Pharming Group reports third quarter 2024 financial results and provides business update
Pharming Group reported strong Q3 2024 financial results with total revenues increasing 12% to US$74.8 million. RUCONEST® revenue grew 6% to US$63.6 million, while Joenja® revenue jumped 72% to US$11.2 million. First nine months revenues rose 25% to US$204.5 million. Operating profit increased to US$4.1 million from US$1.9 million in Q3 2023. The company maintains its 2024 revenue guidance of US$280-295 million. CEO Sijmen de Vries announced he will not seek reappointment at the May 2025 AGM. The company also announced the start of a Phase II trial evaluating leniolisib in primary immunodeficiencies.
Pharming Group ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un incremento del 12% dei ricavi totali, che ammontano a 74,8 milioni di dollari USA. I ricavi di RUCONEST® sono aumentati del 6% a 63,6 milioni di dollari USA, mentre i ricavi di Joenja® sono schizzati del 72% a 11,2 milioni di dollari USA. Nei primi nove mesi, i ricavi sono aumentati del 25%, raggiungendo 204,5 milioni di dollari USA. L'utile operativo è salito a 4,1 milioni di dollari USA, rispetto a 1,9 milioni di dollari USA nel terzo trimestre del 2023. L'azienda mantiene la previsione di fatturato per il 2024 compresa tra 280 e 295 milioni di dollari USA. Il CEO Sijmen de Vries ha annunciato che non cercherà il rinnovo della carica nella riunione annuale del maggio 2025. L'azienda ha inoltre annunciato l'inizio di una sperimentazione di Fase II per valutare il leniolisib nelle immunodeficienze primarie.
Pharming Group informó resultados financieros sólidos para el tercer trimestre de 2024, con un aumento del 12% en los ingresos totales, que alcanzaron 74.8 millones de dólares USA. Los ingresos de RUCONEST® crecieron un 6% hasta alcanzar los 63.6 millones de dólares USA, mientras que los ingresos de Joenja® saltaron un 72% hasta llegar a 11.2 millones de dólares USA. Durante los primeros nueve meses, los ingresos aumentaron un 25% hasta los 204.5 millones de dólares USA. Las ganancias operativas aumentaron a 4.1 millones de dólares USA desde 1.9 millones de dólares USA en el tercer trimestre de 2023. La compañía mantiene su pronóstico de ingresos para 2024 de entre 280 y 295 millones de dólares USA. El CEO Sijmen de Vries anunció que no buscará la reelección en la junta anual de mayo de 2025. La compañía también anunció el inicio de un ensayo de Fase II para evaluar el leniolisib en deficiencias inmunitarias primarias.
파밍 그룹(Pharming Group)은 2024년 3분기 재무 실적이 강세를 보였으며, 총 수익이 12% 증가하여 7480만 달러에 달한다고 보고했습니다. RUCONEST®의 수익은 6% 성장하여 6360만 달러에 이르렀고, Joenja®의 수익은 72% 급등하여 1120만 달러에 달했습니다. 처음 아홉 달 동안의 수익은 25% 증가하여 2억 450만 달러에 달했습니다. 운영 이익은 2023년 3분기에 비해 190만 달러에서 410만 달러로 증가했습니다. 회사는 2024년 수익 지침을 2억 8000만 달러에서 2억 9500만 달러로 유지한다고 밝혔습니다. CEO인 사이먼 드 프리제(Sijmen de Vries)는 2025년 5월 주주총회에서 재임을 추구하지 않을 것이라고 발표했습니다. 또한, 회사는 1차 면역결핍증에서 leniolisib을 평가하는 2상 시험의 시작을 발표했습니다.
