Pharming Group N.V.
PHAR · Pharmaceutical Preparations · EDGAR filings ↗
Grade
B75Commercial rare-disease biotech with two growing approved products and strong cash generation, but thin bottom-line margins.
Strengths
- Strong cash metrics — FCF margin 81st pct, FCF 86th, interest coverage ~132 (99th), gross margin 88% (80th)
- Revenue +27% (65th pct) on RUCONEST (+26%) and Joenja (+29%); ROA/ROE rank well within sector (85th/73rd)
Risks
- Net income fell sharply (-121%, 9th pct) on Abliva integration spend; net margin only ~0.7%
- Heavy concentration in RUCONEST/Joenja with rising HAE competition (oral EKTERLY approved 2025) and customer concentration
Notable findings
- Strong balance sheetStrong balance sheet — $145M cash & investments
- Notable holderHeld by 1 notable fund(s): CITADEL ADVISORS LLC (as of 2026-03-31)
Key metrics
Gross margin
87.9%
Operating margin
6.9%
Net margin
0.7%
Return on equity
0.9%
Return on assets
0.5%
Revenue growth (QoQ)
26.6%
Interest coverage
131.8×
Current ratio
2.6×
Free cash flow
$54M
Tangible book value
$277M
Cash & investments
$145M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-02 | 2025-12-31 | 0001828316-26-000015 ↗ |
| 20-F | 2025-04-03 | 2024-12-31 | 0001828316-25-000017 ↗ |
| 20-F | 2024-04-04 | 2023-12-31 | 0001828316-24-000008 ↗ |
| 20-F | 2023-04-05 | 2022-12-31 | 0001628280-23-010793 ↗ |
| 20-F | 2022-04-06 | 2021-12-31 | 0001628280-22-008574 ↗ |
| 20-F | 2021-04-07 | 2020-12-31 | 0001628280-21-006652 ↗ |