(ABM FN-Dow Jones) Pharming achieved significantly higher sales in the first quarter of this year, thanks to the commercial launch of Joenja in the United States and higher sales of Ruconest. This emerged from figures from the biotech company on Wednesday morning.
Last quarter, revenue rose 31 percent year-over-year to $55.6 million.
Ruconest revenue increased 8 percent year over year to $46.0 million. Sales with Joenja amounted to $9.6 million, representing an increase of 21 percent compared to the fourth quarter of 2023.
Pharming says it is on track to achieve the projected turnover of 280 to 295 million dollars by 2024. This would increase turnover by 14 to 20 percent on an annual basis.
At the end of March, Pharming had 203.5 million euros in cash. At the end of the quarter, a refinancing was completed through the issuance of EUR 100 million in convertible bonds with a term until 2029.
CEO Sijmen de Vries spoke of a strong first quarter. “We now have 83 patients on reimbursed Joenja therapy in the U.S. and more patients enrolled and pending. An additional 138 patients worldwide are receiving leniolisib treatment through one of our access programs or ongoing clinical trials,” the statement said. top executive.
Pharming is looking at possibilities to also launch Joenja in other countries. Just last week, Joenja was approved by the regulator in Israel. Pharming also hopes to receive good news from Canadian and Australian regulators this year and next year.
In conversation with ABM Financial News, De Vries said he also sees many opportunities in leniolisib for additional indications, outside the rare immune disease APDS. De Vries spoke of a “pipeline in a product, a hidden gem”. Pharming plans to conduct an initial Phase II study into the potential of leniolisib for additional indications.
“We have a product that has already been found to be safe and with which we can potentially reach an even larger target group,” the CEO said.
The bottom line was a loss of $12.4 million last quarter, roughly equal to the loss a year earlier.
Pharming shares opened 1.7 percent lower at 0.88 euros on Wednesday.
Update: to add CEO explanation and share price reaction.
Source: ABM Financial News
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