Pharming: Third-quarter revenue of $117.6M, above consensus, partly driven by inventory build
Pharming released preliminary and unaudited third-quarter data on October 22, 2026. The company advanced the full publication of its results to October 27, originally scheduled for November 5. It justified this calendar change by revenue exceeding and operating expenses below analyst consensus, which expected an average of 104 million dollars in quarterly revenues. The document details provide nuance. Part of the growth stems, according to the company, from effects it describes itself as seasonal or temporary. Furthermore, the annual revenue range was narrowed without its ceiling being raised.
Revenue of $117.6M versus $97.3M one year earlier
Total third-quarter 2026 revenue is expected to reach approximately $117.6 million, compared to $97.3 million in the third quarter of 2025. This represents an increase of approximately 21% year-over-year. This amount exceeds the high end of the range of four analysts included in the consensus, which ranged from $98 to $108 million.
Ruconest, a treatment for hereditary angioedema, generated approximately $93.8 million. Its sales increased 14% compared to the third quarter of 2025 and 30% compared to the second quarter of 2026. Joenja, indicated for APDS syndrome, contributed $23.8 million, an increase of 58% year-over-year.
Total operating expenses are estimated at approximately $74.6 million, compared to $74.5 million one year earlier. They are therefore stable, while revenue increases by 21%.
Growth partly driven by seasonal and temporary effects
For Ruconest, the company attributes the performance to three factors: stabilization and continued recovery of demand in the United States, an anticipated seasonal increase in distribution inventory at a single customer, a specialized American pharmacy, and the completion of the planned withdrawal from non-US markets. This restocking occurred, according to the press release, after significant inventory drawdowns in early in the year. The 30% rebound compared to the second quarter thus incorporates a stock effect linked to a single customer.
Joenja's growth is based on the increasing number of American patients undergoing reimbursed treatment and rising international demand. The quarter was marked by launches in Germany and Japan, as well as continued market penetration in the United Kingdom. The group also mentions a temporary benefit linked to order rhythms in other international markets.
The stability of expenses reflects, according to the company, a controlled ramp-up of activity. This publication comes during a period of transition at the head of the group: on September 29, 2026, Pharming had announced the immediate departure of its Chief Executive Officer, Fabrice Chouraqui, and entrusted management to two executives in place pending a permanent successor.
2026 revenue range narrowed to between $380 and $390M
Pharming now targets 2026 revenue between $380 and $390 million, representing growth of 1% to 4%. The previous range was $375 to $395 million (growth of 0% to 5%). The low end of the range is raised and the high end lowered. For reference, fiscal year 2025 closed with revenue of $376.1 million, according to accounts published on April 7, 2026, in an annual report with a cautious tone on prospects.
The annual consensus, at $383 million, falls within the new range. Operating expense guidance has been lowered to between $310 and $315 million (growth of 0% to 1%), from $315 to $320 million previously (growth of 1% to 3%).
On the clinical front, Pharming presented positive Phase II data for leniolisib in other primary immunodeficiencies at the 2026 ESID congress, which it qualifies as positive. This study involved 13 patients, according to elements communicated on October 14, 2026. The primary results of a second Phase II trial, conducted in common variable immunodeficiency (CVID) with immune dysregulation, are expected in November 2026. The group is preparing a single Phase III trial aimed at registration in this expanded indication, whose prevalence is estimated at approximately 39 patients per million, compared to approximately 1.5 per million for APDS.
For napazimone (KL1333), approximately 145 of the 180 patients planned should be recruited in the FALCON pivotal trial by end of 2026. Recruitment completion is now expected in the first half of 2027, with primary results approximately one year later. In the short term, the structuring element of the publication remains the 2026 revenue range, set between $380 and $390 million.
