Pharming Group N.V. Q1 FY2026 earnings call

Product Performance - Ruconet: Revenue down 15% y-o-y due to inventory dynamics, exit from ex-US markets, and competition impact. Added 50 new patient enrollments and 23 new prescribers. - Joenja: Revenue grew 34% y-o-y. Strong momentum in US with patient growth and high full rate. Broader pool of APDS patients identified. - Regulatory Progress: Positioned well to launch Joenja in Japan and Europe. Resubmitted SNDA for two highest doses in US for pediatric population and planning to submit for lowest dose in summer. - Pipeline: Two Phase II readouts expected later this year for laniolisib in higher-prevalent PIDs. Registrational study for Napa Zimot expected to complete enrollment this year and readout next year.

Ruconet's revenue was down 15% year-on-year in Q1 2026. This was driven by inventory dynamics (8% reduction), planned exit from ex-US markets (3% reduction), and impact from competition. Joenja revenues grew by 34% compared to Q1 2025, reaching $14.1 million globally. In the US, patient growth was the central driver with 25% year-on-year increase in patients and 85% full rate. International markets also saw strong patient uptake.

Maintains revenue guidance of $405 to $425 million for 2026, representing 8% to 13% growth y-o-y. Expect low single-digit annual Ruconest growth at midpoint of guidance range with pressure in Q2 but growth in second half. Anticipates Joenja growth to accelerate with launches in Japan and Europe and US pediatric label revenues. Operating expenses expected between $330 to $335 million including incremental R&D investment.

Q: On ReefNest, why pressure in Q2 and confidence in second half growth, and on Joenja Europe launch.

A: Yves talked about reorder cycles and new prescribers and enrollments for ReefNest. For Joenja, first launch in Germany in second quarter and Japan launch in August.

Q: On Rucanest revenue drop not from inventory or exit and Leniolisib Phase II readouts.

A: Jeff was told enrollment delay and Anne Reich talked about unmet need and disease manifestations in Leniolisib.

Q: On revenue guidance key drivers and CVID compassionate use.

A: Kenneth said accelerated pediatric approval could be upside. Anne Reich said CVID compassionate use patients resemble phase two study patients.

Q: On Ruconest new enrollments sustainability and Joenja acceleration.

A: Lieber said sustainable new enrollments for Ruconest and Fabrice and Leverne talked about Joenja acceleration in adult and pediatric and international.

Q: On Leniolisib Type A meeting and low-dose resubmission.

A: Anurag Relin talked about two submission approach and putting data package together for low-dose resubmission