(PHARM) Pharming - Ratings and Ratios
Recombinant C1-Inhibitor, PI3K-Delta Inhibitor, Gene Therapy
EPS (Earnings per Share)
Revenue
Dividends
Currently no dividends paid| Risk via 5d forecast | |
|---|---|
| Volatility | 72.1% |
| Value at Risk 5%th | 96.1% |
| Relative Tail Risk | -18.96% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.38 |
| Alpha | 93.68 |
| CAGR/Max DD | 0.25 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.455 |
| Beta | -0.050 |
| Beta Downside | 0.371 |
| Drawdowns 3y | |
|---|---|
| Max DD | 48.99% |
| Mean DD | 22.65% |
| Median DD | 19.60% |
Description: PHARM Pharming December 01, 2025
Pharming Group N.V. (AS:PHARM) is a Dutch-based biopharmaceutical firm that focuses on protein replacement therapies and precision medicines for rare diseases, primarily serving the United States and Europe.
The company’s flagship product, RUCONEST, is a recombinant C1-esterase inhibitor approved for acute hereditary angioedema (HAE) attacks in adults and adolescents. Its oral PI3Kδ inhibitor, Joenja (leniolisib), targets activated phosphoinositide 3-kinase delta syndrome, while OTL-105-a gene-edited autologous hematopoietic stem-cell therapy-remains in investigational stages for HAE.
Pharming maintains a development and licensing partnership with Novartis and a strategic collaboration with Orchard Therapeutics for OTL-105’s research, manufacturing, and commercialization. FY 2023 reported net sales of roughly €115 million, driven largely by RUCONEST, and a cash position of €210 million, giving the firm a runway of over three years without external financing.
The rare-disease biotech segment is expanding at a CAGR of ~9 % due to unmet medical needs and premium pricing, but it is also sensitive to reimbursement policies and FDA/EMA regulatory timelines. Investors should monitor RUCONEST’s market share in the HAE space (estimated at ~30 % in the U.S.) and the clinical read-outs for Joenja and OTL-105, as these milestones will materially affect cash flow forecasts.
For a deeper quantitative assessment, see the ValueRay analysis of PHARM.
Piotroski VR‑10 (Strict, 0-10) 5.5
| Net Income: 382.0k TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 11.25 > 1.0 |
| NWC/Revenue: 52.36% < 20% (prev 70.82%; Δ -18.46% < -1%) |
| CFO/TA 0.11 > 3% & CFO 53.3m > Net Income 382.0k |
| Net Debt (27.5m) to EBITDA (46.7m): 0.59 < 3 |
| Current Ratio: 3.16 > 1.5 & < 3 |
| Outstanding Shares: last quarter (696.7m) vs 12m ago 2.70% < -2% |
| Gross Margin: 89.90% > 18% (prev 0.89%; Δ 8901 % > 0.5%) |
| Asset Turnover: 80.57% > 50% (prev 67.15%; Δ 13.42% > 0%) |
| Interest Coverage Ratio: 2.17 > 6 (EBITDA TTM 46.7m / Interest Expense TTM 14.3m) |
Altman Z'' -0.21
| A: 0.40 (Total Current Assets 277.6m - Total Current Liabilities 87.9m) / Total Assets 473.8m |
| B: -0.58 (Retained Earnings -276.9m / Total Assets 473.8m) |
| C: 0.07 (EBIT TTM 31.0m / Avg Total Assets 449.6m) |
| D: -1.32 (Book Value of Equity -276.9m / Total Liabilities 209.1m) |
| Altman-Z'' Score: -0.21 = B |
Beneish M -2.97
| DSRI: 0.71 (Receivables 43.6m/48.2m, Revenue 362.3m/285.7m) |
| GMI: 0.99 (GM 89.90% / 89.39%) |
| AQI: 1.36 (AQ_t 0.36 / AQ_t-1 0.26) |
| SGI: 1.27 (Revenue 362.3m / 285.7m) |
| TATA: -0.11 (NI 382.0k - CFO 53.3m) / TA 473.8m) |
| Beneish M-Score: -2.97 = A |
ValueRay F-Score (Strict, 0-100) 66.50
| 1. Piotroski: 5.50pt |
| 2. FCF Yield: 4.17% |
| 3. FCF Margin: 14.55% |
| 4. Debt/Equity: 0.37 |
| 5. Debt/Ebitda: 0.59 |
| 6. ROIC - WACC: -0.04% |
| 7. RoE: 0.16% |
| 8. Revenue Trend: 89.73% |
| 9. EPS Trend: -21.84% |
What is the price of PHARM shares?
