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 reported full Q3 results on 27 October after pre-announcing revenue numbers on 22 October. The final report confirmed the revenue numbers released five days earlier. Q3/26 Ruconest revenue was USD94m (up 14% yoy and 30% sequentially) compared with consensus of USD82m. Meanwhile, Q3/26 EBIT was better than we had expected at USD29.9m (FBe: USD26.8m; Q3/25: USD15.8m). Pharming tightened overall revenue guidance (including Joenja) of USD375m-USD395m first given in the Q2/26 report to USD380m-USD390m. Management indicated that the mid-point of revenue guidance implies a 3% y-o-y decline in FY/26 global Ruconest sales. This equates to a y-o-y increase of 5% in H2/26 following the 12% decline seen in H1/26. Following weak Q1 and Q2 Ruconest revenues, development of Pharming’s share price was burdened throughout the summer and early autumn by concerns that Chiesi’s oral HAE product Ekterly would take substantial market share from Ruconest. The Q3/26 results and the unchanged midpoint of FY/26 guidance largely dispel these fears. We expect cashflow from Ruconest to continue to act as the main source of finance for the further development of Pharming’s multi-billion dollar pipeline. We maintain our Buy recommendation at an unchanged price target of €2.20 (upside: 102%).