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Pharming Valuation Multiples

Discover revenue and EBITDA valuation multiples for Pharming and similar public comparables like Galapagos, Armata Pharmaceuticals, and Julphar.

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

Netherlands
Employees

404

Website

pharming.com

Financials

LTM Revenue $277M

LTM EBITDA -$1.2M

EV

$767M

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Pharming Financials

Pharming has a last 12-month revenue (LTM) of $277M and a last 12-month EBITDA of -$1.2M.

In the most recent fiscal year, Pharming achieved revenue of $334M and an EBITDA of $18.3M.

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

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Pharming P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $277M XXX $334M XXX XXX XXX
Gross Profit $245M XXX $294M XXX XXX XXX
Gross Margin 88% XXX 88% XXX XXX XXX
EBITDA -$1.2M XXX $18.3M XXX XXX XXX
EBITDA Margin 0% XXX 5% XXX XXX XXX
EBIT -$9.3M XXX -$4.1M XXX XXX XXX
EBIT Margin -3% XXX -1% XXX XXX XXX
Net Profit -$10.1M XXX -$13.3M XXX XXX XXX
Net Margin -4% XXX -4% XXX XXX XXX
Net Debt XXX XXX $30.8M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Pharming Stock Performance

As of May 30, 2025, Pharming's stock price is EUR 1 (or $1).

Pharming has current market cap of EUR 673M (or $756M), and EV of EUR 683M (or $767M).

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Pharming Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$767M $756M XXX XXX XXX XXX $-0.02

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Pharming Valuation Multiples

As of May 30, 2025, Pharming has market cap of $756M and EV of $767M.

Pharming's trades at 2.3x EV/Revenue multiple, and 41.9x EV/EBITDA.

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 -66.4x.

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Pharming Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $756M XXX $756M XXX XXX XXX
EV (current) $767M XXX $767M XXX XXX XXX
EV/Revenue 2.5x XXX 2.3x XXX XXX XXX
EV/EBITDA -585.0x XXX 41.9x XXX XXX XXX
EV/EBIT -73.8x XXX -186.4x XXX XXX XXX
EV/Gross Profit 2.8x XXX n/a XXX XXX XXX
P/E -66.4x XXX -56.8x XXX XXX XXX
EV/FCF 1620.2x XXX -263.6x XXX XXX XXX

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Pharming Margins & Growth Rates

Pharming's last 12 month revenue growth is 5%

Pharming's revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $0.7M for the same period.

Pharming's rule of 40 is 9% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Pharming's rule of X is 13% (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 5% XXX 1% XXX XXX XXX
EBITDA Margin 0% XXX 5% XXX XXX XXX
EBITDA Growth -977% XXX -32% XXX XXX XXX
Rule of 40 9% XXX 11% XXX XXX XXX
Bessemer Rule of X XXX XXX 13% XXX XXX XXX
Revenue per Employee XXX XXX $0.8M XXX XXX XXX
Opex per Employee XXX XXX $0.7M 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

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Pharming Public Comps

See public comps and valuation multiples for Biopharmaceuticals and Drug Development & Therapeutics comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Julphar XXX XXX XXX XXX XXX XXX
Galapagos XXX XXX XXX XXX XXX XXX
Vivoryon Therapeutics XXX XXX XXX XXX XXX XXX
Armata Pharmaceuticals XXX XXX XXX XXX XXX XXX
Protalix XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Pharming M&A and Investment Activity

Pharming acquired  XXX companies to date.

Last acquisition by Pharming was  XXXXXXXX, XXXXX XXXXX XXXXXX . Pharming acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Pharming

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Pharming

When was Pharming founded? Pharming was founded in 1988.
Where is Pharming headquartered? Pharming is headquartered in Netherlands.
How many employees does Pharming have? As of today, Pharming has 404 employees.
Who is the CEO of Pharming? Pharming's CEO is Mr. Fabrice Chouraqui, M.B.A.,Pharm.D..
Is Pharming publicy listed? Yes, Pharming is a public company listed on AMS.
What is the stock symbol of Pharming? Pharming trades under PHARM ticker.
When did Pharming go public? Pharming went public in 1998.
Who are competitors of Pharming? Similar companies to Pharming include e.g. Julphar, Galapagos, Vivoryon Therapeutics, Armata Pharmaceuticals.
What is the current market cap of Pharming? Pharming's current market cap is $756M
What is the current revenue of Pharming? Pharming's last 12 months revenue is $277M.
What is the current revenue growth of Pharming? Pharming revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of Pharming? Current revenue multiple of Pharming is 2.5x.
Is Pharming profitable? Yes, Pharming is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Pharming? Pharming's last 12 months EBITDA is -$1.2M.
What is Pharming's EBITDA margin? Pharming's last 12 months EBITDA margin is 0%.
What is the current EV/EBITDA multiple of Pharming? Current EBITDA multiple of Pharming is -585.0x.
What is the current FCF of Pharming? Pharming's last 12 months FCF is $0.4M.
What is Pharming's FCF margin? Pharming's last 12 months FCF margin is 0%.
What is the current EV/FCF multiple of Pharming? Current FCF multiple of Pharming is 1620.2x.

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