What's Going On With Netherlands-Based Biopharma Company Pharming Shares Today?

Pharming Group PHAR updated its full-year 2023 guidance, including RUCONEST and Joenja revenues, and a progress update on the U.S. launch of Joenja (leniolisib) for APDS.

The company expects revenue to increase by 19% to about $245 million, with RUCONEST revenues projected to be higher by 10% to around $227 million, significantly exceeding their previous guidance of low single-digit growth guidance.

Also, PHAR sees Joenja revenues of about $18 million, led by an increase in patients on paid therapy. 

Notably, the company launched Joenja for Activated PI3K Delta Syndrome (APDS) in the U.S. in April, shortly after FDA approval, and witnessed uptake from patients for the first and only FDA-approved treatment for APDS.

As of December 31, 2023, PHAR had 92 APDS patients enrolled in the U.S., of which 81 are on paid therapy.

As of 2023, the company expects preliminary, unaudited cash and cash equivalents, restricted cash, and marketable securities of $215.0 million.

Sijmen de Vries, Chief Executive Officer, said, "Looking towards 2024, we remain focused on our goals to obtain regulatory approvals and commercialize leniolisib for APDS in additional global markets, and to further develop our rare disease pipeline and footprint."

"We seek to significantly expand the leniolisib market opportunity by pursuing development of leniolisib for additional primary immunodeficiencies (PIDs) beyond APDS, including a Phase 2 proof of concept clinical trial protocol in PIDs with immune dysregulation linked to PI3Kẟ signaling planned to start in 2Q 2024."

PHAR plans to provide Q4 & FY23 financial results in March 2024.

Price Action: PHAR shares are down 0.03% at $12.22 premarket on the last check Monday.

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