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 2.40 to EUR 2.20.

Abstract
The Pharming share has fallen by around a third since early May due to weak U.S. sales of its flagship product, the intravenously injected on-demand hereditary angioedema (HAe) therapy, Ruconest. H1/26 U.S. Ruconest sales were down 11% y-o-y due to customer inventory reductions following a 27% increase in sales in 2025, and the launch of Chiesi’s Ekterly, the first oral on-demand HAe therapy, in July 2025. Nevertheless, the midpoint of Pharming’s FY/26 guidance, given with the Q2/26 results, calls for a 3% decline in U.S. Ruconest revenue, implying y-o-y growth of 4% in H2. We think this guidance is plausible because Ruconest continues to gain new patients and the medicine’s efficacy has been demonstrated to be clearly superior to both Ekterly and the highest volume competing on-demand HAe therapy, Firazyr (and its generics). A peer-reviewed study published by Pharming in May showed that Ruconest resolved 22 out of 25 HAe attacks after one dose. The figure for Ekterly was 15. H1/26 Ruconest new patient enrolment was 130. Based on 2025 U.S. Ruconest sales of USD312m and data released by Pharming on the average annual per-patient cost of treatment with Ruconest (USD460k), we estimate the overall U.S. Ruconest patient base at 650-700 persons. We think efficacy beats convenience and so expect Ruconest to return to growth. Meanwhile, Pharming is making progress towards multiplying its addressable patient and revenue base over ten-fold. Pharming puts the addressable U.S. patient base for its APDS therapy, Joenja (approved in 2023), at 500. Read-outs from phase 2 trials of Joenja/leniolisib for genetic primary immune deficiencies with immune dysregulation linked to PIK3D, and Common Variable Immune Deficiency with immune dysregulation, are due in Q4/26. U.S. patients for these conditions number over >2,500 and >11,500 respectively, and annual treatment cost is likely to be close to that for HAe. For good measure, a pivotal trial of another potential blockbuster, napazimone for mtDNA mitochondrial disease, is due to read out in H2/27. We maintain our Buy recommendation but reduce the price target from €2.40 to €2.20 to reflect weaker Q2 results than we had expected.