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PHAR

Pharming Group N.V.

PHAR

Pharming Group N.V. • NASDAQ
$16.80 ▼ -5.35% (-0.95)
Market Cap $1.15 B
52w High $17.86
52w Low $7.35
Dividend Yield 0%
P/E -120
Volume 28.36K
Outstanding Shares 68.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $97.287M ▲ $74.393M ▲ $7.548M ▲ 7.758% ▲ $0.11 ▲ $23.43M ▲
Q2-2025 $93.221M ▲ $73.4M ▼ $4.694M ▲ 5.035% ▲ $0.07 ▲ $9.785M ▲
Q1-2025 $79.094M ▼ $77.815M ▲ $-14.719M ▼ -18.61% ▼ $-0.22 ▼ $-4.108M ▼
Q4-2024 $92.672M ▲ $73.755M ▲ $2.859M ▲ 3.085% ▲ $0.048 ▲ $15.626M ▲
Q3-2024 $74.849M $63.922M $-1.034M -1.381% $-0.016 $7.255M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $141.542M ▲ $403.57M ▼ $178.146M ▼ $225.424M ▼
Q2-2025 $128.734M ▲ $446.259M ▲ $206.708M ▲ $239.551M ▲
Q1-2025 $107.273M ▼ $403.181M ▲ $187.891M ▲ $213.998M ▼
Q4-2024 $167.893M ▼ $399.985M ▼ $178.924M ▼ $221.061M ▼
Q3-2024 $171.766M $425.514M $199.722M $225.792M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.467M ▲ $30.01M ▲ $-2.345M ▼ $11.948M ▲ $38.243M ▲ $29.941M ▲
Q2-2025 $7.079M ▲ $11.743M ▲ $16.955M ▲ $-2.757M ▲ $31.998M ▲ $11.615M ▲
Q1-2025 $-11.788M ▼ $232K ▼ $9.691M ▲ $-6.719M ▼ $5.149M ▲ $-56K ▼
Q4-2024 $6.678M ▲ $9.331M ▼ $-9.79M ▼ $-2.204M ▼ $-5.718M ▼ $9.195M ▼
Q3-2024 $-1.037M $9.704M $4.388M $-1.456M $13.52M $9.338M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been rising steadily over the past few years, but from a relatively small base. Gross profitability looks solid, which means the core products are priced and produced in a healthy way. The weak spot is further down the income statement: operating profit has slipped from clearly positive to roughly break‑even or slightly loss‑making, and net income has turned modestly negative after a few profitable years. Overall, the business is successfully selling more, but higher costs for growth, commercialization, and development are weighing on recent profitability.

Balance Sheet

Balance Sheet The balance sheet shows a small but established company with a reasonable asset base and a meaningful equity cushion. Cash holdings have come down from earlier, more comfortable levels, which slightly reduces financial flexibility. Debt is present but not extreme, and it has started to edge down, which is a positive sign for balance‑sheet discipline. Equity has been stable, suggesting no dramatic recent erosion of the company’s underlying net worth, but also no strong build‑up of retained profits in the past few years.

Cash Flow

Cash Flow Cash generation has softened. A few years ago, the business was clearly cash‑flow positive from operations; more recently, it has hovered around breakeven. Free cash flow shows a similar pattern: previously clearly positive, now only marginally positive or flat. The company spends relatively little on physical assets, so swings in cash flow mostly reflect the underlying business performance, not big investment projects. This points to a business in transition, balancing investment in growth and pipeline with the need to keep cash generation under control.

Competitive Edge

Competitive Edge Pharming operates in a focused niche: rare and serious diseases, where specialized knowledge and regulatory experience matter a lot. Its recombinant protein platform and its role as an early mover with Ruconest in hereditary angioedema give it a differentiated position in that specific segment. The approval of Joenja for a very rare immunodeficiency further strengthens its profile as a rare‑disease specialist. However, the company is still small compared with large biopharma players, and it remains dependent on a limited number of key products, which makes it more exposed to competition, pricing pressure, and any product‑specific setbacks.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of Pharming’s strategy. The proprietary recombinant protein platform, validation through Ruconest, and the move into targeted small‑molecule therapies with Joenja show the company can work across different therapeutic technologies. The pipeline expansion through the Abliva acquisition and the late‑stage program for KL1333 in mitochondrial diseases add a potentially meaningful new growth avenue. In addition, early‑stage work on next‑generation protein replacement therapies and efforts to improve diagnosis in rare diseases indicate a long‑term, ecosystem‑type approach. The main risks are the usual ones in biotech: clinical trial uncertainty, regulatory timing, and the concentration of future hopes in a handful of pipeline projects.

Summary

Pharming Group looks like a rare‑disease specialist that has moved beyond being a single‑product company into a more diversified, innovation‑driven platform. Revenue trends are encouraging, but profits and cash flows have recently softened as the company invests in growth and its pipeline. The balance sheet is acceptable for a company of its size, with manageable debt and moderate cash, but not an abundance of financial slack. Its competitive strengths lie in niche expertise, validated technology, orphan‑drug positions, and a growing portfolio led by Ruconest and Joenja, with KL1333 and other programs offering longer‑term potential. At the same time, its small scale, reliance on a few key assets, and inherent development and regulatory risks mean the story is still one of execution and successful pipeline delivery rather than mature, stable profitability.