NFKB1

Full year 2024 total revenues increased by 21% to US$297.2 million and exceeded our guidance, driven by record RUCONEST® revenue and strong Joenja® (leniolisib) growth Fourth quarter 2024 total revenues increased by 14% to US$92.7 million, compared to the fourth quarter 2023RUCONEST® full year revenue increased by 11% to US$252.2 million and fourth quarter revenue increased by 9% to US$79.6 million, compared to the fourth quarter 2023Joenja® revenue increased by 147% to US$45.0 million in the first full year post-launch and fourth quarter revenue increased by 66% to US$13.1 million, compared to the fourth quarter 2023Fourth quarter operating profit increased to US$6.7 million from US$1.1 million in the fourth quarter 2023Generated operating profit and positive net cash flows from operations for the second quarter in a rowTwo ongoing Phase II clinical trials of leniolisib for additional primary immunodeficiencies (PIDs) with immune dysregulation, including common variable immunodeficiency (CVID)Completed the acquisition of Abliva AB, adding KL1333 for mitochondrial DNA-driven primary mitochondrial diseases to Pharming’s late-stage clinical pipeline, in line with our vision to become a leading global rare disease companyFabrice Chouraqui appointed as Chief Executive Officer and Executive Director at EGM held on March 4, 20252025 total revenue guidance of US$315 million – US$335 millionPharming to host a conference call today at 13:30 CET (8:30 am EDT) Leiden, the Netherlands, March 13, 2025: Pharming Group N.V. (“Pharming” or “the Company”) (Euronext Amsterdam: PHARM / Nasdaq: PHAR) presents its preliminary (unaudited) financial report for the three months and full year ended December 31, 2024. Chief Executive Officer, Fabrice Chouraqui commented: “I am delighted to have been appointed as CEO of Pharming and am deeply excited for the opportunities that lie ahead. The strength of the results presented today, with record RUCONEST® revenue and strong Joenja® growth, is testament to Pharming’s momentum. We ended 2024 on a strong note, growing total revenues by 21% to US$297.2 million and exceeding our revenue guidance range of US$280-$295 million. This achievement underscores the continued importance of RUCONEST® in the HAE treatment landscape as well as the strong commercial performance of Joenja® in just its first full year of sales. We enter 2025 with a number of regulatory reviews for leniolisib ongoing as we prepare for launches in key markets and for pediatrics. We also advanced our efforts to expand the addressable patient population for leniolisib, with two Phase II trials in additional PIDs now underway. The genetically identifiable PIDs indication and the CVID indication first announced today represent significantly larger market opportunities than APDS, with blockbuster revenue potential. We are also strengthening our clinical pipeline with the acquisition of Abliva, which has now been completed. This adds a potential first-in-disease treatment for primary mitochondrial diseases, KL1333, which has the opportunity to further transform Pharming’s growth trajectory as it too has blockbuster potential. The acquisition aligns with our vision to become a leading global rare disease company and is well aligned with our operational capabilities. We are now moving to start the second wave of patient recruitment for the pivotal FALCON clinical trial as soon as possible. Pharming’s 2024 financial performance was also noteworthy, with the company generating an operating profit and positive net cash flows from operations in the last two quarters of the year. This performance highlights the financial strength of our core commercial business. Looking to 2025, we will continue to invest diligently to grow our portfolio in the U.S. and Joenja® in key countries, to reach more patients with APDS, and to progress the significant opportunities in our R&D pipeline for PIDs and primary mitochondrial diseases. I firmly believe that Pharming is well-positioned to build on this positive momentum and embrace a new cycle of growth, delivering strong long-term value creation for all stakeholders and continuing our mission to serve the unserved rare disease patients. I look forward to working with the Pharming team to make this a reality.” Fourth quarter and full year 2024 highlights Commercialized productsRUCONEST® marketed for the treatment of acute HAE attacks RUCONEST® demonstrated significant strength in the fourth quarter of 2024, with record revenues of US$79.6 million, a 9% increase compared to the fourth quarter of 2023. RUCONEST® revenues for the full year 2024 were a record US$252.2 million, an 11% increase compared to 2023, significantly above our expectation for mid single digit percentage growth. The U.S. market contributed 98% of 2024 revenues, while the EU and Rest of World contributed 2%. The strong RUCONEST® revenue growth in 2024 can be attributed to strong performance in new physicians prescribing RUCONEST®, new patient enrollments, and the total number of patients, which together resulted in over 6% unit sales growth vs. 2023. We achieved over 100 new patient enrollments in the fourth quarter and total enrollments in 2024 were up 24% vs. 2023. We also increased the RUCONEST® physician prescriber base by 11% during the year, in many cases adding previously unknown HAE prescribers. Joenja® (leniolisib) marketed in the U.S. - the first and only approved disease modifying treatment for APDS Joenja® revenues increased to US$13.1 million in the fourth quarter of 2024, a 66% increase compared to the fourth quarter of 2023. This increase was mostly driven by higher volume from the increase in patients on paid therapy in the U.S. compared to the fourth quarter of 2023, and a significant increase in revenues from EU and Rest of World which are from product provided on a named patient basis. Revenue for 2024, the first full year of sales following launch in April 2023, was US$45.0 million, compared to US$18.2 million in 2023. The U.S. market contributed 90% of 2024 revenues, while the EU and Rest of World contributed 10%. As of December 31, 2024, we had 96 patients on paid therapy in the U.S. and an additional five patients enrolled and pending authorization, representing an increase of active patients during the fourth quarter and continued progress enrolling and transitioning eligible patients to paid therapy. APDS patient finding As of December 31, 2024, Pharming had identified over 880 diagnosed APDS patients in global markets, including over 240 patients in the U.S. Of the identified patients in the U.S., over 150 patients are 12 years of age or older and eligible for treatment with Joenja®. Pharming continues to advance several initiatives to diagnose additional APDS patients, including a sponsored genetic testing program in the U.S. and Canada, partnerships with several genetic testing companies who undertake their own testing efforts, and family testing programs. APDS patient finding - VUS resolution Pharming is aware of approximately 1,200 patients in the U.S. with a Variant of Uncertain Significance, or VUS, in the PIK3CD or PIK3R1 genes and is supporting validation studies with various laboratories to confirm which of these variants are pathogenic for APDS. Patients with disease-associated variants would receive a molecular diagnosis of APDS and, therefore, potentially be eligible for Joenja® treatment. Based on data from Pharming’s navigateAPDS sponsored genetic testing program, PIK3CD and PIK3R1 VUSs are found at four times the frequency of those mutations currently classified as pathogenic / likely pathogenic for APDS. Furthermore, a completed literature review and pilot study resulted in 20% of VUS patients being reclassified to APDS, suggesting that there could be a significant increase in the number of APDS patients in the US once those patients with a VUS are reclassified. As previously communicated, Pharming is supporting independent research to evaluate large numbers of VUSs without the need for additional patient testing. VUS resolution via high throughput screening methods is an established approach that is accepted as strong functional evidence for variant classification by various expert organizations including the American College of Medical Genetics (ACMG) and ClinGen (a National Institutes of Health-funded resource). One in vitro high throughput screening study was completed in the fourth quarter of 2024, identifying many novel variants leading to PI3Kδ hyperactivity. Pharming is now supporting clinical genetics laboratories across the US to be able to use their independent variant interpretation to reclassify variants and thus issue amended genetic testing reports for any variants these laboratories deem to be disease-causing. We anticipate that these endeavors will lead to the identification of new patients with APDS. Joenja® (leniolisib) developmentLeniolisib for APDS During 2024, we received regulatory approvals for leniolisib for patients 12 years of age or older in the U.K. and Israel, and advanced additional regulatory filings, to bring leniolisib to APDS patients outside of the U.S. We also made strong progress in our clinical trials to support APDS marketing approval for leniolisib in Japan and pediatric label expansion. In total, there are currently 188 patients in a leniolisib Expanded Access Program (compassionate use), an ongoing clinical study, or a named patient program. Pediatric clinical development On December 11, 2024, we announced positive top line results for the multinational Phase III clinical trial for children 4 to 11 years of age, which has been evaluating leniolisib tablets in 21 children with APDS. The data are consistent with the improvements seen in the previously reported randomized controlled trial in adolescent and adult APDS patients. Global regulatory filings are planned to begin with a U.S. submission in the second half of 2025. Japan clinical trial We completed an interim analysis, after 12-weeks of treatment, for the Phase III clinical trial in Japan evaluating leniolisib for the treatment of APDS in adult and pediatric patients 12 years of age and older. The study’s safety and efficacy findings were in line with data from the randomized controlled trial used to support approvals in adolescent and adult APDS patients in the U.S. and other countries, and support a regulatory filing with Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) which is planned for mid-2025. An approval decision would be expected in nine months based on priority review of the application due to orphan drug designation (ODD) by the Ministry of Health, Labour and Welfare of Japan (MHLW) for the treatment of APDS. European Economic Area (EEA) We are on track to complete the manufacturing activities requested by the European Medicines Agency’s (EMA) Committee for Human Medicinal Products (CHMP) in regard to the ongoing review of the Marketing Authorisation Application (MAA) for leniolisib for the treatment of adult and pediatric patients 12 years of age and older and submit a response prior to the January 2026 deadline. United Kingdom On September 25, 2024, the U.K. Medicines and Healthcare products Regulatory Agency (MHRA) granted marketing authorization for Joenja® (leniolisib) for the treatment of APDS in adult and pediatric patients 12 years of age and older. Leniolisib is currently under evaluation by the National Institute for Health and Care Excellence (NICE) regarding reimbursement within the National Health Service (NHS) in England and Wales. Additional markets In Australia, we filed a regulatory submission for patients 12 years of age and older in the third quarter of 2023 and, after positive feedback from the Australian Advisory Committee on Medicines, expect a final decision by mid-March 2025. We filed a regulatory submission in Canada for APDS patients 12 years of age and older in the third quarter of 2023. We have had ongoing interactions with Health Canada that recently granted an extension to February 2026 to respond to a request for additional CMC data, in line with the EMA extension. We plan to respond in early 2026 and expect a regulatory decision in 2026. Leniolisib for additional primary immunodeficiencies (PIDs) We made strong progress during 2024 on our leniolisib indication expansion efforts. We are developing leniolisib for additional primary immunodeficiencies, or PIDs, which affect significantly more patients than APDS. These include (i) genetically identifiable PIDs with immune dysregulation linked to altered PI3Kδ signaling and (ii) common variable immunodeficiency, or CVID, with immune dysregulation identified independently of genetics. We started the Phase II clinical trial evaluating leniolisib for PIDs with immune dysregulation linked to altered PI3Kẟ signaling in October 2024, and started a Phase II clinical trial for CVID with immune dysregulation in February 2025. Primary immunodeficiencies (PIDs) with immune dysregulation linked to altered PI3Kδ signaling On October 10, 2024, Pharming announced the start of a Phase II, proof of concept, clinical trial evaluating leniolisib in PIDs with immune dysregulation linked to PI3Kẟ signaling in lymphocytes, with similar clinical phenotypes and unmet medical needs to APDS. The first patient was dosed in the study on October 29, 2024 and enrollment is progressing. The clinical trial includes PID patients with ALPS-FAS, CTLA4 haploinsufficiency, NFKB1 haploinsufficiency and PTEN deficiency, among others. Epidemiology suggests a prevalence of approximately seven and a half patients per million in this targeted PID population, compared to one to two patients per million for APDS. The Phase II clinical trial is a single arm, open-label, dose range-finding study to be conducted in approximately 12 patients. The objectives for the trial are to assess safety and tolerability, pharmacokinetics, pharmacodynamics, and explore clinical efficacy of leniolisib in the targeted PID population. In February 2025, the FDA granted Fast Track designation for leniolisib for the treatment of PIDs linked to PI3Kẟ signaling. Fast Track is an FDA process designed to facilitate the development and expedite the review of drugs to treat serious conditions and fill an unmet medical need. Common variable immunodeficiency (CVID) with immune dysregulation CVID with immune dysregulation represents a much larger group of PID patients, which may be identified independently of genetics, and with a targeted population prevalence of approximately 39 patients per million. The majority of CVID patients with immune dysregulation exhibit a spectrum of noninfectious autoimmune and end-organ lympho-infiltrative disease manifestations with similarities to APDS. We engaged with the FDA and EMA on the CVID indication, and received positive feedback regarding the large unmet medical need and the rationale for evaluating leniolisib in CVID patients with immune dysregulation. We have initiated a Phase II study for leniolisib in CVID patients with immune dysregulation, with the first patient expected to be dosed in late March 2025. Acquisition of Abliva AB In December 2024, we announced the proposed acquisition of Abliva AB, via a public cash offer to the shareholders to acquire all issued and outstanding shares of Abliva, for approximately US$66.1 million. Abliva’s lead product KL1333 is currently in a pivotal clinical trial in mitochondrial DNA-driven primary mitochondrial diseases and has the potential to significantly enhance our future growth trajectory. We announced that we did not require external funding to fund the acquisition and development costs for KL1333. KL1333 for mitochondrial DNA-driven primary mitochondrial diseases KL1333 is in a pivotal clinical study (FALCON) in adult patients with genetically confirmed primary mitochondrial disease (PMD) with mitochondrial DNA (mtDNA) mutations who experience consistent, debilitating fatigue and muscle weakness (myopathy), and reduced life expectancy. Over 30,000 patients diagnosed with mtDNA mitochondrial disease would be potentially addressable by KL1333 in the U.S., EU4 (France, Germany, Italy, Spain) and the UK, offering blockbuster potential for this product in the U.S. alone. KL1333 has shown positive clinical effects in a proof-of-concept Phase 1b study, and a pre-planned interim analysis of the ongoing pivotal FALCON trial demonstrated promising differences over placebo in both alternate primary efficacy endpoints passing futility. KL1333 has received Fast Track designation in the U.S. and Orphan Drug Designation for the treatment of PMD in the U.S. and EU. We are now moving to start the second wave of patient recruitment for the pivotal FALCON clinical trial as soon as possible. We anticipate the trial to read-out in 2027 with potential FDA approval by end of 2028. Organizational updates Ms. Inés Bernal was appointed Chief People Officer, or CPO, as of December 1, 2024, to lead the development, execution and monitoring of Pharming's people and culture strategy.On October 24, 2024, we announced that Mr. Sijmen de Vries, Executive Director and Chief Executive Officer, had informed the Board of Directors that he would not be available for reappointment at our next AGM. Subsequent events On January 21, 2025, we announced that the Board of Directors had nominated biopharmaceutical leader Mr. Fabrice Chouraqui as Pharming’s new Chief Executive Officer and Executive Director, succeeding Mr. Sijmen de Vries. Mr. Chouraqui was appointed for a term of four years at the Extraordinary General Meeting of Shareholders (EGM) that took place on March 4, 2025. Upon the appointment of Mr. Chouraqui, Mr. Sijmen de Vries resigned from the Board of Directors. To ensure a smooth hand-over of tasks and responsibilities, Mr. de Vries will remain a strategic advisor to the new CEO until December 31, 2025. On February 20, 2025, we announced ownership of shares and voting rights in Abliva AB exceeding 90% and thereby initiated the necessary activities to delist the Company from the Nasdaq Stockholm exchange. Following delisting, we expect to be able to start the second wave of patient recruitment for the ongoing pivotal FALCON clinical trial for KL1333 for the treatment of mtDNA-driven primary mitochondrial diseases. Pharming has initiated a compulsory acquisition procedure in respect of the remaining shares in Abliva under the Swedish Companies Act. On March 3, 2025, Nasdaq Stockholm approved Abliva’s application for delisting and the last day of trading will be March 17, 2025. With these events, the acquisition of Abliva is now completed. The acquisition of Abliva will be accounted for as a business combination. Substantially all of the value of the acquisition is concentrated in a single asset, KL1333. Following delisting as expected in March 2025, the acquisition would be reflected in our financial statements beginning with the first quarter 2025. At this point we expect the US$66.1 million acquisition price to be allocated to the fair value of the acquired identifiable assets and liabilities, with any excess to be recorded as goodwill. We do not expect any P&L impact at the acquisition date, besides recognition of acquisition costs incurred in 2025.Financial Summary Consolidated Statement of Income4Q 20244Q 202320242023Amounts in US$m except per share data Total Revenues92.781.2297.2245.3Cost of sales(12.2)(7.1)(35.4)(25.2)Gross profit80.574.1261.8220.1Other income0.10.62.223.3Research and development(22.3)(11.6)(83.2)(68.9)General and administrative(24.6)(24.1)(70.6)(55.9)Marketing and sales(27.0)(37.9)(118.8)(124.0)Other Operating Costs(73.9)(73.6)(272.6)(248.8)Operating profit (loss)6.71.1(8.6)(5.4)Fair value gain (loss) on revaluation(0.2)(0.9)5.0(0.9)Other finance income3.11.66.83.7Other finance expenses(2.5)(4.5)(9.9)(9.1)Share of net profits in associates using the equity method(0.5)0.7(1.8)(0.3)Profit (loss) before tax6.6(2.0)(8.5)(12.0)Income tax credit (expense)(2.9)(1.1)(2.5)1.5Profit (loss) for the period3.7(3.1)(11.0)(10.5)Share Information Basic earnings per share (US$)0.005(0.004)(0.016)(0.016)Diluted earnings per share (US$)0.005(0.004)(0.016)(0.016)Segment information - Revenues4Q 20244Q 202320242023Amounts in US$m Revenue - RUCONEST® (US)78.271.9246.6221.2Revenue - RUCONEST® (EU and RoW)1.41.45.65.9Total Revenues - RUCONEST®79.673.3252.2227.1Revenue - Joenja® (US)11.87.640.517.9Revenue - Joenja® (EU and RoW)1.30.34.50.3Total Revenues - Joenja®13.17.945.018.2 Total Revenues - US90.079.5287.1239.1Total Revenues - EU and RoW2.71.710.16.2 Total Revenues92.781.2297.2245.3Consolidated Balance SheetDecember 31, 2024December 31, 2023Amounts in US$m Cash and cash equivalents, restricted cash and marketable securities169.4215.0Current assets278.7316.3Total assets400.8462.9Current liabilities73.878.0Equity221.9218.8 Financial