Pharming Group (PHGUF) Q3 2024 Earnings Call Highlights: Revenue Growth and Strategic ...

GuruFocus News
4 min read

In This Article:

  • Ruconest Revenue: $64 million for Q3 2023; $173 million for the first nine months of 2023.

  • Joenja Revenue: $32 million for the first nine months of 2023.

  • Revenue Growth: 12% increase in Q3 2023.

  • Gross Profit: Increased by $9.7 million in Q3 2023.

  • Operating Profit: $4.1 million in Q3 2023.

  • Net Loss: $1 million in Q3 2023.

  • Cash and Cash Equivalents: $173.3 million at the end of Q3 2023.

  • Year-to-Date Revenue: $204.5 million for the first nine months of 2024.

  • Ruconest Year-to-Date Revenue: $117.6 million, 12% higher than the previous year.

  • Joenja Year-to-Date Revenue Growth: 210% increase compared to the first nine months of the previous year.

  • Operating Loss: $15.3 million for the first nine months of 2024.

  • Net Loss Year-to-Date: $14.7 million for the first nine months of 2024.

Release Date: October 24, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

  • Pharming Group (PHGUF) reported a 12% increase in Q3 revenues, driven by volume growth in both Ruconest and Joenja.

  • Joenja, the first and only FDA-approved treatment for APDS, achieved $32 million in sales in the first nine months of 2024, marking a 210% growth compared to the previous year.

  • The company has successfully expanded its prescriber base for Ruconest, with 57 new prescribers this year, heading towards a total of 800.

  • Pharming Group (PHGUF) is actively pursuing global expansion, with regulatory submissions and reviews ongoing in markets like Japan, Canada, and Australia.

  • The company has initiated a Phase 2 study for leniolisib in primary immune deficiencies, targeting a significantly larger patient population than APDS.

Negative Points

  • Pharming Group (PHGUF) reported a net loss of $1 million in Q3, compared to a net profit of $3.4 million in the same quarter last year.

  • The increase in operating expenses was attributed to investments in Joenja's US launch and preparations for leniolisib's launch outside the US.

  • The company experienced a decrease in cash and cash equivalents from $215 million at the beginning of the year to $173 million.

  • The growth rate for Joenja in the US is expected to slow as the company has already identified almost half of the eligible patients.

  • Pharming Group (PHGUF) faces challenges in educating physicians and patients about APDS, a new disease, which impacts the speed of patient enrollment.

Q & A Highlights

Q: Do you see refills happening from previous quarters for Ruconest, and how do you see the ODT market developing in the coming years? A: Yes, we do see refills, which tend to reflect the patient's course of disease. The ODT market remains stable, with over 50% of patients still experiencing regular acute attacks despite prophylactic therapies. Ruconest serves a patient population with a severe course of disease, which is not well-treated by existing or new agents.

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