Le Lézard
Classified in: Health, Science and technology, Business
Subjects: ERN, ACC

Pharming Group Reports Strong Financial Results for the First Half of 2019


Delivered 31% increase in revenue, 51% increase in operating profit and 60% increase in net profit year-on-year

Delivered 21% increase in revenue, with increases in operating profit and net profit compared to Q1 2019

Increased investment in pipeline to support long-term growth

LEIDEN, Netherlands, July 26, 2019 /PRNewswire/ -- Pharming Group N.V. ("Pharming" or "the Company") (Euronext Amsterdam: PHARM) presents its (unaudited) interim financial report for the first half year ended 30 June 2019.

The Company will hold a conference call at 13:00 CET / 07:00 EST today: dial-in details can be found on pages 4 and 5.

 

Financial summary


6 months to 30 June

 

Amounts in ?m except per share data

2019

1st Half

2018

1st Half

*restated

%

Change

Income Statement

Revenues

Gross profit

Operating result

Net result

 

77.9

67.0

24.6

13.6

 

59.5

50.0

16.3

8.5*

 

31%

34%

51%

60%

Balance Sheet

Cash & marketable securities

 

65.3

 

66.9

 

(2%)

Share Information

Earnings per share (?): - Undiluted
                                          
Fully diluted

0.022

0.020

 

0.014*

0.013*

 

57%

54%

*  After restatement on the basis set out above and in Note 4 to the Financial Statements in the Annual Report 2018.

 

Financial highlights

Sijmen de Vries, Chief Executive Officer, commented:

"We are pleased to report strong results today, demonstrating continued growth in a period of intense competition.  Pharming's revenue and profit performance confirm our in-market strategy as we see continued growth from existing and new patients requesting or being prescribed RUCONEST® as their preferred breakthrough therapy as well as medication for acute hereditary angioedema (HAE) attacks.  We expect this underlying demand for the product to continue to drive sales growth as we enter the second half of the year.  As a result of this demand and the regular need to provide ad hoc supplies in various EU markets following temporary shortages of plasma derived products, we are now seeing short term pressure on supplies of product for the European market. This pressure will be eliminated upon validation of our new production facility, expected during Q1 next year.  We are doing everything possible in the meantime to minimize this issue.

In addition, we are making good progress in our pipeline.  Following approval from the Dutch investigating centre's ethics committee, we are working to commence our clinical study of the effects of our recombinant human C1 esterase inhibitor (RUCONEST®) in patients with pre-eclampsia.

We expect to initiate a second major clinical trial with RUCONEST® in the second half of the year to treat acute kidney injury in patients undergoing percutaneous coronary interventions accompanied by contrast-enhanced examinations.  An announcement will be made once this study has been approved to begin by the relevant authorities.

While the solid growth performance of RUCONEST® in HAE is the engine room of Pharming's profitable underlying business, we see very large growth potential in these new indications, each of which addresses a separate currently-unmet medical need with sales potential well over $1 billion.  Together with our next protein replacement therapy product for Pompe disease and a later one for Fabry disease, these offer prospects for a very bright future for Pharming and all its stakeholders."

Outlook

For the remainder of 2019, the Company expects:

About Pharming Group N.V.

Pharming is a specialty pharmaceutical company developing innovative products for the safe, effective treatment of rare diseases and unmet medical needs. Pharming's lead product, RUCONEST® (conestat alfa) is a recombinant human C1 esterase inhibitor approved for the treatment of acute Hereditary Angioedema ("HAE") attacks in patients in Europe, the US, Israel and South Korea. The product is available on a named-patient basis in other territories where it has not yet obtained marketing authorization.

RUCONEST® is distributed by Pharming in Austria, France, Germany, Luxembourg, the Netherlands, the United Kingdom and the United States of America. Pharming holds commercialisation rights in Algeria, Andorra, Bahrain, Belgium, Ireland, Jordan, Kuwait, Lebanon, Morocco, Oman, Portugal, Qatar, Syria, Spain, Switzerland, Tunisia, United Arab Emirates and Yemen. In some of these countries distribution is made in association with the HAEi Global Access Program (GAP).

