Pharming Group: Revenue Declines by 8% in Q1, Joenja Grows by 34%
Pharming Group announced its first quarter 2026 results on Thursday, showing an 8% decrease in total revenue to $72.4 million from $79.1 million a year earlier. This decline primarily reflects a 15% drop in revenues from RUCONEST, its flagship product for hereditary angioedema crises, impacted by specialty pharmacy inventory reductions and voluntary withdrawal from non-U.S. markets. Conversely, Joenja (leniolisib), marketed for the treatment of APDS, recorded a 34% increase, driven by a rise in the number of paying patients in the United States and increased demand in international markets.
RUCONEST Declines but Stabilizes in Patient Base
RUCONEST revenues were $58.4 million in Q1 2026, down 15% year-over-year. Pharming attributes this contraction to three factors: anticipated inventory reductions by its specialty clients (8% impact), strategic withdrawal from markets outside the United States (3%), and competitive dynamics in the U.S. market. Despite this decline, the company emphasizes that the majority of patients remain loyal to RUCONEST nine months after the launch of a new oral competitor. The enrollment of new patients and increasing engagement from prescribers continue to validate the product's value proposition for patients with severe or frequent forms.
Joenja Accelerates with 127 Paying Patients in the U.S.
Joenja generated $14.1 million in revenues in Q1 2026, up 34% from the same period the previous year. This growth is based on a significant increase in the number of paying patients in the United States, despite larger inventory reductions than in 2025, and on increased demand in international markets. The United Kingdom, where the launch took place in April 2025, shows strong patient dynamics, while government-funded access programs are progressing. As of March 31, 2026, there were 127 paying patients in the United States, a 25% increase from 102 patients at the end of March 2025. The U.S. market accounts for 82% of Joenja's revenue, with 18% from the European Union and the rest of the world. Overall, Pharming has identified 1,016 patients with APDS worldwide, including 282 in the United States. In this market, 187 patients are eligible for treatment (12 years or older), and 57 others, aged 4 to 11, would become eligible following pediatric approval.
Imminent Pediatric Approvals and Growth Outlook
Pharming recorded several regulatory advancements in the first quarter of 2026. Japan granted marketing authorization in March 2026, making Joenja the first approved treatment for APDS in the country and the first globally for children aged 4 to 11. In Europe, a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) was adopted on March 26, 2026, with a final decision expected in the second quarter. In the United States, following a complete response letter from the FDA in January 2026, Pharming resubmitted its pediatric dossier for the two highest doses in March, covering a significant portion of children aged 4 to 11, and plans to file an additional dossier for lower doses during the summer. Regarding the pipeline, enrollment in the pivotal trial for napazimone (KL1333) in mitochondrial diseases is progressing, while phase II data on leniolisib in expanded primary immunodeficiencies are expected in the second half of 2026.
