Pharming Group reaffirms 2026 guidance despite RUCONEST inventory drawdown

Pharming Group (NASDAQ:PHAR) reported first-quarter 2026 results that reflect a strategic transition toward its new growth engine, Joenja, while navigating anticipated headwinds in its legacy portfolio.

Total revenue for the quarter ended March 31, 2026, was $72.4 million, an 8% decrease from the $78.7 million reported in the first quarter of 2025.

The revenue dip was primarily attributed to RUCONEST, which saw sales fall 15% to $58.4 million.

Management noted this decline was driven by expected inventory drawdowns in the U.S. and a planned exit from certain non-core international markets.

Conversely, Joenja—the company's treatment for APDS—continued its rapid ascent, posting $14.1 million in revenue, a 34% year-over-year increase fueled by robust patient uptake in the United States and emerging international markets.

The quarter was also marked by significant regulatory successes that paved the way for Joenja’s global expansion.

In March 2026, Japan’s Ministry of Health, Labour and Welfare approved Joenja for patients aged 4 and older, marking the first global approval for the pediatric population.

Additionally, the Committee for Medicinal Products for Human Use (CHMP) in Europe issued a positive opinion, setting the stage for a final European Commission decision later this year.

In the U.S., Pharming has resubmitted its supplemental New Drug Application (sNDA) to the FDA for the highest pediatric doses of Joenja, with plans to submit a second sNDA for lower doses this summer.

Other pipeline catalysts include the completion of enrollment for the pivotal FALCON study of napazimone in primary mitochondrial disease and ongoing Phase II trials for leniolisib in other primary immunodeficiencies (PIDs), with results expected in the second half of 2026.

Despite the top-line variability, Pharming generated positive operating cash flow of $2 million for the quarter.

The company’s balance sheet remains stable, providing the necessary liquidity to fund its heavy R&D slate and the upcoming commercial launches in Europe and Japan.

Elsewhere, Pharming reaffirmed its full-year 2026 revenue guidance of $405 million to $425 million, representing an 8% to 13% growth rate.