The following is a summary of the Pharming Group N.V. (PHAR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Pharming Group reported a Q1 revenue increase of 31% to $55.6 million, spurred by the US commercial launch of Joenja and the revenue growth of RUCONEST.
RUCONEST's revenues increased by 8% to $46 million, while Joenja revenues saw a rise of 21% to $9.6 million, compared to Q4 of the previous year.
Projected total revenue for 2024 stands between $280 million and $295 million, representing a 14% to 20% revenue growth.
Operating expenses expanded compared to Q1 of the previous year, resulting in an increase in operating loss, which climbed from $13.7 million to $16.3 million. A slight decline in the gross margin due to a non-recurring inventory impairment of over $2 million was also reported.
Business Progress:
In terms of APDS treatment, the company is working towards expanding into further countries. Regulatory reviews are being conducted in the U.K., Canada, and Australia, and marketing authorization was recently secured in Israel.
Phase II studies for leniolisib are being prepared for immune deficiencies with immune dysregulation beyond APS.
For 2024, the focus will be on identifying more APDS patients in the US market and increasing revenues from outside the US.
Expansion of the leniolisib franchise is anticipated, with regulatory actions from multiple jurisdictions expected within the year where regulatory filings are under review.
The company is also actively exploring in-licensing and acquisition opportunities in later stages of clinical development in areas such as immunology, hematology, respiratory, and gastroenterology.
More details: Pharming Group IR
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