highlights Fourth quarter 2024 Revenues in the fourth quarter of 2024 increased by 14% to US$92.7 million from US$81.2 million in the fourth quarter of 2023 (US$74.8 million in the third quarter of 2024). RUCONEST® revenues amounted to US$79.6 million, a 9% increase compared to the fourth quarter of 2023. A volume increase in the U.S., and a U.S. price increase in line with CPI, were the primary factors behind this increase in RUCONEST® revenues. Joenja® revenues amounted to US$13.1 million in the fourth quarter of 2024, a 66% increase compared to the fourth quarter of 2023. This increase was primarily driven by an increase in volume. Gross profit increased by US$6.4 million or 9% to US$80.5 million (4Q 2023: US$74.1 million), mainly due to the increase in revenues. This was partially offset by increased cost of sales, in part due to a one-off inventory impairment due to a power outage during the production process (US$ 1.1 million). The operating profit amounted to US$6.7 million compared to an operating profit of US$1.1 million in the fourth quarter of 2023. This increase was primarily due to the increase in gross profit mentioned above, offset by the increase in operating expenses from US$73.6 million in the fourth quarter of 2023 to US$73.9 million. Fourth quarter 2024 operating expenses increased by US$9.2 million from US$64.7 million in the third quarter of 2024. Part of this 2024 increase was caused by one-off expenses, totaling US$6.2 million, including the full impairment of US$5.1 million (4Q 2023: US$4.7 million) on the leased DSP facility at Pivot Park in Oss, the Netherlands. Also contributing to the fourth-quarter increase were legal and advisory fees associated with the acquisition of Abliva AB, totaling US$1.1 million for the fourth quarter of 2024. The net finance result amounted to a gain of US$0.4 million compared to a loss of US$3.8 million in the fourth quarter of 2023. This was primarily driven by favorable EUR/USD exchange rate developments, resulting in a foreign currency gain of US$2.6 million compared to a loss of US$2.9 million in the fourth quarter of 2023. Interest expense increased by US$1.5 million in the fourth quarter of 2024 compared to the previous year, following the convertible bond issuance in the second quarter of 2024. In the fourth quarter of 2024, a net profit of US$3.7 million was realized, in contrast to a net loss of US$3.1 million in the fourth quarter of 2023. This improvement was primarily driven by the rise in gross profit supported by favorable EUR/USD exchange rate developments, partially offset by the increase in operating expenses. Cash and cash equivalents, including restricted cash and marketable securities, decreased from US$173.3 million at the end of third quarter of 2024 to US$169.4 million at the end of the fourth quarter of 2024. This decrease was primarily driven by EUR/USD exchange rate developments (vast majority of cash and marketable securities position is EUR denominated), offset by positive cash flows from operations of US$9.3 million (4Q 2023: US$11.6 million), which includes a deduction of US$1.7 million in paid taxes (4Q 2023: US$0.7 million). Full year 2024 In 2024, Pharming revenues increased by 21% to US$297.2 million. However, the operating loss declined to a loss of US$8.6 million, compared to a loss of US$5.4 million in 2023. Similarly, the net loss declined to US$11.0 million, compared to a net loss of US$10.5 million in 2023. This section will further elaborate on Pharming's financial performance in 2024. Revenues and Gross Profit Total revenues for 2024 grew by 21%, reaching US$297.2 million, compared to US$245.3 million in 2023. Total RUCONEST® revenues were 11% higher at US$252.2 million, compared to revenues of US$227.1 million for 2023. Joenja® revenues amounted to US$45.0 million in 2024, a 147% increase compared to 2023 (first sales commenced at the start of the second quarter of 2023). This increase was primarily driven by an increase in volume. Cost of sales increased by 40% from US$25.2 million in 2023 to US$35.4 million in 2024. Cost of inventories recognized as expenses in 2024 amounted to US$25.6 million compared to US$21.4 million in 2023. In addition to the higher unit sales volume, the rise was primarily attributed to rising production costs for RUCONEST®. The remainder of the increase in cost of sales in 2024 mainly stem from one-off impairment charges on inventory of US$4.8 million (2023: US$1.7 million) and royalty payments to Novartis on Joenja® sales of US$4.9 million (2023: US$2.1 million). Gross profit increased by US$41.7 million, or 19%, to US$261.8 million for the year 2024. The primary driver for this increase was higher sales volumes of RUCONEST® and Joenja®. Other income Other income decreased to US$2.2 million compared to US$23.3 million in 2023. Other income in 2023 was supported by the sale of the Rare Pediatric Disease Priority Review Voucher (PRV) to Novartis for a pre-agreed, one-time payment of US$21.3 million. Operating Profit (loss) and Other Operating Costs For 2024, the operating loss increased to a loss of US$8.6 million compared to a loss of US$5.4 million for the prior year. This change was mainly due to the decrease in other income and the expected increase in operating expenses from US$248.8 million in 2023 to US$272.6 million, offset by the above mentioned increase in gross profit in 2024. The increase in operating expenses in 2024 was primarily related to a combination of continuing investments in Joenja® in the U.S., launch preparation for leniolisib outside of the U.S., increasing R&D investments to expand the addressable patient population for leniolisib, and increased payroll expenses due to business growth. Operating expenses in 2024 include one-off expenses, totaling US$6.2 million, including expenses related to the full impairment of the DSP facility at Pivot Park in Oss, the Netherlands, amounting to US$5.1 million (2023: US$4.7 million). Also contributing to the increase were legal and advisory fees associated with the acquisition of Abliva AB, totaling US$1.1 million in the fourth quarter of 2024. Operating Profit (loss) excluding one-time events The 2023 operating expenses included milestone payments for Joenja® of US$10.5 million in the second quarter and other income included one-time proceeds from the PRV sale of US$21.3 million. When compared on a like-for-like basis, excluding these one-time events in 2023, the operating loss decreased from US$16.2 million in 2023 to US$8.6 million in the current year. Finance income and expenses The net finance result amounted to a gain of US$1.9 million compared to a loss of US$6.3 million in 2023. This was primarily driven by a fair value gain of US$7.0 million upon the reclassification of the convertible bond-related derivative to equity. This fair value gain was a result of the decrease in value of the option component classified as a derivative from issuance until the physical settlement date of the newly issued convertible bond. Further positive results stem from favorable EUR/USD exchange rate developments, which led to a foreign currency gain of US$2.0 million compared to a loss of US$3.0 million in 2023. In addition, interest income from investments in marketable securities, which commenced in the second quarter of 2023, increased by US$1.2 million. These positive results were partially offset by the negative fair value adjustments in the BioConnection preference share of US$2.1 million (2023: US$0.9 million negative), US$2.8 million higher interest expenses and fees of US$1.2 million related to the 2024 issued convertible bond. Income tax credit (expense)Income tax credit (expense) shifted from a US$1.5 million credit for the year ending December 31, 2023, to a US$2.5 million expense for the year ending December 31, 2024. This tax expense mainly results from the profits of Pharming in the US being taxed against a US Federal and State combined tax rate of 27.96%, while the losses in the Netherlands only partly result in an offsetting tax credit, as the share-based compensation expenses and losses in associates are generally non-deductible based on Dutch tax law.Net loss for the year The Company had a net loss of US$11.0 million in 2024, compared to a net loss of US$10.5 million in 2023. In addition to the support in other income from the PRV and the milestone payments for Joenja® in 2023, the change was mainly due to an increase in gross profit, favorable EUR/USD exchange rate developments and the fair value gain upon the reclassification of the convertible bond-related derivative to equity, offset by an increase in operating expenses, higher tax expenses and higher interest expenses and fees on the 2024 issued convertible bonds. Intangible assets In 2024, intangible assets decreased by US$10.2 million, from US$71.3 million in 2023 to US$61.0 million in 2024. This decrease primarily resulted from regular amortization (amounting to US$6.3 million) and negative foreign currency effects (equivalent to US$4.0 million). The amortization relates to regular amortization of software, the RUCONEST® licenses (US and EU) and the Joenja® license. The RUCONEST® license has a remaining amortization period of 13 years for the US and 7 years for the EU. The Joenja® license has a remaining amortization period of 12 years. Property, plant and equipment The value of property, plant and equipment decreased from US$9.7 million in 2023 to US$7.8 million in 2024. This decline was primarily driven by regular depreciation (US$2.3 million) and negative foreign currency effects (US$0.5 million), partially offset by capital expenditures (US$0.8 million). Right-of-use assets The right-of-use assets decreased from US$23.8 million in 2023 to US$16.1 million in 2024. This decline was primarily driven by regular depreciation (amounting to US$3.9 million), negative foreign currency effects (equivalent to US$0.9 million) and the full impairment of the DSP facility at Pivot Park in Oss, the Netherlands (totaling US$5.1 million). The decrease in the right-to-use assets is partially offset by additions of cars (US$2.4 million) and building remeasurements (US$0.3 million). The 2024 building remeasurements were related to adjustments in the existing right-of-use assets to account for inflation-related higher lease payments. Investments Investments decreased by US$6.2 million to US$4.2 million as of December 31, 2024. This