The company maintains structural gross margin resilience, consistently hovering near 90.8% in 2026Q1, though operating margins remain constrained by high SG&A and R&D investments that resulted in a -7.2% net margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 106.76B | 377.18M | 297.2M | 245.32M | 205.62M | 198.87M | 212.17M | 189.39M | 154.58M | 107.52M | 16.69M | 11.84M | 25.76M | 9.45M | 14.04M | 3.89M | 762.07K | 1.57M | 924.35K | 1.01M | 194.01K | 479.68K |
| Revenue Growth % | 33196.33% | 26.91% | 21.15% | 19.3% | 3.39% | -6.27% | 12.03% | 22.52% | 43.77% | 544.06% | 41.01% | -54.05% | 172.6% | -32.67% | 261.1% | 410.06% | -51.47% | 69.88% | -8.12% | 418.54% | -59.55% | - |
| Cost of Goods Sold | 21.12B | 45.63M | 35.4M | 25.21M | 17.56M | 21.14M | 23.54M | 23.93M | 25.37M | 14.93M | 4.93M | 5.25M | 4.17M | 1.54M | 5.64M | 4.58M | 121.03K | 0 | 0 | 36.9M | 0 | 6.17M |
| COGS % of Revenue | - | 12.1% | 11.91% | 10.28% | 8.54% | 10.63% | 11.09% | 12.63% | 16.41% | 13.89% | 29.5% | 44.33% | 16.18% | 16.25% | 40.21% | 117.71% | 15.88% | - | - | 3668.26% | - | 1287.16% |
| Gross Profit | 85.64B | 331.56M | 261.8M | 220.1M | 188.06M | 177.73M | 188.63M | 165.46M | 129.2M | 92.59M | 11.77M | 6.59M | 21.6M | 7.92M | 8.39M | -688.23K | 641.04K | 1.57M | 924.35K | -35.9M | 194.01K | -5.69M |
| Gross Margin % | 80.22% | 87.9% | 88.09% | 89.72% | 91.46% | 89.37% | 88.91% | 87.37% | 83.59% | 86.11% | 70.5% | 55.67% | 83.82% | 83.75% | 59.79% | -17.71% | 84.12% | 100% | 100% | -3568.26% | 100% | -1187.16% |
| Gross Profit Growth % | - | 26.64% | 18.94% | 17.04% | 5.81% | -5.78% | 14.01% | 28.06% | 39.55% | 686.73% | 78.57% | -69.48% | 172.83% | -5.69% | 1319.46% | -207.36% | -59.18% | 69.88% | 102.57% | -18602.9% | 103.41% | - |
| Operating Expenses | 83.61B | 312.19M | 270.42M | 225.49M | 169.83M | 164.17M | 112.38M | 97.22M | 85.74M | 66.3M | 23.91M | 20.62M | 18.1M | 17.46M | 29.82M | 23.25M | 31.81M | 41.18M | 36.12M | -440.32K | 23.52M | 16.15M |
| OpEx % of Revenue | - | 82.77% | 90.99% | 91.92% | 82.59% | 82.55% | 52.97% | 51.33% | 55.47% | 61.66% | 143.2% | 174.2% | 70.24% | 184.75% | 212.48% | 598.03% | 4174% | 2622.45% | 3907.98% | -43.77% | 12124.54% | 3366.18% |
| Selling, General & Admin | 51.44B | 247.78M | 99.22M | 87.5M | 68.85M | 48.13M | 65M | 55.88M | 53.49M | 44.86M | 8.07M | 5.28M | 4.04M | 3.48M | 4.56M | 4.23M | 4.41M | 5.11M | 4.33M | 4.12M | 3.71M | 2.73M |
| SG&A % of Revenue | - | 65.69% | 33.38% | 35.67% | 33.49% | 24.2% | 30.63% | 29.51% | 34.6% | 41.73% | 48.37% | 44.6% | 15.69% | 36.79% | 32.51% | 108.77% | 578.19% | 325.73% | 468.07% | 409.28% | 1910.21% | 570.12% |
| Research & Development | 32.17B | 0 | 83.15M | 68.91M | 52.53M | 70.37M | 38.52M | 31.79M | 33.04M | 22.38M | 16.18M | 15.5M | 14.18M | 14.13M | 25.59M | 17.92M | 28.14M | 35.14M | 29.03M | 27.83M | 11.1M | 10.57M |
| R&D % of Revenue | - | - | 27.98% | 28.09% | 25.55% | 35.38% | 18.15% | 16.78% | 21.37% | 20.82% | 96.94% | 130.96% | 55.05% | 149.5% | 182.32% | 461.15% | 3692.67% | 2237.68% | 3141.12% | 2766.38% | 5721.11% | 2202.72% |
