The following is a summary of the Pharming Group N.V. (PHAR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Q3 revenue increased by 12%, driven by volume growth, especially from RUCONEST, which grew by 6%, and Joenja, which surged by 73%.
Gross profit increased by $9.7 million, aligned with revenue increase, with a slight increase in gross margin.
Operating profit for the quarter was $4.1 million, an improvement from $1.9 million in the previous year. This rise was primarily due to increased gross profit despite higher operating expenses.Total revenue for the first nine months increased by 25% to $204.5 million. Year-to-date, RUCONEST was up 12% at $172.6 million, and Joenja grew by 210%.
Net loss for the quarter was $1 million compared to a net profit of $3.4 million last year, mainly due to higher finance expenses from adverse euro-dollar exchange rate movements.
Business Progress:
Pharming Group emphasized their commitment to expanding their commercial footprint, especially in emerging markets like Japan and Australia.
Focused on accelerating patient identification and insurance processes in the U.S., particularly highlighting progress with Joenja, which has captured about 50% of known APDS patients since launch.
Launch preparation for leniolisib outside of the U.S. underway, with significant efforts targeted at the UK and Canada.
Ongoing investments in R&D and clinical trials to leverage commercialization infrastructure and regulatory approvals.
Opportunities:
Strong growth in RUCONEST and Joenja sales underscore opportunities in expanding treatment availability and obtaining regulatory approvals in additional markets, leveraging existing and emerging patient populations.
The potential market expansion with pediatric label extension for Joenja expected by 2026, targeting a patient demographic from age four, highlights significant growth potential.
Risks:
Challenges in scaling up operations for global market access and the uncertainty surrounding the pace of regulatory approvals especially in new regions like Japan and the UK may pose risks to expected growth trajectories.
The dynamics of Joenja adoption among newly identified APDS patients and the processes of insurance authorizations could impact revenue projections if not managed effectively.
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