decline was primarily driven by the disposal of the equity investment in Orchard of US$2.1 million (following take-over), Pharming’s share in the net loss of BioConnection of US$1.1 million and US$0.6 million impairment to equity value (accounted for using the equity method) and a fair value decrease of US$2.1 million in the preference share in BioConnection, carried at fair value through the statement of profit and loss (FVTPL). Inventories Inventories decreased from US$56.8 million as of December 31, 2023 to US$55.7 million as of December 31, 2024. Cash and cash equivalents and marketable securities Cash and cash equivalents alone decreased by US$6.8 million to US$54.9 million as of December 31, 2024. The cash and cash equivalents position is managed in combination with the marketable securities position. The combined total of cash and cash equivalents, together with restricted cash and marketable securities decreased from US$215.0 million at year-end 2023 to US$169.4 million at year-end 2024. This decrease was primarily driven by paid taxes of US$15.6 million and the repurchase of the outstanding convertible bonds amounting to US$134.9 million, offset by net proceeds of US$104.5 million for newly issued convertible bonds. Following negative operating cash flow in the first half of 2024, the third and fourth quarter operating cash flows were positive, also when adjusted for share based compensation. Shareholders’ equity Shareholders’ equity increased by US$1.6 million from US$218.8 million for the year ended December 31, 2023 to US$220.4 million for the year ended December 31, 2024. This increase was primarily driven by transactions recognized directly in equity relating to share based compensation and exercised options (totaling US$13.9 million) and the recognition of the value conversion rights of US$12.2 million related to the issued convertible bond in 2024. These increases were offset by the net loss of US$12.5 million and the other comprehensive loss of US$11.9 million. The other comprehensive loss was primarily driven by currency translation differences. Convertible bond The convertible bond position has decreased by US$56.0 million to US$82.4 million at year-end 2024, moving from US$138.4 million as of December 31, 2023. This decrease was mainly driven by the repurchase of the outstanding convertible bonds amounting to US$134.9 million, offset by the initial recognition of the newly issued convertible bonds for US$81.8 million. The difference between the initial recognition of the newly issued convertible bonds and the respective net proceeds of US$104.5 million relates to the initial value of the conversion option component. Following a fair value gain of US$7.0 million until the physical settlement date, the value of the conversion option component was reclassified to equity. Subsequently, the value of this equity component is not remeasured and amounts to US$12.2 million, net of income tax effects, at December 31, 2024. Lease liabilities Lease liabilities decreased by US$3.2 million, moving from US$33.1 million as of December 31, 2023 to US$29.9 million as of December 31, 2024. This decrease was primarily driven by monthly or quarterly lease payments of US$5.1 million and for the most part offset by new leases (amounting to US$2.4 million). Outlook/Summary For 2025, the Company anticipates: Total revenues between US$315 million and US$335 million (6% to 13% growth), with quarterly fluctuations expected.Total operating expenses not to exceed the prior year pre-Abliva impact, and a preliminary estimate of US$30 million in Abliva-related operating expenses, including research and development and non-recurring transaction and integration expenses.Significant progress finding additional APDS patients in the U.S., supported by VUS validation efforts and subsequently converting patients to paid Joenja® (leniolisib) therapy.Increasing ex-U.S. revenues for leniolisib - driven by funded access programs and commercial availability in the U.K.Progress towards additional regulatory approvals for leniolisib for APDS patients 12 years of age or older, and submitting regulatory filings in Japan and for pediatric label expansion in key global markets.Advancing the two ongoing Phase II clinical trials in PIDs with immune dysregulation to significantly expand the long-term commercial potential of leniolisib.Advancing the ongoing pivotal FALCON clinical study for KL1333 in mitochondrial DNA-driven primary mitochondrial diseases.Continued focus on potential acquisitions and in-licensing of clinical stage opportunities in rare diseases. Financing, if required, would come via a combination of our strong balance sheet and access to capital markets. No further specific financial guidance for 2025 is provided. Additional informationPresentation The conference call presentation is available on the Pharming.com website from 07:30 CET today. Conference Call The conference call will begin at 13:30 CET/08:30 am EDT on Thursday, March 13. A transcript will be made available on the Pharming.com website in the days following the call. Please note, the Company will only take questions from dial-in attendees. Webcast Link: https://edge.media-server.com/mmc/p/7qvoovac Conference call dial-in details: https://register.vevent.com/register/BI7d716758d12d4ad588b70fdbca665b6a Additional information on how to register for the conference call/webcast can be found on thePharming.com website. Financial Calendar 2025 Annual Report and 20-F 2024 April 31Q 2025 financial results May 8Annual General Meeting of Shareholders June 112Q/1H 2025 financial results July 313Q 2025 financial results November 6 For further public information, contact: Pharming Group N.V., Leiden, the NetherlandsMichael Levitan, VP Investor Relations & Corporate Communications T: +1 (908) 705 1696E: investor@pharming.com FTI Consulting, London, UKSimon Conway/Alex Shaw/Amy ByrneT: +44 203 727 1000 LifeSpring Life Sciences Communication, Amsterdam, the NetherlandsLeon MelensT: +31 6 53 81 64 27E: pharming@lifespring.nl About Pharming Group N.V. Pharming Group N.V. (EURONEXT Amsterdam: PHARM/Nasdaq: PHAR) is a global biopharmaceutical company dedicated to transforming the lives of patients with rare, debilitating, and life-threatening diseases. Pharming is commercializing and developing an innovative portfolio of protein replacement therapies and precision medicines, including small molecules and biologics. Pharming is headquartered in Leiden, the Netherlands, and has employees around the globe who serve patients in over 30 markets in North America, Europe, the Middle East, Africa, and Asia-Pacific. For more information, visit www.pharming.com and find us on LinkedIn. Risk profile We continue to closely monitor and manage the key risks and opportunities, and will respond appropriately to any emerging risk. We will issue a full overview of our risk profile in our Annual report 2024 to be published on April 3, 2025. Related party transactions There are no material changes in the nature, scope, and (relative) scale in this reporting period compared to last year. Auditor’s involvement The Condensed Consolidated Interim Financial Statements have not been audited by the Company’s statutory auditor. Forward-looking Statements This press release may contain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. Examples of forward-looking statements may include statements with respect to timing and progress of Pharming's preclinical studies and clinical trials of its product candidates, Pharming's clinical and commercial prospects, and Pharming's expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming's clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory, commercial, competitive and technical developments. In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming's 2023 Annual Report and the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming's actual results could differ materially and adversely from those anticipated or implied thereby. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Any forward-looking statements speak only as of the date of this press release and are based on information available to Pharming as of the date of this release. Pharming does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. Inside Information This press release relates to the disclosure of information that qualifies, or may have qualified, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Pharming Group N.V. Condensed Consolidated Financial Statements in U.S. Dollars (unaudited) For the period ended December 31, 2024 Condensed consolidated statement of incomeCondensed consolidated statement of comprehensive incomeCondensed consolidated balance sheetCondensed consolidated statement of changes in equityCondensed consolidated statement of cash flow CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOMEFor the period ended December 31 Amounts in US$ ‘00020242023Revenues297,200245,316Costs of sales(35,399)(25,212)Gross profit261,801220,104Other income2,17723,349Research and development(83,161)(68,914)General and administrative(70,619)(55,877)Marketing and sales(118,819)(124,049)Other Operating Costs(272,599)(248,840)Operating profit (loss)(8,621)(5,387)Fair value gain (loss) on revaluation4,990(930)Other finance income6,8203,663Other finance expenses(9,944)(9,069)Finance result, net1,866(6,336)Share of net profits (loss) in associates using the equity method(1,758)(289)Profit (loss) before tax(8,513)(12,012)Income tax credit (expense)(2,514)1,464Profit (loss) for the period(11,027)(10,548)Basic earnings per share (US$)(0.016)(0.016)Diluted earnings per share (US$)(0.016)(0.016)CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOMEFor the period ended December 31 Amounts in US$ ‘00020242023Profit (loss) for the period(11,027)(10,548)Currency translation differences(11,992)5,936Items that may be subsequently reclassified to profit or loss(11,992)5,936Fair value remeasurement investments791,167Items that shall not be subsequently reclassified to profit or loss791,167Other comprehensive income (loss), net of tax(11,913)7,103Total comprehensive income (loss) for the period(22,940)(3,445)CONDENSED CONSOLIDATED INTERIM BALANCE SHEET Amounts in US$ ‘000December 31, 2024December 31, 2023Non-current assets Intangible assets61,03971,267Property, plant and equipment7,7529,689Right-of-use assets16,38223,777Long-term prepayments9092Deferred tax