Pharming Q2 Revenue Misses, Cuts 2026 Guidance by $30M; Joenja Grows 40% but RUCONEST Slides
PHAR is trading near its 52-week low of $9.535 (7.2% above the low) on light trading volume (0.4× avg).
Summary
Pharming reported Q2 2026 revenue of $90.2M (down 3% YoY), cut full-year revenue guidance by $30M, and posted a slim $1.3M operating profit. Joenja grew 40% to $17.9M, but RUCONEST fell 10% to $72.3M. Key catalysts ahead: pediatric Joenja PDUFA Oct 24 and Phase II CVID data in Q4.
Key Events · Earnings and Guidance · PHAR
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Revenue Miss and Guidance Cut
Q2 total revenue of $90.2M fell 3% YoY, and full-year 2026 revenue guidance was lowered by $30M to $375M–$395M, reflecting deeper-than-expected RUCONEST erosion.
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RUCONEST Decline vs. Joenja Growth
RUCONEST revenue dropped 10% to $72.3M due to U.S. competition and inventory drawdowns, while Joenja surged 40% to $17.9M driven by U.S. patient growth and international expansion.
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Operating Profit Squeeze
Operating profit fell to $1.3M from $10.8M a year ago, hit by a $4.9M inventory impairment and a $1.7M charge for closing the Évry, France production site.
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Cash Position and Runway
Cash and equivalents declined to $159.5M at June 30, 2026, down $21.6M from year-end 2025, with negative operating cash flow of $7.7M in H1 2026.
Analysis · PHAR · Life Sciences
Pharming's second-quarter results reveal a mixed picture: total revenue of $90.2 million missed expectations, driven by a 10% decline in its legacy RUCONEST franchise to $72.3 million, while Joenja grew 40% to $17.9 million. The company slashed full-year revenue guidance by $30 million to $375–$395 million, signaling that competitive pressure on RUCONEST is deeper than anticipated. Operating profit collapsed to $1.3 million from $10.8 million a year ago, weighed down by a $4.9 million inventory impairment and a $1.7 million charge for closing its French production site. On the positive side, Joenja's momentum is accelerating with European launches underway, a pediatric label expansion decision expected by October 24, and Phase II data in the larger CVID indication due in Q4. Cash reserves fell to $159.5 million, down $21.6 million from year-end, raising questions about runway if RUCONEST erosion continues. The guidance cut and margin compression are the dominant headlines, but the pipeline catalysts provide a potential offset.
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At the time of this filing, PHAR was trading at $10.22 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $891.1M. The 52-week trading range was $9.54 to $21.34. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.