Nexus Energy Services, Inc. Q1 FY2025 earnings call

• RUCONEST grew 49% in Q1 2025, driven by new patient enrollment, expanded prescriber base, and lower inventory destocking. It has a unique profile in the on-demand HAE market. • Joenja saw 9% revenue growth, with six new patients in the U.S. in Q1. Future growth catalysts include reclassification of VUS patients, pediatric label expansion, and launch in key markets. • Pipeline continues progressing with genetic PID and CVID Phase II studies initiated, and KL1333 Phase II registrational trial enrollment resumed post-Abliva acquisition. • Cut G&A expenses by 15% or $10 million annually to optimize capital allocation. • Completed acquisition of Abliva in March 2025, with immediate financial consequences including non-recurring acquisition related expenses of $7.8 million.

In Q1 2025, Pharming's total revenues increased by 42%. RUCONEST grew 49% to $68.6 million, driven by new patient enrollment, expanded prescriber base, and lower inventory destocking. Joenja revenue increased by 9% to $10.5 million, fueled by robust new patient enrollment, offset by stocking impact and gross to net adjustment. RUCONEST contributes significantly to the top line with its strong growth, while Joenja shows progress with new patient additions and future growth catalysts.

• Raised 2025 total revenue guidance to between $325 million and $340 million, up from prior guidance of $315 million to $335 million. • Expect operating expenses to be flat versus last year prior to Abliva impact, with $30 million in Abliva related operating expenses. • Available cash and future cash flows expected to cover current pipeline investments and pre-launch costs.

• Potential impact of tariffs on U.S. sales, with Pharming working to evaluate scenarios to mitigate risk, including adjustments in supply chain, manufacturing, and pricing. Specifics on tariffs are not yet known, so mitigation efforts are proactive but detailed plans are pending.

Q: Jeff Jones asked about potential tariffs and their impact on Pharming's European manufacturing and U.S. sales, and how they're thinking about mitigation.

A: Jeroen Wakkerman stated they don't have details on tariff size and scope, but are evaluating scenarios including supply chain, manufacturing, and pricing adjustments.

Q: Joe Pantginis asked about Medicare resets impact on RUCONEST growth and factors for new doctor sign-ons for RUCONEST.

A: Stephen Toor said Medicare reset didn't majorly impact RUCONEST growth, which came from brand strength and focus on severely affected patients. New doctors are attracted by the product's position for patients with frequent attacks not responding to other therapies.

Q: Alistair Campbell asked about Joenja's net price evolution, VUS opportunity, and tax expense.

A: Stephen Toor said roughly 75-76% of pricing actions flow through to net this year. Anurag Relan discussed VUS patients and reclassification potential. Jeroen Wakkerman explained tax expense in Q1 was due to non-deductible Abliva costs and other one-offs, not expected to continue.

Q: Simon Scholes asked about elements of G&A cost reduction.

A: Fabrice Chouraqui said they're finalizing the plan to cut $10 million annually but couldn't detail specific elements yet, emphasizing the importance of optimizing capital allocation for value creation.