assets31,09029,761Investment accounted for using the equity method4662,285Investments in equity instruments designated as at FVTOCI—2,020Investment in debt instruments designated as at FVTPL3,7676,093Restricted cash1,5051,528Total non-current assets122,091146,512Current assets Inventories55,72456,760Trade and other receivables55,07946,158Marketable securities112,949151,683Cash and cash equivalents54,94461,741Total current assets278,696316,342Total assets400,787462,854Equity Share capital7,7697,669Share premium488,990478,431Other reserves(222)(2,057)Accumulated deficit(274,675)(265,262)Shareholders’ equity221,862218,781Non-current liabilities Convertible bonds78,154136,598Lease liabilities26,96829,507Total non-current liabilities105,122166,105Current liabilities Convertible bonds4,2451,824Trade and other payables66,61172,528Lease liabilities2,9473,616Total current liabilities73,80377,968Total equity and liabilities400,787462,854CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITYFor the period ended December 31Attributable to owners of the parent Amounts in US$ ‘000Share capitalShare premiumOther reservesAccumulated deficitTotal equityBalance at January 1, 20237,509462,297(8,737)(256,431)204,638Profit (loss) for the period———(10,548)(10,548)Reserves—————Other comprehensive income (loss) for the period——7,103—7,103Total comprehensive income (loss) for the period——7,103(10,548)(3,445)Other reserves——(423)423—Income tax benefit from excess tax deductions related to share-based payments———204204Share-based compensation———9,2519,251Options exercised / LTIP shares issued16016,134—(8,161)8,133Value of conversion rights of convertible bonds—————Total transactions with owners, recognized directly in equity16016,134(423)1,71717,588Balance at December 31, 20237,669478,431(2,057)(265,262)218,781 Balance at January 1, 20247,669478,431(2,057)(265,262)218,781Profit (loss) for the period———(11,027)(11,027)Reserves——1,555(1,555)—Other comprehensive income (loss) for the period——(11,913)—(11,913)Total comprehensive income (loss) for the period——(10,358)(12,582)(22,940)Other reserves——(31)31—Income tax benefit from excess tax deductions related to share-based payments———(66)(66)Share-based compensation———11,24811,248Options exercised / LTIP shares issued10010,559—(8,044)2,615Value of conversion rights of convertible bonds——12,224—12,224Total transactions with owners, recognized directly in equity10010,55912,1933,16926,021Balance at December 31, 20247,769488,990(222)(274,675)221,862CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWSFor the period ended December 31 Amounts in $’00020242023Profit (loss) before tax(8,513)(12,012)Adjustments to reconcile net profit (loss) to net cash used in operating activities: Depreciation, amortization, impairment of non-current assets16,07015,925Equity settled share based payments11,2489,251Fair value loss (gain) on revaluation(4,990)930Gain on disposal from PRV sale—(21,279)Disposal of leases22—Other finance income(6,820)(3,663)Other finance expenses9,8879,069Share of net profits in associates using the equity method1,758289Other—(1,079)Operating cash flows before changes in working capital18,662(2,569)Changes in working capital: Inventories(503)(14,434)Trade and other receivables(6,783)(18,539)Payables and other current liabilities(2,769)16,228Restricted cash(17)(216)Total changes in working capital(10,072)(16,961) Interest received5,2012,883Income taxes received (paid)(15,584)(655)Net cash flows generated from (used in) operating activities(1,793)(17,302) Capital expenditure for property, plant and equipment(790)(1,437)Proceeds on PRV sale—21,279Investment intangible assets(6)(27)Disposal of investment designated as at FVOCI2,098—Purchases of marketable securities(284,314)(382,014)Proceeds from sale of marketable securities314,630232,811Net cash flows generated from (used in) investing activities31,618(129,388) Payment of lease liabilities(4,008)(4,038)Interests on lease liabilities(1,141)(1,088)Net proceeds of issued convertible bonds104,539—Repurchase of convertible bonds(134,924)—Interests on convertible bonds(4,457)(4,046)Settlement of share based compensation awards5,5798,133Net cash flows generated from (used in) financing activities(34,412)(1,039) Increase (decrease) of cash(4,587)(147,729)Exchange rate effects(2,210)2,128Cash and cash equivalents at the beginning of the period61,741207,342 Total cash and cash equivalents at December 3154,94461,741 ---ENDS--- Attachment Pharming reports 4Q_FY 2024 financial results_EN_13MAR25

Variants could serve as biomarker to inform prognosis or guide treatment decisions LBA-4: Andean Enriched NFKB1 Haplotype Reduces Inflammation and Improves Response to Ropeginterferon Alfa-2b in Polycythemia Vera (PV) and Essential Thrombocythemia (ET) SAN DIEGO, Dec. 10, 2024 /PRNewswire/ -- A study presented during the 66th American Society of Hematology (ASH) Annual Meeting and Exposition reveals genetic factors that can affect the molecular pathways involved in inflammation, hypoxia sensing, blood clots, and the response to treatment among people with polycythemia vera (PV) and essential thrombocythemia (ET), part of a group of blood cancers known as myeloproliferative neoplasms. Researchers reported that patients with a genetic profile common among the Aymara Indigenous community in the Andean mountains – namely the NFKB1 gene variant that encodes several different mRNA transcripts – correlated with a lower expression of genes involved in inflammation and a better response to Ropeginterferon-α, the primary drug used to treat PV and ET. The findings could help doctors tailor treatments based on a person's inherited genes, which interact with acquired genetic mutations that cause PV and ET. This may eventually lead to opportunities to develop new therapies for PV and ET, according to researchers. "We identified some genetic variants which are evolutionarily selected to be beneficial to the Aymara high-altitude population in the Andean mountains, and we have now shown, for the first time, that these variants are also present in other populations and correlate with some differences in disease phenotype," said the study's senior author, Josef T. Prchal, MD, a physician and professor of hematology and genetics at the Huntsman Cancer Institute at the University of Utah, Salt Lake City. "Our study suggests that with genotyping, the NFKB1 variant can be used as a biomarker for determining which patients may be more or less responsive to Ropeginterferon-α treatment." In PV, the bone marrow produces too many red blood cells, and in ET, the bone marrow overproduces platelets. Both PV and ET lead to chronic inflammation, raise the risk of dangerous blood clots, and can lead to leukemia. They can also boost hypoxia-inducible factors (HIFs), which can modify how certain genes help cancer cells survive in low-oxygen environments, making the cancer harder to eradicate. For the study, the researchers analyzed genetic profiles, gene expression, and clinical outcomes among 30 people with PV and 15 people with ET. They assessed patients' expression of genes involved in inflammation, HIF targets, and thrombosis (the formation of blood clots). The researchers also analyzed the linkages between a person's NFKB1 genotype and their likelihood of achieving a complete hematologic response (a return to normal blood counts) after Ropeginterferon-α treatment. The genetic markers used in the study reflect three genotypes of the NFKB1 variant (rs230511), delineated as C/C, C/T, and T/T. In previous studies, the research team estimated that the T variant (either C/T or T/T) is present in about 90% of people in the Aymara community and in about 30% of people of European, Asian, and Hispanic ancestry. In the Aymara population, the T variant was also correlated with increased inflammation in immune quiescence, or baseline immune, status, while under inflammatory stress, T variants exhibited a protective role by preventing excessive inflammatory gene expression. In this study, the researchers found that the T variant was associated with decreased inflammatory, prothrombotic, and HIF activity, and a better response to Ropeginterferon-α in PV and ET, which are characterized by chronic inflammation. "Most high-altitude adaptation studies correlate genes with phenotypes such as high hemoglobin or low oxygen saturation, but the important finding that our study adds is that there is also an association with modulation of inflammation, which can affect outcomes for diseases like PV and ET," said Dr. Prchal. "The people with a better response to Ropeginterferon-α showed more C/T genotype which was correlated with less inflammatory gene expression, so we suspect that people with this genotype will also tolerate the treatment better and have fewer side effects." The formation of dangerous blood clots is the major cause of illness and death related to PV and ET, and this risk is known to increase with age. According to the researchers, the new study findings suggest that genetic factors could also play a role in thrombotic risk, potentially in addition to other factors such as diet or environment. While the study points to molecular markers associated with inflammation and thrombosis, the researchers noted that further studies are required to determine whether these markers also correlate with clinical outcomes such as the development of blood clots or leukemia, or whether a person's genetic profile may affect their overall risk of developing myeloproliferative neoplasms. They added that it could also be helpful to study any differences in the C/T versus T/T genotype to further inform treatment decisions. The study was funded by the National Institutes of Health's National Heart, Lung, and Blood Institute and Dorothy Brown Innovation in Science. Jihyun Song, PhD, of Huntsman Cancer Institute at the University of Utah, will discuss this study in the Late-Breaking Abstracts session on Tuesday, December 10, 2024, at 7:30 a.m. Pacific time in Hall B (San Diego Convention Center). About the American Society of Hematology The American Society of Hematology (ASH) (hematology.org) is the world's largest professional society of hematologists dedicated to furthering the understanding, diagnosis, treatment, and prevention of disorders affecting the blood. Since 1958, the Society has led the development of hematology as a discipline by promoting research, patient care, education, training, and advocacy in hematology. The Blood journals () are the premier source for basic, translational, and clinical hematological research. The Blood journals publish more peer-reviewed hematology research than any other academic journals worldwide. 