| Other Operating Expenses | -1.07M | 64.4M | 88.06M | 69.08M | 48.44M | 45.67M | 8.86M | 9.55M | -684K | -790K | -335K | -147K | -105K | -106K | -2.06M | 843K | -15.17M | 5.71M | 8.07M | -23.62M | -1.64M | 2.4M |
| Operating Income | 2.03B | 19.37M | -8.62M | -5.39M | 18.23M | 13.56M | 76.26M | 68.25M | 43.46M | 26.29M | -12.14M | -14.03M | 3.5M | -9.54M | -23.09M | -23.98M | -58.69M | -39.9M | -41.02M | -35.9M | -23.8M | -21.84M |
| Operating Margin % | 1.9% | 5.13% | -2.9% | -2.2% | 8.87% | 6.82% | 35.94% | 36.03% | 28.12% | 24.45% | -72.7% | -118.53% | 13.58% | -100.99% | -164.52% | -616.91% | -7701.75% | -2540.88% | -4437.8% | -3568.26% | -12267.39% | -4553.34% |
| Operating Income Growth % | - | 324.66% | -60.03% | -129.55% | 34.45% | -82.22% | 11.74% | 57.03% | 65.32% | 316.6% | 13.5% | -501.07% | 136.65% | 58.67% | 3.7% | 59.14% | -47.1% | 2.73% | -14.27% | -50.83% | -8.97% | - |
| EBITDA | 2.04B | 30.62M | 7.45M | 10.54M | 31.42M | 33.17M | 84.57M | 74.05M | 50.96M | 30.38M | -11.34M | -14.75M | 3.72M | -15.83M | -25.97M | -24.13M | -46.46M | -33.29M | -39.04M | -33.84M | -22.21M | -20.61M |
| EBITDA Margin % | 1.91% | 8.12% | 2.51% | 4.3% | 15.28% | 16.68% | 39.86% | 39.1% | 32.97% | 28.26% | -67.94% | -124.58% | 14.43% | -167.55% | -185% | -620.91% | -6095.99% | -2120.26% | -4223.8% | -3364.2% | -11445.62% | -4296.06% |
| EBITDA Growth % | 16224.06% | 311% | -29.31% | -66.46% | -5.28% | -60.78% | 14.21% | 45.3% | 67.72% | 367.91% | 23.1% | -496.72% | 123.48% | 39.02% | -7.59% | 48.05% | -39.53% | 14.72% | -15.36% | -52.41% | -7.76% | - |
| D&A (Non-Cash Add-back) | 11.76M | 11.25M | 16.07M | 15.93M | 13.19M | 19.61M | 8.31M | 5.8M | 7.5M | 4.1M | 795.09K | -716.11K | 218.88K | -6.29M | -2.87M | -155.53K | 12.24M | 6.6M | 1.98M | 2.05M | 1.59M | 1.23M |
| EBIT | 6.23B | 19.37M | 245K | -6.05M | 20.34M | 29.17M | 50.04M | 65.66M | 17.35M | -80.43M | -14.67M | -9.9M | -6.8M | -16.13M | -28.43M | -22.85M | -48.95M | -33.58M | -23.25M | -29.86M | -22.77M | -20.35M |
| Net Interest Income | -1.41B | -18.75M | -3.02M | -2.44M | -5.27M | -6.12M | -9.59M | -12.22M | -16.35M | -56.53M | -6.38M | -851.68K | 6.08K | -3.29M | -7.97M | -276.07K | -1.94M | -11.26M | -10.42M | 3.38M | 1.49M | 804.21K |
| Interest Income | 1.95M | 2.56M | 5.72M | 3.53M | 85K | 52.92K | 713.62K | 1.13M | 20.59K | 3.6K | 5.26K | 130.1K | 218.88K | 0 | -4.54M | -1 | -792.66K | 610.35K | 2.81M | 4.82M | 2.91M | 814.87K |
| Interest Expense | 1.41B | 21.31M | 8.74M | 5.96M | 5.36M | 6.18M | 10.31M | 13.35M | 16.37M | 21.28M | 3.77M | 981.78K | 212.8K | 3.29M | 3.43M | 276.07K | 6.67M | 11.87M | 1.87M | 1.94M | 1.71M | 10.66K |
| Other Income/Expense | 2.79B | -6.49M | 129K | -6.63M | -3.25M | 9.52M | -32.16M | -15.94M | -37.01M | -129.09M | -6.31M | 4.07M | -9.89M | -5.52M | -1M | 852.83K | -21.96M | -5.55M | 4.54M | 4.34M | -678.38K | 689.32K |
| Pretax Income | 4.82B | 12.88M | -8.49M | -12.01M | 14.99M | 23.08M | 44.09M | 52.3M | 980.32K | -107.25M | -18.44M | -10.89M | -7.01M | -20.8M | -31.86M | -23.13M | -80.65M | -45.45M | -36.48M | -52.32M | -24.48M | -21.15M |
