Pharming Group Reports Strong Financial Results for 2024
Leiden, the Netherlands: Pharming Group N.V. (Euronext Amsterdam: PHARM / Nasdaq: PHAR) is excited to share its financial report for the year 2024, showcasing impressive growth in revenues and a successful business strategy.
Financial Highlights
In 2024, Pharming achieved total revenues of US$297.2 million, marking a 21% increase from the previous year. This surge in revenue was primarily fueled by record sales of RUCONEST® and remarkable growth of Joenja® (leniolisib), which saw a revenue increase of 147% following its launch.
The fourth quarter also showcased positive trends, with total revenues reaching US$92.7 million, representing a 14% increase from the fourth quarter of the prior year. Pharming recorded operating profits of $6.7 million, up significantly from $1.1 million in the same quarter last year.
Product Performance
RUCONEST® Sales Surge
RUCONEST®, Pharming's flagship product for treating acute Hereditary Angioedema (HAE) attacks, reported full-year revenues of US$252.2 million, an 11% increase compared to the previous year. This growth is reflected by strong demand and an expanding prescriber base, with over 100 new patients enrolled in the fourth quarter alone.
Joenja® Soars Post-Launch
Following its launch in early 2023, Joenja® achieved notable revenues of US$45 million in 2024. The fourth quarter alone brought in US$13.1 million as more patients accessed this innovative treatment for APDS (Activated PI3K Delta Syndrome).
Strategic Business Developments
Pharming has made significant strides this year, including the acquisition of Abliva AB. This acquisition adds KL1333 to Pharming's product pipeline, targeting mitochondrial DNA-driven primary mitochondrial diseases. This strategic move aligns with Pharming's vision of becoming a leading global rare disease company.
CEO Fabrice Chouraqui expressed his excitement about leading the company, emphasizing the impressive financial results and the ongoing efforts to advance key products in their pipeline. With regulatory reviews for leniolisib ongoing, Pharming is poised to reach a larger patient population.
Future Outlook
Looking ahead to 2025, Pharming has set a revenue target of between US$315 million and US$335 million, indicating continued growth and a focus on expanding Joenja® access, especially in international markets.
The company remains committed to investing in research and development, particularly to broaden the indications for leniolisib and advance clinical trials for other primary immunodeficiencies. Pharming is also progressing through key regulatory submissions aimed at maximizing the potential of their rare disease treatments.
Frequently Asked Questions
What were Pharming's total revenues for 2024?
Pharming's total revenues for 2024 reached US$297.2 million, a 21% increase from the prior year.
How did RUCONEST® perform in 2024?
RUCONEST® recorded full-year revenues of US$252.2 million, an 11% increase compared to 2023, driven by strong demand and a growing patient base.
What was Joenja®'s revenue in its first full year?
Joenja® generated revenues of US$45 million in 2024, reflecting a 147% increase compared to 2023.
What strategic acquisition did Pharming make in 2024?
Pharming acquired Abliva AB, incorporating KL1333 into its product pipeline to target mitochondrial DNA-driven diseases.
What is the revenue guidance for Pharming in 2025?
For 2025, Pharming anticipates total revenues between US$315 million and US$335 million, demonstrating optimism for continued growth.
