olivLaw · European equity research
Pharming Group N.V. PHARM.AS
Netherlands · Euronext Amsterdam · ISIN NL0010391025 · Vertical: Listed companies from Netherlands
Pharming Group N.V. is a biotechnology company that develops and markets therapies for rare and ultra-rare diseases, focusing on hereditary angioedema and primary immunodeficiencies. Total revenues rose 27% to US$376.1 million in 2025, and the company now shows operating profit, which matters for funding its pipeline.
At the close of 05 Nov 2026, Pharming Group N.V. (PHARM.AS) stock was 1.11 EUR (−0.05% on the day), with beta 0.49, 52-week range 0.83–1.78 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 71.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 0.74 – 1.21
- in the upper half of the band · %B 0.78 · band width 47.9%
- SMA 50 / 200
- 0.95 / 1.17
- mixed trend
- MACD (12, 26, 9)
- 0.06 / 0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +27.8% | −0.6% | +28.4 pp | — |
| 3 months | +17.1% | −4.2% | +21.3 pp | — |
| 6 months | +6.9% | +4.3% | +2.6 pp | — |
| Year to date | −22.3% | +7.5% | −29.8 pp | — |
| 1 year | +0.6% | +9.9% | −9.3 pp | −0.2% |
| 3 years | −3.5% | +49.8% | −53.3 pp | +2.2% |
| 5 years | +38.7% | +42.8% | −4.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 245.3 m | 297.2 m | 376.1 m |
| Revenue YoY | unavailable | +21.1% | +26.6% |
| Net income | -10.5 m | -11.8 m | 2.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.02 | -0.02 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -4.3% | -4.0% | 0.8% |
| Free cash flow | -18.7 m | -2.6 m | 54.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 145.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 277.1 m USD
- Total assets
- 500.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.59x
- ROE
- 1.1%
- ROA
- 0.6%
- FCF margin
- 14.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 245.3 m | 297.2 m | 376.1 m | esef· 07 Apr 2026verified |
| Cost of revenue | 25.2 m | 35.4 m | 45.5 m | esef· 07 Apr 2026verified |
| Gross profit | 220.1 m | 261.8 m | 330.6 m | esef· 07 Apr 2026verified |
| Research & development | 68.9 m | 83.1 m | 100.4 m | esef· 07 Apr 2026verified |
| Operating income | -5.4 m | -8.6 m | 25.8 m | esef· 07 Apr 2026verified |
| Interest expense | 9.1 m | 9.9 m | 18.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | -12.0 m | -8.5 m | 12.8 m | esef· 07 Apr 2026verified |
| Income tax | -1.5 m | 3.3 m | 10.3 m | esef· 07 Apr 2026verified |
| Net income | -10.5 m | -11.8 m | 2.9 m | esef· 07 Apr 2026verified |
| Diluted EPS | -0.02 | -0.02 | 0.00 | esef· 07 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 61.7 m | 54.9 m | 145.3 m | esef· 07 Apr 2026verified |
| Receivables | 46.2 m | 54.8 m | 54.7 m | esef· 07 Apr 2026verified |
| Inventories | 56.8 m | 55.7 m | 64.9 m | esef· 07 Apr 2026verified |
| Current assets | 316.3 m | 278.4 m | 299.5 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 9.7 m | 7.8 m | 7.2 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 71.3 m | 61.0 m | 135.5 m | esef· 07 Apr 2026verified |
| Total assets | 462.9 m | 400.0 m | 500.0 m | esef· 07 Apr 2026verified |
| Accounts payable | 72.5 m | 66.6 m | 105.9 m | esef· 07 Apr 2026verified |
| Current liabilities | 78.0 m | 73.8 m | 115.8 m | esef· 07 Apr 2026verified |
| Equity | 218.8 m | 221.1 m | 277.1 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 659.3 m | 657.8 m | — | esef· 07 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -17.3 m | -1.8 m | 54.7 m | esef· 07 Apr 2026verified |
| Capex | 1.4 m | 790.0 k | 749.0 k | esef· 07 Apr 2026verified |
| Free cash flow | -18.7 m ≈ | -2.6 m ≈ | 54.0 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -129.4 m | 31.6 m | 26.3 m | esef· 07 Apr 2026verified |
| Financing cash flow | -1.0 m | -34.4 m | 1.5 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.04 – 0.10 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.04 – 0.10 (Mid 0.06)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.8% | 42 (vs peers) | 27% |
| FCF conversion · Quality | 1,892.6% | 100 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.4x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Pharming Group N.V. (PHARM.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 376.1 m USD in 2025; YoY growth 26.6%; net margin 0.8%; ROE 1.1%.
