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 2.30 to EUR 2.40.
Abstract
Pharming produced a very strong set of Q2/25 results. Overall sales climbed 25.8% to USD93.2m (Q2/24: USD74.1m). Remarkably, given that it was launched in the U.S. as long ago as 2014, U.S. sales of the hereditary angioedema treatment Ruconest at USD80.4m were 27.6% above the prior year quarter number of USD63.0m – itself a Q2 record. The half-yearly comparison was +37.4% to USD146.2m (H1/24: USD106.4m). Meanwhile, growth in sales of Joenja for APDS (activated phosphoinositide 3-kinase delta syndrome) accelerated to 15.3% in Q2/25 after 9.3% in Q1/25. Based on the strong Q2/25 sales growth, management has raised full-year sales guidance by 3% from USD325m-USD340m to USD335m-USD350m. Stripping out non-recurring costs of USD2.1m in connection with the acquisition of Abliva (completed in March), the EBIT margin reached 13.9%, the first time this figure has been double-digit since Q3/22. On 7 July the U.S. company Kalvista announced the FDA approval of Ekterly. Ekterly is the first oral on-demand drug to be approved for hereditary angioedema (HAE) and so is a competitor to Pharming’s Ruconest, which is self-administered intravenously. However, investors should bear in mind that Ekterly is addressed to HAE patients who are less severely affected by HAE attacks than those using Ruconest. We think the impact of Ekterly on Ruconest will be limited. APDS is caused by variants in either of two genes, PIK3CD or PIK3R1. Based on strong recent growth in patients on paid therapy in the U.S. (+18 in H1/25 vs. +10 in H1/24) as well as insights gained from the recently published Cell study which will aid the screening of 1,400 patients in the U.S. with a VUS (Variant of Uncertain Significance), we expect Joenja sales growth to remain robust during H2/25 The literature and Pharming’s pilot testing both suggest that 20% of the VUS patients will be found to be pathogenic/likely pathogenic. We expect sales growth of Joenja to be further supported in 2026 by approvals in Canada, the EU and Japan and for pediatric patients (4 to 11 years old) in the U.S. We retain our Buy recommendation but have raised the price target from €2.30 to €2.40 to reflect the strong Q2 results.
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