Pharming Group N.V. Files 20-F Annual Report for Fiscal Year 2023

Ticker: PHAR · Form: 20-F · Filed: Apr 4, 2024 · CIK: 1828316

Pharming Group N.V. 20-F Filing Summary
FieldDetail
CompanyPharming Group N.V. (PHAR)
Form Type20-F
Filed DateApr 4, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: Pharming Group, 20-F, Annual Report, Financials, SEC Filing

TL;DR

<b>Pharming Group N.V. has submitted its 2023 annual report on Form 20-F, detailing its financial performance and business operations.</b>

AI Summary

Pharming Group N.V. (PHAR) filed a Foreign Annual Report (20-F) with the SEC on April 4, 2024. Pharming Group N.V. filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at Darwinweg 24, Leiden, P7, 2333 CR. Pharming Group N.V. is incorporated in P7 and operates under the Pharmaceutical Preparations SIC code [2834]. The filing was submitted on April 4, 2024.

Why It Matters

For investors and stakeholders tracking Pharming Group N.V., this filing contains several important signals. This filing provides a comprehensive overview of Pharming Group's financial health and strategic direction for the past fiscal year, crucial for investors assessing the company's stability and growth prospects. As a 20-F filing, it offers detailed financial statements and business disclosures required for foreign private issuers, enabling a deeper understanding of its operations and compliance with SEC regulations.

Risk Assessment

Risk Level: medium — Pharming Group N.V. shows moderate risk based on this filing. The filing is a standard annual report (20-F) which typically contains a mix of positive and negative information, and does not inherently signal a significant shift in risk profile without further detailed analysis of its contents.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F filing to assess Pharming Group's performance and future outlook.

Key Numbers

  • 2023-12-31 — Fiscal Year End (The end date of the reporting period)
  • 2024-04-04 — Filing Date (The date the 20-F report was filed with the SEC)
  • 232 — Public Document Count (Number of documents included in the filing)

Key Players & Entities

  • Pharming Group N.V. (company) — Filer of the 20-F report
  • 2024-04-04 (date) — Filing date of the 20-F report
  • 2023-12-31 (date) — Fiscal year end for the reported period
  • Darwinweg 24, Leiden, P7, 2333 CR (location) — Business and mail address of Pharming Group N.V.
  • 2834 (industry_code) — Standard Industrial Classification for Pharmaceutical Preparations
  • 0001828316 (cik) — Central Index Key for Pharming Group N.V.

FAQ

When did Pharming Group N.V. file this 20-F?

Pharming Group N.V. filed this Foreign Annual Report (20-F) with the SEC on April 4, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by Pharming Group N.V. (PHAR).

Where can I read the original 20-F filing from Pharming Group N.V.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Pharming Group N.V..

What are the key takeaways from Pharming Group N.V.'s 20-F?

Pharming Group N.V. filed this 20-F on April 4, 2024. Key takeaways: Pharming Group N.V. filed its 20-F annual report for the fiscal year ending December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal executive offices are located at Darwinweg 24, Leiden, P7, 2333 CR..

Is Pharming Group N.V. a risky investment based on this filing?

Based on this 20-F, Pharming Group N.V. presents a moderate-risk profile. The filing is a standard annual report (20-F) which typically contains a mix of positive and negative information, and does not inherently signal a significant shift in risk profile without further detailed analysis of its contents.

What should investors do after reading Pharming Group N.V.'s 20-F?

Investors should review the detailed financial statements and risk factors within the 20-F filing to assess Pharming Group's performance and future outlook. The overall sentiment from this filing is neutral.

How does Pharming Group N.V. compare to its industry peers?

Pharming Group N.V. operates within the pharmaceutical preparations industry, focusing on the development and commercialization of treatments for rare diseases.

Are there regulatory concerns for Pharming Group N.V.?

As a foreign private issuer, Pharming Group N.V. is subject to SEC regulations and must file annual reports on Form 20-F, which outlines its financial performance and business activities.

