In This Article:
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Full-Year Revenue: Increased by 21% to $297 million.
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RUCONEST Revenue: Grew 11% to $252 million.
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Joenja Revenue: Increased by 147% to $45 million.
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Q4 Revenue Growth: 14% increase compared to Q4 2023.
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Gross Profit Growth: Increased by 9% despite a one-off inventory impairment.
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Operating Profit: Increased by $5.6 million, marking the second consecutive quarter of operating profit.
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Net Profit: Transitioned from a loss in Q4 2023 to a net profit in Q4 2024.
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Operating Cash Flow: Positive for the second consecutive quarter.
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2025 Revenue Guidance: Expected between $315 million and $335 million, indicating a growth rate of 6% to 13%.
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Operating Expenses: Expected to remain flat in 2025, excluding Abliva-related costs.
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Abliva Acquisition Cost: $66.1 million, funded with available cash.
Release Date: March 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Pharming Group (PHGUF) reported a 21% increase in full-year 2024 revenues, reaching $297 million, surpassing their guidance range.
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RUCONEST sales grew by 11% to $252 million, driven by a 24% increase in new patient enrollments and an 11% expansion of the prescriber base.
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Joenja revenue increased by 147% to $45 million, with significant growth expected from new patient enrollments and geographic expansion.
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The acquisition of Abliva is seen as a strategic move to enhance Pharming's pipeline, particularly in the area of primary mitochondrial diseases.
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Pharming Group (PHGUF) maintained positive operating cash flow and operating profits for the last two quarters of 2024, indicating strong financial health.
Negative Points
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Gross profit growth was lower than revenue growth due to a one-off inventory impairment related to RUCONEST production issues.
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Operating expenses increased by 10% due to investments in Joenja, which may impact profitability if not managed carefully.
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The company faces potential challenges from new competition in the HAE market, which could impact RUCONEST's market share.
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There are concerns about potential US tariffs affecting drug pricing and supply chain, which could impact Pharming's operations.
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The integration of Abliva and associated costs, estimated at $30 million for 2025, could strain resources if not managed effectively.
Q & A Highlights
Q: Could you elaborate on the target population for KL133 in primary mitochondrial disease and the potential treatment eligibility? A: Anurag Relan, Chief Medical Officer, explained that the target population for KL133 includes patients with mitochondrial DNA mutations, which represent 80% of all primary mitochondrial diseases (PMDs). The estimated addressable population is about 30,000 patients in the US and large European markets.