Pharming Group NV reported fourth-quarter revenue of $106.5 million, a 15% increase compared with the same period a year earlier. For the full fiscal year, total revenue reached $376 million, representing a 26% rise relative to 2025.
Product-level results in the quarter showed Ruconest sales of $87 million, up 9% year-over-year, while Joenja generated $20 million in revenue, a 52% increase versus the prior year and a 31% increase from the preceding quarter.
In the United States, the company added four patients on paid Joenja therapy during the fourth quarter, bringing the total number of patients on paid Joenja to 120 as of December 31, 2025. Across the full year, Pharming added 24 patients on paid therapy, compared with 16 patients added in 2024. The company also identified an additional 40 US patients diagnosed with APDS in 2025, versus 18 identified in 2024.
Pharming said it observed increased demand in international markets during the period, including uptake in the United Kingdom following the product launch there in April 2025.
On the profit and expense side, fourth-quarter operating profit was $6.2 million, contributing to a full-year operating profit of $25.8 million. Total operating expenses for the year amounted to $311 million, which exceeded the company’s previously communicated guidance range of $304 million to $308 million.
At the end of December 2025, Pharming reported cash and cash equivalents of $181 million. That figure includes $55 million of net cash flow from operations recorded during the year.
Looking ahead to fiscal 2026, the company reiterated guidance for total revenues in the range of $405 million to $425 million, a projection that implies year-over-year growth of approximately 8% to 13%. Management indicated expectations for ongoing Ruconest growth and accelerating Joenja uptake across the US and international markets as drivers of that revenue outlook.
Pharming also provided a 2026 operating expense forecast of $330 million to $335 million, representing an increase of 6% to 8% year-over-year. The expense outlook incorporates $60 million of incremental research and development spending to support ongoing leniolisib phase 2 trials and the napazimone pivotal clinical trial, in addition to $9 million in structural general and administrative cost reductions tied to a plan announced in October.
The company’s guidance and reported results present a mixed picture: top-line expansion driven by product sales and patient additions alongside higher-than-anticipated operating expenses and continued investment in clinical development.