First Berlin Equity Research has published a research update on Pharming Group NV (ISIN: NL0010391025). Analyst Simon Scholes reiterated his BUY rating and increased the price target from EUR 2.40 to EUR 2.60.

Abstract
On 8 January Pharming released preliminary 2025 revenues. Last year’s topline rose ca. 27% to USD376m (2024: USD297m) and was USD1m above the upper end of the guidance range of USD365m-USD375m. Management also commented that FY/25 operating expenses are expected within the guided range of USD304m-USD308m. In our view, the preliminary revenue figures will further allay fears of a loss of market share by Pharming’s hereditary angioedema drug, Ruconest (intravenous administration), to Kalvista’s recently launched (July 2025) orally administered product, Ekterly. We expect Pharming to generate further robust sales growth in 2026 (+21%), driven in particular by accelerating growth in sales of Joenja/leniolisib for APDS (activated phosphoinositide 3-kinase delta syndrome) following the expected approval of the drug for pediatric patients, geographic expansion, and reclassification of patients with a Variant of Uncertain Significance. Further important newsflow scheduled for this year includes read-outs of two phase two studies of leniolisib, one in patients 12 to 75 years old with immune dysregulation in primary immunodeficiencies, and another in patients 12 to 75 years old with immune dysregulation in common variable immunodeficiency. Each of these indications is a potential blockbuster (annual revenue >USD1bn). Looking out to next year, we expect the read-out of the pivotal phase 2 study of KL1333 in patients 18 years or older with primary mitochondrial disease–another potential blockbuster. We have raised our price target from €2.40 to €2.60 to reflect better than expected preliminary 2025 revenue and maintain our Buy recommendation (upside: 74%).