Key Highlights

  • Pharming Group reported third quarter total revenue of USD 117.6 million, up 21% year over year and ahead of market expectations.
  • Joenja global revenue grew 58% to USD 23.8 million, supported by patient growth and new international launches.
  • Operating profit increased 89% to USD 29.9 million, with net profit of USD 22.4 million, up from USD 7.5 million a year earlier.
  • The company tightened full year 2026 revenue guidance to a range of USD 380 million to USD 390 million.

RUCONEST Returns to Growth as Joenja Accelerates

Pharming Group N.V. (NASDAQ:PHAR) reported third quarter total revenue of USD 117.6 million, up 21% year over year, ahead of market expectations. RUCONEST global revenue grew 14% to USD 93.8 million, as U.S. demand stabilized at prior-year levels following a return to growth for the product. Joenja global revenue grew 58% to USD 23.8 million, supported by patient growth in the U.S. and new international market launches in Germany and Japan.

Operating profit increased 89% to USD 29.9 million, while adjusted operating profit, which excludes a USD 5.1 million one-time manufacturing-related inventory impairment, was USD 35 million, compared with USD 16 million a year earlier. Net profit was USD 22.4 million, compared with USD 7.5 million in the prior year period, benefiting from a favorable foreign exchange result.

Pipeline Progress and Geographic Expansion

The U.S. Food and Drug Administration approved a pediatric label expansion for Joenja on September 11, with shipments for the newest patient segment beginning in October. Japan became the first market where Joenja is commercially available for children aged 4 to 11, following an August launch, while Germany launched in July. As of September 30, the company had identified 304 APDS patients in the United States and 1,060 patients globally.

The company presented positive Phase 2 topline data for leniolisib in genetic primary immunodeficiencies with immune dysregulation on October 14, and expects topline data from its CVID study in November, representing potential expansion of leniolisib beyond its current approved indication.

Leadership Transition and Updated Guidance

The company tightened full year 2026 revenue guidance to a range of USD 380 million to USD 390 million, reflecting an expected 14% annual growth rate, while lowering full year operating expense guidance to a range of USD 310 million to USD 315 million, reflecting approximately USD 9 million in structural general and administrative savings.

Following the September 29 departure of Chief Executive Officer Fabrice Chouraqui, the board appointed Leverne Marsh, the company's chief commercial officer, as interim co-Chief Executive Officer alongside another senior executive while conducting a formal search for a permanent successor. Management said the company's strategy, pipeline and commitment to patients remain unchanged during this transition.

Pipeline and Guidance Metrics to Track

Progress toward the tightened full year revenue guidance of USD 380 million to USD 390 million, continued Joenja patient growth across U.S. and international markets, and the outcome of the CVID study topline data expected in November are among the items the company has flagged for investors. The ongoing search for a permanent Chief Executive Officer remains a separate item for shareholders to monitor.