Pharming - Public Comps and Valuation Multiples

Pharming Overview

About Pharming

Pharming Group is a biopharmaceutical company focused in transforming the lives of patients with rare, debilitating, and life-threatening diseases. The company is actively developing and commercializing a diverse portfolio of innovative treatments, including both biologics and small molecule therapies. Its commercial products are RUCONEST, approved for the treatment of acute attacks in adult and adolescent patients with hereditary angioedema, or HAE; and Joenja (leniolisib), a small-molecule kinase inhibitor, developed for the treatment of activated phosphoinositide 3-kinase delta syndrome.

Founded

1988

HQ

Employees

404

Website

pharming.com

Sectors

Biopharmaceuticals
Drug Development & Therapeutics
BioTech

Financials

LTM Revenue $284M

LTM EBITDA $14.0M

EV

$976M

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Pharming Financials

As of August 2025, Pharming reported last 12-month revenue of $284M and EBITDA of $14.0M.

In the same period, Pharming generated $254M in LTM gross profit and -$1.7M in net income.

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Pharming P&L

In the most recent fiscal year, Pharming reported revenue of $348M and EBITDA of $19.1M.

Pharming expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$284M	XXX	$348M	XXX	XXX	XXX
Gross Profit	$254M	XXX	$307M	XXX	XXX	XXX
Gross Margin	89%	XXX	88%	XXX	XXX	XXX
EBITDA	$14.0M	XXX	$19.1M	XXX	XXX	XXX
EBITDA Margin	5%	XXX	5%	XXX	XXX	XXX
EBIT	-$1.4M	XXX	-$4.3M	XXX	XXX	XXX
EBIT Margin	0%	XXX	-1%	XXX	XXX	XXX
Net Profit	-$1.7M	XXX	-$13.9M	XXX	XXX	XXX
Net Margin	-1%	XXX	-4%	XXX	XXX	XXX
Net Debt	XXX	XXX	$32.2M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Pharming including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $284M. EBITDA for the last twelve months was $14.0M. In the most recent fiscal year, Pharming achieved $348M in revenue and $19.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$284M	Analyst estimates available to subscribers	$348M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$254M	Analyst estimates available to subscribers	$307M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	89.3% gross margin	Analyst estimates available to subscribers	88.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$14.0M	Analyst estimates available to subscribers	$19.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	4.9% EBITDA margin	Analyst estimates available to subscribers	5.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$1.4M	Analyst estimates available to subscribers	-$4.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-0.5% EBIT margin	Analyst estimates available to subscribers	-1.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$1.7M	Analyst estimates available to subscribers	-$13.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-0.6% net profit margin	Analyst estimates available to subscribers	-4.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$32.2M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Pharming

This financial data table provides comprehensive performance metrics for Pharming, a company based in Netherlands. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Pharming generated $284M in revenue over the last twelve months.
The company achieved $14.0M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $254M.
Net income over the last twelve months reached -$1.7M.

Fiscal Year Performance

In the most recent fiscal year, Pharming reported $348M in total revenue.
Fiscal year EBITDA was $19.1M.
The company maintained a gross profit margin of 88.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 5.5%.
Net profit margin reached -4.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Pharming. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Pharming Stock Performance

Pharming has current market cap of EUR 831M (or $974M), and EV of EUR 833M (or $976M).

Market Cap Evolution

Pharming Stock Data

As of September 17, 2025, Pharming's stock price is EUR 1 (or $1).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$976M	$974M	XXX	XXX	XXX	XXX	$-0.01

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Pharming Valuation Multiples

Pharming's trades at 2.8x EV/Revenue multiple, and 51.1x EV/EBITDA.

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Pharming Financial Valuation Multiples

As of September 17, 2025, Pharming has market cap of $974M and EV of $976M.

Equity research analysts estimate Pharming's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Pharming has a P/E ratio of -493.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$974M	XXX	$974M	XXX	XXX	XXX
EV (current)	$976M	XXX	$976M	XXX	XXX	XXX
EV/Revenue	2.9x	XXX	2.8x	XXX	XXX	XXX
EV/EBITDA	59.5x	XXX	51.1x	XXX	XXX	XXX
EV/EBIT	-603.9x	XXX	-227.3x	XXX	XXX	XXX
EV/Gross Profit	3.3x	XXX	n/a	XXX	XXX	XXX
P/E	-493.2x	XXX	-70.2x	XXX	XXX	XXX
EV/FCF	-117.0x	XXX	-321.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Pharming Margins & Growth Rates

Pharming's last 12 month revenue growth is 7%

Pharming's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.8M for the same period.

Pharming's rule of 40 is 11% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Pharming's rule of X is 22% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Pharming Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	7%	XXX	2%	XXX	XXX	XXX
EBITDA Margin	5%	XXX	5%	XXX	XXX	XXX
EBITDA Growth	119%	XXX	48%	XXX	XXX	XXX
Rule of 40	11%	XXX	12%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	22%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.8M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	28%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	89%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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