What happened
Pharming Group N.V. (NASDAQ: PHAR) reported third-quarter revenue of $117.6 million, up 21% from a year earlier. Both main drugs grew.
RUCONEST, its treatment for acute HAE attacks, brought in $93.8 million, up 14%. Joenja, its APDS treatment, rose 58% to $23.8 million.
Operating profit rose 89% to $29.9 million from $15.8 million a year earlier. Without $5.1 million of one-time manufacturing-related inventory impairments, adjusted operating profit was $35.0 million.
Operations generated $32.4 million in cash in the quarter. Cash, restricted cash and marketable securities stood at $190.9 million on Sept. 30. Pharming narrowed 2026 revenue guidance to $380 million to $390 million from $375 million to $395 million.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Total revenues, Q3 2026 | $117.6 million | from $97.3 million, +21% | SEC 6-K press release, Oct. 27, 2026 |
| RUCONEST revenue, Q3 2026 | $93.8 million | from $82.2 million, +14% | SEC 6-K press release, Oct. 27, 2026 |
| Joenja revenue, Q3 2026 | $23.8 million | from $15.1 million, +58% | SEC 6-K press release, Oct. 27, 2026 |
| Operating profit, Q3 2026 | $29.9 million | from $15.8 million, +89% | SEC 6-K press release, Oct. 27, 2026 |
| Cash, restricted cash and marketable securities, Sept. 30, 2026 | $190.9 million | SEC 6-K press release, Oct. 27, 2026 |
Read more: Pharming Group (PHAR) company research
Why it matters
OptimistFi has argued that Pharming works if RUCONEST cash flow and Joenja patient finding turn into self-funded growth. The quarter supports that view. Revenue rose $20.3 million from $97.3 million a year earlier, and operating profit grew faster than revenue.
Joenja's base is widening. Patients on paid therapy in the U.S. reached 136, up 17% from 116 a year earlier. Pharming has identified 1,056 diagnosed APDS patients globally.
The RUCONEST base is not yet proven durable. Nine-month revenue was $224.5 million, down 3%. The filing says the quarter included an early seasonal inventory increase at a single U.S. specialty pharmacy customer. It also cites a temporary benefit to Joenja from ordering patterns in other international markets. Nine-month cash from operations was $24.7 million, against $44.0 million a year earlier.
Leadership is also changing. Chief Executive Fabrice Chouraqui stepped down on Sept. 29. Leverne Marsh and Kenneth Lynard are serving as interim co-CEOs.
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What's next
Pharming expects Phase II results for leniolisib in CVID patients with immune dysregulation in November 2026. The company puts that group at approximately 39 patients per million, against approximately 1.5 per million for APDS. It says the data will inform a single registrational Phase III trial.
The FDA has set a Jan. 30, 2027 target action date for lower Joenja doses for children aged 4 to 11 who weigh 13 kg to 27 kg.
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Sources
- Pharming Group N.V. Form 6-K with third quarter 2026 press release (Exhibit 99.1) — Press release dated Oct. 27, 2026 with unaudited financial statements for the period ended Sept. 30, 2026.
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Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
