NASDAQ : PHAR
Pharming Group N.V. — Financial statements
Healthcare · Biotechnology · Netherlands
Last price 12.23 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 868.47M
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Financial statements
Pharming Group N.V. (PHAR) reported revenue of 386.75M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 386.75M | 376.13M | 297.20M | 245.32M | 205.62M | 198.87M |
| Cost of Revenue | 47.69M | 45.50M | 35.40M | 25.21M | 17.56M | 21.14M |
| Gross Profit | 339.06M | 330.63M | 261.80M | 220.10M | 188.06M | 177.73M |
| Selling, General & Admin | 176.75M | 202.36M | 184.43M | 175.26M | 127.44M | 90.97M |
| Research & Development | 117.33M | 98.17M | 83.15M | 68.66M | 52.53M | 65.38M |
| Other Operating Expenses | -4.45M | -2.65M | -2.18M | -2.07M | -2.28M | -2.62M |
| Operating Expenses | 289.64M | 297.88M | 265.39M | 241.85M | 177.69M | 153.73M |
| Operating Income | 49.42M | 32.76M | -3.59M | -21.75M | 10.37M | 24.00M |
| Interest Expense | -5.82M | -10.72M | -8.74M | -5.96M | -5.36M | -6.09M |
| Interest & Investment Income | 2.18M | 2.18M | 4.86M | 3.66M | 85.00K | 53.00K |
| Earnings From Equity Investments | 1.14M | 623.00K | -1.76M | -289.00K | -1.08M | 694.00K |
| Currency Exchange Gain (Loss) | -7.22M | -7.22M | 1.99M | -2.97M | 4.40M | 14.84M |
| Other Non Operating Income (Expenses) | 11.55M | 2.15M | 3.78M | -1.06M | -1.29M | -94.00K |
| EBT Excluding Unusual Items | 51.24M | 19.76M | -3.46M | -28.38M | 7.12M | 33.40M |
| Merger & Restructuring Charges | -10.30M | -10.30M | ||||
| Gain (Loss) on Sale of Investments | 12.24M | 114.00K | ||||
| Gain (Loss) on Sale of Assets | 21.28M | |||||
| Asset Writedown | -10.49M | -491.00K | -5.03M | -4.92M | -4.38M | -10.44M |
| Other Unusual Items | 3.88M | 3.88M | ||||
| Pretax Income | 34.33M | 12.85M | -8.49M | -12.01M | 14.99M | 23.08M |
| Income Tax Expense | 10.15M | 10.31M | 3.35M | -1.46M | 1.31M | 7.08M |
| Earnings From Continuing Operations | 24.18M | 2.54M | -11.84M | -10.55M | 13.67M | 16.00M |
| Minority Interest in Earnings | 313.00K | |||||
| Net Income | 24.18M | 2.85M | -11.84M | -10.55M | 13.67M | 16.00M |
| Net Income to Common | 24.18M | 2.85M | -11.84M | -10.55M | 13.67M | 16.00M |
| Shares Outstanding (Basic) | 748.03M | 688.77M | 671.35M | 657.02M | 648.68M | 642.01M |
| Shares Outstanding (Diluted) | 848.02M | 746.87M | 671.35M | 657.02M | 707.14M | 701.15M |
| EPS (Basic) | 0.03 | 0.00 | -0.02 | -0.02 | 0.02 | 0.02 |
| EPS (Diluted) | 0.03 | 0.00 | -0.02 | -0.02 | 0.02 | 0.02 |
| Free Cash Flow | 34.50M | 53.96M | -2.58M | -18.74M | 21.08M | 27.10M |
| Free Cash Flow Per Share | 0.04 | 0.07 | -0.00 | -0.03 | 0.03 | 0.04 |
| Gross Margin | 87.67% | 87.90% | 88.09% | 89.72% | 91.46% | 89.37% |
| Operating Margin | 12.78% | 8.71% | -1.21% | -8.87% | 5.04% | 12.07% |
| Profit Margin | 6.25% | 0.76% | -3.98% | -4.30% | 6.65% | 8.04% |
| Free Cash Flow Margin | 8.92% | 14.35% | -0.87% | -7.64% | 10.25% | 13.63% |
