First Berlin reiterates buy on Pharming Group with EUR 2.20 price target

PHAR•2026-10-23

First Berlin reiterated its buy rating on Pharming Group and maintained a EUR 2.20 price target, implying 133% upside. Third-quarter Ruconest revenue rose 14% year over year to USD 93.8 million, while management reaffirmed 2026 revenue guidance of USD 385 million at the midpoint.

1. Revenue and guidance

Third-quarter Ruconest revenue rose 14% year over year to USD 93.8 million and increased 30% sequentially, exceeding the USD 81.7 million consensus forecast. Management reaffirmed its 2026 group revenue guidance midpoint of USD 385 million.

First Berlin reiterates buy on Pharming Group with EUR 2.20 price target

1. Revenue and guidance

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