Pharming Group N.V. Q2 2026 Earnings Recap

Shares dropped 20.1% as investors reacted negatively to the $30 million full-year revenue guidance cut, driven primarily by ongoing RUCONEST revenue decline and a cautious outlook on near-term growth despite strong Joenja expansion.

Key Takeaways

• Full-year revenue guidance was lowered by $30 million, reflecting weaker-than-expected RUCONEST sales amid competitive pressures and international market withdrawals.
• RUCONEST revenue declined 10% year-over-year to $72.3 million, though it showed a 24% sequential increase; active patient base remains at 93% of prior-year levels.
• New patient enrollments for RUCONEST rose to 84 this quarter, nearing 2025 Q2 levels, and 17 new prescribers were added, but these were insufficient to offset competitive headwinds.
• Joenja revenue grew 40% year-over-year to $17.9 million, with momentum accelerating in Europe and expansion opportunities in primary immunodeficiencies beyond APDS.
• Operating expenses guidance was reduced by $15 million to $315–320 million, supporting positive cash flow amid the cautious revenue outlook.