| Pretax Margin % | 4.51% | 3.42% | -2.86% | -4.9% | 7.29% | 11.6% | 20.78% | 27.62% | 0.63% | -99.75% | -110.48% | -91.96% | -27.22% | -220.05% | -227.01% | -594.97% | -10583.43% | -2894.53% | -3946.54% | -5201.16% | -12617.06% | -4409.64% |
| Income Tax | -491.8M | 10.34M | 3.35M | -1.46M | 1.31M | 7.08M | 6.35M | 11.75M | -27.61M | -11.33M | 0 | 851.68K | -6.08K | 10.83M | 6.31M | 0 | -5.69M | 481.4K | 0 | -402.41K | -67.31K | 0 |
| Effective Tax Rate % | -10.21% | 80.25% | -39.44% | 12.19% | 8.76% | 30.69% | 14.4% | 22.46% | -2816.34% | 10.56% | 0% | -7.82% | 0.09% | -52.06% | -19.79% | 0% | 7.05% | -1.06% | 0% | 0.77% | 0.27% | 0% |
| Net Income | 5.31B | 2.86M | -11.84M | -10.55M | 13.67M | 16M | 37.75M | 40.56M | 28.59M | -95.92M | -18.44M | -10.89M | -7.01M | -20.8M | -31.86M | -22.17M | -74.97M | -45.93M | -36.48M | -51.92M | -24.41M | -21.15M |
| Net Margin % | 4.97% | 0.76% | -3.98% | -4.3% | 6.65% | 8.04% | 17.79% | 21.41% | 18.5% | -89.22% | -110.48% | -91.96% | -27.22% | -220.05% | -227.01% | -570.32% | -9837.18% | -2925.18% | -3946.54% | -5161.16% | -12582.36% | -4409.64% |
| Net Income Growth % | 37757.4% | 124.14% | -12.26% | -177.14% | -14.52% | -57.62% | -6.93% | 41.86% | 129.8% | -420.12% | -69.42% | -55.23% | 66.28% | 34.73% | -43.73% | 70.43% | -63.2% | -25.92% | 29.74% | -112.7% | -15.41% | - |
| Net Income (Continuing) | 5.31B | 2.54M | -11.84M | -10.55M | 13.67M | 16M | 37.75M | 40.56M | 28.59M | -91.47M | -18.44M | -10.89M | -7.01M | -20.8M | -31.86M | -23.13M | -50.1M | -45.93M | -36.48M | -31.55M | -24.41M | -21.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.02M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 75.66 | 0.04 | -0.17 | -0.14 | 0.16 | 0.18 | 0.47 | 0.48 | 0.35 | -1.54 | -0.35 | -0.22 | -0.14 | -0.45 | -3.46 | -3.74 | -22.35 | -31.39 | -31.60 | -45.35 | -22.50 | -21.21 |
| EPS Growth % | 186.55% | 123.53% | -21.43% | -187.5% | -11.11% | -61.7% | -2.08% | 37.14% | 122.73% | -340% | -59.09% | -57.14% | 68.89% | 86.99% | 7.49% | 83.27% | 28.8% | 0.66% | 30.32% | -101.56% | -6.08% | - |
| EPS (Basic) | - | 0.04 | -0.17 | -0.14 | 0.17 | 0.20 | 0.47 | 0.52 | 0.35 | -1.54 | -0.35 | -0.22 | -0.14 | -0.45 | -3.46 | -3.74 | -22.35 | -31.39 | -31.60 | -45.35 | -22.50 | -21.21 |
| Diluted Shares Outstanding | 70.14M | 71.32M | 68.92M | 65.7M | 84.28M | 87.64M | 80.98M | 84.19M | 81.69M | 62.55M | 51.92M | 51.09M | 49.51M | 46.22M | 9.19M | 5.92M | 3.35M | 1.46M | 1.15M | 1.14M | 1.09M | 997.39K |
| Basic Shares Outstanding | 70.14M | 71.32M | 68.92M | 65.7M | 82.54M | 87.64M | 79.88M | 84.19M | 81.69M | 62.55M | 51.92M | 51.09M | 49.51M | 46.22M | 9.19M | 5.92M | 3.35M | 1.46M | 1.15M | 1.14M | 1.09M | 997.39K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercial launch execution uncertainty
As reported in recent financial statements, Pharming's revenue trajectory exhibits significant quarterly fluctuations, highlighted by a reported 1148.2% growth in 2025Q4 followed by an 8.1% contraction in 2026Q1, suggesting that the company's transition toward a multi-product commercial model remains highly sensitive to lumpy orphan drug sales.