Pharming Group a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec des revenus totaux en hausse de 12% à 74,8 millions de dollars US. Les revenus de RUCONEST® ont augmenté de 6% à 63,6 millions de dollars US, tandis que ceux de Joenja® ont bondi de 72% à 11,2 millions de dollars US. Au cours des neuf premiers mois, les revenus ont augmenté de 25% pour atteindre 204,5 millions de dollars US. Le bénéfice d'exploitation a augmenté à 4,1 millions de dollars US contre 1,9 million de dollars US au troisième trimestre 2023. L'entreprise maintient sa prévision de revenus pour 2024, qui se situe entre 280 et 295 millions de dollars US. Le PDG Sijmen de Vries a annoncé qu'il ne cherchera pas à être réélu lors de l'assemblée générale annuelle de mai 2025. L'entreprise a également annoncé le début d'un essai de phase II évaluant le leniolisib dans les immunodéficiences primaires.
Pharming Group berichtete über starke Finanzzahlen im dritten Quartal 2024, mit einem Anstieg der Gesamterlöse um 12% auf 74,8 Millionen US-Dollar. Die Erlöse von RUCONEST® stiegen um 6% auf 63,6 Millionen US-Dollar, während die Erlöse von Joenja® um 72% auf 11,2 Millionen US-Dollar sprangen. In den ersten neun Monaten stiegen die Erlöse um 25% auf 204,5 Millionen US-Dollar. Der Betriebsgewinn erhöhte sich auf 4,1 Millionen US-Dollar von 1,9 Millionen US-Dollar im dritten Quartal 2023. Das Unternehmen hält an seiner Umsatzprognose von 280 bis 295 Millionen US-Dollar für 2024 fest. CEO Sijmen de Vries kündigte an, dass er sich nicht um eine Wiederwahl bei der Hauptversammlung im Mai 2025 bewerben werde. Das Unternehmen kündigte außerdem den Beginn einer Phase-II-Studie zur Bewertung von Leniolisib bei primären Immundefizienzen an.
- Q3 2024 revenues increased 12% to US$74.8 million
- Operating profit rose to US$4.1 million from US$1.9 million in Q3 2023
- Joenja® revenue grew 72% to US$11.2 million
- Cash position increased to US$173.3 million from US$161.8 million in Q2 2024
- On track for 14-20% revenue growth guidance for 2024
- Net loss of US$1.0 million in Q3 2024 compared to net profit of US$3.5 million in Q3 2023
- Operating expenses increased from US$56.8 million to US$64.7 million year-over-year
- Foreign currency loss of US$1.5 million compared to gain of US$1.7 million in Q3 2023
Insights
The Q3 2024 results showcase strong financial performance with
Operating profit improved to
The expansion of leniolisib into additional PID indications represents significant upside potential, with a 5x larger patient population than current APDS indication.
The clinical development expansion of leniolisib into broader Primary Immunodeficiencies (PIDs) marks a strategic pivot with substantial market potential. The new Phase II trial targeting conditions like ALPS-FAS and CTLA4 haploinsufficiency addresses a patient population of ~7 per million, compared to 1-2 per million for APDS.
The strong patient adherence rates for Joenja® and continued enrollment growth (93 patients on paid therapy) validate the drug's clinical value. The pediatric trial data readout in Q4 2024 and potential label expansion could further accelerate adoption. The UK approval via the International Recognition Procedure demonstrates regulatory momentum for global expansion.
- Third quarter 2024 total revenues increased by
12% to US$74.8 million , compared to the third quarter 2023, driven by continued strong RUCONEST® and Joenja® revenue growth - RUCONEST® third quarter revenue increased by
6% to US$63.6 million , compared to the third quarter 2023 - Joenja® (leniolisib) third quarter revenue increased by
72% to US$11.2 million , compared to the third quarter 2023 - First nine months total revenues increased by
25% to US$204.5 million , compared to the first nine months 2023 - On track for 2024 total revenue guidance of US
$280 million - US$295 million (14 -20% growth) - Third quarter operating profit increased to US
$4.1 million from US$1.9 million in the third quarter 2023 - Overall cash and marketable securities increased to US
$173.3 million at the end of the third quarter 2024 from US$161.8 million at the end of the second quarter 2024 - Sijmen de Vries, our Executive Director/Chief Executive Officer, has informed the Board of Directors that he will not be available for reappointment at the next Annual General Meeting of Shareholders in May 2025
- Pharming to host a conference call today at 13:30 CEST (7:30 am EDT)
Leiden, the Netherlands, October 24, 2024: Pharming Group N.V. (“Pharming” or “the Company”) (Euronext Amsterdam: PHARM/NASDAQ: PHAR) presents its preliminary, unaudited financial report for the three months ended September 30, 2024.
