Pharming Group announces third quarter 2026 revenues above market expectations

Lower operating expense guidance accompanies a narrower full-year revenue range, while some quarterly sales benefited from ordering patterns.

Rhea-AI Summary

Pharming Group (Nasdaq: PHAR) expects third-quarter 2026 revenue of approximately US$117.6 million, up approximately 21% from a year earlier. The preliminary, unaudited figure compares with US$97.3 million in third-quarter 2025. RUCONEST revenue reached approximately US$93.8 million, up 14% year over year and 30% sequentially; Joenja contributed US$23.8 million, up 58% year over year.

Expected operating expenses of approximately US$74.6 million compare with US$74.5 million a year earlier. Pharming narrowed 2026 revenue guidance to US$380 million–US$390 million from US$375 million–US$395 million and lowered operating expense guidance to US$310 million–US$315 million from US$315 million–US$320 million. Full results and a business update move to October 27, 2026, from November 5, following revenue above and operating expenses below analyst consensus.

11 points · 1 major

PositiveiHow this balance works

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0 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 operating expense guidance lowered to US$310 million–US$315 million, or 0%–1% growth, from US$315 million–US$320 million, or 1%–3% growth.
• Moderate pointPreliminary third-quarter revenue is expected at approximately US$117.6 million, up approximately 21% year over year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.A single registrational Phase III trial is being pursued for broader CVID, incorporating populations from both studies.
• Minor pointRUCONEST revenue reached approximately US$93.8 million, up 14% year over year and 30% sequentially.
• Minor pointJoenja revenue reached US$23.8 million, up 58% from third-quarter 2025.

6 minor points

• Minor pointU.S. RUCONEST demand stabilized and continued recovering.
• Minor pointJoenja paid-therapy patient numbers continued growing in the United States.
• Minor pointJoenja international demand increased, including launches in Germany and Japan and continued U.K. penetration.
• Minor pointLeniolisib Phase II data in genetically defined primary immunodeficiencies were characterized as positive by Pharming.
• Minor point. Forward-looking: it has not happened yet and may not happen.CVID Phase II topline results are expected by Pharming in November 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.FALCON enrollment is expected by Pharming to reach approximately 145 of the planned 180 subjects by end-2026.

Negative

• Minor pointRUCONEST quarterly revenue partly reflected an early seasonal inventory increase at a single U.S. specialty pharmacy customer.
• Minor pointJoenja international revenue received a temporary benefit from ordering patterns in other international markets.
• Minor point. Forward-looking: it has not happened yet and may not happen.FALCON enrollment completion is now expected by Pharming in the first half of 2027.

News Explained

Positive Phase II data are reported, but the broader-CVID Phase III remains planned and FALCON enrollment is projected to continue into 2027.

Pharming says it presented positive Phase II data for leniolisib in genetically defined primary immunodeficiencies with immune dysregulation, while topline results from its separate CVID study are expected in November 2026. The company is working toward a single registrational Phase III trial for broader CVID that would incorporate patient populations from both studies.

For the FALCON trial, Pharming expects about 145 of 180 planned subjects to be enrolled by the end of 2026; enrollment completion is expected in the first half of 2027, with topline results expected about a year afterward.

Key Figures

Q3 revenue: US$117.6 million Q3 revenue growth: 21% RUCONEST revenue: US$93.8 million +4 more

Q3 revenue

US$117.6 million

Q3 2026 preliminary, unaudited; compared with US$97.3 million in Q3 2025

Q3 revenue growth

21%

Year-on-year

RUCONEST revenue

US$93.8 million

Q3 2026; up 14% year-on-year

Joenja revenue

US$23.8 million

Q3 2026; up 58% year-on-year

Q3 operating expenses

US$74.6 million

Q3 2026 preliminary, unaudited; in line with Q3 2025

2026 revenue guidance

US$380 million to US$390 million

Tightened from prior guidance of US$375 million to US$395 million

2026 operating expense guidance

US$310 million to US$315 million

Lowered from prior guidance of US$315 million to US$320 million

Key Terms

phase ii, cvid, phase iii, mtDNA

4 terms

phase ii medical

"positive Phase II data for leniolisib in patients with genetically defined primary"

Phase II is the mid-stage clinical trial where a potential drug or medical treatment is tested in a larger group of patients to see if it works and to help determine the best dose and common side effects. For investors, Phase II results matter because they give the first meaningful evidence about effectiveness and safety—like a road test that shows whether a product has real promise before a much bigger, costly final trial and potential regulatory approval.

cvid medical

"topline Phase II results from its separate trial in CVID patients"

