Pharming Group (NASDAQ:PHAR), a global biopharmaceutical company, today announced a robust financial performance for 2024, with total revenues surging 21% to US$297.2 million, surpassing its own guidance range.
The impressive growth was fueled by record-breaking sales of RUCONEST® and a remarkable uptick in Joenja® revenue, cementing Pharming’s position as a leader in rare disease treatments.
The fourth quarter of 2024 saw revenues climb 14% to US$92.7 million, compared to the same period in 2023.
RUCONEST®, a cornerstone therapy for hereditary angioedema (HAE), delivered an 11% full-year revenue increase to US$252.2 million, with Q4 revenue rising 9% to US$79.6 million.
Meanwhile, Joenja®, in its first full year since launch, achieved a staggering 147% revenue jump to US$45 million, with Q4 revenue soaring 66% to US$13.1 million over Q4 2023.
Pharming’s operational success translated into a significant boost in profitability, with Q4 operating profit leaping to US$6.7 million from US$1.1 million in the prior year’s quarter.
The company also marked a strategic milestone with the acquisition of Abliva, integrating KL1333—a promising treatment for mitochondrial DNA-driven primary mitochondrial diseases—into its clinical pipeline.
Additionally, Pharming is advancing two Phase II clinical trials for leniolisib, targeting additional primary immunodeficiencies (PIDs) with immune dysregulation, such as common variable immunodeficiency (CVID).
Looking ahead, Pharming has set an ambitious revenue target for 2025, projecting between US$315 million and US$335 million.