| EBITDA | 57.01M | 39.62M | 3.22M | -15.29M | 17.13M | 30.39M |
| EBITDA Margin | 14.74% | 10.53% | 1.08% | -6.23% | 8.33% | 15.28% |
| D&A For EBITDA | 7.59M | 6.86M | 6.82M | 6.46M | 6.76M | 6.39M |
| EBIT | 49.42M | 32.76M | -3.59M | -21.75M | 10.37M | 24.00M |
| EBIT Margin | 12.78% | 8.71% | -1.21% | -8.87% | 5.04% | 12.07% |
| Effective Tax Rate | 29.56% | 80.25% | 8.76% | 30.69% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 189.56M | 145.31M | 54.94M | 61.74M | 207.34M | 191.92M |
| Short-Term Investments | 33.80M | 112.95M | 151.68M | |||
| Cash & Short-Term Investments | 189.56M | 179.10M | 167.89M | 213.42M | 207.34M | 191.92M |
| Accounts Receivable | 74.83M | 41.77M | 41.53M | 35.41M | 20.96M | 18.08M |
| Other Receivables | 6.67M | 8.64M | 7.21M | 4.37M | 9.52M | |
| Receivables | 74.83M | 48.44M | 50.17M | 42.62M | 25.33M | 27.59M |
| Inventory | 57.99M | 64.90M | 55.72M | 56.76M | 42.33M | 27.31M |
| Prepaid Expenses | 6.26M | 4.65M | 3.54M | 2.29M | 2.39M | |
| Restricted Cash | 761.00K | 213.00K | 227.00K | |||
| Other Current Assets | 1.00K | |||||
| Total Current Assets | 322.38M | 299.47M | 278.44M | 316.34M | 277.50M | 249.44M |
| Property, Plant & Equipment | 19.50M | 23.97M | 24.13M | 33.47M | 39.15M | 33.16M |
| Long-Term Investments | 8.59M | 8.65M | 4.23M | 10.40M | 9.73M | 8.65M |
| Goodwill | 3.32M | |||||
| Other Intangible Assets | 125.67M | 132.22M | 61.04M | 71.27M | 74.87M | 83.57M |
| Long-Term Deferred Tax Assets | 19.05M | 31.02M | 30.54M | 29.76M | 22.97M | 21.22M |
| Long-Term Deferred Charges | 250.00K | 266.00K | ||||
| Other Long-Term Assets | 1.45M | 1.32M | 1.59M | 1.62M | 1.33M | 1.01M |
| Total Assets | 496.64M | 499.96M | 399.99M | 462.85M | 425.80M | 397.31M |
| Accounts Payable | 90.07M | 8.54M | 10.10M | 16.02M | 8.75M | 7.60M |
| Accrued Expenses | 91.31M | 53.22M | 50.27M | 43.61M | 33.34M | |
| Current Portion of Long-Term Debt | 5.58M | 5.34M | 4.25M | 1.82M | 1.77M | 1.88M |
| Current Portion of Leases | 3.48M | 3.37M | 2.95M | 3.62M | 3.46M | 2.42M |
| Current Income Taxes Payable | 6.04M | 3.28M | 6.23M | 2.10M | 1.50M | |
| Other Current Liabilities | 816.00K | 1.19M | 34.00K | |||
| Total Current Liabilities | 99.95M | 115.79M | 73.80M | 77.97M | 59.70M | 46.77M |
| Long-Term Debt | 94.34M | 92.72M | 78.15M | 136.60M | 131.62M | 139.01M |
| Long-Term Leases | 11.10M | 14.35M | 26.97M | 29.51M | 29.84M | 18.46M |
| Other Long-Term Liabilities | 165.00K | |||||
| Total Liabilities | 205.40M | 222.86M | 178.92M | 244.07M | 221.16M | 204.40M |
| Common Stock | 8.09M | 8.01M | 7.77M | 7.67M | 7.51M | 7.43M |
| Additional Paid-In Capital | 520.91M | 513.26M | 488.99M | 478.43M | 462.30M | 455.25M |
| Retained Earnings | -255.28M | -258.00M | -287.92M | -265.50M | -265.17M | -269.77M |
| Comprehensive Income & Other | 17.52M | 13.84M | 12.22M | -1.82M | ||
| Shareholders' Equity | 291.24M | 277.10M | 221.06M | 218.78M | 204.64M | 192.92M |
| Total Liabilities & Equity | 496.64M | 499.96M | 399.99M | 462.85M | 425.80M | 397.31M |