Chief Executive Officer, Sijmen de Vries, commented:
“Pharming has delivered an excellent third quarter, increasing quarterly revenues by
The third quarter demonstrated Pharming’s ability to deliver continued growth for RUCONEST® in the competitive U.S. HAE market, with strength in underlying demand including new patient enrollments. Third quarter revenue for this product increased by
For Joenja®, we continue to both increase the number of patients on therapy quarter-on-quarter and to maintain high adherence rates for these patients. We received U.K. approval for Joenja® (leniolisib) in September, demonstrating our active efforts with regulatory authorities to make this medicine available to as many patients as possible, and now look forward to the results of the reimbursement evaluation over the coming quarters and to a subsequent commercial launch.
In October 2024, we announced the start of a Phase II, proof of concept, clinical trial evaluating leniolisib in primary immunodeficiencies (PIDs) with immune dysregulation linked to PI3Kẟ signaling. This is an important step for Pharming as this trial will include patients with various PIDs with significant unmet medical need and much higher overall prevalence than APDS, including ALPS-FAS, CTLA4 haploinsufficiency, NFKB1 haploinsufficiency and PTEN deficiency. With prevalence of approximately seven patients per million, these PIDs represent a potential five-fold increase in the commercial opportunity for leniolisib, thereby ensuring Pharming is delivering on its mission to serve the unserved rare disease patient.
I have informed the Board of Directors that I will not be available, after a 16 year tenure at the helm of Pharming, for reappointment as Executive Director/Chief Executive Officer. Our company is in great shape today. So this is the right moment for me to make way for a successor to lead Pharming into the next chapter of its strategy for growth, building on the achievements of the past years. I am proud of all these achievements and grateful for the trust put in me by our patients, employees and investors over the years. I will continue to dedicate myself fully to Pharming until my successor has been appointed and will do everything in my power to ensure a smooth hand-over.”
Chairman of the Board of Directors, Dr. Richard Peters, commented:
“On behalf of the entire Board of Directors, I would like to thank Sijmen de Vries for his high commitment to Pharming over the past 16 years and for the way he has created the company that it is today, serving patients and paving the way for the delivery on the company’s strategy for growth.
The Board of Directors has engaged a leading global executive search firm for the search of a successor. Further announcements will be made when appropriate.
We will of course take time to celebrate Sijmen’s tenure as our CEO in the coming months.”
Third quarter highlights
Commercialized products
RUCONEST® marketed for the treatment of acute HAE attacks
RUCONEST® continued to perform well in the third quarter of 2024, with revenues of US
The U.S. market contributed
In the U.S. market, we saw continued strength in the third quarter in underlying in-market demand, including approximately 100 new patient enrollments. We achieved strong overall performance in the third quarter in other leading key revenue indicators including the number of prescribers, the total number of patients on therapy, and vials shipped to patients. Increasing enrollments helped to drive a sharp increase in unique patient shipments in the third quarter.
Joenja® (leniolisib) marketed for the treatment of APDS
Joenja® revenues increased to US
As of September 30, 2024, we have 93 patients on paid therapy in the U.S. and an additional five patients enrolled and pending authorization, representing an increase of both active and pending patients during the third quarter and continued progress enrolling and moving eligible patients to paid therapy.
Joenja® (leniolisib) development updates
Leniolisib for APDS
Pharming made continued progress in the third quarter of 2024 on leniolisib regulatory filings for APDS patients 12 years of age and older in key global markets. Pharming is on track to complete the manufacturing activities requested by the European Medicines Agency’s (EMA) Committee for Human Medicinal Products (CHMP) and submit a response prior to the January 2026 deadline. In addition, Pharming progressed ongoing clinical trials to support regulatory filings for approval in Japan and pediatric label expansion beginning in 2025. Data readout from the clinical trial for children ages 4 to 11 years old is expected in the fourth quarter of 2024.
