Q2 2026 Pharming Group NV Earnings Call Transcript

Jul 30, 2026 / 11:30 AM GMT

Release Date Price: €0.8962 (-18.56%)

Transcript

Key Points

Positve

Ruconest active patient base remained resilient at 93% of prior year levels despite oral competition, with new patient enrollments recovering to near pre-competitive levels.
Joenja delivered strong 40% year-over-year revenue growth, driven by U.S. momentum and accelerating European expansion.
Two Phase 2 studies for leniolisib in broader primary immunodeficiencies (CVID and genetic PIDs) are fully enrolled, with top-line results expected in Q4 2026, representing a potential multi-billion-dollar opportunity.
Operating expense guidance was reduced by $15 million to $315-$320 million, reflecting disciplined cost management and improved operational efficiency.
Near-term catalysts include U.S. pediatric label expansion for Joenja (PDUFA date October 24, 2026) and upcoming launches in Germany and Japan.

Negative

Total Q2 2026 revenue declined 3% year-over-year, driven by a 10% drop in Ruconest revenue due to competitive dynamics and inventory normalization.
Full-year 2026 revenue guidance was lowered by $30 million to $375-$395 million, reflecting ongoing market share pressure from oral on-demand HAE treatments.
Operating cash flow was negative $9.7 million in Q2, impacted by strategic inventory build and lower revenues.
A $4.9 million impairment of manufacturing inventory for Ruconest was recorded, indicating potential production or quality issues.
The planned closure of a production support site in France and associated restructuring costs highlight ongoing operational challenges.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PHAR.AS - Pharming Group NV
Q2 2026 Pharming Group NV Earnings Call
Jul 30, 2026 / 11:30AM GMT

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Presentation
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Unidentified_1 [1]
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Thank you, operator. Good morning and good afternoon, everyone and welcome to our Q2 2026 earnings call.

I'll be joined on this call today by Levern March, our Chief Commercial Officer Anurag Relen, our Chief Medical Officer and Kenneth Linnert, our Chief Financial Officer. In this call, we will be making forward-looking statements that are based upon our current insights and plans. As this may differ from future results.

As you saw in today's press release, while we lowered our full-year revenue guidance, we are encouraged by the resilience of Reconest with robust underlying demand indicators. JointJA continued to deliver strong growth, and we are approaching a number of significant near-term catalysts. Before I go into

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