Financial updates
Pharming Group Reports Strong Preliminary Financial Results for 2018 including first year of net profit
Pharming Group N.V. presents its preliminary (unaudited) financial report for the full year ended 31 December 2018.
Highlights:
- Full year revenues from product sales were up over 51% on 2017 to €134.3 million, reflecting strong growth in both the USA and Europe. Including deferred license income, total revenues were €135.1 million (US$159.7 million) – an increase of almost 51% on 2017
- Fourth quarter product sales of €36.7m (US$41.9 million) – as guided; in similar range to Q3 2018
- 2018 US product sales triggered first $20 million milestone payment to Valeant, paid earlier this month
- Full year net profits, including financing costs and non-cash adjustments, were €25.0 million
- Full year unadjusted operating profit (EBIT) of €40.6 million (US$48.0 million), before a non-cash adjustment to take previously capitalised development costs for a superseded new form of RUCONEST® through the income statement, resulting in a final figure of €38.0 million (US$44.9 million)
- Cash ended at €81.5 million, an increase of €21.5 million versus year end 2017
"We are confident that with our increasing patient reach and advancing pipeline, we will continue to deliver significant value to all our stakeholders.”
- Sijmen de Vries - CEO