RUCONEST® is distributed by Swedish Orphan Biovitrum AB (publ) (SS: SOBI) in the other EU countries, and in Azerbaijan, Belarus, Georgia, Iceland, Kazakhstan, Liechtenstein, Norway, Russia, Serbia and Ukraine.

RUCONEST® is distributed in Argentina, Colombia, Costa Rica, the Dominican Republic, Panama, and Venezuela by Cytobioteck, in South Korea by HyupJin Corporation and in Israel by Kamada.

RUCONEST® is also being examined for approval for the treatment of HAE in young children (2-13 years of age) and evaluated for various additional follow-on indications.

Pharming's technology platform includes a unique, GMP-compliant, validated process for the production of pure recombinant human proteins that has proven capable of producing industrial quantities of high quality recombinant human proteins in a more economical and less immunogenetic way compared with current cell-line based methods. Leads for enzyme replacement therapy ("ERT") for Pompe and Fabry's diseases are being optimized at present, with additional programs not involving ERT also being explored at an early stage at present.

Pharming has a long-term partnership with the China State Institute of Pharmaceutical Industry ("CSIPI"), a Sinopharm company, for joint global development of new products, starting with recombinant human Factor VIII for the treatment of Haemophilia A. Pre-clinical development will take place to global standards at CSIPI and are funded by CSIPI. Manufacturing for the Chinese market and to provide additional supply for Pharming will take place at CSIPI's affiliate, the Chengdu Institute of Biological Products Co. Ltd.  Clinical development will be shared between the partners with each partner taking the costs for their territories under the partnership.

Additional information is available on the Pharming website: www.pharming.com

Forward-looking Statements

This press release of Pharming Group N.V. and its subsidiaries ("Pharming", the "Company" or the "Group") may contain forward-looking statements including without limitation those regarding Pharming's financial projections, market expectations, developments, partnerships, plans, strategies and capital expenditures.

The Company cautions that such forward-looking statements may involve certain risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation the effect of competitive, political and economic factors, legal claims, the Company's ability to protect intellectual property, fluctuations in exchange and interest rates, changes in taxation laws or rates, changes in legislation or accountancy practices and the Company's ability to identify, develop and successfully commercialise new products, markets or technologies.

As a result, the Company's actual performance, position and financial results and statements may differ materially from the plans, goals and expectations set forth in such forward-looking statements. The Company assumes no obligation to update any forward-looking statements or information, which should be taken as of their respective dates of issue, unless required by laws or regulations.

For further public information, contact
Sijmen de Vries, CEO: T: +31 71 524 7400 
Robin Wright, CFO: T: +31 71 524 7432

FTI Consulting  
Julia Phillips/ Victoria Foster Mitchell, T: +44 203 727 1136

LifeSpring Life Sciences Communication 
Leon Melens, Tel: +31 6 53 81 64 27

Conference call information 

From the Netherlands:   +31 207095189
                                   Toll-Free: 08004050000  
From the UK:                +44 3333000804     
                                   Toll-Free: 08003589473   
From Belgium:              +32 24035814       
                                   Toll-Free: 080029913  
From France:                +33 170750711    
                                   Toll-Free: 0800946608   
From Switzerland:         +41 225809034    
                                   Toll-Free: 0800721298   
From the US:                +1 6319131422   
                                   Toll-Free: +1 855 85 70686

For other numbers, please see:   http://events.arkadin.com/ev/docs/NE_W2_TF_Events_International_Access_List.pdf

Conference call PIN: 63072535#

Presentation link:

https://arkadin-event.webex.com/arkadin-event/onstage/g.php?MTID=e1d8b2e7bd72c6e5d446d5109b80d36e8

Presentation Password: 301295111

Please see link for full Pharming Group N.V. Financial Results:

PDF: https://mma.prnewswire.com/media/952793/Pharming_Group_H119_Results.pdf

 


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