Pharming Ups 2023 Guidance: RUCONEST® Revenue Jumps 10%, Joenja® Hits $18M

TL;DR

**Pharming just crushed its own 2023 revenue guidance for RUCONEST® and Joenja®!**

AI Summary

Pharming Group N.V. announced updated full-year 2023 guidance on January 8, 2024, projecting a significant 10% growth in RUCONEST® revenue, which is much higher than their previous estimates. They also expect Joenja® revenues to reach approximately US$18 million, with 81 patients on paid therapy by year-end 2023. This positive update suggests stronger-than-expected performance for their key products, which could lead to increased investor confidence and potentially a higher stock valuation for current and prospective shareholders.

Why It Matters

This filing indicates Pharming's core products are performing better than anticipated, which could translate to improved financial health and future growth prospects for the company.

Risk Assessment

Risk Level: low — The filing reports positive updates on revenue guidance and product performance, indicating reduced financial uncertainty for the company.

Analyst Insight

A smart investor would review their position in PHAR, considering the strong performance of key products RUCONEST® and Joenja®, which exceeded prior guidance and could signal sustained growth.

Key Numbers

• 10% — RUCONEST® revenue growth (significantly exceeding prior guidance for full year 2023)
• US$18 million — Joenja® revenues (expected for full year 2023)
• 81 — patients on paid Joenja® therapy (at year-end 2023)
• January 8, 2024 — date of announcement (when the updated guidance was released)

Key Players & Entities

• Pharming Group N.V. (company) — the registrant and issuer of the press release
• Sijmen de Vries (person) — CEO of Pharming Group N.V. who signed the report
• RUCONEST® (company) — a key product with expected 10% revenue growth
• Joenja® (company) — a key product with expected US$18 million in revenues
• US$18 million (dollar_amount) — expected revenues for Joenja®
• 81 (number) — number of patients on paid Joenja® therapy at year-end

Forward-Looking Statements

• Pharming Group N.V.'s stock price will see a positive reaction due to the strong updated guidance. (Pharming Group N.V.) — medium confidence, target: Q1 2024
• Analyst ratings for Pharming Group N.V. will be revised upwards following this positive revenue update. (Pharming Group N.V.) — medium confidence, target: Q1 2024

FAQ

From the Filing

0001628280-24-000782.txt : 20240108 0001628280-24-000782.hdr.sgml : 20240108 20240108091757 ACCESSION NUMBER: 0001628280-24-000782 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240108 FILED AS OF DATE: 20240108 DATE AS OF CHANGE: 20240108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pharming Group N.V. CENTRAL INDEX KEY: 0001828316 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] ORGANIZATION NAME: 03 Life Sciences IRS NUMBER: 000000000 STATE OF INCORPORATION: P7 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39822 FILM NUMBER: 24518640 BUSINESS ADDRESS: STREET 1: DARWINWEG 24 CITY: LEIDEN STATE: P7 ZIP: 2333 CR BUSINESS PHONE: 31 (0)71 5247 400 MAIL ADDRESS: STREET 1: DARWINWEG 24 CITY: LEIDEN STATE: P7 ZIP: 2333 CR FORMER COMPANY: FORMER CONFORMED NAME: Pharming Group Group N.V. DATE OF NAME CHANGE: 20201014 6-K 1 businessandguidanceupdate2.htm 6-K Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the Month of January 2024 Commission File Number: 001-39822 Pharming Group N.V. (Exact Name of Registrant as Specified in Its Charter) Darwinweg 24 2333 CR Leiden The Netherlands (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐ Filed as Exhibit 99.1 to this Report on Form 6-K is a press release of Pharming Group N.V., or the Company, dated February 16, 2023 EXHIBIT INDEX Exhibit No. Description 99.1 Pharming Group announces updated full year 2023 guidance and Joenja® U.S. launch update SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Pharming Group N.V. By: /s/ Sijmen de Vries Name: Sijmen de Vries Title: CEO Date: January 8, 2024 Pharming Group announces updated full year 2023 guidance and Joenja® U.S. launch update Expect 10% growth in RUCONEST® revenue, significantly exceeding prior guidance Expect Joenja® revenues of approximately US$18 million with 81 patients on paid therapy at year end Leiden, The Netherlands, January 8, 2024: Pharming Group N.V. (“Pharming” or “the Company”) (EURONEXT Amsterdam: PHARM/Nasdaq: PHAR) announces today updated full year 2023 guidance, including RUCONEST® and J oenja® revenues, and a progress update on the U.S. launch of J oenja® (leniolisib) for APDS . For the full year 2023, total revenues are expected to increase by 19% to approximately US$245 million (preliminary and unaudited*). Sijmen de Vries, Chief Executive Officer, commented: “We are pleased to have concluded an excellent year in which we transformed Pharming into a multi-product, commercial rare disease biopharmaceutical company. We expect 10% growth in RUCONEST ® revenues, significantly exceeding our previous guidance for low single digit annual revenue growth. We launched Joenja® (leniolisib) for APDS in the U.S. in April, shortly after FDA approval, and saw fast uptake from patients for the first and only FDA approved treatment for APDS. These results reflect the dedication of Pharming employees to develop and deliver therapies to otherwise unserved rare disease patients. Looking towards 2024, we remain focused on our goals to obtain regulatory approvals and commercialize leniolisib for APDS in addition