Pharming Group N.V.
PHARHealthcare|Biotechnology|NL
$12.29
-0.01 (-0.08%)
DCF Value
$13.58
Tangible Book / Share
$4.05
Graham Number
$0.56
Cash / Share
$2.63
Financials
Financial Snapshot
Market Cap
$869.9M
Enterprise Value
$796.0M
Revenue (TTM)
$386.6M
Net Income (TTM)
$24.1M
Cash & Investments
$189.6M
Net Cash
$75.0M
Free Cash Flow (TTM)
$31.7M
Operating CF (TTM)
$32.5M
Debt/Equity
0.39
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $33.5M | $70.4M | $80.3M | $74.3M | $167.9M | $217.6M | $207.3M | $213.4M | $173.9M | $179.8M | $189.6M | |
| Operating Cash Flow | -$10.5M | $45.8M | $46.3M | $74.1M | $83.6M | $37.8M | $22.5M | -$17.3M | -$1.8M | $54.7M | $32.5M | |
| Free Cash Flow | -$12.1M | $38.6M | $42.0M | $48.7M | $68.3M | $21.1M | $20.5M | -$18.8M | -$2.6M | $54.0M | $31.7M | |
| Capital Expenditure | -$1.6M | -$7.3M | -$4.3M | -$25.5M | -$15.3M | -$16.7M | -$2.0M | -$1.5M | -$796.0K | -$755.0K | -$869.4K | |
| Financing Cash Flow | $70.8M | -$3.9M | -$20.5M | -$63.5M | $60.7M | -$27.9M | -$5.0M | -$1.0M | -$34.4M | $1.5M | -$8.4M |
R&D Spending
R&D (TTM)
$119.5M
R&D Intensity
30.9%
R&D Growth vs Prior
+19.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.7M | $107.5M | $154.6M | $189.4M | $212.2M | $198.9M | $205.6M | $245.3M | $297.2M | $376.1M | $386.6M | |
| R&D Expense | $16.2M | $22.4M | $33.0M | $31.8M | $38.5M | $70.4M | $52.5M | $68.9M | $83.1M | $100.4M | $119.5M | |
| R&D % of Revenue | 96.9% | 20.8% | 21.4% | 16.8% | 18.2% | 35.4% | 25.5% | 28.1% | 28.0% | 26.7% | 30.9% | |
| SG&A | $8.1M | $44.9M | $46.8M | $55.9M | $65.0M | $0.00 | $68.9M | $87.5M | $99.2M | $117.4M | $182.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.7M | $107.5M | $154.6M | $189.4M | $212.2M | $198.9M | $205.6M | $245.3M | $297.2M | $376.1M | $386.6M | |
| Cost of Revenue | $4.9M | $14.9M | $25.4M | $23.9M | $23.5M | $21.1M | $17.6M | $25.2M | $35.4M | $45.5M | $60.4M | |
| Gross Profit | $11.8M | $92.6M | $129.2M | $165.5M | $188.6M | $177.7M | $188.1M | $220.1M | $261.8M | $330.6M | $326.2M | |
| R&D | $16.2M | $22.4M | $33.0M | $31.8M | $38.5M | $70.4M | $52.5M | $68.9M | $83.1M | $100.4M | $119.5M | |
| SG&A | $8.1M | $44.9M | $46.8M | $55.9M | $65.0M | $0.00 | $68.9M | $87.5M | $99.2M | $117.4M | $182.4M | |
| Operating Income | -$12.1M | $26.3M | $43.5M | $68.2M | $76.3M | $19.0M | $9.9M | -$22.3M | -$3.7M | $20.9M | $24.3M | |
| Interest Expense | $6.4M | $45.4M | $16.4M | $13.4M | $10.3M | $7.0M | $5.4M | $6.0M | $9.0M | $10.7M | $9.5M | |
| Pretax Income | -$18.4M | -$102.8M | $980.3K | $52.3M | $44.1M | $23.1M | $15.0M | -$12.0M | -$8.5M | $12.8M | $34.3M | |
| Net Income | -$18.4M | -$91.5M | $28.6M | $40.6M | $37.7M | $16.0M | $13.7M | -$10.5M | -$11.8M | $2.9M | $24.1M | |
| EPS (Diluted) | -0.35 | -1.50 | 0.35 | 0.48 | 0.47 | 0.21 | 0.16 | -0.14 | -0.18 | 0.04 | 0.32 | |
| EBITDA | -$13.9M | -$76.3M | $24.9M | $71.5M | $58.4M | $48.8M | $33.5M | $9.9M | $16.3M | $34.8M | $49.7M | |
| Shares Out. (M) | 51.92 | 62.55 | 81.69 | 84.19 | 80.98 | 87.64 | 84.28 | 65.70 | 68.92 | 71.32 | 74.67 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $33.5M | $70.4M | $80.3M | $74.3M | $167.9M | $217.6M | $207.3M | $61.7M | $56.9M | $146.0M | $189.6M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $151.7M | $117.0M | $33.8M | $0.00 | |