Industry Context

Pharming Group N.V. operates within the pharmaceutical preparations industry, focusing on the development and commercialization of treatments for rare diseases.

Regulatory Implications

As a foreign private issuer, Pharming Group N.V. is subject to SEC regulations and must file annual reports on Form 20-F, which outlines its financial performance and business activities.

What Investors Should Do

  1. Review the full 20-F filing for detailed financial statements and management discussion.
  2. Analyze the company's disclosed risk factors for potential investment considerations.
  3. Compare Pharming Group's 2023 performance against previous years using the data in the filing.

Key Dates

  • 2024-04-04: Filing of 20-F — Submission of the annual report for the fiscal year 2023
  • 2023-12-31: Fiscal Year End — End of the reporting period covered by the 20-F

Year-Over-Year Comparison

This is the initial filing of the 20-F for the fiscal year 2023, providing the first comprehensive look at the company's performance for this period.

Filing Stats: 4,509 words · 18 min read · ~15 pages · Grade level 13.1 · Accepted 2024-04-04 08:03:00

Filing Documents

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 6

OFFER STATISTICS AND EXPECTED TIMETABLE

Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE 6

KEY INFORMATION

Item 3. KEY INFORMATION 6 A. [RESERVED] 6 B. CAPITALIZATION AND INDEBTEDNESS 6 C. REASONS FOR THE OFFER AND USE OF PROCEEDS 7 D. RISK FACTORS 7

INFORMATION OF THE COMPANY

Item 4. INFORMATION OF THE COMPANY 41 A. HISTORY AND DEVELOPMENT OF THE COMPANY 41 B. BUSINESS OVERVIEW 42 C. ORGANIZATIONAL STRUCTURE 74 D. PROPERTY, PLANT AND EQUIPMENT 75

A. UNRESOLVED STAFF COMMENTS

Item 4 A. UNRESOLVED STAFF COMMENTS 75

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

Item 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 75 A. OPERATING RESULTS 76 B. LIQUIDITY AND CAPITAL RESOURCES 87 C. RESEARCH AND DEVELOPMENT, PATENT AND LICENSES, ETC . 89 D. TREND INFORMATION 89 E. CRITICAL ACCOUNTING ESTIMATES 90

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 90 A. DIRECTORS AND SENIOR MANAGEMENT 90 B. COMPENSATION 94 C. BOARD PRACTICES 100 D. EMPLOYEES 101 E. SHARE OWNERSHIP 102

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 102 A. MAJOR SHAREHOLDERS 102 B. RELATED PARTY TRANSACTIONS 103 C. INTERESTS OF EXPERTS AND COUNSEL 104

FINANCIAL INFORMATION

Item 8. FINANCIAL INFORMATION 104 A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION 104 B. SIGNIFICANT CHANGES 105

THE OFFER AND LISTING

Item 9. THE OFFER AND LISTING 105 A. OFFER AND LISTING DETAILS 105 B. PLAN OF DISTRIBUTION 105 3 C. MARKETS 105 D. SELLING SHAREHOLDERS 105 E. DILUTION 105 F. EXPENSE OF THE ISSUE 105

ADDITIONAL INFORMATION

Item 10. ADDITIONAL INFORMATION 105 A. SHARE CAPITAL 106 B. MEMORANDUM AND ARTICLES OF ASSOCIATION 106 C. MATERIAL CONTRACTS 106 D. EXCHANGE CONTROLS 107 E. TAXATION 107 F. DIVIDENDS AND PAYING AGENTS 115 G. STATEMENT BY EXPERTS 115 H. DOCUMENTS ON DISPLAY 116 I. SUBSIDIARY INFORMATION 116

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 116

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Item 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 116 A. DEBT SECURITIES 116 B. WARRANTS AND RIGHTS 116 C. OTHER SECURITIES 116 D. AMERICAN DEPOSITARY SHARES 116 Part II