Over the past week, the price has changed by +8.26%, over one month by +15.36%, over three months by +48.77% and over the past year by +94.59%.
Is PHARM a buy, sell or hold?
What are the forecasts/targets for the PHARM price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 2.2 | 29.6% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 2 | 17.8% |
PHARM Fundamental Data Overview January 18, 2026
Market Cap USD = 1.30b (1.11b EUR * 1.1673 EUR.USD)
P/E Forward = 50.2513
P/S = 3.0731
P/B = 4.7857
Revenue TTM = 362.3m USD
EBIT TTM = 31.0m USD
EBITDA TTM = 46.7m USD
Long Term Debt = 93.1m USD (from longTermDebt, last quarter)
Short Term Debt = 5.21m USD (from shortLongTermDebt, last quarter)
Debt = 98.3m USD (Calculated: Short Term 5.21m + Long Term 93.1m)
Net Debt = 27.5m USD (from netDebt column, last fiscal year)
Enterprise Value = 1.27b USD (1.30b + Debt 98.3m - CCE 132.4m)
Interest Coverage Ratio = 2.17 (Ebit TTM 31.0m / Interest Expense TTM 14.3m)
EV/FCF = 24.01x (Enterprise Value 1.27b / FCF TTM 52.7m)
FCF Yield = 4.17% (FCF TTM 52.7m / Enterprise Value 1.27b)
FCF Margin = 14.55% (FCF TTM 52.7m / Revenue TTM 362.3m)
Net Margin = 0.11% (Net Income TTM 382.0k / Revenue TTM 362.3m)
Gross Margin = 89.90% ((Revenue TTM 362.3m - Cost of Revenue TTM 36.6m) / Revenue TTM)
Gross Margin QoQ = 92.73% (prev 90.38%)
Tobins Q-Ratio = 2.67 (Enterprise Value 1.27b / Total Assets 473.8m)
Interest Expense / Debt = 8.08% (Interest Expense 7.95m / Debt 98.3m)
Taxrate = 40.83% (5.21m / 12.8m)
NOPAT = 18.4m (EBIT 31.0m * (1 - 40.83%))
Current Ratio = 3.16 (Total Current Assets 277.6m / Total Current Liabilities 87.9m)
Debt / Equity = 0.37 (Debt 98.3m / totalStockholderEquity, last quarter 264.6m)
Debt / EBITDA = 0.59 (Net Debt 27.5m / EBITDA 46.7m)
Debt / FCF = 0.52 (Net Debt 27.5m / FCF TTM 52.7m)
Total Stockholder Equity = 234.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.08% (Net Income 382.0k / Total Assets 473.8m)
RoE = 0.16% (Net Income TTM 382.0k / Total Stockholder Equity 234.8m)
RoCE = 9.46% (EBIT 31.0m / Capital Employed (Equity 234.8m + L.T.Debt 93.1m))
RoIC = 5.63% (NOPAT 18.4m / Invested Capital 326.2m)
WACC = 5.66% (E(1.30b)/V(1.40b) * Re(5.73%) + D(98.3m)/V(1.40b) * Rd(8.08%) * (1-Tc(0.41)))
Discount Rate = 5.73% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -33.33 | Cagr: -1.01%
[DCF Debug] Terminal Value 80.82% ; FCFF base≈52.7m ; Y1≈34.6m ; Y5≈15.8m
Fair Price DCF = 0.68 (EV 503.0m - Net Debt 27.5m = Equity 475.6m / Shares 696.7m; r=5.90% [WACC]; 5y FCF grow -40.0% → 2.90% )
[DCF Warning] FCF declining rapidly (-40.0%), DCF may be unreliable
EPS Correlation: -21.84 | EPS CAGR: -1.64% | SUE: -0.43 | # QB: 0
Revenue Correlation: 89.73 | Revenue CAGR: 22.29% | SUE: 1.64 | # QB: 5
EPS next Year (2026-12-31): EPS=0.00 | Chg30d=+0.017 | Revisions Net=+2 | Growth EPS=-97.8% | Growth Revenue=+4.0%