(PHARM) Pharming - Overview
Sector: Healthcare | Industry: Biotechnology | Exchange: AS (Netherlands) | Market Cap: 790m EUR | Total Return: 19.3% in 12m
Avg Turnover: 10.4M
Rev. Trend: 98.8%
Qual. Beats: -1
Warnings
Interest Coverage Ratio 0.0 is critical
Altman Z'' -0.28 < 1.0 - financial distress zone
Below Avwap Earnings
Tailwinds
Confidence
Pharming Group N.V. is a Netherlands-based biopharmaceutical firm specializing in protein replacement therapies and precision medicines for rare diseases. Its commercial portfolio features RUCONEST, a recombinant C1 esterase inhibitor for hereditary angioedema (HAE), and Joenja (leniolisib), a small molecule inhibitor for activated phosphoinositide 3-kinase delta syndrome (APDS).
The company operates within the biotechnology sector, where business models often rely on high-margin orphan drug designations to offset the intensive R&D costs associated with small patient populations. Pharming utilizes a hybrid approach of internal development and strategic partnerships, such as its existing licensing agreement with Novartis.
Investors should consult ValueRay to analyze the companys long-term valuation metrics.
- RUCONEST commercial performance in US hereditary angioedema market drives core revenue
- Joenja market penetration and geographic expansion determine long-term growth trajectory
- Clinical trial outcomes for Joenja pediatric label expansion influence valuation
- Regulatory approval timelines in European and Asian markets affect revenue diversification
- Research and development expenditure levels impact path toward sustained profitability
| Net Income: 12.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 9.36 > 1.0 |
| NWC/Revenue: 49.55% < 20% (prev 42.56%; Δ 7.00% < -1%) |
| CFO/TA 0.11 > 3% & CFO 52.6m > Net Income 12.5m |
| Net Debt (-37.2m) to EBITDA (33.7m): -1.10 < 3 |
| Current Ratio: 2.63 > 1.5 & < 3 |
| Outstanding Shares: last quarter (742.6m) vs 12m ago 11.00% < -2% |
| Gross Margin: 88.12% > 18% (prev 0.89%; Δ 8.72k% > 0.5%) |
| Asset Turnover: 82.79% > 50% (prev 79.60%; Δ 3.19% > 0%) |
| Interest Coverage Ratio: 0.01 > 6 (EBITDA TTM 33.7m / Interest Expense TTM 1.66b) |
| A: 0.37 (Total Current Assets 295.2m - Total Current Liabilities 112.2m) / Total Assets 488.9m |
| B: -0.58 (Retained Earnings -281.2m / Total Assets 488.9m) |
| C: 0.05 (EBIT TTM 21.6m / Avg Total Assets 446.0m) |
| D: -1.13 (Book Value of Equity -249.4m / Total Liabilities 220.2m) |
| Altman-Z'' = -0.28 = B |
| DSRI: 1.10 (Receivables 60.0m/47.5m, Revenue 369.3m/320.9m) |
| GMI: 1.01 (GM 88.12% / 88.98%) |
| AQI: 0.85 (AQ_t 0.35 / AQ_t-1 0.41) |
| SGI: 1.15 (Revenue 369.3m / 320.9m) |
| TATA: -0.08 (NI 12.5m - CFO 52.6m) / TA 488.9m) |
| Beneish M = -3.00 (Cap -4..+1) = AA |
As of May 24, 2026, the stock is trading at EUR 1.12 with a total of 6,570,746 shares traded.
Over the past week, the price has changed by +0.81%,
over one month by -22.47%,
over three months by -20.31% and
over the past year by +19.25%.
Pharming has no consensus analysts rating.
Market Cap USD = 918.7m (790.3m EUR * 1.1625 EUR.USD)
P/E Trailing = 55.95
P/E Forward = 27.1003
P/S = 2.1389
P/B = 3.383
Revenue TTM = 369.3m USD
EBIT TTM = 21.6m USD
EBITDA TTM = 33.7m USD
Long Term Debt = 93.4m USD (from longTermDebt, last quarter)
Short Term Debt = 8.14m USD (from shortTermDebt, last quarter)
Debt = 133.5m USD (from shortLongTermDebtTotal, last quarter) + Leases 17.4m
Net Debt = -37.2m USD (calculated: Debt 133.5m - CCE 170.7m)
Enterprise Value = 881.5m USD (918.7m + Debt 133.5m - CCE 170.7m)
Interest Coverage Ratio = 0.01 (Ebit TTM 21.6m / Interest Expense TTM 1.66b)
EV/FCF = 16.98x (Enterprise Value 881.5m / FCF TTM 51.9m)
FCF Yield = 5.89% (FCF TTM 51.9m / Enterprise Value 881.5m)
FCF Margin = 14.06% (FCF TTM 51.9m / Revenue TTM 369.3m)
Net Margin = 3.37% (Net Income TTM 12.5m / Revenue TTM 369.3m)
Gross Margin = 88.12% ((Revenue TTM 369.3m - Cost of Revenue TTM 43.9m) / Revenue TTM)
Gross Margin QoQ = 90.83% (prev 80.19%)
Tobins Q-Ratio = 1.80 (Enterprise Value 881.5m / Total Assets 488.9m)
Interest Expense / Debt = 1.24k% (Interest Expense 1.66b / Debt 133.5m)
Taxrate = 21.0% (US default 21%)
NOPAT = 17.1m (EBIT 21.6m * (1 - 21.00%))
Current Ratio = 2.63 (Total Current Assets 295.2m / Total Current Liabilities 112.2m)
Debt / Equity = 0.50 (Debt 133.5m / totalStockholderEquity, last quarter 268.7m)
Debt / EBITDA = -1.10 (Net Debt -37.2m / EBITDA 33.7m)
Debt / FCF = -0.72 (Net Debt -37.2m / FCF TTM 51.9m)
Total Stockholder Equity = 262.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.79% (Net Income 12.5m / Total Assets 488.9m)
RoE = 2.29% (Net Income TTM 12.5m / Total Stockholder Equity 543.7m)
RoCE = 3.39% (EBIT 21.6m / Capital Employed (Equity 543.7m + L.T.Debt 93.4m))
RoIC = 4.43% (NOPAT 17.1m / Invested Capital 384.8m)
WACC = 8.03% (E(918.7m)/V(1.05b) * Re(9.20%) + (debt cost/tax rate unavailable))
Discount Rate = 9.20% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 20.95 | Cagr: 4.34%
[DCF] Terminal Value 77.97% ; FCFF base≈33.2m ; Y1≈38.0m ; Y5≈56.0m
[DCF] Fair Price = 1.25 (EV 842.5m - Net Debt -37.2m = Equity 879.7m / Shares 706.3m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 98.79 | Revenue CAGR: 24.88% | SUE: -0.89 | # QB: -1
EPS current Year (2026-12-31): EPS=0.03 | Chg30d=N/A | Revisions=+33% | GrowthEPS=+669.2% | GrowthRev=+7.3%
EPS next Year (2027-12-31): EPS=0.04 | Chg30d=N/A | Revisions=+33% | GrowthEPS=+17.7% | GrowthRev=+11.0%
[Analyst] Revisions Ratio: +33%