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Third quarter 2024 total revenues increased by 12% to US$74.8 million, compared to the third quarter 2023, driven by continued strong RUCONEST® and Joenja® revenue growthRUCONEST® third quarter revenue increased by 6% to US$63.6 million, compared to the third quarter 2023Joenja® (leniolisib) third quarter revenue increased by 72% to US$11.2 million, compared to the third quarter 2023 First nine months total revenues increased by 25% to US$204.5 million, compared to the first nine months 2023On track for 2024 total revenue guidance of US$280 million - US$295 million (14 - 20% growth)Third quarter operating profit increased to US$4.1 million from US$1.9 million in the third quarter 2023Overall cash and marketable securities increased to US$173.3 million at the end of the third quarter 2024 from US$161.8 million at the end of the second quarter 2024Sijmen de Vries, our Executive Director/Chief Executive Officer, has informed the Board of Directors that he will not be available for reappointment at the next Annual General Meeting of Shareholders in May 2025Pharming to host a conference call today at 13:30 CEST (7:30 am EDT) Leiden, the Netherlands, October 24, 2024: Pharming Group N.V. (“Pharming” or “the Company”) (Euronext Amsterdam: PHARM/NASDAQ: PHAR) presents its preliminary, unaudited financial report for the three months ended September 30, 2024. Chief Executive Officer, Sijmen de Vries, commented:“Pharming has delivered an excellent third quarter, increasing quarterly revenues by 12% to a record-high US$74.8 million and also achieving record revenues of US$204.5 million for the first nine months of the year. The combination of strong revenue performance, combined with reduced operating expenses compared to the previous quarter, enabled us to realize a positive operating profit in the third quarter. We are firmly on track to meet our 2024 total revenue guidance of US$280 million - US$295 million (14 - 20% growth). The third quarter demonstrated Pharming’s ability to deliver continued growth for RUCONEST® in the competitive U.S. HAE market, with strength in underlying demand including new patient enrollments. Third quarter revenue for this product increased by 6% compared to the same quarter in 2023. For Joenja®, we continue to both increase the number of patients on therapy quarter-on-quarter and to maintain high adherence rates for these patients. We received U.K. approval for Joenja® (leniolisib) in September, demonstrating our active efforts with regulatory authorities to make this medicine available to as many patients as possible, and now look forward to the results of the reimbursement evaluation over the coming quarters and to a subsequent commercial launch. In October 2024, we announced the start of a Phase II, proof of concept, clinical trial evaluating leniolisib in primary immunodeficiencies (PIDs) with immune dysregulation linked to PI3Kẟ signaling. This is an important step for Pharming as this trial will include patients with various PIDs with significant unmet medical need and much higher overall prevalence than APDS, including ALPS-FAS, CTLA4 haploinsufficiency, NFKB1 haploinsufficiency and PTEN deficiency. With prevalence of approximately seven patients per million, these PIDs represent a potential five-fold increase in the commercial opportunity for leniolisib, thereby ensuring Pharming is delivering on its mission to serve the unserved rare disease patient. I have informed the Board of Directors that I will not be available, after a 16 year tenure at the helm of Pharming, for reappointment as Executive Director/Chief Executive Officer. Our company is in great shape today. So this is the right moment for me to make way for a successor to lead Pharming into the next chapter of its strategy for growth, building on the achievements of the past years. I am proud of all these achievements and grateful for the trust put in me by our patients, employees and investors over the years. I will continue to dedicate myself fully to Pharming until my successor has been appointed and will do everything in my power to ensure a smooth hand-over.” Chairman of the Board of Directors, Dr. Richard Peters, commented:“On behalf of the entire Board of Directors, I would like to thank Sijmen de Vries for his high commitment to Pharming over the past 16 years and for the way he has created the company that it is today, serving patients and paving the way for the delivery on the company’s strategy for growth. The Board of Directors has engaged a leading global executive search firm for the search of a successor. Further announcements will be made when appropriate. We will of course take time to celebrate Sijmen’s tenure as our CEO in the coming months.” Third quarter highlights Commercialized productsRUCONEST® marketed for the treatment of acute HAE attacks RUCONEST® continued to perform well in the third quarter of 2024, with revenues of US$63.6 million, a 6% increase compared to the third quarter of 2023. Revenue for the first nine months of 2024 was US$172.6 million, a 12% increase compared to the same period in 2023. The U.S. market contributed 97% of third quarter revenues, while the EU and Rest of World contributed 3%. In the U.S. market, we saw continued strength in the third quarter in underlying in-market demand, including approximately 100 new patient enrollments. We achieved strong overall performance in the third quarter in other leading key revenue indicators including the number of prescribers, the total number of patients on therapy, and vials shipped to patients. Increasing enrollments helped to drive a sharp increase in unique patient shipments in the third quarter. Joenja® (leniolisib) marketed for the treatment of APDS Joenja® revenues increased to US$11.2 million in the third quarter of 2024, a 72% increase compared to the third quarter of 2023. This increase was mostly driven by higher volume from the 50% increase in patients on paid therapy in the U.S. compared to the third quarter of 2023, and revenues from EU and Rest of World which are from product provided on a named patient basis. Revenue for the first nine months of 2024 was US$31.9 million, compared to US$10.3 million for the same period in 2023. As of September 30, 2024, we have 93 patients on paid therapy in the U.S. and an additional five patients enrolled and pending authorization, representing an increase of both active and pending patients during the third quarter and continued progress enrolling and moving eligible patients to paid therapy. Joenja® (leniolisib) development updatesLeniolisib for APDS Pharming made continued progress in the third quarter of 2024 on leniolisib regulatory filings for APDS patients 12 years of age and older in key global markets. Pharming is on track to complete the manufacturing activities requested by the European Medicines Agency’s (EMA) Committee for Human Medicinal Products (CHMP) and submit a response prior to the January 2026 deadline. In addition, Pharming progressed ongoing clinical trials to support regulatory filings for approval in Japan and pediatric label expansion beginning in 2025. Data readout from the clinical trial for children ages 4 to 11 years old is expected in the fourth quarter of 2024. In total, there are currently 164 patients in a leniolisib Expanded Access Program (compassionate use), an ongoing clinical study, or a named patient program. United Kingdom On September 25, 2024, the U.K. Medicines and Healthcare products Regulatory Agency (MHRA) granted marketing authorization for Joenja® (leniolisib) for the treatment of APDS in adult and pediatric patients 12 years of age and older. Joenja® was the first new medicine approved by the MHRA via the International Recognition Procedure (IRP) using the U.S. FDA as reference regulator. Leniolisib is currently under evaluation by the National Institute for Health and Care Excellence (NICE) regarding reimbursement within the National Health Service (NHS) in England. Leniolisib for additional indications (PI3Kδ platform) - Primary immunodeficiencies (PIDs) beyond APDS On October 10, 2024, Pharming announced the start of a Phase II, proof of concept, clinical trial evaluating leniolisib in PIDs with immune dysregulation linked to PI3Kẟ signaling in lymphocytes, with similar clinical phenotypes and unmet medical needs to APDS. The first patient is expected to be enrolled in the study in the coming weeks. The clinical trial will include PID patients with ALPS-FAS, CTLA4 haploinsufficiency, NFKB1 haploinsufficiency and PTEN deficiency, among others. Epidemiology suggests a prevalence of approximately seven patients per million in this targeted PID population, compared to one to two patients per million for APDS. The Phase II clinical trial is a single arm, open-label, dose range-finding study to be conducted in approximately 12 patients. The objectives for the trial will be to assess safety and tolerability, pharmacokinetics, pharmacodynamics, and explore clinical efficacy of leniolisib in the targeted PID population. The trial has been designed to inform a subsequent Phase III program. Pharming has also prioritized development of leniolisib for an additional PID indication. Pharming will provide further updates and details on our plans, including the proposed clinical development plan, later this year. Organizational update Sijmen de Vries, our Executive Director/Chief Executive Officer, has informed the Board of Directors that he will not be available for reappointment at the Company’s next Annual General Meeting of Shareholders (AGM) in May 2025. The mandate of Sijmen de Vries is scheduled to expire at the closing of the AGM to be held in May 2025. Further announcements on the search of a successor will be made when appropriate. Financial Summary Consolidated Statement of Income 3Q 2024 3Q 2023 9M 2024 9M 2023 Amounts in US$m except per share data Total Revenues 74.8 66.7 204.5 164.1 Cost of sales (6.8) (8.3) (23.2) (18.1) Gross profit 68.0 58.4 181.3 146.0 Other income 0.8 0.3 2.1 22.8 Research and development (20.7) (20.8) (60.8) (57.3) General and administrative (15.3) (10.9) (46.0) (31.9) Marketing and sales (28.7) (25.1) (91.9) (86.1) Other Operating Costs (64.7) (56.8) (198.7) (175.3) Operating profit (loss) 4.1 1.9 (15.3) (6.5) Finance income (expense) and share of net profits in associates (2.6) 1.4 0.1 (3.5) Profit (loss) before tax 1.5 3.3 (15.2) (10.0) Income tax credit (expense) (2.5) 0.2 0.5 2.6 Profit (loss) for the period (1.0) 3.5 (14.7) (7.4) Share Information Basic earnings per share (US$) (0.002) 0.005 (0.022) (0.011) Diluted earnings per share (US$) (0.002) 0.005 (0.022) (0.011) Segment information - Revenues 3Q 2024 3Q 2023 9M 2024 9M 2023 Amounts in US$m Revenue - RUCONEST® (US) 62.0 58.4 168.4 149.3 Revenue - RUCONEST® (EU and RoW) 1.6 1.8 4.2 4.5 Total Revenues - RUCONEST® 63.6 60.2 172.6 153.8 Revenue - Joenja® (US) 10.0 6.5 28.7 10.3 Revenue - Joenja® (EU and RoW) 1.2 — 3.2 — Total Revenues - Joenja® 11.2 6.5 31.9 10.3 Total Revenues - US 72.0 64.9 197.1 159.6 Total Revenues - EU and RoW 2.8 1.8 7.4 4.5 Total Revenues 74.8 66.7 204.5 164.1 Consolidated Balance Sheet September 30, 2024 December 31, 2023 Amounts in US$m Cash and cash equivalents, restricted cash and marketable securities 173.3 215.0 Current assets 282.2 316.3 Total assets 425.5 462.9 Current liabilities 79.8 78.0 Equity 225.8 218.8 Financial highlights Third quarter 2024 For the third quarter of 2024, total revenues increased by US$8.2 million, or 12%, to US$74.8 million, compared to US$66.7 million in the third quarter of 2023. RUCONEST® revenues amounted to US$63.6 million, a 6% increase compared to the third quarter of 2023. The volume increase in the U.S., and a U.S. price increase in line with CPI, were the primary factors behind this increase in RUCONEST® revenues. Joenja® revenues amounted to US$11.2 million in the third quarter of 2024, a 73% increase compared to the third quarter of 2023. This increase was primarily driven by an increase in volume. Gross profit increased by US$9.7 million or 17% to US$68.0 million (3Q 2023: US$58.4 million), mainly due to the increase in revenues. The operating profit amounted to US$4.1 million compared to an operating profit of US$1.9 million in the third quarter of 2023. This increase was primarily due to the increase in gross profit mentioned above, offset by the increase in operating expenses from US$56.8 million in the third quarter of 2023 to US$64.7 million. The increase in operating expenses compared to the same quarter in 2023 was caused by a combination of continuing investments in Joenja® in the U.S., launch preparation for leniolisib outside of the U.S., increasing R&D investments to expand the leniolisib franchise and increased payroll expenses due to business growth. Third quarter 2024 operating expenses decreased 8% from US$70.1 million in the second quarter of 2024. The net finance result amounted to a loss of US$2.2 million compared to a gain of US$1.9 million in the third quarter of 2023. This was primarily driven by unfavorable EUR/USD exchange rate developments, resulting in a foreign currency loss of US$1.5 million compared to a gain of US$1.7 million in the third quarter of 2023. Additionally, interest expense increased by US$1.0 million in the third quarter of 2024 compared to the previous year, following the convertible bond issuance in the second quarter of 2024. The Company had a net loss of US$1.0 million, compared to a net profit of US$3.5 million in the third quarter of 2023. This change was mainly due to higher finance expense resulting from unfavorable EUR/USD exchange rate developments and higher income tax expenses, despite higher operating profit. While the exchange rate fluctuations resulted in a foreign currency loss in the income statement, currency translation differences in other comprehensive income led to a positive result of US$2.9 million, compared to a negative result of US$5.2 million in the third quarter of 2023. This outcome was driven by the Company’s predominantly euro-denominated assets, including the vast majority of the cash and marketable securities position. Cash and cash equivalents, including restricted cash and marketable securities, increased from US$161.8 million at the end of second quarter of 2024 to US$173.3 million at the end of the third quarter of 2024. This increase was primarily driven by positive cash flows from operations of US$9.7 million (3Q 2023: US$3.5 million), which includes a deduction of US$9.1 million in paid taxes (3Q 2023: US$0.0 million). Nine months 2024 Total revenues increased 25% during the first nine months of 2024 to US$204.5 million, versus US$164.1 million during the first nine months of 2023. Total RUCONEST® revenues were 12% higher at US$172.6 million, compared to revenues of US$153.8 million for the first nine months of 2023. Joenja® revenues amounted to US$31.9 million in the first nine months of 2024, a 210% increase compared to the first nine months of 2023 (first sales commenced at the start of the second quarter of 2023). This increase was primarily driven by an increase in volume. Gross profit increased by US$35.3 million or 24% to US$181.3 million (9M 2023: US$146.0 million), mainly due to the increase in revenues. Other income decreased to US$2.0 million compared to US$22.8 million in the first nine months of 2023. Other income in the first nine months of 2023 was supported by the sale of the Rare Pediatric Disease Priority Review Voucher (PRV) to Novartis for a pre-agreed, one-time payment of US$21.1 million. The operating loss amounted to US$15.3 million compared to an operating loss of US$6.5 million in the first nine months of 2023. This change was mainly due to the decrease in other income and the expected increase in operating expenses from US$175.3 million in the first nine months of 2023 to US$198.7 million, offset by the above mentioned increase in gross profit in the first nine months of 2024. The first nine months of 2023 operating expenses included milestone payments for Joenja® of US$10.5 million in the second quarter. The increase in operating expenses in the first nine months of 2024 was caused by a combination of continuing investments in Joenja® in the U.S., launch preparation for leniolisib outside of the U.S., increasing R&D investments to expand the leniolisib franchise and increased payroll expenses due to business growth. Excluding the one time proceeds from the PRV sale and the milestone payment expenses for Joenja® in the first nine months of 2023, the operating loss decreased from US$17.1 million to US$15.3 million in the first nine months of the current year. The net finance result amounted to a gain of US$1.4 million compared to a loss of US$2.6 million in the first nine months of 2023. This was primarily driven by a fair value gain of US$5.2 million upon the reclassification of the convertible bond-related derivative to equity. This fair value gain was a result of the decrease in value of the option component classified as a derivative from issuance until the physical settlement date of the newly issued convertible bond. In addition, interest income from investments in marketable securities, which commenced in the second quarter of 2023, increased by US$1.7 million. These positive results were partially offset by US$1.1 million higher interest expense on the 2024 issued convertible bond and unfavorable EUR/USD exchange rate developments, which led to a foreign currency loss of US$1.3 million compared to a loss of US$0.1 million in the first nine months of 2023. The Company had a net loss of US$14.7 million, compared to a net loss of US$7.4 million in the first nine months of 2023. In addition to the support in other income from the PRV and the milestone payments for Joenja® in the first nine months of 2023, the change was mainly due to an increase in gross profit, higher interest income and the fair value gain upon the reclassification of the convertible bond-related derivative to equity, offset by an increase in operating expenses, unfavorable EUR/USD exchange rate developments and higher interest expenses on the 2024 issued convertible bond. Cash and cash equivalents, including restricted cash and marketable securities, decreased from US$215.0 million at the end of 2023 to US$173.3 million at the end of September 2024. This decrease was primarily driven by the repurchase of the outstanding convertible bonds amounting to US$134.9 million and paid taxes of US$13.9 million, offset by net proceeds of US$104.5 million for newly issued convertible bonds. On 5 October 2023, Orchard Therapeutics Plc. (Orchard) announced it had entered into a definitive agreement with Japanese company Kyowa Kirin Co. LTD for the acquisition of Orchard. During the first nine months of 2024, Pharming received US$2.0 million in cash for its shares held in Orchard. Pharming has terminated the research collaboration & licensing agreement with Orchard Therapeutics and discontinued the OTL-105 program. Outlook/Summary For the remainder of 2024 and the full year, the Company anticipates: Total revenues between US$280 million and US$295 million (14% to 20% growth).Continued progress finding additional APDS patients in the U.S., supported by family testing and VUS validation efforts, and subsequently converting patients to paid Joenja® (leniolisib) therapy.Increasing leniolisib ex-U.S. revenues - through our Named Patient Program and other funded early access programs in key global markets.Completion of leniolisib clinical trials to support regulatory filings for approval in Japan and pediatric label expansion in key global markets.Progress towards regulatory approvals for leniolisib in the EEA, Canada and Australia.Advancing the Phase II clinical trial for leniolisib in PIDs with immune dysregulation linked to PI3Kδ signaling to significantly expand the long-term commercial potential of leniolisib.Continued focus on potential acquisitions and in-licensing of clinical stage opportunities in rare diseases. Financing, if required, would come via a combination of our strong balance sheet and access to capital markets. No further specific financial guidance for 2024 is provided. Additional informationPresentation The conference call presentation is available on the Pharming.com website from 07:30 CEST today. Conference Call The conference call will begin at 13:30 CEST/07:30 EDT on Thursday, October 24. A transcript will be made available on the Pharming.com website in the days following the call. Please note, the Company