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 1.50 to EUR 1.60.

Q2/23 saw the expected sequential recovery in Ruconest sales (+20.1%) following temporary reimbursement problems in Q1/23. Ruconest sales were still down y-o-y (-3.2%) after six months but leading revenue indicators such as active patients, vials shipped and number of prescribing physicians suggest that Pharming’s full-year 2023 Ruconest guidance of low single digit revenue growth is achievable. At USD3.8m the first quarter of sales from Joenja (leniolisib) was above our forecast of USD3.1m. Meanwhile APDS (activated PI3K delta syndrome) patient identification outside the US has been proceeding faster than we previously modelled. By the end of June Pharming had identified 440 APDS patients outside the US compared with 316 in the model published in our note of 17 July. This bodes well for the expected launches of leniolisib next year in Australia, Canada, EU, Israel and UK. Pharming had identified 200 patients in the US by the end of June – unchanged on the end of 2022. Management expects intensified focus on genetic testing to push this number ahead in the second half. We have revised up our forecasts for leniolisib to reflect faster progress in APDS patient identification than previously modelled and have raised our price target to €1.60 (previously: €1.50). We maintain our Buy recommendation.