Pharming Group N.V. reported Q3 2025 revenue of $97.3 million, a 30 % year‑over‑year increase that exceeded the consensus estimate of $91.7 million by $5.6 million. GAAP earnings per share were $0.01, matching the consensus estimate of $0.05 and falling short of the $0.06 estimate that some analysts had projected. The quarter’s top line growth was driven by a 29 % rise in RUCONEST revenue to $82.2 million and a 35 % rise in Joenja revenue to $15.1 million, reflecting strong demand in both the hereditary angioedema and activated phosphoinositide 3‑kinase D (APDS) markets.
The RUCONEST segment grew 29 % to $82.2 million, supported by new patient enrollments and an expanding prescriber base in the U.S. market, even as a new oral on‑demand therapy entered the competitive landscape in July. Joenja’s 35 % revenue increase to $15.1 million was driven by a 25 % year‑over‑year rise in patients on paid therapy and consistently high adherence rates, underscoring the product’s strong uptake and the company’s effective patient support programs.
Gross margin for the quarter stood at 89.26 % and operating margin at 5.49 %, both reflecting disciplined cost management and pricing power in the two core product lines. The high gross margin helped offset the modest EPS figure, as the company’s operating expenses grew in line with revenue, keeping earnings per share in line with consensus expectations.
Management raised its full‑year 2025 revenue guidance to $365 million–$375 million, up from the prior forecast of $335 million–$350 million, signaling confidence in continued demand for RUCONEST and Joenja. The company also announced the appointment of Leverne Marsh as Chief Commercial Officer effective January 1 2026, a move aimed at accelerating market penetration in the U.S. and strengthening commercial execution.
CEO Fabrice Chouraqui said, “We delivered another strong quarter, with significant growth in revenue and profitability, reinforcing our confidence in the business.” He added that RUCONEST continues to perform well despite the new oral therapy launch, and that Joenja’s FDA priority review for pediatric APDS patients is a positive development that could expand the product’s indications.
Analysts reacted positively to the revenue beat and guidance upgrade, with TipRanks assigning a “Buy” rating and a $37.00 price target for PHAR. Spark, TipRanks’ AI analyst, rated the stock “Neutral,” citing strong earnings call sentiment but noting valuation concerns. The market’s cautious optimism reflects the company’s solid performance amid competitive headwinds and the potential upside from the Joenja pediatric review.
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