Pharming Group N.V.

Q2 2026 revenue was $90.2 million, down 3% year over year. RUCONEST revenue was $72.3 million, down 10% year over year and up 24% sequentially; 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 were $159.5 million at quarter end. 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 lowered to $375 million-$395 million, implying about 0%-5% growth versus 2025, and full-year operating expense guidance was cut to $315 million-$320 million, with gross margin expected to be around 89%. Kenneth said Joenja revenue is still expected to grow in the high 30%s for the full year, while RUCONEST U.S. revenue is expected to decline approximately 3% at the midpoint of guidance.

Fabrice Chouraqui framed the quarter as evidence that Pharming is becoming a more diversified rare disease company, with RUCONEST as a cash engine, Joenja as the growth asset, and pipeline programs as longer-term scale drivers. He acknowledged the revenue guide cut but stressed that the underlying business remains solid, citing RUCONEST patient resilience, improving enrollments, and strong Joenja momentum. His tone was constructive but disciplined, emphasizing tighter operating execution and multiple near-term catalysts.

Kenneth Lynard focused on profitability, cash, and cost control. He said Q2 operating profit was positive despite lower revenue and nearly $9 million of incremental investments versus last year, while adjusted operating profit was also positive; he also noted $6.5 million of non-recurring items in Q2, including $4.9 million of manufacturing inventory impairment and $1.7 million tied to the planned site closure in Évry, France. He highlighted $159.5 million of cash and marketable securities at quarter end, an outflow of $9.7 million in Q2 operating cash flow, and reaffirmed that existing cash plus future operating cash flow should fund the development pipeline and pre-launch activities. He also said full-year COGS should be about 11% of revenue, implying roughly 89% gross margin.

Analysts pressed on whether RUCONEST’s apparent enrollment recovery was sustainable, and management said Q2’s 84 new enrollments were close to Q2 2025 levels and that momentum has continued into July, though seasonality remains a factor. On Joenja, questions focused on Europe, pediatric uptake, and whether broader PID/CVID data could drive off-label sales; management said it does not expect to promote CVID data before FDA approval and does not expect CVID sales, but does expect APDS, pediatric, and geographic expansion to drive growth. Management also said the CVID and genetic PID studies are fully enrolled, top-line data are due in Q4, and if positive they would likely support a combined randomized Phase III trial in CVID.