The estimated value range is 0.04–0.10 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,892.6%
- Current ratio: 2.6x
What contradicts it
- Interest coverage: 1.4x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
| AJAX.ASAFC Ajax N.V. | 140.9 m | — | -18.0% | -21.0% | +17.2% | −15% / −29% |
1- and 3-year price returns: for PHARM.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Pharming Group N.V. is a biotechnology company that develops and markets therapies for rare and ultra-rare diseases, focusing on hereditary angioedema and primary immunodeficiencies. Total revenues rose 27% to US$376.1 million in 2025 1, and the company now shows operating profit, which matters for funding its pipeline.
SWOT
Strengths
- The company has an established U.S. position with RUCONEST and Joenja and reached operating profit in 2025 1.
- The portfolio focuses on rare diseases with unmet needs, where Joenja is the only approved targeted therapy for APDS 1.
- The company has its own commercial and manufacturing infrastructure that supports launches and wider access 1.
Weaknesses
Opportunities
Risks
- Competition in HAEhigh
New mechanisms in HAE could reduce RUCONEST's share and require further diversification 1.
- Regulation and reimbursementmedium
Changes in HTA requirements, pricing pressure and reimbursement constraints could affect patient access 1.
- Clinical and development riskhigh
Clinical results, regulatory reviews or timelines could differ from expectations, particularly for napazimone 1.
- Supply continuitymedium
Complex biologic manufacturing and a global supply chain could affect product availability for patients 1.
- Macroeconomic volatilitylow
Exchange rate changes, inflation and geopolitical instability could change operating costs and financial results 1.
Investment thesis
What would need to be true (bull case)
- Growth in RUCONEST and Joenja, together with the move to operating profit, could support funding of the pipeline without relying heavily on external capital 1.
- If leniolisib succeeds in PIDs with immune dysregulation, the target population could become much larger than the current APDS market 1.
- Napazimone could become the first therapy targeting the cause of mtDNA-driven mitochondrial disease, a significant unmet need 1.
What would break the thesis
- RUCONEST depends heavily on the U.S. market, and new HAE therapies could reduce the company's share 1.
- The APDS market remains very small, and Joenja's growth depends on finding new patients and on reclassification of VUS variants 1.
- Net profit in 2025 was very small, and currency losses could reappear if the euro strengthens against the dollar 1.
What to watch
- Results of Phase II studies of leniolisib in PIDs with immune dysregulationsecond half 2026
- Progress of the pivotal study for napazimone (KL1333)2026
- RUCONEST revenue trend against new HAE therapiesQ1 2027
- Ex-U.S. approvals and paediatric label expansion for Joenja2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Pharming presents itself as an integrated biotechnology company with in-house capabilities in clinical development, manufacturing, regulatory affairs and commercialization. It markets two approved therapies: RUCONEST, the only recombinant C1 esterase inhibitor protein replacement therapy for acute hereditary angioedema attacks, and Joenja, an oral PI3Kδ inhibitor for APDS 1. The strategy aims at durable growth through RUCONEST, mid-term momentum from Joenja and advancing leniolisib and napazimone (KL1333) 1.
The pipeline is centred on rare immunological and genetic diseases. Leniolisib is being evaluated in Phase II studies for primary immunodeficiencies with immune dysregulation, and napazimone (KL1333), acquired with Abliva AB in 2025, is in a pivotal trial for mtDNA-driven primary mitochondrial disease 1. The company says it could become the first therapy targeting the biology of this disease if the study succeeds 1.
