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Pharming Valuation Multiples

Discover revenue and EBITDA valuation multiples for Pharming and similar public comparables like Armata Pharmaceuticals, Vivoryon Therapeutics, and Protalix.

Pharming Overview

About Pharming

Pharming Group is a global biopharmaceutical company dedicated to transforming the lives of patients with rare, debilitating, and life-threatening diseases. It is commercializing and developing an innovative portfolio of protein replacement therapies and precision medicines to serve the unserved rare disease patients. Its product includes Ruconest. The revenue is generated from the United States.


Founded

1988

HQ

Netherlands
Employees

382

Website

pharming.com

Financials

LTM Revenue $277M

LTM EBITDA -$15.0M

EV

$545M

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Pharming Financials

Pharming has a last 12-month revenue of $277M and a last 12-month EBITDA of -$15.0M.

In the most recent fiscal year, Pharming achieved revenue of $267M and an EBITDA of $10.7M.

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

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Pharming P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $224M $267M XXX XXX XXX
Gross Profit $193M $205M XXX XXX XXX
Gross Margin 86% 77% XXX XXX XXX
EBITDA $36.5M $10.7M XXX XXX XXX
EBITDA Margin 16% 4% XXX XXX XXX
Net Profit $17.4M $14.9M XXX XXX XXX
Net Margin 8% 6% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Pharming Stock Performance

As of March 19, 2025, Pharming's stock price is EUR 1 (or $1).

Pharming has current market cap of EUR 552M (or $600M), and EV of EUR 501M (or $545M).

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Pharming Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$545M $600M XXX XXX XXX XXX $-0.02

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Pharming Valuation Multiples

As of March 19, 2025, Pharming has market cap of $600M and EV of $545M.

Pharming's trades at 1.8x LTM EV/Revenue multiple, and -33.5x LTM EBITDA.

Analysts estimate Pharming's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Pharming Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $545M XXX XXX XXX
EV/Revenue 2.0x XXX XXX XXX
EV/EBITDA 50.7x XXX XXX XXX
P/E -52.3x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF -26.7x XXX XXX XXX

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Pharming Valuation Multiples

Pharming's NTM/LTM revenue growth is 7%

Pharming's revenue per employee for the last fiscal year averaged $0.7M, while opex per employee averaged $0.7M for the same period.

Over next 12 months, Pharming's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Pharming's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Pharming Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 19% XXX XXX XXX XXX
EBITDA Margin 4% XXX XXX XXX XXX
EBITDA Growth -71% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 11% XXX XXX XXX XXX
Revenue per Employee $0.7M XXX XXX XXX XXX
Opex per Employee $0.7M XXX XXX XXX XXX
S&M Expenses to Revenue 3% XXX XXX XXX XXX
G&A Expenses to Revenue 33% XXX XXX XXX XXX
R&D Expenses to Revenue 28% XXX XXX XXX XXX
Opex to Revenue 99% XXX 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 382 employees.
Who is the CEO of Pharming? Pharming's CEO is Dr. Sijmen de Vries, M.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 $600M
What is the current revenue of Pharming? Pharming's last 12-month revenue is $277M.
What is the current EBITDA of Pharming? Pharming's last 12-month EBITDA is -$15.0M.
What is the current EV/Revenue multiple of Pharming? Current revenue multiple of Pharming is 1.8x.
What is the current EV/EBITDA multiple of Pharming? Current EBITDA multiple of Pharming is -33.5x.
What is the current revenue growth of Pharming? Pharming revenue growth between 2023 and 2024 was 19%.
Is Pharming profitable? Yes, Pharming is EBITDA-positive (as of the last 12 months).

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