Pharming Group N.V. (NASDAQ:PHAR) Q3 2023 Earnings Conference Call October 26, 2023 7:30 AM ET

Company Participants

Sijmen de Vries - Chief Executive Officer

Stephen Toor - Chief Commercial Officer

Anurag Relan - Chief Medical Officer

Jeroen Wakkerman - Chief Financial Officer

Conference Call Participants

Christian Glennie - Stifel

Alistair Campbell - Royal Bank of Canada

Sushila Hernandez - Van Lanschot Kempen

Joe Pantginis - H.C. Wainwright

Hartaj Singh - Oppenheimer

Simon Scholes - First Berlin

Sijmen de Vries

Good morning or good afternoon, ladies and gentlemen. I’m here with my three colleagues, Stephen Toor, our Chief Commercial Officer; Anurag Relan, our Chief Medical Officer; and Jeroen Wakkerman, our Chief Financial Officer and we are delighted to take you through the third quarter results of this year.

Before I do that, however, I would like to point you to the forward-looking statement slide, because we may contain – this presentation may contain or will probably contain forward-looking statements that, as you know, are statements of future expectations that are based on our current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. And the rest I leave to you to read.

So let’s just move on to the next slide and then, of course, to the next slide about building a sustainable business in rare diseases. And that’s what we are about. And this is, of course, a very interesting moment in time, quarter results of 2023. And you see that on the left-hand side, how we are going to build – start to build that rare disease, the sustainable rare disease business.

We have significant positive cash flows for more than $200 million of moving annual total sales of RUCONEST that can fund Joenja launches and pipeline development to start with. And we are very pleased, of course, with the results and a strong revenue growth of RUCONEST 18% up on the second quarter and 11% up on last year’s third quarter. And also, if you look back nine months, so year-to-date, 2% up on last year. That means that, we are on track to deliver our low single-digit revenue growth for RUCONEST for 2023.

And then, of course, you move to the middle pillar. And you see there, of course, the global approvals and commercialization of Joenja that can be funded from those cash flows from RUCONEST. And of course, we were very pleased to get a very fast approval from the FDA back in March, brought the product to the market and got reimbursed patients almost immediately when we are on the market. Such that we go already record revenues in the second quarter of this year, which was the first quarter Joenja was on the market.