Pharming Group N.V. Q2 FY2025 earnings call

• RUCONEST continues to grow double digits after 10 years on the market, with a unique value proposition for HAE patients.
• Joenja is in the early stages of its life cycle, with growth catalysts including U.S. patient reclassification, pediatric label expansion, and global launches.
• Pipeline progress includes filing regulatory applications for Joenja in Japan and pediatric label expansion in the U.S., phase II studies in primary immune deficiencies on track, and progress with KL1333 registrational study.
• Strong commercial execution with RUCONEST adding an average of 21 new prescribers each of the past 6 quarters and Joenja launching in the U.K. with first patients on therapy.

RUCONEST delivered double-digit revenue growth of 28% in Q2 2025, reaching $80.4 million. Joenja had a 15% quarter-on-quarter net revenue growth, with $12.8 million in net revenue. RUCONEST's growth is driven by new prescribers and patient enrollments, while Joenja's growth is fueled by factors like U.S. patient reclassification, pediatric expansion, and global launches.

• Raised 2025 total revenue guidance to $335 million to $350 million from prior $325 million to $340 million, implying 13%-18% full-year revenue growth.
• Expect total operating expenses for 2025 to be between $304 million and $308 million, slightly above prior guidance.
• Making progress on a 15% cut of G&A expenses and recruiting a new CFO.

Q: Two from my side on Joenja. So on the VUS patient reclassification, how do you expect to see this translate on new patients on paid therapy? And what are the bottlenecks?

A: Fabrice Chouraqui and Anurag Relan discussed that VUS reclassification will happen over time, with about 20% of U.S. VUS patients potentially reclassified as APDS, and they have experience in reclassifying patients and getting them on therapy.

Q: Congrats on a really strong quarter. One on Joenja, one on RUCONEST. On Joenja, you highlighted growth in patients on therapy but revenue was slightly down. Comment on conversion. On RUCONEST, are there segments at risk from sebetralstat launch?

A: Fabrice Chouraqui said revenue dip was due to inventory management. On RUCONEST, Steve Toor stated most patients are those who failed other treatments, and there's little risk of patient switch as RUCONEST serves a distinct population with unique efficacy.