Pharming Group N.V.

Q2 revenue was $90.2 million, down 3% year over year. RUCONEST revenue was $72.3 million, down 10% year over year, and Joenja revenue was $17.9 million, up 40% year over year. Reported operating profit was positive in the quarter; adjusted operating profit was also positive and down $5 million year over year. Operating cash flow was an outflow of $9.7 million, and cash and marketable securities ended at $159.5 million, down $12.3 million from Q1. For H1 2026, revenue was $162.7 million, down 6%, adjusted operating profit was $10.7 million, and operating cash flow was an outflow of $7.7 million. Full-year 2026 revenue guidance was cut to $375 million-$395 million, and operating expense guidance was reduced to $315 million-$320 million. Management said full-year RUCONEST U.S. revenue is expected to decline about 3% at the midpoint of guidance, while Joenja revenue is still expected to grow in the high 30%s. Gross margin is expected to be around 89%, with cost of goods sold about 11% of revenue.

Fabrice Chouraqui framed the quarter as part of Pharming’s transformation into a more diversified rare disease company. He emphasized RUCONEST as a durable cash engine, Joenja as the growth driver, and the pipeline as a source of larger long-term scale. His tone was constructive but pragmatic: he acknowledged the revenue reset, said execution discipline is improving, and pointed to Q4 PID/CVID data and 2027 napazimone data as important catalysts.

Kenneth Lynard highlighted that profitability remained positive despite lower revenue and nearly $9 million of incremental investment versus last year. He said operating cash flow was negative in the quarter due mainly to working capital and a strategic inventory build, and cash plus marketable securities totaled $159.5 million at quarter-end. He also detailed the expense outlook: full-year opex guidance was cut by $15 million to $315 million-$320 million, with more than $40 million of incremental R&D investment partly offset by a 20% structural G&A headcount reduction, and he reiterated confidence that existing cash plus future operating cash flows can fund the current pipeline and pre-launch activities.

Analysts focused on whether RUCONEST enrollments had stabilized after competitive pressure and what that means for net patient losses; management said the 84 new Q2 enrollments were mostly high-burden patients switching from other therapies and that momentum remained consistent into Q3 so far. Questions on Joenja centered on Europe, Japan, pediatrics, and whether the upcoming PID/CVID data could drive off-label sales; management said it cannot promote those data before approval, expects no CVID sales from the studies themselves, and sees APDS expansion plus geography and pediatrics as the revenue bridge. Analysts also asked about the larger PID opportunity and manufacturing inventory impairment; management said CVID patients are largely already identified and that the impairment related to RUCONEST manufacturing inventory that may not be usable commercially, with a conclusion expected before the end of Q3.