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

Abstract
The Pharming share fell to a low of €1.06 after May’s Q1/26 results which showed declines of 15% y-o-y and 33% sequentially in sales of the group’s most important product, the intravenously injected hereditary angioedema (HAE) drug, Ruconest. We believe the market is worried that Ruconest will lose substantial market share to Chiesi’s recently launched new oral HAE therapy, Ekterly. In our view these fears are overblown. The 15% y-o-y Q1/26 drop in Ruconest sales broke down as follows: 1) anticipated inventory drawdown: 8%; 2) exit from non-US markets: 3%; 3) other (including Ekterly impact): 4%. Ruconest sales declined in Q1 compared with Q4 in every one of the past six years. These declines occurred mainly because clinics buy product towards the end of the calendar year ahead of anticipated price rises in Q1 and because of patient reauthorisation. However, we note that in five of the past six years full-year Ruconest sales growth was positive (exception: 2022). We think the inventory effect was exacerbated in Q1/26 by FY/25’s well above average sales growth of 26%. The appeal of Ekterly vs Ruconest is greater convenience/no needle anxiety. But according to the UK’s NICE (National Institute for Health and Care Excellence) Chiesi has not demonstrated that Ekterly’s efficacy is superior to that of Ruconest. This was a key factor in NICE’s October 2025 recommendation that Ekterly ?should not be used to treat HAE in people 12 years and over.? Pharming wrote in its Q1/26 report that ?we continue to see the overwhelming majority of patients stay on Ruconest nine months after the launch of a new oral treatment? (Ekterly). Management also maintained the 2026 guidance first given with the FY/25 results in March ?for continued Ruconest growth and significant and accelerating?U.S. and ex-U.S. growth of Joenja? (Pharming’s therapy for Activated PI3 Kinase Delta Syndrome). We find Pharming’s 2026 guidance plausible. We maintain our Buy rating but have lowered the price target to €2.40 from €2.60 in our most recent note of 21 January mainly to reflect lower Q1/26 sales than we had expected from Ruconest. (Upside: 108%).