| Total Current Assets | $65.4M | $105.9M | $115.4M | $119.4M | $215.5M | $282.8M | $277.5M | $316.3M | $288.3M | $299.4M | $322.4M | |
| Total Assets | $133.3M | $199.4M | $214.5M | $255.9M | $342.5M | $450.4M | $425.8M | $462.9M | $414.2M | $499.8M | $496.6M | |
| Total Current Liabilities | $54.0M | $70.2M | $82.6M | $114.3M | $62.9M | $53.0M | $59.7M | $78.0M | $76.4M | $115.8M | $100.0M | |
| Long-Term Debt | $40.4M | $71.0M | $42.6M | $0.00 | $122.6M | $157.6M | $131.6M | $136.6M | $80.9M | $92.7M | $94.3M | |
| Total Liabilities | $104.5M | $176.8M | $152.7M | $138.5M | $192.4M | $231.7M | $221.2M | $244.1M | $185.3M | $222.8M | $205.4M | |
| Stockholders' Equity | $27.5M | $16.1M | $61.8M | $117.4M | $150.2M | $218.7M | $204.6M | $218.8M | $228.9M | $277.0M | $291.2M | |
| Retained Earnings | -$279.0M | -$353.5M | -$332.0M | -$340.7M | -$221.8M | -$309.7M | -$256.4M | -$265.3M | -$285.3M | -$272.9M | -$255.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.5M | $45.8M | $46.3M | $74.1M | $83.6M | $37.8M | $22.5M | -$17.3M | -$1.8M | $54.7M | $32.5M | |
| Capital Expenditure | -$1.6M | -$7.3M | -$4.3M | -$25.5M | -$15.3M | -$16.7M | -$2.0M | -$1.5M | -$796.0K | -$755.0K | -$869.4K | |
| Free Cash Flow | -$12.1M | $38.6M | $42.0M | $48.7M | $68.3M | $21.1M | $20.5M | -$18.8M | -$2.6M | $54.0M | $31.7M | |
| Investing Cash Flow | -$60.4M | -$7.3M | -$4.3M | -$28.3M | -$15.6M | -$21.3M | $5.3M | -$129.4M | $31.6M | $26.3M | -$84.9M | |
| Financing Cash Flow | $70.8M | -$3.9M | -$20.5M | -$63.5M | $60.7M | -$27.9M | -$5.0M | -$1.0M | -$34.4M | $1.5M | -$8.4M | |
| Issuance of Stock | $9.3M | $8.2M | $12.0M | $3.1M | $2.8M | $4.7M | $2.3M | $8.1M | $5.6M | $19.8M | $10.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $70.3M | $1.4M | -$19.9M | -$37.4M | $83.4M | -$3.2M | -$3.3M | -$4.0M | -$34.4M | -$4.2M | -$15.3M | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $6.5M | $9.1M | $6.4M | $9.3M | $11.2M | $13.8M | $11.1M | |
| Net Change in Cash | $309.2K | $33.4M | $24.8M | -$17.5M | $130.8M | -$13.2M | $15.4M | -$145.6M | -$6.8M | $90.4M | $56.5M |
Dilution Tracker
Shares Outstanding
71M
5-Year Share Growth
-11.9%
Stock Issuance (TTM)
$10.9M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 51.92 | 62.55 | 81.69 | 84.19 | 80.98 | 87.64 | 84.28 | 65.70 | 68.92 | 71.32 | 74.67 | |
| Change vs Prior % | — | 20.5% | 30.6% | 3.1% | -3.8% | 8.2% | -3.8% | -22.0% | 4.9% | 3.5% | 4.7% | |
| Stock Issuance | $9.3M | $8.2M | $12.0M | $3.1M | $2.8M | $4.7M | $2.3M | $8.1M | $5.6M | $19.8M | $10.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $6.5M | $9.1M | $6.4M | $9.3M | $11.2M | $13.8M | $11.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 70.5% | 86.1% | 83.6% | 87.4% | 88.9% | 89.4% | 91.5% | 89.7% | 88.1% | 87.9% | 84.4% | |
| Operating Margin % | -72.7% | 24.4% | 28.1% | 36.0% | 35.9% | 9.6% | 4.8% | -9.1% | -1.2% | 5.6% | 6.3% | |
| Net Margin % | -110.5% | -85.1% | 18.5% | 21.4% | 17.8% | 8.0% | 6.7% | -4.3% | -4.0% | 0.8% | 6.2% | |
| EBITDA Margin % | -83.1% | -71.0% | 16.1% | 37.7% | 27.5% | 24.5% | 16.3% | 4.0% | 5.5% | 9.2% | 12.8% | |
| FCF Margin % | -72.6% | 35.9% | 27.2% | 25.7% | 32.2% | 10.6% | 10.0% | -7.6% | -0.9% | 14.3% | 8.2% | |
