Pharming Group

pharming.com →

+43%

est. 2Y upside i

Healthcare

Rank

#1944

Sector

Biotechnology

Est. Liquidity

~1Y

Data Quality

Data: Medium

Pharming trades at a striking 3.1x trailing revenue for a profitable, 88%-gross-margin rare-disease biotech growing 27% YoY — well below rare-disease public comps at 5-10x — suggesting genuine undervaluation if the pipeline holds.

Last updated: May 5, 2026

Bull (28%)+105%

Leniolisib Phase II readouts in H2 2026 succeed across both trials, unlocking 2-3 new indications and accelerating revenue toward $600M+ by end-2027; market re-rates from 3.1x to 6x revenue, pushing market cap to ~$2.4B. Joenja maintains its regulatory monopoly for APDS and RUCONEST defends share via payor formulary positioning.

Base (47%)+45%

Revenue grows at a moderating 18-20% CAGR toward ~$520M by end-2027 as Joenja continues ramping and RUCONEST holds share; sustained profitability drives a modest re-rating from 3.1x to 4.5x revenue, implying a ~$2.3B market cap. Phase II data is mixed but does not destroy the pipeline premium entirely.

Bear (25%)-32%

One or both leniolisib Phase II trials fail in H2 2026, eliminating the pipeline premium in a single binary event; RUCONEST loses 10-15 points of market share to oral/long-acting HAE competitors. Revenue stalls near $395M, the multiple compresses to 2x, and the market cap falls to ~$790M.

Est. time to liquidity~1.0 years

Preference Stack Risk

low

Funding Intensity

0%

Pharming is a publicly traded company (Euronext: PHARM) with no VC preferred-stock overhang; employee equity converts directly to common shares at market price with no liquidation preference ahead of employees.

Dilution Risk

moderate

Total funding history is undisclosed, but as a clinical-stage pipeline biotech with ongoing Phase II spend, future equity issuances for trials or business development deals over the 2-year horizon are plausible even given current profitability.

Secondary Liquidity

active

Shares trade daily on Euronext Amsterdam, so RSUs vest into freely sellable stock subject only to standard lock-up and insider-trading windows — materially more liquid than any private-company grant.

View all 3 open roles at Pharming Group →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Pharming Group's data — designed to show you've done your homework.

  • 1

    “What are the primary endpoints, patient cohort sizes, and internal probability-of-success estimates for the two leniolisib Phase II trials reading out in H2 2026?”

  • 2

    “How is RUCONEST positioned on payor formularies relative to Takhzyro and Berinert, and what does net realized pricing look like after rebates and discounts?”

  • 3

    “Are equity grants structured as RSUs or options, what is the vesting schedule relative to the H2 2026 catalyst timeline, and is there an insider-trading blackout window around data readouts?”

Community

Valuation Sentiment

Our model estimates +43% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

Comments are reviewed before they appear publicly.

0/2000

Loading comments...

Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.