Pharming Group (PHAR; PHARM) reports stronger quarter and narrows annual guidance
Preliminary revenue rises 21%, although inventory movements contributed to the improvement.
Get analysis like this in your inbox.
Join investors and analysts following Lex Commentary.
Pharming released preliminary third-quarter revenue of approximately $117.6 million, up 21% year on year. Ruconest contributed about $93.8 million and Joenja $23.8 million, with operating expenses approximately flat at $74.6 million.
The company narrowed its annual revenue range to $380–390 million from $375–395 million. That leaves the midpoint unchanged; it is a tighter range rather than an across-the-board increase in expectations. Management also lowered its operating-expense guidance.
The revenue composition warrants attention. Ruconest benefited partly from an early seasonal inventory increase at one US specialty-pharmacy customer, while Joenja received a temporary contribution from international ordering patterns alongside patient growth and launches.
The update therefore combines underlying commercial progress with timing effects. Full results have been brought forward to 27 October, when investors should gain a clearer picture of profitability and cash performance. The preliminary numbers are encouraging, but extrapolating the quarter directly into a permanent growth rate would overlook the disclosed inventory factors.