In total, there are currently 164 patients in a leniolisib Expanded Access Program (compassionate use), an ongoing clinical study, or a named patient program.
United Kingdom
On September 25, 2024, the U.K. Medicines and Healthcare products Regulatory Agency (MHRA) granted marketing authorization for Joenja® (leniolisib) for the treatment of APDS in adult and pediatric patients 12 years of age and older. Joenja® was the first new medicine approved by the MHRA via the International Recognition Procedure (IRP) using the U.S. FDA as reference regulator. Leniolisib is currently under evaluation by the National Institute for Health and Care Excellence (NICE) regarding reimbursement within the National Health Service (NHS) in England.
Leniolisib for additional indications (PI3Kδ platform) - Primary immunodeficiencies (PIDs) beyond APDS
On October 10, 2024, Pharming announced the start of a Phase II, proof of concept, clinical trial evaluating leniolisib in PIDs with immune dysregulation linked to PI3Kẟ signaling in lymphocytes, with similar clinical phenotypes and unmet medical needs to APDS. The first patient is expected to be enrolled in the study in the coming weeks. The clinical trial will include PID patients with ALPS-FAS, CTLA4 haploinsufficiency, NFKB1 haploinsufficiency and PTEN deficiency, among others. Epidemiology suggests a prevalence of approximately seven patients per million in this targeted PID population, compared to one to two patients per million for APDS.
The Phase II clinical trial is a single arm, open-label, dose range-finding study to be conducted in approximately 12 patients. The objectives for the trial will be to assess safety and tolerability, pharmacokinetics, pharmacodynamics, and explore clinical efficacy of leniolisib in the targeted PID population. The trial has been designed to inform a subsequent Phase III program.
Pharming has also prioritized development of leniolisib for an additional PID indication. Pharming will provide further updates and details on our plans, including the proposed clinical development plan, later this year.
Organizational update
Sijmen de Vries, our Executive Director/Chief Executive Officer, has informed the Board of Directors that he will not be available for reappointment at the Company’s next Annual General Meeting of Shareholders (AGM) in May 2025. The mandate of Sijmen de Vries is scheduled to expire at the closing of the AGM to be held in May 2025. Further announcements on the search of a successor will be made when appropriate.
Financial Summary
Consolidated Statement of Income | 3Q 2024 | 3Q 2023 | 9M 2024 | 9M 2023 |
Amounts in US$m except per share data | ||||
Total Revenues | 74.8 | 66.7 | 204.5 | 164.1 |
Cost of sales | (6.8) | (8.3) | (23.2) | (18.1) |
Gross profit | 68.0 | 58.4 | 181.3 | 146.0 |
Other income | 0.8 | 0.3 | 2.1 | 22.8 |
Research and development | (20.7) | (20.8) | (60.8) | (57.3) |
General and administrative | (15.3) | (10.9) | (46.0) | (31.9) |
Marketing and sales | (28.7) | (25.1) | (91.9) | (86.1) |
Other Operating Costs | (64.7) | (56.8) | (198.7) | (175.3) |
Operating profit (loss) | 4.1 | 1.9 | (15.3) | (6.5) |
Finance income (expense) and share of net profits in associates | (2.6) | 1.4 | 0.1 | (3.5) |
Profit (loss) before tax | 1.5 | 3.3 | (15.2) | (10.0) |
Income tax credit (expense) | (2.5) | 0.2 | 0.5 | 2.6 |
Profit (loss) for the period | (1.0) | 3.5 | (14.7) | (7.4) |
Share Information | ||||
Basic earnings per share (US$) | (0.002) | 0.005 | (0.022) | (0.011) |
Diluted earnings per share (US$) | (0.002) | 0.005 | (0.022) | (0.011) |
Segment information - Revenues | 3Q 2024 | 3Q 2023 | 9M 2024 | 9M 2023 |
