First Berlin Equity Research Reiterates 'Buy' Rating for Pharming Group NV

First Berlin Equity Research GmbH has issued a research update on Pharming Group NV, reaffirming its "Buy" recommendation and a price target of €1.60. Analyst Simon Scholes noted that the Q2/24 financial results were robust, with a 35% year-over-year and 33% sequential revenue increase to USD 74.1 million. Despite these strong figures, the stock saw an 8% decline, attributed to slower growth in the enrollment of new leniolisib patients.

Pharming's operating loss narrowed to USD 3.1 million in Q2/24 from USD 16.3 million in Q1/24 due to higher revenue. The company expects patient numbers for leniolisib therapy to rise significantly in 2025. Pharming aims to complete the screening of 1,200 US patients with a VUS in the PIK3CD or PIK3R1 genes by the end of Q4. This step should bolster leniolisib patient growth, with projections suggesting over 600 patients by 2028. Future approvals in the EU, Japan, and for younger patients, along with its potential use for other primary immunodeficiencies, signal a substantial market opportunity.