First Berlin Equity Research has published a research update on Pharming Group NV (ISIN: NL0010391025). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 2.20 price target.

Abstract
Pharming pre-announced Q3 revenue numbers two weeks ahead of the previously scheduled reporting date of 5 November. Revenues of Pharming’s flagship hereditary angioedema (HAE) medicine, Ruconest (manufactured from the milk of transgenic rabbits), climbed 14% y-o-y and 30% sequentially to USD93.8m (FBe: USD79.5m; Q3/25: USD82.2m). The consensus forecast (n=5) was USD81.7m. Weak revenue figures in Q1/26 and Q2/26 sparked concerns that Chiesi’s oral HAE product Ekterly (launched in July 2025) would take a large chunk out of Ruconest sales. As we pointed out at length in our study of 18 September, we think this scenario unlikely due to Ruconest’s superior efficacy versus Ekterly. The Q3 numbers and management’s confirmation of the 2026 group revenue guidance mid-point of USD385m given with the Q2/26 report indicate that Ruconest will return to growth in H2/26. We expect Ruconest sales to continue growing in 2027 and subsequent years and that the product will continue to serve as a solid foundation while Pharming develops its potentially multi-billion USD pipeline. We maintain our Buy recommendation and €2.20 price target (upside: 133%). The full Q3/26 report is now scheduled for 27 October.