Amounts in US$m | ||||
Revenue - RUCONEST® (US) | 62.0 | 58.4 | 168.4 | 149.3 |
Revenue - RUCONEST® (EU and RoW) | 1.6 | 1.8 | 4.2 | 4.5 |
Total Revenues - RUCONEST® | 63.6 | 60.2 | 172.6 | 153.8 |
Revenue - Joenja® (US) | 10.0 | 6.5 | 28.7 | 10.3 |
Revenue - Joenja® (EU and RoW) | 1.2 | — | 3.2 | — |
Total Revenues - Joenja® | 11.2 | 6.5 | 31.9 | 10.3 |
Total Revenues - US | 72.0 | 64.9 | 197.1 | 159.6 |
Total Revenues - EU and RoW | 2.8 | 1.8 | 7.4 | 4.5 |
Total Revenues | 74.8 | 66.7 | 204.5 | 164.1 |
Consolidated Balance Sheet | September 30, 2024 | December 31, 2023 |
Amounts in US$m | ||
Cash and cash equivalents, restricted cash and marketable securities | 173.3 | 215.0 |
Current assets | 282.2 | 316.3 |
Total assets | 425.5 | 462.9 |
Current liabilities | 79.8 | 78.0 |
Equity | 225.8 | 218.8 |
Financial highlights
Third quarter 2024
For the third quarter of 2024, total revenues increased by US
Gross profit increased by US
The operating profit amounted to US
The net finance result amounted to a loss of US
The Company had a net loss of US
Cash and cash equivalents, including restricted cash and marketable securities, increased from US
Nine months 2024
Total revenues increased
Gross profit increased by US
Other income decreased to US
The operating loss amounted to US
The net finance result amounted to a gain of US
The Company had a net loss of US
Cash and cash equivalents, including restricted cash and marketable securities, decreased from US
On 5 October 2023, Orchard Therapeutics Plc. (Orchard) announced it had entered into a definitive agreement with Japanese company Kyowa Kirin Co. LTD for the acquisition of Orchard. During the first nine months of 2024, Pharming received US
Outlook/Summary
For the remainder of 2024 and the full year, the Company anticipates:
- Total revenues between US
$280 million and US$295 million (14% to20% growth). - Continued progress finding additional APDS patients in the U.S., supported by family testing and VUS validation efforts, and subsequently converting patients to paid Joenja® (leniolisib) therapy.
- Increasing leniolisib ex-U.S. revenues - through our Named Patient Program and other funded early access programs in key global markets.
- Completion of leniolisib clinical trials to support regulatory filings for approval in Japan and pediatric label expansion in key global markets.
- Progress towards regulatory approvals for leniolisib in the EEA, Canada and Australia.
- Advancing the Phase II clinical trial for leniolisib in PIDs with immune dysregulation linked to PI3Kδ signaling to significantly expand the long-term commercial potential of leniolisib.
- Continued focus on potential acquisitions and in-licensing of clinical stage opportunities in rare diseases. Financing, if required, would come via a combination of our strong balance sheet and access to capital markets.
No further specific financial guidance for 2024 is provided.
Additional information
Presentation
The conference call presentation is available on the Pharming.com website from 07:30 CEST today.
Conference Call
The conference call will begin at 13:30 CEST/07:30 EDT on Thursday, October 24. A transcript will be made available on the Pharming.com website in the days following the call.
Please note, the Company will only take questions from dial-in attendees.
Webcast Link:
https://edge.media-server.com/mmc/p/yotjk8ib
Conference call dial-in details:
https://register.vevent.com/register/BId118ac68d9124f67b1a83e3769559100
Additional information on how to register for the conference call/webcast can be found on the Pharming.com website.