will only take questions from dial-in attendees. Webcast Link: https://edge.media-server.com/mmc/p/yotjk8ib Conference call dial-in details: https://register.vevent.com/register/BId118ac68d9124f67b1a83e3769559100 Additional information on how to register for the conference call/webcast can be found on the Pharming.com website. For further public information, contact: Pharming Group N.V., Leiden, the NetherlandsMichael Levitan, VP Investor Relations & Corporate CommunicationsT: +1 (908) 705 1696E: investor@pharming.com FTI Consulting, London, UKVictoria Foster Mitchell/Alex ShawT: +44 203 727 1000 LifeSpring Life Sciences Communication, Amsterdam, the NetherlandsLeon MelensT: +31 6 53 81 64 27E: pharming@lifespring.nl About Pharming Group N.V. Pharming Group N.V. (EURONEXT Amsterdam: PHARM/Nasdaq: PHAR) is a global biopharmaceutical company dedicated to transforming the lives of patients with rare, debilitating, and life-threatening diseases. Pharming is commercializing and developing an innovative portfolio of protein replacement therapies and precision medicines, including small molecules and biologics. Pharming is headquartered in Leiden, the Netherlands, and has employees around the globe who serve patients in over 30 markets in North America, Europe, the Middle East, Africa, and Asia-Pacific. For more information, visit www.pharming.com and find us on LinkedIn. Auditor’s involvement The Condensed Consolidated Interim Financial Statements have not been audited by the Company’s statutory auditor. Forward-looking Statements This press release may contain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. Examples of forward-looking statements may include statements with respect to timing and progress of Pharming's preclinical studies and clinical trials of its product candidates, Pharming's clinical and commercial prospects, and Pharming's expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming's clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory, commercial, competitive and technical developments. In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming's 2023 Annual Report and the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming's actual results could differ materially and adversely from those anticipated or implied thereby. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Any forward-looking statements speak only as of the date of this press release and are based on information available to Pharming as of the date of this release. Pharming does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. Inside InformationThis press release relates to the disclosure of information that qualifies, or may have qualified, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Pharming Group N.V. Condensed Consolidated Interim Financial Statements in US Dollars (unaudited) For the period ended September 30, 2024 Condensed consolidated interim statement of incomeCondensed consolidated interim statement of comprehensive incomeCondensed consolidated interim balance sheetCondensed consolidated interim statement of changes in equityCondensed consolidated interim statement of cash flows CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME For the period ended September 30 Amounts in US$ ‘000 3Q 2024 3Q 2023 9M 2024 9M 2023 Revenues 74,849 66,661 204,528 164,099 Costs of sales (6,819) (8,295) (23,186) (18,094) Gross profit 68,030 58,366 181,342 146,005 Other income 777 304 2,034 22,811 Research and development (20,721) (20,753) (60,839) (57,287) General and administrative (15,292) (10,886) (45,999) (31,849) Marketing and sales (28,686) (25,123) (91,863) (86,136) Other Operating Costs (64,699) (56,762) (198,701) (175,272) Operating profit (loss) 4,108 1,908 (15,325) (6,456) Fair value gain (loss) on revaluation 21 — 5,159 — Other finance income 825 1,251 3,760 2,050 Other finance expenses (2,998) 633 (7,488) (4,621) Finance result, net (2,152) 1,884 1,431 (2,571) Share of net profits (loss) in associates using the equity method (442) (485) (1,276) (954) Profit (loss) before tax 1,514 3,307 (15,170) (9,981) Income tax credit (expense) (2,548) 157 470 2,556 Profit (loss) for the period (1,034) 3,464 (14,700) (7,425) Basic earnings per share (US$) (0.002) 0.005 (0.022) (0.011) Diluted earnings per share (US$) (0.002) 0.005 (0.022) (0.011) CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME For the period ended September 30 Amounts in US$ ‘000 3Q 2024 3Q 2023 9M 2024 9M 2023 Profit (loss) for the period (1,034) 3,464 (14,700) (7,425) Currency translation differences 2,883 (5,158) (1,352) (2,079) Items that may be subsequently reclassified to profit or loss 2,883 (5,158) (1,352) (2,079) Fair value remeasurement investments 1 281 79 419 Items that shall not be subsequently reclassified to profit or loss 1 281 79 419 Other comprehensive income (loss), net of tax 2,884 (4,877) (1,273) (1,660) Total comprehensive income (loss) for the period 1,850 (1,413) (15,973) (9,085) CONDENSED CONSOLIDATED INTERIM BALANCE SHEET Amounts in US$ ‘000 September 30, 2024 December 31, 2023 Non-current assets Intangible assets 67,096 71,267 Property, plant and equipment 8,692 9,689 Right-of-use assets 21,975 23,777 Long-term prepayments 93 92 Deferred tax assets 36,752 29,761 Investment accounted for using the equity method 1,016 2,285 Investments in equity instruments designated as at FVTOCI — 2,020 Investment in debt instruments designated as at FVTPL 6,150 6,093 Restricted cash 1,548 1,528 Total non-current assets 143,322 146,512 Current assets Inventories 62,227 56,760 Trade and other receivables 48,199 46,158 Marketable securities 111,104 151,683 Cash and cash equivalents 60,662 61,741 Total current assets 282,192 316,342 Total assets 425,514 462,854 Equity Share capital 7,750 7,669 Share premium 487,079 478,431 Other reserves 9,334 (2,057) Accumulated deficit (278,371) (265,262) Shareholders’ equity 225,792 218,781 Non-current liabilities Convertible bonds 92,099 136,598 Lease liabilities 27,784 29,507 Total non-current liabilities 119,883 166,105 Current liabilities Convertible bonds 3,319 1,824 Trade and other payables 72,638 72,528 Lease liabilities 3,882 3,616 Total current liabilities 79,839 77,968 Total equity and liabilities 425,514 462,854 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY For the period ended September 30 Attributable to owners of the parent Amounts in US$ ‘000 Share capital Share premium Other reserves Accumulated deficit Total equity Balance at January 1, 2023 7,509 462,297 (8,737) (256,431) 204,638 Profit (loss) for the period — — — (7,425) (7,425) Reserves — — — — — Other comprehensive income (loss) for the period — — (1,660) — (1,660) Total comprehensive income (loss) for the period — — (1,660) (7,425) (9,085) Other reserves — — (518) 518 — Income tax benefit from excess tax deductions related to share-based payments — — — 574 574 Share-based compensation — — — 5,935 5,935 Options exercised / LTIP shares issued 141 13,686 — (5,947) 7,880 Value of conversion rights of convertible bonds — — — — — Total transactions with owners, recognized directly in equity 141 13,686 (518) 1,080 14,389 Balance at September 30, 2023 7,650 475,983 (10,915) (262,776) 209,942 Balance at January 1, 2024 7,669 478,431 (2,057) (265,262) 218,781 Profit (loss) for the period — — — (14,700) (14,700) Reserves — — 1,560 (1,560) — Other comprehensive income (loss) for the period — — (1,273) — (1,273) Total comprehensive income (loss) for the period — — 287 (16,260) (15,973) Other reserves — — (31) 31 — Income tax benefit from excess tax deductions related to share-based payments — — — (241) (241) Share-based compensation — — — 8,605 8,605 Options exercised / LTIP shares issued 81 8,648 — (5,244) 3,485 Value of conversion rights of convertible bonds — — 11,135 — 11,135 Total transactions with owners, recognized directly in equity 81 8,648 11,104 3,151 22,984 Balance at September 30, 2024 7,750 487,079 9,334 (278,371) 225,792 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS For the period ended September 30 Amounts in $’000 3Q 2024 3Q 2023 9M 2024 9M 2023 Profit (loss) before tax 1,514 3,307 (15,170) (9,981) Adjustments to reconcile net profit (loss) to net cash used in operating activities: Depreciation, amortization, impairment of non-current assets 2,743 2,902 8,371 8,370 Equity settled share based payments 2,918 1,965 8,605 5,935 Fair value loss (gain) on revaluation (21) — (5,159) — Gain on disposal from PRV sale — — — (21,080) Other finance income (182) (1,251) (3,117) (2,050) Other finance expenses 2,315 (633) 6,765 4,621 Share of net result in associates using the equity method 442 485 1,276 954 Other — 1,055 — (1,130) Operating cash flows before changes in working capital 9,729 7,830 1,571 (14,361) Changes in working capital: Inventories (2,133) (396) (5,248) (11,113) Trade and other receivables 2,919 (7,363) (2,044) (12,902) Payables and other current liabilities 6,560 3,242 4,305 8,075 Restricted cash — (47) — 363 Total changes in working capital 7,346 (4,563) (2,987) (15,577) Interest received 1,784 260 4,154 1,059 Income taxes received (paid) (9,117) — (13,864) — Net cash flows generated from (used in) operating activities 9,742 3,527 (11,126) (28,879) Capital expenditure for property, plant and equipment (366) (147) (660) (1,133) Proceeds on PRV sale — — — 21,080 Investment intangible assets — 23 — 23 Disposal of investment designated as at FVOCI 8 — 1,972 — Purchases of marketable securities (109,796) (144,554) (222,249) (231,901) Proceeds from sale of marketable securities 114,504 86,451 262,345 86,451 Net cash flows generated from (used in) investing activities 4,350 (58,227) 41,408 (125,480) Payment of lease liabilities (918) (1,007) (2,485) (3,022) Interests on lease liabilities (258) (270) (784) (825) Net proceeds of issued convertible bonds (263) — 104,539 — Repurchase of convertible bonds (9) — (134,931) — Interests on convertible bonds (8) (2,029) (2,032) (4,052) Settlement of share based compensation awards 23 8,546 3,485 7,880 Net cash flows generated from (used in) financing activities (1,433) 5,240 (32,208) (19) Increase (decrease) of cash 12,659 (49,460) (1,926) (154,378) Exchange rate effects 861 (913) 847 1,689 Cash and cash equivalents at the beginning of the period 47,142 105,026 61,741 207,342 Total cash and cash equivalents at September 30 60,662 54,653 60,662 54,653 Attachment Pharming reports 3Q24 financial results_EN_24OCT24