The extreme variance in top-line performance indicates that the company has not yet achieved a stable, predictable revenue base following the launch of Joenja. Investors should monitor whether these fluctuations represent genuine demand volatility or are merely artifacts of the complex gross-to-net accounting inherent in rare disease commercialization.
Based on the provided income statement data, Pharming maintains a robust gross margin profile, consistently hovering near 90% in most periods, which reflects the inherent cost efficiency of its proprietary transgenic production platform compared to traditional plasma-derived manufacturing methods utilized by larger industry competitors.
This high gross margin provides a significant buffer for the company to absorb the high SG&A costs required for its ongoing global commercial rollout. However, the occasional compression seen in periods like 2025Q4 warrants further investigation into whether this reflects shifts in product mix or increased manufacturing overhead.
According to the latest quarterly figures, Pharming's operating margin has struggled to maintain positive territory, oscillating between -29.3% and 16.3%, which suggests that the company has yet to achieve the necessary scale to effectively leverage its fixed SG&A and R&D investments against its gross profit.
The inability to consistently scale operating income alongside revenue growth implies that the company is currently in a high-burn phase of its commercial lifecycle. Until the Joenja launch reaches a critical mass of patient adoption, operating margins will likely remain volatile and highly dependent on expense discipline.
While the company's transgenic platform offers a unique technical moat, the income statement data reveals that Pharming's path to sustainable profitability is challenged by high operating expenses, as evidenced by the 2025Q1 net loss of $14.7M despite a strong gross margin of 89.5%.
Short-sellers may focus on the company's persistent difficulty in converting gross profit into bottom-line earnings, which may indicate that the cost of patient identification and market access for rare diseases is higher than initially anticipated. The reliance on a single, relatively new product for growth creates a binary risk profile that could lead to significant earnings disappointment if adoption rates stall.
Quick answers to the most common questions about buying PHAR stock.
For fiscal year 2025, Pharming Group N.V. (PHAR) reported total revenue of $377.2M. This represents a 78531.9% increase compared to $0.5M in 2005.
Pharming Group N.V. (PHAR) is profitable, generating $2.9M in net income for the fiscal year ending 2025 with a net profit margin of 0.8%.
Pharming Group N.V. (PHAR) reported an operating income of $19.4M, resulting in an operating profit margin of 5.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Pharming Group N.V. (PHAR) generated $331.6M in gross profit for the year, representing a gross profit margin of 87.9%. This demonstrates the company's core pricing power and production efficiency.