For further public information, contact:
Pharming Group N.V., Leiden, the Netherlands
Michael Levitan, VP Investor Relations & Corporate Communications
T: +1 (908) 705 1696
E: investor@pharming.com
FTI Consulting, London, UK
Victoria Foster Mitchell/Alex Shaw
T: +44 203 727 1000
LifeSpring Life Sciences Communication, Amsterdam, the Netherlands
Leon Melens
T: +31 6 53 81 64 27
E: pharming@lifespring.nl
About Pharming Group N.V.
Pharming Group N.V. (EURONEXT Amsterdam: PHARM/Nasdaq: PHAR) is a global biopharmaceutical company dedicated to transforming the lives of patients with rare, debilitating, and life-threatening diseases. Pharming is commercializing and developing an innovative portfolio of protein replacement therapies and precision medicines, including small molecules and biologics. Pharming is headquartered in Leiden, the Netherlands, and has employees around the globe who serve patients in over 30 markets in North America, Europe, the Middle East, Africa, and Asia-Pacific.
For more information, visit www.pharming.com and find us on LinkedIn.
Auditor’s involvement
The Condensed Consolidated Interim Financial Statements have not been audited by the Company’s statutory auditor.
Forward-looking Statements
This press release may contain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. Examples of forward-looking statements may include statements with respect to timing and progress of Pharming's preclinical studies and clinical trials of its product candidates, Pharming's clinical and commercial prospects, and Pharming's expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming's clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory, commercial, competitive and technical developments. In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming's 2023 Annual Report and the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming's actual results could differ materially and adversely from those anticipated or implied thereby. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Any forward-looking statements speak only as of the date of this press release and are based on information available to Pharming as of the date of this release. Pharming does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information.
Inside Information
This press release relates to the disclosure of information that qualifies, or may have qualified, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Pharming Group N.V.
Condensed Consolidated Interim Financial Statements in US Dollars (unaudited)
For the period ended September 30, 2024
- Condensed consolidated interim statement of income
- Condensed consolidated interim statement of comprehensive income
- Condensed consolidated interim balance sheet
- Condensed consolidated interim statement of changes in equity
- Condensed consolidated interim statement of cash flows
CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME | ||||
For the period ended September 30 | ||||
Amounts in US$ ‘000 | 3Q 2024 | 3Q 2023 | 9M 2024 | 9M 2023 |
Revenues | 74,849 | 66,661 | 204,528 | 164,099 |
Costs of sales | (6,819) | (8,295) | (23,186) | (18,094) |
Gross profit | 68,030 | 58,366 | 181,342 | 146,005 |
Other income | 777 | 304 | 2,034 | 22,811 |
Research and development | (20,721) | (20,753) | (60,839) | (57,287) |
General and administrative | (15,292) | (10,886) | (45,999) | (31,849) |
Marketing and sales | (28,686) | (25,123) | (91,863) | (86,136) |
Other Operating Costs | (64,699) | (56,762) | (198,701) | (175,272) |
Operating profit (loss) | 4,108 | 1,908 | (15,325) | (6,456) |
Fair value gain (loss) on revaluation | 21 | — | 5,159 | — |
Other finance income | 825 | 1,251 | 3,760 | 2,050 |
Other finance expenses | (2,998) | 633 | (7,488) | (4,621) |
Finance result, net | (2,152) | 1,884 | 1,431 | (2,571) |