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 118

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 118

CONTROLS AND PROCEDURES

Item 15. CONTROLS AND PROCEDURES 118

[RESERVED] 122

Item 16. [RESERVED] 122

AUDIT COMMITTEE FINANCIAL EXPERT 123

Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT 123

CODE OF ETHICS 123

Item 16B. CODE OF ETHICS 123

PRINCIPAL ACCOUNTANT FEES AND SERVICES 124

Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 124

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 124

Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 124

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 124

Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 124

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 124

Item 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 124

CORPORATE GOVERNANCE 125

Item 16G. CORPORATE GOVERNANCE 125

MINE SAFETY DISCLOSURE 124

Item 16H. MINE SAFETY DISCLOSURE 124

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 125

Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 125

INSIDER TRADING 125

Item 16J. INSIDER TRADING 125

CYBERSECURITY 125

Item 16K. CYBERSECURITY 125 Part III

FINANCIAL STATEMENTS

Item 17. FINANCIAL STATEMENTS 126

FINANCIAL STATEMENTS

Item 18. FINANCIAL STATEMENTS 126

EXHIBITS

Item 19. EXHIBITS 127 4 GENERAL INFORMATION In this Annual Report on Form 20-F, or Annual Report, the terms "Pharming", "Pharming Group", "Pharming Group N.V.", "the Group", "the Company", "we", "us" and "our" refer to Pharming Group N.V. together with its subsidiaries, except where the context otherwise requires. " Joenja " is the global registered trademark for leniolisib. When discussing the U.S. market or the commercialized product in the U.S., we generally use the trademarked name Joenja instead of leniolisib. " leniolisib " is the term we generally use when discussing clinical trials or studies prior to U.S. approval or the product as related to markets outside of the U.S. TRADEMARKS, TRADE NAMES AND SERVICE MARKS We own or have rights to trademarks, service marks and trade names that we use in connection with the operation of our business, including our corporate name, logos and website names. We own the trademarks RUCONEST and Joenja among others, as well as the graphic trademark found on our website. There are trademarks, service marks and trade names appearing in this Annual Report that are the property of their respective owners. Solely for convenience, some of the trademarks, service marks and trade names referred to in this Annual Report are listed without the symbol, but we will assert, to the fullest extent under applicable law, our rights to our trademarks, service marks and trade names. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by the words "may", "might", "will", "could", "would", "should", "expect", "intend", "plan", "objective", "anticipate", "believe", "estimate", "predict", "potential", "continue" and "ongoing", or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known a

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information A. [Reserved] B. Capitalization and Indebtedness Not applicable. 6 C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors Our business faces significant risks and uncertainties. You should carefully consider all of the information set forth in this Annual Report and in other documents we file with or furnish to the Securities and Exchange Commission, or SEC, including the following risk factors, before deciding to invest in or to maintain an investment in our securities. Our business, as well as our reputation, financial condition, results of operations, and share price, could be materially adversely affected by any of these risks, as well as other risks and uncertainties not currently known to us or not currently considered material. Summary of Selected Risks Associated with Our Business The development and commercialization of pharmaceuticals and biologics is highly competitive. In particular, RUCONEST faces competition from other products (acute and prophylactic) used to treat Hereditary Angioedema, or HAE, including products to prevent and treat HAE attacks. There are several products from other competitors that have been approved in the U.S. and Europe for the treatment of HAE attacks. Consequently, we may not obtain sufficient market penetration with RUCONEST or a sufficient level of sales of the product to remain profitable. We are heavily dependent on sales of RUCONEST in the United States and Europe. If we are unable to continue to commercialize RUCONEST, our business could be materially harmed. Joenja is a newly approved drug in the U.S. and could develop unexpected safety or efficacy concerns, which would likely have a material adverse effect on us. The commercial success of our approved products depends, and the commercial success of any product candidate will depend, upon the degree of market acceptance by physicians, patients, payors and others in the medical community. If we are unable

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