Q3 2024 Pharming Group NV Earnings Call Transcript
Key Points
- Pharming Group (PHGUF) reported a 12% increase in Q3 revenues, driven by volume growth in both Ruconest and Joenja.
- Joenja, the first and only FDA-approved treatment for APDS, achieved $32 million in sales in the first nine months of 2024, marking a 210% growth compared to the previous year.
- The company has successfully expanded its prescriber base for Ruconest, with 57 new prescribers this year, heading towards a total of 800.
- Pharming Group (PHGUF) is actively pursuing global expansion, with regulatory submissions and reviews ongoing in markets like Japan, Canada, and Australia.
- The company has initiated a Phase 2 study for leniolisib in primary immune deficiencies, targeting a significantly larger patient population than APDS.
- Pharming Group (PHGUF) reported a net loss of $1 million in Q3, compared to a net profit of $3.4 million in the same quarter last year.
- The increase in operating expenses was attributed to investments in Joenja's US launch and preparations for leniolisib's launch outside the US.
- The company experienced a decrease in cash and cash equivalents from $215 million at the beginning of the year to $173 million.
- The growth rate for Joenja in the US is expected to slow as the company has already identified almost half of the eligible patients.
- Pharming Group (PHGUF) faces challenges in educating physicians and patients about APDS, a new disease, which impacts the speed of patient enrollment.
Good morning. Good afternoon. Ladies and gentlemen, welcome to our reserve call. I'm happy, I'm here with the introduce my colleagues here, Stephen Toor Chief Commercial Officer and Anurag Relan our Chief Medical Officer and you can welcome on our Chief Financial Officer and we will take you through the results and obviously answer all your questions.
So, but before I do that, I would like to have the next slide and point you to the forward-looking statements. Because during this presentation, we will be making in the usual forward-looking statements which of course, you know, are expressions of our expectations, which can differ significantly, of course from future and future results. So having said that I would like to start with the next slide, you see a slide of my face there and you'll see no doubt the announcement that after '16 years here at the helm, which is actually precisely next week.
I have informed the board of directors that I will not be available for re-election. You know, the company is in
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