| ROE % | -67.1% | -567.8% | 46.3% | 34.5% | 25.1% | 7.3% | 6.7% | -4.8% | -5.2% | 1.0% | 9.0% | |
| ROA % | -13.8% | -45.9% | 13.3% | 15.8% | 11.0% | 3.6% | 3.2% | -2.3% | -2.9% | 0.6% | 5.0% | |
| ROIC % | -11.5% | 15.4% | 25.2% | 27.1% | 23.1% | 3.3% | 2.4% | -5.0% | -1.1% | 1.0% | 4.7% | |
| R&D / Revenue % | 96.9% | 20.8% | 21.4% | 16.8% | 18.2% | 35.4% | 25.5% | 28.1% | 28.0% | 26.7% | 30.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 41.0% | 544.1% | 43.8% | 22.5% | 12.0% | -6.3% | 3.4% | 19.3% | 21.1% | 26.6% | |
| Gross Profit | 78.6% | 686.7% | 39.5% | 28.1% | 14.0% | -5.8% | 5.8% | 17.0% | 18.9% | 26.3% | |
| Operating Income | 13.5% | 316.6% | 65.3% | 57.0% | 11.7% | -75.1% | -48.1% | -326.1% | 83.6% | 669.7% | |
| Net Income | -69.4% | -396.0% | 131.3% | 41.9% | -6.9% | -57.6% | -14.5% | -177.1% | -12.3% | 124.1% | |
| EPS (Diluted) | -63.0% | -326.1% | 123.5% | 36.4% | -2.9% | -55.2% | -22.5% | -189.5% | -24.1% | 122.2% | |
| Operating Cash Flow | 0.0% | 535.7% | 1.1% | 60.0% | 12.8% | -54.7% | -40.7% | -177.0% | 89.6% | 3147.8% | |
| Free Cash Flow | 0.0% | 418.6% | 8.9% | 15.9% | 40.3% | -69.1% | -3.1% | -191.6% | 86.2% | 2182.3% | |
| R&D Expense | 4.4% | 38.3% | 47.6% | -3.8% | 21.2% | 82.7% | -25.3% | 31.2% | 20.7% | 20.7% | |
| SG&A Expense | 52.9% | 455.7% | 4.4% | 19.3% | 16.3% | -100.0% | 0.0% | 27.1% | 13.4% | 18.4% | |
| Total Assets | 111.5% | 49.5% | 7.6% | 19.3% | 33.9% | 31.5% | -5.5% | 8.7% | -10.5% | 20.7% | |
| Book Value / Share | -2.7% | -35.2% | 109.6% | 84.5% | 34.8% | 32.7% | -0.7% | 34.3% | -0.3% | 16.9% | |
| Debt | 324.8% | 22.0% | 1.5% | -30.2% | 127.8% | 38.3% | -9.1% | 2.9% | -32.2% | -0.5% | |
| Diluted Shares | 1.6% | 20.5% | 30.6% | 3.1% | -3.8% | 8.2% | -3.8% | -22.0% | 4.9% | 3.5% |
Valuation
P/E (TTM)34.91
10Y Low / Med / High26.28 / 41.37 / 441.75
P/S2.25
10Y Low / Med / High2.34 / 4.68 / 49.32
P/B3.04
10Y Low / Med / High3.03 / 6.61 / 54.01
EV/EBITDA18.53
10Y Low / Med / High15.36 / 35.36 / 87.15
EV/Revenue2.06
10Y Low / Med / High2.54 / 4.51 / 51.35
P/FCF28.32
10Y Low / Med / High14.53 / 25.75 / 44.45
Intrinsic Value Models (per share)
DCF Value
$13.58
Tangible Book / Share
$4.05
Net Current Assets / Share
$1.63
Graham Number
$0.56
Graham Net-Net
$0.96
Cash / Share
$2.63
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -45.05 | -9.27 | 41.37 | 28.64 | 26.28 | 39.38 | 66.45 | -78.83 | -57.22 | 441.75 | 34.91 | |
| P/S Ratio | 49.32 | 8.09 | 7.70 | 6.62 | 4.68 | 3.94 | 4.43 | 3.06 | 2.34 | 3.35 | 2.25 | |
| P/B Ratio | 29.98 | 54.01 | 19.26 | 10.68 | 6.61 | 3.58 | 4.45 | 3.43 | 3.03 | 4.55 | 3.04 | |
| EV/EBITDA | -61.78 | -11.56 | 47.99 | 17.32 | 16.41 | 15.36 | 25.94 | 87.15 | 46.18 | 35.36 | 18.53 | |
| EV/Revenue | 51.35 | 8.20 | 7.72 | 6.53 | 4.51 | 3.77 | 4.23 | 3.51 | 2.54 | 3.27 | 2.06 |
Analyst Estimates & Quality
Altman Z-Score
3.12
Safe
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $382.4M | $397.1M | $393.1M |
| Net Income | $21.3M | $20.8M | $37.8M |
| EPS | $0.30 | $0.29 | $0.53 |
| # Analysts (EPS) | 2 | 2 | 1 |
Revenue Segments
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Europe | $7.2M | $4.9M | $4.9M | — | — | — |
| Rest Of The World, Excluding US And Europe | $1.1M | $519.0K | $616.0K | — | — | — |
| UNITED STATES | $177.4M | — | — | $239.1M | $287.1M | $361.7M |