Common Variable Immunodeficiency (CVID) is a lifelong immune system disorder in which the body fails to produce enough protective antibodies, leaving people prone to frequent and sometimes severe infections. Investors pay attention because therapies, diagnostics, and long‑term care for CVID can drive sales and clinical trial activity; successful treatments or regulatory approvals can materially affect companies developing immune‑related drugs, much like fixing a leaky roof reduces ongoing repair costs for a homeowner.

phase iii medical

"single registrational Phase III trial in the broader CVID indication"

A Phase III trial is the late-stage clinical study that tests whether a medical treatment works and is safe in a large group of patients, often comparing it to standard care. Think of it as a final dress rehearsal or full-scale road test before regulators decide on approval; positive or negative results strongly influence a drug maker’s chance to sell the treatment, future revenue, and investment risk.

mtDNA medical

"Napazimone (KL1333) for mtDNA-driven mitochondrial disease"

Mitochondrial DNA (mtDNA) is the small, circular DNA molecule found inside mitochondria — the cell structures that produce energy. It contains a limited set of genes that code for proteins and RNAs needed for mitochondrial function and exists in many copies per cell separate from the cell’s nuclear DNA; it is typically inherited only from the mother and has a higher mutation rate than nuclear DNA, which affects its use in disease studies and lineage analyses.

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• Third quarter 2026 total revenues increase by 21% to approximately US$117.6 million, compared to third quarter 2025
• Third quarter 2026 total operating expenses of approximately US$74.6 million, in line with third quarter 2025
• Tightened 2026 total revenue guidance to US$380 million - US$390 million from prior US$375 million - US$395 million
• Full third quarter financial results and business update brought forward to October 27, 2026; conference call and webcast for analysts and investors to follow at 13:30 CET/08:30 EDT

Leiden, the Netherlands, October 22, 2026: Pharming Group N.V. (Euronext Amsterdam: PHARM/Nasdaq: PHAR), a global biotechnology company focused on rare immune and genetic diseases, today announces preliminary, unaudited revenue and select financial information for the three months ended September 30, 2026. Pharming will report its full preliminary (unaudited) financial results for the third quarter 2026 and provide a business update on October 27, 2026, brought forward from November 5, 2026 following results indicating revenue above and total operating expenses below analyst consensus.

Total revenues for the third quarter 2026 are expected to be approximately US$117.6 million, compared with US$97.3 million in the third quarter of 2025. This represents growth of approximately 21% year-on-year, reflecting strong performance from RUCONEST® and Joenja®.

Third quarter revenues comprise approximately US$93.8 million from RUCONEST, a 14% increase compared to the third quarter of 2025 and a 30% increase compared to the second quarter of 2026, and US$23.8 million from Joenja®, a 58% increase compared to the third quarter of 2025.

The RUCONEST revenue performance reflects stabilization and continued recovery of demand in the US, early seasonal increase in channel inventory at a single U.S. specialty pharmacy customer following significant drawdowns earlier in the year, and the completion of the planned withdrawal from non-U.S. markets.

Joenja revenue growth was driven by continued strong growth in the number of U.S. patients on paid therapy, significantly increased international demand - including from launches in Germany and Japan during the quarter and continued penetration in the U.K. - with temporary benefit from ordering patterns in other international markets.

Total operating expenses for the third quarter are expected to be approximately US$74.6 million, in line with US$74.5 million in the third quarter 2025. This performance is reflective of efficient scaling of the business.

Full-year 2026 outlook
Tightened 2026 total revenue guidance to between US$380 million and US$390 million (1% to 4% growth) from prior US$375 million to US$395 million (0% to 5% growth) and lowered total operating expense guidance to between US$310 million and US$315 million (0% to 1% growth) from prior US$315 million to US$320 million (1% to 3% growth).

Clinical updates
At ESID 2026, Pharming presented positive Phase II data for leniolisib in patients with genetically defined primary immunodeficiencies (PIDs) with immune dysregulation linked to PI3Kδ signaling; Pharming expects topline Phase II results from its separate trial in CVID patients with immune dysregulation, with or without an identified genetic cause, in November 2026. We are working towards a single registrational Phase III trial in the broader CVID indication, incorporating patient populations from both studies. The estimated prevalence rate for CVID with immune dysregulation is approximately 39 patients per million, compared with approximately 1.5 patients per million for APDS, representing substantial growth potential for Joenja.

For Napazimone (KL1333) for mtDNA-driven mitochondrial disease, we expect approximately 145 of the planned 180 subjects to be enrolled in the pivotal FALCON clinical trial by the end of 2026. We now expect enrollment to be completed in the first half of 2027. Topline results from the pivotal FALCON study are expected approximately one year after the completion of enrollment.

