smarter, sharper decisions  </li><li> Discover top-performing stock ideas and upgrade to a portfolio of market leaders with  Smart Investor Picks  </li></ul> <p>Pharming Group’s latest earnings call struck a cautiously optimistic tone as management balanced near‑term revenue pressure against solid Joenja momentum, resilient RUCONEST usage and a well‑funded pipeline. Executives acknowledged short‑term headwinds, but underscored cost discipline, positive operating cash flow and a clear path back to growth from the second half of 2026.</p> <h2>Total Revenue Dip, But Full-Year Guidance Intact</h2> <p>Pharming reported Q1 2026 revenue of $72.4 million, an 8% year‑on‑year decline largely tied to RUCONEST. Despite the soft start, management reaffirmed full‑year 2026 revenue guidance of $405 million to $425 million, implying roughly 8% to 13% growth versus 2025 as trends normalize.</p> <h2>Joenja Delivers Robust Double-Digit Growth</h2> <p>Joenja continued to be the company’s standout growth engine, with revenue climbing 34% year on year to $14.1 million globally. In the U.S., paid patients rose to 127, a 25% increase, with net new additions accelerating to seven in the quarter and a strong 85% fill rate maintained.</p> <h2>RUCONEST Franchise Shows Patient Stickiness</h2> <p>Despite rising competition, RUCONEST demonstrated franchise durability, adding about 50 new patient enrollments in the quarter. The company also reported 23 new prescribers and said the overwhelming majority of RUCONEST patients remained on therapy nine months after a new oral competitor entered the market.</p> <h2>Joenja Regulatory Wins and Global Rollout</h2> <p>Regulatory momentum for Joenja was a key theme, with a pediatric sNDA resubmission for 40 mg and 50 mg doses filed in April and an FDA decision expected in about six months. In Europe, the company secured a positive CHMP opinion and is preparing a Germany launch this year, while a Japan debut is anticipated in August.</p> <h2>Pipeline Progress and Upcoming Clinical Catalysts</h2> <p>The pipeline is gathering speed, with two Phase II readouts for leniolisib in higher‑prevalence primary immunodeficiencies expected later this year. Napazimone’s registrational study is slated to complete enrollment in 2026 with a readout in 2027, supported by early expanded access CVID data in six patients showing consistent clinical and biomarker improvements.</p> <h2>Cash Generation and Tight Cost Control</h2> <p>Pharming posted positive operating cash flow of $2.0 million in the quarter, highlighting disciplined execution. Total operating expenses fell 9% year on year, and after stripping out last year’s acquisition‑related charges, spending was effectively flat as the firm targets 2026 operating costs of $330 million to $335 million.</p> <h2>Balance Sheet Supports Development and Launch Plans</h2> <p>The company ended the quarter with $171.8 million in cash and marketable securities, providing a solid buffer. Management said available cash, coupled with future operating cash flows, should fully fund the existing pipeline and prelaunch activities without needing incremental financing under current plans.</p> <h2>RUCONEST Revenue Decline Weighs on Top Line</h2> <p>RUCONEST revenue declined 15% year on year in Q1, making it the main driver of the overall revenue drop. Management attributed roughly eight percentage points of that decline to an expected U.S. specialty pharmacy inventory drawdown and around three percentage points to planned exits from certain ex‑U.S. markets.</p> <h2>Short-Term Pressure Expected Before RUCONEST Stabilizes</h2> <p>Executives warned that RUCONEST faces further near‑term pressure into Q2 as physicians and patients trial new therapies over multiple reorder cycles. However, they expressed confidence that volumes and inventories will stabilize, supporting a recovery in the second half of 2026.</p> <h2>Cash Dip Driven by One-Off Lease Termination</h2> <p>Total cash and marketable securities fell by $9.3 million during the quarter, ending at $171.8 million. The decline was largely due to a $12.3 million payment linked to an early termination of the DSP facility lease, which management characterized as a one‑time cash outflow.</p> <h2>Profitability Impacted by Mix and Higher R&amp;D</h2> <p>Adjusted operating profit slipped modestly year on year as the company absorbed higher research spend and lost RUCONEST leverage. While operating expenses were lower overall, last year’s numbers included nonrecurring acquisition costs and 2026 will reflect incremental napazimone investment, with up to $30 million earmarked for its development.</p> <h2>Pediatric Label Path Adds Regulatory Complexity</h2> <p>Following an earlier regulatory setback, Pharming is pursuing a staged pediatric resubmission strategy for Joenja. Higher doses have been submitted, but a separate lower‑dose application is only planned for the summer, and management acknowledged that timing and acceptance for these lower strengths remain uncertain.</p> <h2>Competitive HAE Landscape Raises RUCONEST Risk</h2> <p>The hereditary angioedema market is becoming more competitive as new oral and prophylactic therapies gain traction. While current RUCONEST patients are largely staying on drug, management conceded that new entrants pose ongoing volume and revenue risk, which investors will watch closely over coming quarters.</p> <h2>Joenja’s Growth from a Still-Modest Base</h2> <p>Although Joenja’s growth is impressive, its $14.1 million in quarterly revenue remains a small slice of total sales. Future upside hinges on pediatric approval, successful European and Japanese launches and better identification of APDS and broader PID patients, underscoring the importance of execution on these fronts.</p> <h2>Guidance and Outlook Emphasize H2 2026 Recovery</h2> <p>Management reiterated full‑year 2026 revenue guidance of $405 million to $425 million, underpinned by low‑single‑digit RUCONEST growth and accelerating Joenja expansion. The company expects RUCONEST pressure through Q2 before a second‑half recovery, gross margins near 90%, operating expenses of $330 million to $335 million and continued investment in R&amp;D, including napazimone.</p> <p>Pharming’s earnings call painted a picture of a business navigating a tricky transition with a growing second product and a more competitive legacy franchise. For investors, the key watchpoints will be Joenja’s regulatory and commercial milestones, RUCONEST’s stabilization and the delivery of pipeline readouts that could support management’s confidence in renewed growth from 2026 onward.</p></div>

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<p>Pharming Group N.V. reported Q1 2026 revenue of $72.4 million, an 8% decline, primarily due to RUCONEST. However, full-year guidance remains intact at $405-$425 million. Joenja showed strong growth with a 34% revenue increase to $14.1 million. The company maintains positive cash flow and a solid balance sheet with $171.8 million in cash. Despite short-term pressures on RUCONEST, management is optimistic about recovery in 2026, supported by a robust pipeline and regulatory advancements for Joenja.</p>

Pharming Group Balances Near-Term Strain With Joenja Growth