Share of net profits (loss) in associates using the equity method | (442) | (485) | (1,276) | (954) |
Profit (loss) before tax | 1,514 | 3,307 | (15,170) | (9,981) |
Income tax credit (expense) | (2,548) | 157 | 470 | 2,556 |
Profit (loss) for the period | (1,034) | 3,464 | (14,700) | (7,425) |
Basic earnings per share (US$) | (0.002) | 0.005 | (0.022) | (0.011) |
Diluted earnings per share (US$) | (0.002) | 0.005 | (0.022) | (0.011) |
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME | ||||
For the period ended September 30 | ||||
Amounts in US$ ‘000 | 3Q 2024 | 3Q 2023 | 9M 2024 | 9M 2023 |
Profit (loss) for the period | (1,034) | 3,464 | (14,700) | (7,425) |
Currency translation differences | 2,883 | (5,158) | (1,352) | (2,079) |
Items that may be subsequently reclassified to profit or loss | 2,883 | (5,158) | (1,352) | (2,079) |
Fair value remeasurement investments | 1 | 281 | 79 | 419 |
Items that shall not be subsequently reclassified to profit or loss | 1 | 281 | 79 | 419 |
Other comprehensive income (loss), net of tax | 2,884 | (4,877) | (1,273) | (1,660) |
Total comprehensive income (loss) for the period | 1,850 | (1,413) | (15,973) | (9,085) |
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET | ||
Amounts in US$ ‘000 | September 30, 2024 | December 31, 2023 |
Non-current assets | ||
Intangible assets | 67,096 | 71,267 |
Property, plant and equipment | 8,692 | 9,689 |
Right-of-use assets | 21,975 | 23,777 |
Long-term prepayments | 93 | 92 |
Deferred tax assets | 36,752 | 29,761 |
Investment accounted for using the equity method | 1,016 | 2,285 |
Investments in equity instruments designated as at FVTOCI | — | 2,020 |
Investment in debt instruments designated as at FVTPL | 6,150 | 6,093 |
Restricted cash | 1,548 | 1,528 |
Total non-current assets | 143,322 | 146,512 |
Current assets | ||
Inventories | 62,227 | 56,760 |
Trade and other receivables | 48,199 | 46,158 |
Marketable securities | 111,104 | 151,683 |
Cash and cash equivalents | 60,662 | 61,741 |
Total current assets | 282,192 | 316,342 |
Total assets | 425,514 | 462,854 |
Equity | ||
Share capital | 7,750 | 7,669 |
Share premium | 487,079 | 478,431 |
Other reserves | 9,334 | (2,057) |
Accumulated deficit | (278,371) | (265,262) |
Shareholders’ equity | 225,792 | 218,781 |
Non-current liabilities | ||
Convertible bonds | 92,099 | 136,598 |
Lease liabilities | 27,784 | 29,507 |
Total non-current liabilities | 119,883 | 166,105 |
Current liabilities | ||
Convertible bonds | 3,319 | 1,824 |
Trade and other payables | 72,638 | 72,528 |
Lease liabilities | 3,882 | 3,616 |
Total current liabilities | 79,839 | 77,968 |
Total equity and liabilities | 425,514 | 462,854 |
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY | |||||
For the period ended September 30 | |||||
Attributable to owners of the parent | |||||
Amounts in US$ ‘000 | Share capital | Share premium | Other reserves | Accumulated deficit | Total equity |
Balance at January 1, 2023 | 7,509 | 462,297 | (8,737) | (256,431) | 204,638 |
Profit (loss) for the period | — | — | — | (7,425) | (7,425) |
Reserves | — | — | — | — | — |
Other comprehensive income (loss) for the period | — | — | (1,660) | — | (1,660) |
Total comprehensive income (loss) for the period | — | — | (1,660) | (7,425) | (9,085) |
Other reserves | — | — | (518) | 518 | — |
Income tax benefit from excess tax deductions related to share-based payments | — | — | — | 574 | 574 |
Share-based compensation | — | — | — | 5,935 | 5,935 |
Options exercised / LTIP shares issued | 141 | 13,686 | — | (5,947) | 7,880 |
Value of conversion rights of convertible bonds | — | — | — | — | — |
Total transactions with owners, recognized directly in equity | 141 | 13,686 | (518) | 1,080 | 14,389 |
Balance at September 30, 2023 | 7,650 | 475,983 | (10,915) | (262,776) | 209,942 |