| Total Debt | 114.51M | 115.78M | 112.31M | 171.54M | 166.69M | 161.76M |
| Net Cash (Debt) | 75.05M | 63.33M | 55.58M | 41.88M | 40.65M | 30.16M |
| Net Cash Per Share | 0.09 | 0.08 | 0.08 | 0.06 | 0.06 | 0.04 |
| Filing Date Shares Outstanding | 684.01M | 701.68M | 683.93M | 673.44M | 656.35M | 648.75M |
| Total Common Shares Outstanding | 684.01M | 701.68M | 680.31M | 671.07M | 656.35M | 648.75M |
| Working Capital | 222.43M | 183.68M | 204.64M | 238.37M | 217.80M | 202.67M |
| Book Value Per Share | 0.43 | 0.39 | 0.32 | 0.33 | 0.31 | 0.30 |
| Tangible Book Value | 165.57M | 141.56M | 160.02M | 147.51M | 129.77M | 109.35M |
| Tangible Book Value Per Share | 0.24 | 0.20 | 0.24 | 0.22 | 0.20 | 0.17 |
| Land | 31.00K | |||||
| Machinery | 10.57M | 9.30M | 9.66M | 8.28M | 14.84M | |
| Construction In Progress | 145.00K | 179.00K | 6.00K | 623.00K | ||
| Leasehold Improvements | 6.40M | 5.43M | 5.55M | 5.28M | 5.71M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 24.18M | 2.85M | -11.84M | -10.55M | 13.67M | 16.00M |
| Depreciation & Amortization | 11.06M | 10.32M | 10.19M | 10.12M | 9.33M | 9.17M |
| Other Amortization | 893.00K | 893.00K | 852.00K | 884.00K | ||
| Loss (Gain) From Sale of Assets | -21.28M | |||||
| Asset Writedown & Restructuring Costs | 5.03M | 4.92M | 3.86M | 10.44M | ||
| Loss (Gain) From Sale of Investments | -2.35M | -2.35M | -4.99M | 930.00K | -11.06M | -114.00K |
| Loss (Gain) on Equity Investments | -1.14M | -623.00K | 1.76M | 289.00K | 1.08M | -694.00K |
| Stock-Based Compensation | 12.86M | 13.77M | 11.25M | 9.25M | 6.39M | 9.06M |
| Other Operating Activities | 13.13M | 19.46M | -3.97M | 5.09M | -435.00K | -1.05M |
| Change in Accounts Receivable | -29.61M | -3.35M | -6.78M | -18.54M | 2.36M | 5.92M |
| Change in Inventory | -974.00K | -1.29M | -503.00K | -14.43M | -15.02M | -6.15M |
| Change in Accounts Payable | 5.19M | 14.13M | -2.77M | 16.23M | 11.99M | -5.19M |
| Change in Other Net Operating Assets | 2.12M | 902.00K | -17.00K | -216.00K | 273.00K | 467.00K |
| Operating Cash Flow | 35.37M | 54.71M | -1.79M | -17.30M | 22.46M | 37.84M |
| Capital Expenditures | -870.00K | -749.00K | -790.00K | -1.44M | -1.38M | -10.74M |
| Cash Acquisitions | -57.48M | |||||
| Sale (Purchase) of Intangibles | -6.00K | -6.00K | 21.25M | -601.00K | -5.98M | |
| Investment in Securities | -84.30M | 84.48M | 32.41M | -149.20M | 7.30M | -4.59M |
| Other Investing Activities | -1.00K | -1.00K | ||||
| Investing Cash Flow | -85.17M | 26.25M | 31.62M | -129.39M | 5.32M | -21.30M |
| Long-Term Debt Issued | 104.54M | |||||
| Long-Term Debt Repaid | -4.25M | -138.93M | -4.04M | -3.31M | -3.22M | |
| Lease Payments | -16.17M | -4.25M | -4.01M | -4.04M | -3.31M | -3.22M |
| Net Debt Issued (Repaid) | -16.17M | -4.25M | -34.39M | -4.04M | -3.31M | -3.22M |
| Issuance of Common Stock | 10.95M | 19.81M | 5.58M | 8.13M | 2.28M | 4.72M |
| Other Financing Activities | -5.81M | -14.07M | -5.60M | -5.13M | -3.95M | -29.45M |
