Pharming Group Q2 and H1 2024 Financial Results and Business Update

Pharming Group N.V. reported a robust second-quarter performance in 2024, highlighting significant revenue growth driven by its main products, RUCONEST® and Joenja®. The company saw its total revenues rise by 35% to $74.1 million compared to the same quarter in 2023, primarily due to increased sales of these two key drugs. For the first half of 2024, total revenues grew by 33% to $129.7 million, reinforcing the company's positive financial trajectory for the year.

RUCONEST®, a treatment for acute hereditary angioedema (HAE) attacks, generated $63.0 million in revenue during the second quarter, marking a 23% increase over the previous year. The U.S. market played a critical role, contributing 96% of these revenues, with notable growth in patient enrollments and physician prescriptions. The first half of 2024 saw RUCONEST® revenue climb to $109.0 million, up 16% from the same period in 2023.

Joenja® (leniolisib), a groundbreaking treatment for activated PI3K delta syndrome (APDS), also showed impressive growth. Its second-quarter revenue reached $11.1 million, a 16% increase from the first quarter of 2024 and a staggering 192% rise from the second quarter of 2023. This growth was driven by a higher number of patients on paid therapy in the U.S., increased adherence rates, and contributions from international markets. By the end of June 2024, the number of U.S. patients on paid therapy for Joenja® had increased to 91, with additional patients pending authorization.

Pharming is actively working to expand the availability of Joenja® globally. The company expects a decision from the UK's MHRA by the fourth quarter of 2024 and is addressing manufacturing-related requests from the EMA for broader European approval. Efforts are also underway to secure regulatory approval in Canada and other significant markets.

In addition to regulatory progress, Pharming is initiating a Phase II clinical trial for leniolisib in other primary immunodeficiency (PID) disorders with immune dysregulation linked to PI3Kẟ signaling. This trial will evaluate safety, tolerability, and potential efficacy in around 12 patients, aiming to inform a subsequent Phase III program.

Financially, Pharming's second-quarter gross profit increased by 34% to $66.1 million, largely due to higher revenues. However, other income decreased from $21.9 million in the second quarter of 2023 to $0.9 million in 2024, primarily owing to the one-time sale of a Rare Pediatric Disease Priority Review Voucher (PRV) to Novartis in the previous year.

Operating expenses rose to $70.1 million from $65.8 million in the second quarter of 2023, reflecting continued investments in Joenja®'s U.S. market and preparations for leniolisib's international launch. Consequently, the company reported an operating loss of $3.1 million, compared to an operating profit of $5.3 million in the second quarter of 2023.

The net finance result showed a gain of $3.4 million, influenced by a $5.1 million fair value gain from the reclassification of a convertible bond-related derivative to equity. Despite this, the company posted a net loss of $1.2 million for the second quarter, compared to a net profit of $1.3 million in the same period the previous year.

Cash and marketable securities decreased from $203.5 million at the end of the first quarter to $161.8 million at the end of the second quarter, mainly due to convertible bond refinancing activities.

Looking forward, Pharming aims to achieve total revenues between $280 million and $295 million for 2024, indicating a growth rate of 14% to 20%. The company plans to continue its efforts to identify and diagnose APDS patients, expand Joenja®'s market presence outside the U.S., and advance clinical trials for leniolisib in additional PID indications. No additional specific financial guidance was provided beyond these targets.

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