(PHARM) Pharming - Overview
Stock: Recombinant C1-Inhibitor, Oral PI3K Inhibitor, Gene Therapy
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 72.4% |
| Relative Tail Risk | -18.7% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.02 |
| Alpha | 58.94 |
| Character TTM | |
|---|---|
| Beta | -0.070 |
| Beta Downside | 0.342 |
| Drawdowns 3y | |
|---|---|
| Max DD | 48.99% |
| CAGR/Max DD | 0.12 |
Description: PHARM Pharming January 26, 2026
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 (recombinant C1-esterase inhibitor), generated approximately €45 million in net sales in FY 2023, maintaining a leading position in the hereditary angioedema (HAE) market, which is projected to grow at a 6 % CAGR through 2028. Its oral PI3Kδ inhibitor, Joenja (leniolisib), is in late-stage development for activated phosphoinositide 3-kinase delta syndrome, with Phase 2 data released in early 2024 showing a 70 % overall response rate.
Pharming’s pipeline includes OTL-105, an ex-vivo autologous hematopoietic stem-cell gene therapy for HAE, which entered IND-enabling studies in Q1 2024. The program is supported by a development collaboration with Novartis and a strategic partnership with Orchard Therapeutics for manufacturing and commercialization, potentially accelerating time-to-market if regulatory milestones are met.
Financially, Pharming reported a cash balance of €250 million at year-end 2023, providing runway for continued R&D spending of roughly €80 million annually. The broader biotechnology sector is experiencing robust growth, with a 10 % compound annual growth rate forecast for 2023-2028, driven by increasing demand for rare-disease therapies and favorable reimbursement trends.
For a deeper, data-driven assessment of Pharming’s valuation dynamics, you may find it useful to explore the company’s profile on ValueRay.
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 70.76%; Δ -18.40% < -1%) |
| CFO/TA 0.11 > 3% & CFO 53.3m > Net Income 382.0k |
| Net Debt (-1.45m) to EBITDA (44.7m): -0.03 < 3 |
| Current Ratio: 3.16 > 1.5 & < 3 |
| Outstanding Shares: last quarter (669.0m) vs 12m ago 3.53% < -2% |
| Gross Margin: 89.90% > 18% (prev 0.89%; Δ 8901 % > 0.5%) |
| Asset Turnover: 80.57% > 50% (prev 67.20%; Δ 13.36% > 0%) |
| Interest Coverage Ratio: 2.03 > 6 (EBITDA TTM 44.7m / Interest Expense TTM 14.3m) |
Altman Z'' -0.07
| 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: 0.06 (EBIT TTM 29.0m / Avg Total Assets 449.6m) |
| D: -1.16 (Book Value of Equity -243.1m / Total Liabilities 209.1m) |
| Altman-Z'' Score: -0.07 = B |
Beneish M -2.97
| DSRI: 0.71 (Receivables 43.6m/48.2m, Revenue 362.3m/286.0m) |
| GMI: 0.99 (GM 89.90% / 89.40%) |
| AQI: 1.36 (AQ_t 0.36 / AQ_t-1 0.26) |
| SGI: 1.27 (Revenue 362.3m / 286.0m) |
| TATA: -0.11 (NI 382.0k - CFO 53.3m) / TA 473.8m) |
| Beneish M-Score: -2.97 (Cap -4..+1) = A |
What is the price of PHARM shares?
Over the past week, the price has changed by -20.21%, over one month by -4.21%, over three months by -0.15% and over the past year by +63.49%.
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 | 63.5% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 1.5 | 12.4% |
PHARM Fundamental Data Overview February 03, 2026
Market Cap USD = 1.41b (1.19b EUR * 1.1801 EUR.USD)
P/E Forward = 55.5556
P/S = 3.2923
P/B = 5.4387
Revenue TTM = 362.3m USD
EBIT TTM = 29.0m USD
EBITDA TTM = 44.7m USD
Long Term Debt = 93.1m USD (from longTermDebt, last quarter)
Short Term Debt = 9.69m USD (from shortTermDebt, last quarter)
Debt = 130.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -1.45m USD (from netDebt column, last quarter)
Enterprise Value = 1.37b USD (1.41b + Debt 130.9m - CCE 166.2m)
Interest Coverage Ratio = 2.03 (Ebit TTM 29.0m / Interest Expense TTM 14.3m)
EV/FCF = 26.03x (Enterprise Value 1.37b / FCF TTM 52.7m)
FCF Yield = 3.84% (FCF TTM 52.7m / Enterprise Value 1.37b)
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 = 2.90 (Enterprise Value 1.37b / Total Assets 473.8m)
Interest Expense / Debt = 6.07% (Interest Expense 7.95m / Debt 130.9m)
Taxrate = 40.83% (5.21m / 12.8m)
NOPAT = 17.2m (EBIT 29.0m * (1 - 40.83%))
Current Ratio = 3.16 (Total Current Assets 277.6m / Total Current Liabilities 87.9m)
Debt / Equity = 0.49 (Debt 130.9m / totalStockholderEquity, last quarter 264.6m)
Debt / EBITDA = -0.03 (Net Debt -1.45m / EBITDA 44.7m)
Debt / FCF = -0.03 (Net Debt -1.45m / 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 = 8.85% (EBIT 29.0m / Capital Employed (Equity 234.8m + L.T.Debt 93.1m))
RoIC = 5.26% (NOPAT 17.2m / Invested Capital 326.2m)
WACC = 5.48% (E(1.41b)/V(1.54b) * Re(5.66%) + D(130.9m)/V(1.54b) * Rd(6.07%) * (1-Tc(0.41)))
Discount Rate = 5.66% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -33.33 | Cagr: -0.44%
[DCF Debug] Terminal Value 80.82% ; FCFF base≈52.7m ; Y1≈34.6m ; Y5≈15.8m
Fair Price DCF = 0.72 (EV 503.0m - Net Debt -1.45m = Equity 504.5m / Shares 696.7m; r=5.90% [WACC]; 5y FCF grow -40.0% → 2.90% )
EPS Correlation: -21.84 | EPS CAGR: -1.64% | SUE: -0.43 | # QB: 0
Revenue Correlation: 89.75 | Revenue CAGR: 22.29% | SUE: 1.89 | # QB: 5
EPS next Year (2026-12-31): EPS=0.03 | Chg30d=+0.044 | Revisions Net=+2 | Growth EPS=+307.5% | Growth Revenue=+8.0%