| Financing Cash Flow | -11.03M | 1.50M | -34.41M | -1.04M | -4.98M | -27.95M |
| Foreign Exchange Rate Adjustments | 215.00K | 7.91M | -2.21M | 2.13M | -7.38M | -1.82M |
| Miscellaneous Cash Flow Adjustments | 117.80M | -1.00K | ||||
| Net Cash Flow | 57.19M | 90.36M | -6.80M | -145.60M | 15.42M | -13.23M |
| Free Cash Flow | 34.50M | 53.96M | -2.58M | -18.74M | 21.08M | 27.10M |
| Free Cash Flow Margin | 8.92% | 14.35% | -0.87% | -7.64% | 10.25% | 13.63% |
| Free Cash Flow Per Share | 0.04 | 0.07 | -0.00 | -0.03 | 0.03 | 0.04 |
| Levered Free Cash Flow | 42.47M | 68.65M | 242.12K | 8.06M | 16.23M | -17.14M |
| Unlevered Free Cash Flow | 46.11M | 75.35M | 5.70M | 11.78M | 19.58M | -13.33M |
| Free Cash Flow After Leases | 18.33M | 49.71M | -6.59M | -22.78M | 17.77M | 23.89M |
| Cash Interest Paid | 5.81M | 6.20M | 5.60M | 5.13M | 3.95M | 4.45M |
| Cash Income Tax Paid | 7.79M | 4.60M | 15.58M | 655.00K | 1.24M | |
| Change in Working Capital | -23.27M | 10.38M | -10.07M | -16.96M | -387.00K | -4.96M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 861.02M | 1.15B | 649.63M | 762.86M | 755.82M | 571.80M |
| Enterprise Value | 787.23M | 1.11B | 608.15M | 727.79M | 701.84M | 553.64M |
| Last Close Price | 12.23 | 17.67 | 10.06 | 11.43 | 11.03 | 8.94 |
| PE Ratio | 43.41 | 402.37 | 55.27 | 35.75 | ||
| PS Ratio | 2.23 | 3.05 | 2.19 | 3.11 | 3.68 | 2.88 |
| PB Ratio | 2.96 | 4.14 | 2.94 | 3.49 | 3.69 | 2.96 |
| P/TBV Ratio | 5.20 | 8.10 | 4.06 | 5.17 | 5.82 | 5.23 |
| P/FCF Ratio | 24.96 | 21.26 | 35.85 | 21.10 | ||
| P/OCF Ratio | 24.34 | 20.97 | 33.66 | 15.11 | ||
| EV/Sales Ratio | 2.04 | 2.96 | 2.05 | 2.97 | 3.41 | 2.78 |
| EV/EBITDA Ratio | 13.81 | 28.07 | 188.69 | 40.97 | 18.22 | |
| EV/EBIT Ratio | 15.93 | 33.94 | 67.70 | 23.07 | ||
| EV/FCF Ratio | 22.82 | 20.61 | 33.29 | 20.43 | ||
| Debt / Equity Ratio | 0.39 | 0.42 | 0.51 | 0.78 | 0.81 | 0.84 |
| Debt / EBITDA Ratio | 1.89 | 2.69 | 17.02 | 8.46 | 4.88 | |
| Debt / FCF Ratio | 3.32 | 2.15 | 7.91 | 5.97 | ||
| Net Debt / Equity Ratio | -0.26 | -0.23 | -0.25 | -0.19 | -0.20 | -0.16 |
| Net Debt / EBITDA Ratio | -1.32 | -1.60 | -17.25 | 2.74 | -2.37 | -0.99 |
| Net Debt / FCF Ratio | -2.17 | -1.17 | 21.50 | 2.23 | -1.93 | -1.11 |
| Asset Turnover | 0.80 | 0.84 | 0.69 | 0.55 | 0.50 | 0.49 |
| Inventory Turnover | 0.76 | 0.75 | 0.63 | 0.51 | 0.50 | 0.87 |
| Quick Ratio | 2.65 | 1.97 | 2.96 | 3.28 | 3.90 | 4.69 |
| Current Ratio | 3.23 | 2.59 | 3.77 | 4.06 | 4.65 | 5.33 |
| Return on Equity (ROE) | 8.70% | 1.02% | -5.38% | -4.98% | 6.88% | 8.50% |
| Return on Assets (ROA) | 6.37% | 4.55% | -0.52% | -3.06% | 1.57% | 3.68% |
| Return on Invested Capital (ROIC) | 15.76% | 3.41% | -2.10% | -12.76% | 5.79% | 10.98% |
| Return on Capital Employed (ROCE) | 12.50% | 8.50% | -1.10% | -5.70% | 2.80% | 6.80% |
| Earnings Yield | 2.30% | 0.25% | -1.82% | -1.38% | 1.81% | 2.80% |
| FCF Yield | 4.01% | 4.70% | -0.40% | -2.46% | 2.79% | 4.74% |
| Buyback Yield / Dilution | -33.62% | -11.25% | -2.18% | 7.09% | -0.85% | -2.70% |