Nexus Energy Services, Inc. Q4 FY2024 earnings call

Management Statement and Operational Highlights

• Company Vision: Pharming aims to develop a leading global rare disease company with a diverse portfolio, leveraging a proven clinical development supply chain and commercial infrastructure.
• 2024 Financials: Full-year 2024 revenues reached $297 million, a 21% increase above guidance, with operating profit and positive operating cash flow in the last two quarters.
• RUCONEST: Grew 11% to $252 million in 2024, driven by new patient enrollment and prescriber base expansion. Q4 2024 growth was 9%.
• Joenja: 2024 revenue surged 147% to $45 million. It is in the early stages of its lifecycle, with growth expected from US patient enrollment, UK launch, and expansion into pediatric and other primary immunodeficiency indications.
• Abliva Acquisition: Completed the $66.1 million acquisition of Abliva, funding with available cash, and moving forward with the KL1333 trial for primary mitochondrial diseases.
• R&D Updates: Phase 2 trials in APLS and CVID for leniolisib; a VUS project to identify new APDS patients; a pediatric APDS study with data for regulatory filing in 2026.

Segment Performance

• RUCONEST: 2024 revenue was $252 million, up 11% from 2023. In Q4 2024, it grew 9% to nearly $80 million. It contributed approximately 84.8% to total 2024 revenues ($252M / $297M).
• Joenja: 2024 revenue was $45 million, up 147% from 2023. It contributed approximately 15.2% to total 2024 revenues ($45M / $297M).

Guidance

• 2025 Revenue: Expected to land between $315 million and $335 million, representing 6% to 13% growth, assuming high single-digit RUCONEST growth and continued strong Joenja growth, with acceleration from VUS impact in H2 2025.
• OpEx: Expected to be flat on 2024 prior to Abliva, with Abliva-related OpEx in 2025 estimated at $30 million, including $17 million in R&D costs.

Risks

• Tariffs: Monitoring potential US tariffs on drugs and proactively assessing supply chain adaptations to minimize impact.
• Regulatory Uncertainty: Uncertainties around trial timelines and regulatory approvals for new indications, particularly for CVID and pediatric APDS.

Question and Answer

• Q: Details on KL1333 patient population and Joenja access program patients A: Anurag Relan discussed KL1333 targeting 30,000 US and large European patients with specific mitochondrial DNA mutations. Stephen Toor mentioned 188 patients on expanded access programs in multiple key markets, mostly in early access or compassionate use, not specifically paid.
• Q: Abliva OpEx evolution and CVID Phase 3 need A: Fabrice Chouraqui and Anurag Relan discussed Abliva-related OpEx estimate of $30 million in 2025, with $17 million in R&D. Anurag noted CVID Phase 2 trial with anticipation of Phase 3 requirement for registration.
• Q: RUCONEST prescriber base and CVID trial timeframe A: Stephen Toor discussed growing RUCONEST prescriber base through physician feedback and advisory boards. Anurag Relan mentioned CVID Phase 2 trial with first patient dosed soon, with Phase 3 anticipated.
• Q: CVID FDA fast-track designation A: Anurag Relan stated they will work with regulators to seek fast-track designation for CVID trials.