The following is a summary of the Pharming Group N.V. (PHAR) Q4 2023 Earnings Call Transcript:
Financial Performance:
Pharming Group reported an annual revenue of over $227 million for 2023, an increase of 10% compared to the previous year, with the US launch of Joenja contributing over $18 million.
Q4 2023 encountered a 49% YoY revenue growth, with RUCONEST sales alone carrying a 34% increase, leading to record revenue of $73.3 million.
Gross profit for Q4 2023 improved by $25.8 million year-over-year while the operating profit settled at $1.1 million, a swing from a previous loss of $10.2 million in Q4 2022. The company incurred a net loss of $2.7 million in Q4 2023.
The net loss for the full year of 2023 amounted to $10.1 million, a significant decrease from a net profit of $13.7 million in 2022, mainly due to increased costs associated with commercializing Joenja.
Revenue guidance for 2024 stands between $280 million and $295 million, projecting a growth rate from 14% to 20%.
Business Progress:
The company has begun expanding its portfolio with the commercial launch of Joenja in the US, which contributed significantly to sales within its first nine months. They are now looking to introduce Joenja to other regions such as Europe, Canada, Australia, Israel, and the United Kingdom.
Joenja, a treatment for APDS, has shown significant efficacy across primary and secondary results during trials.
Phase 2b studies for leniolisib will begin in the second quarter of the year, looking to target a larger patient group suffering from PID with immune disregulation. Clinical studies for leniolisib have already concluded in Japan, with application filings underway in other international markets.
Along with exploring potential uses for leniolisib, the company is actively working on expanding indications for Joenja, intending to take on more rare diseases.
The ongoing expansion plan includes continued growth through in-licensing and acquisitions, targeting rare diseases in Immunology & Haematology, Respiratory, and Gastroenterology sectors.
More details: Pharming Group IR
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