Balance at January 1, 2024 | 7,669 | 478,431 | (2,057) | (265,262) | 218,781 |
Profit (loss) for the period | — | — | — | (14,700) | (14,700) |
Reserves | — | — | 1,560 | (1,560) | — |
Other comprehensive income (loss) for the period | — | — | (1,273) | — | (1,273) |
Total comprehensive income (loss) for the period | — | — | 287 | (16,260) | (15,973) |
Other reserves | — | — | (31) | 31 | — |
Income tax benefit from excess tax deductions related to share-based payments | — | — | — | (241) | (241) |
Share-based compensation | — | — | — | 8,605 | 8,605 |
Options exercised / LTIP shares issued | 81 | 8,648 | — | (5,244) | 3,485 |
Value of conversion rights of convertible bonds | — | — | 11,135 | — | 11,135 |
Total transactions with owners, recognized directly in equity | 81 | 8,648 | 11,104 | 3,151 | 22,984 |
Balance at September 30, 2024 | 7,750 | 487,079 | 9,334 | (278,371) | 225,792 |
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS | ||||
For the period ended September 30 | ||||
Amounts in $’000 | 3Q 2024 | 3Q 2023 | 9M 2024 | 9M 2023 |
Profit (loss) before tax | 1,514 | 3,307 | (15,170) | (9,981) |
Adjustments to reconcile net profit (loss) to net cash used in operating activities: | ||||
Depreciation, amortization, impairment of non-current assets | 2,743 | 2,902 | 8,371 | 8,370 |
Equity settled share based payments | 2,918 | 1,965 | 8,605 | 5,935 |
Fair value loss (gain) on revaluation | (21) | — | (5,159) | — |
Gain on disposal from PRV sale | — | — | — | (21,080) |
Other finance income | (182) | (1,251) | (3,117) | (2,050) |
Other finance expenses | 2,315 | (633) | 6,765 | 4,621 |
Share of net result in associates using the equity method | 442 | 485 | 1,276 | 954 |
Other | — | 1,055 | — | (1,130) |
Operating cash flows before changes in working capital | 9,729 | 7,830 | 1,571 | (14,361) |
Changes in working capital: | ||||
Inventories | (2,133) | (396) | (5,248) | (11,113) |
Trade and other receivables | 2,919 | (7,363) | (2,044) | (12,902) |
Payables and other current liabilities | 6,560 | 3,242 | 4,305 | 8,075 |
Restricted cash | — | (47) | — | 363 |
Total changes in working capital | 7,346 | (4,563) | (2,987) | (15,577) |
Interest received | 1,784 | 260 | 4,154 | 1,059 |
Income taxes received (paid) | (9,117) | — | (13,864) | — |
Net cash flows generated from (used in) operating activities | 9,742 | 3,527 | (11,126) | (28,879) |
Capital expenditure for property, plant and equipment | (366) | (147) | (660) | (1,133) |
Proceeds on PRV sale | — | — | — | 21,080 |
Investment intangible assets | — | 23 | — | 23 |
Disposal of investment designated as at FVOCI | 8 | — | 1,972 | — |
Purchases of marketable securities | (109,796) | (144,554) | (222,249) | (231,901) |
Proceeds from sale of marketable securities | 114,504 | 86,451 | 262,345 | 86,451 |
Net cash flows generated from (used in) investing activities | 4,350 | (58,227) | 41,408 | (125,480) |
Payment of lease liabilities | (918) | (1,007) | (2,485) | (3,022) |
Interests on lease liabilities | (258) | (270) | (784) | (825) |
Net proceeds of issued convertible bonds | (263) | — | 104,539 | — |
Repurchase of convertible bonds | (9) | — | (134,931) | — |
Interests on convertible bonds | (8) | (2,029) | (2,032) | (4,052) |
Settlement of share based compensation awards | 23 | 8,546 | 3,485 | 7,880 |
Net cash flows generated from (used in) financing activities | (1,433) | 5,240 | (32,208) | (19) |
Increase (decrease) of cash | 12,659 | (49,460) | (1,926) | (154,378) |
Exchange rate effects | 861 | (913) | 847 | 1,689 |
Cash and cash equivalents at the beginning of the period | 47,142 | 105,026 | 61,741 | 207,342 |
Total cash and cash equivalents at September 30 | 60,662 | 54,653 | 60,662 | 54,653 |
Attachment
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