Full third-quarter results
Pharming will report third quarter 2026 financial results and provide a business update on October 27, 2026. Management will host a conference call and webcast for analysts and investors on the same day at 13:30 CET/08:30 EDT. To participate in the conference call or to watch the live webcast, please register in advance using the links below.

Conference call registration:
https://register-conf.media-server.com/register/BI6feabfc862ab4ba1bc7e6386d00414a3
Once registered, dial-in information and a unique PIN will be provided, allowing access to the call.

Please note, the Company will only take questions from dial-in attendees.

Webcast registration:
https://edge.media-server.com/mmc/p/nnjperkk

The webcast will also be accessible on the Pharming website at Investors/Financial Documents & Reports, and a replay will be available shortly after the event.

Trademarks
Joenja® and RUCONEST® are registered trademarks owned by or licensed to Pharming Group N.V. or its affiliates.

About Pharming

Pharming Group N.V. (Euronext Amsterdam: PHARM/Nasdaq: PHAR) is a global biotechnology company that develops and commercializes innovative medicines for people living with rare immune and genetic diseases.

We combine specialized scientific, medical, regulatory and commercial expertise to advance a focused portfolio of approved medicines and development programs that address significant unmet medical needs. Guided by insights from patients and the wider rare disease community, we are dedicated to delivering innovative therapies for some of the most challenging rare diseases.

Pharming is headquartered in Leiden, the Netherlands, with operations in the United States and Europe.

For more information, visit www.pharming.com and find us on LinkedIn.

For further public information, contact:
Pharming
Michael Levitan, VP Investor Relations & Capital Markets
T: +1 (908) 705 1696
E: investor@pharming.com

Saskia Mehring, Head of Corporate Communications
T: +31 6 28 32 60 41
E: media.relations@pharming.com

Media Relations
Julia Deutsch (Lyra Strategic Advisory on behalf of Pharming)
E: JDeutsch@lyraadvisory.com

Netherlands: Leon Melens (LifeSpring Life Sciences Communication on behalf of Pharming)
T: +31 6 53 81 64 27

Forward-looking Statements

This press release may contain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “see”, “should”, “target”, “will” and similar terms and phrases. Examples of forward-looking statements may include statements with respect to timing and progress of Pharming's preclinical studies and clinical trials of its product candidates, Pharming's clinical and commercial prospects, and Pharming's expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming's clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory, commercial, competitive and technical developments. In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming's 2025 Annual Report and the Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming's actual results could differ materially and adversely from those anticipated or implied thereby. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Any forward-looking statements speak only as of the date of this press release and are based on information available to Pharming as of the date of this release. Pharming does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information.

Inside Information
This press release relates to the disclosure of information that qualifies, or may have qualified, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Attachment

• Pharming Group third quarter 2026 pre-announcement_EN_22OCT26

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What revenue does Pharming expect for the third quarter of 2026?

Pharming expects preliminary, unaudited revenue of approximately US$117.6 million, compared with US$97.3 million in third-quarter 2025, representing approximately 21% growth. RUCONEST contributed approximately US$93.8 million and Joenja US$23.8 million.

What is Pharming's updated full-year 2026 guidance?

Pharming narrowed revenue guidance to US$380 million–US$390 million, representing 1%–4% growth, from US$375 million–US$395 million, representing 0%–5% growth. Operating expense guidance fell to US$310 million–US$315 million, representing 0%–1% growth, from US$315 million–US$320 million, representing 1%–3% growth.

What are Pharming's next steps for leniolisib in CVID?

Pharming expects Phase II topline results in November 2026 from its separate trial in common variable immunodeficiency (CVID) patients with immune dysregulation, with or without an identified genetic cause. It is working toward one registrational Phase III trial in broader CVID, incorporating patient populations from both Phase II studies.

When does Pharming expect FALCON enrollment and topline results?

Pharming now expects enrollment completion in the first half of 2027, with topline results approximately one year afterward. The pivotal FALCON trial tests napazimone (KL1333) for mitochondrial DNA-driven mitochondrial disease; approximately 145 of the planned 180 subjects are expected to be enrolled by the end of 2026.

What contributed to Pharming's RUCONEST revenue performance?

RUCONEST performance reflected stabilization and continued recovery of U.S. demand, an early seasonal inventory increase at a single U.S. specialty pharmacy customer following inventory drawdowns earlier in the year, and completion of the planned withdrawal from non-U.S. markets.