Pharming Group Logs 27% Revenue Growth and $26M Profit in 2025
Pharming Group’s total revenues climbed 27% in 2025, with operating profit swinging to $26 million from a prior-year loss and operating cash flow reaching $55 million. Company ended the year with $181 million in cash, saw Joenja revenue surge 53% in Q4 and projected 2026 revenues of $405–425 million with gross margin at 90%.
1. Financial Performance
Pharming Group reported a 27% increase in total revenues for full-year 2025, including a 15% rise in Q4. Operating profit reached $26 million versus a prior-year loss, operating cash flow hit $55 million, year-end cash climbed to $181 million, Ruconest revenue rose 9% in Q4 and Joenja surged 53%.
2. 2026 Guidance
Management forecasts 2026 revenues between $405 million and $425 million, representing 8%–13% growth, with operating expenses expected at $330 million to $335 million and gross margin expanding toward 90%. Approximately 70%–75% of Joenja’s growth is anticipated to come from the US market, supporting the outlook.
3. Challenges and Pipeline
Pharming faces a complete response letter on the Joenja pediatric label, an anticipated Ruconest inventory drawdown in Q1 2026 and intensifying competition in the HAE market. The late-stage pipeline includes two programs with potential for billion-dollar annual sales pending successful approvals.