The main market is the United States, where RUCONEST generates most revenue, and Joenja is commercialized directly in the U.S. and the United Kingdom 1. Revenue growth in 2025 reflected a larger patient and prescriber base in the U.S. and rising international demand for Joenja 1.
Segments
RUCONEST
RUCONEST is the on-demand treatment for acute hereditary angioedema attacks and the main revenue driver. Revenue rose 26% to US$317.9 million in 2025, and U.S. unit volume grew 20% 1. The company says it remains a cornerstone on-demand treatment, especially for patients with severe attacks or breakthrough attacks despite prophylaxis 1.
Joenja
Joenja (leniolisib) is an oral PI3Kδ inhibitor approved for APDS, an ultra-rare primary immunodeficiency. Revenue grew 29% to US$58.2 million in 2025, with 86% from the U.S. 1. The company is working on finding more APDS patients and on expansion to other markets and paediatric patients 1.
Pipeline
The pipeline includes leniolisib for primary immunodeficiencies with immune dysregulation, where Phase II studies for PIDs linked to PI3Kδ signalling and for CVID with immune dysregulation are fully enrolled, with top-line data expected in the second half of 2026 1. Napazimone (KL1333) is in a pivotal trial for primary mitochondrial disease 1.
Market context
The PID therapeutics market is estimated at about US$8 billion in 2025, with growth of about 6% a year towards 2034 1. The U.S. HAE market is expanding, but long-term prophylaxis has become the dominant paradigm, with about 68.5% of surveyed U.S. patients having received or currently receiving it 1. About 50% of patients on prophylaxis still experience breakthrough attacks, which keeps demand for acute treatment 1.
The APDS market is still at an early stage, but recent research suggests the disease could be more prevalent than previously understood, and reclassification of variants of uncertain significance could enlarge the identifiable population 1. This growth potential depends on new data and better diagnosis and is not assured 1.
Trends
- Expansion of prophylaxis in HAEmixed
Long-term prophylaxis has become the dominant HAE treatment, which could reduce demand for acute therapies if breakthrough attacks decline significantly. However, guidelines require ready access to on-demand treatment for all patients, which supports RUCONEST's role 1.
- New HAE mechanismsheadwind
FDA approvals in 2025 introduced new mechanisms for prophylaxis and on-demand treatment, widening treatment choice and increasing the complexity of treatment decisions 1. For RUCONEST this means a more competitive market that the company says it must reinforce 1.
- Better diagnosis in rare immunologytailwind
Expanded genetic testing and reclassification of VUS could increase the number of identifiable APDS and related PID patients, which could support long-term demand for Joenja 1.
- Regulatory and pricing pressureheadwind
Changes in health technology assessment, pricing pressure and reimbursement constraints could affect patient access and commercial performance, according to the company 1.
Competitive position
In HAE, the U.S. market spans therapies targeting C1-INH and components of the contact activation system, including plasma kallikrein and FXIIa inhibitors, delivered intravenously, subcutaneously or orally 1. In APDS, Joenja is the only approved therapy, and the company says it is not aware of active clinical programmes in APDS 1.
Competition in HAE is intensifying with new mechanisms, which requires the company to diversify its portfolio 1. Pharming relies on RUCONEST being the only recombinant C1-INH protein replacement therapy and on its position in acute attacks 1.
- New HAE therapies (FXIIa and kallikrein inhibitors)
Therapies approved in the U.S. in 2025 that target FXIIa, prekallikrein or plasma kallikrein, competing with RUCONEST and with prophylaxis 1.
- Plasma-derived C1-INH therapies
Human plasma-derived C1-INH products that compete with RUCONEST in the acute treatment of HAE attacks 1.
- PID therapies (immunoglobulins and targeted therapies)
Immunoglobulins and targeted therapies are the main options in the PID market, where Joenja competes for APDS or immune dysregulation patients 1.
- Developers of mitochondrial disease therapies
Companies developing primary mitochondrial disease therapies are potential competitors to napazimone, although this market has few approved therapies today 1.
News & filings
In the press
- Pharming Group (PHAR) Expands Joenja’s Pediatric Label. Can Growth Offset RUCONEST Weakness?Yahoo Finance — News · 16 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Pharming Group N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.