Pharming Group reports financial results for the first nine months of 2020

Company has initiated the process for a secondary listing in the US on Nasdaq Company has initiated the process for a secondary listing in the US on Nasdaq LEIDEN,Netherlands,Oct. 29, 2020/PRNewswire/ -- Pharming Group N.V. ("Pharming" or "the Company") (Euronext Amsterdam: PHARM) presents its (unaudited) financial report for the nine months and third quarter ended30 September 2020. Financial summary Gross profit Operating profit Net profit 18...

Company has initiated the process for a secondary listing in the US on Nasdaq

LEIDEN, Netherlands, Oct. 29, 2020 /PRNewswire/ -- Pharming Group N.V. ("Pharming" or "the Company") (Euronext Amsterdam: PHARM) presents its (unaudited) financial report for the nine months and third quarter ended 30 September 2020.

Financial summary

Gross profit

Operating profit

Net profit

18.8

7.5

51.1

25.6

42.7

24.1

19.7%

6.2%

-  Undiluted

-  Fully diluted

Financial highlights

Operational highlights

Post-period highlights

COVID-19 update

Pharming continues to comply with international guidance and requirements across its operations to prioritise the health and safety of its employees during the COVID-19 pandemic.

An update on the impact of COVID-19 on the operations of the business is summarised below:

Sijmen de Vries, Chief Executive Officer, commented:

"We are pleased to announce continued growth during the first nine months of 2020, demonstrating consistent progress, despite the impact of the COVID-19 pandemic on sales and marketing activities and a significant decrease in the US dollar versus the Euro. We remain focused on, and are delivering against, our strategy for long-term growth. This includes continued sales growth of RUCONEST® through increasing market share for the treatment of acute HAE attacks, indication expansion for rhC1INH and the development of new proteins from our recombinant technology platform, as well as in-licencing or acquiring new products to leverage our global commercial infrastructure.

"In the past four years, Pharming has transitioned into a profitable biopharmaceutical company with its own direct sales operations in the US and the EU to continue to expand our patient reach and an advancing pipeline. We believe the Company is well-positioned to continue to deliver significant value to both our patients and our stakeholders."

Outlook

For the remainder of 2020, the Company expects:

No further financial guidance for 2020 is provided.

About Pharming Group N.V.

Pharming Group N.V. is a global, commercial stage biopharmaceutical company developing innovative protein replacement therapies and precision medicines for the treatment of rare diseases and unmet medical needs.

The flagship of our portfolio is our recombinant human C1 esterase inhibitor, or rhC1INH, franchise. C1INH is a naturally occurring protein that downregulates the complement cascade in order to control swelling in affected tissues.

Our lead product, RUCONEST® is the first and only plasma-free rhC1INH protein replacement therapy. It is approved for the treatment of acute hereditary angioedema, or HAE, attacks. We are commercializing RUCONEST® in the United States, the European Union and the United Kingdom through our own sales and marketing organization, and the rest of the world through our distribution network.

We are also developing rhC1INH for subsequent indications, including pre-eclampsia, acute kidney injury and we also investigating the clinical efficacy of rhC1INH in COVID-19.

In addition, we are studying our oral precision medicine, leniolisib (a phosphoinositide 3-kinase delta, or PI3K delta, inhibitor), for the treatment of activated PI3K delta syndrome, or APDS, in a registration enabling Phase 2/3 study in the US and Europe.

Furthermore, we are also leveraging our transgenic manufacturing technology to develop next-generation protein replacement therapies most notably for Pompe disease, which program is currently in the preclinical stage.

Forward-looking Statements

This press release contains forward-looking statements, including with respect to timing and progress of Pharming's preclinical studies and clinical trials of its product candidates, Pharming's clinical and commercial prospects, Pharming's ability to overcome the challenges posed by the COVID-19 pandemic to the conduct of its business, and Pharming's expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming's clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory and technical developments. In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming's 2019 Annual Report and its report for the six months ended 30 June 2020, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming's actual results could differ materially and adversely from those anticipated or implied thereby. Any forward-looking statements speak only as of the date of this press release and are based on information available to Pharming as of the date of this release.

For further public information, contact:

Pharming Group, Leiden, The Netherlands
Sijmen de Vries, CEO: T: +31 71 524 7400
Susanne Embleton, Investor Relations Manager: T: +31 71 524 7400 E: [email protected]

FTI Consulting, London, UK
Victoria Foster Mitchell/ Mary Whittow
T: +44 203 727 1000

LifeSpring Life Sciences Communication, Amsterdam, The Netherlands
Leon Melens
T: +31 6 53 81 64 27
E: [email protected]

Pharming Group N.V.

Condensed Consolidated Interim Financial Statements (unaudited)

For the period ended 30 September 2020

Appendix: Main Condensed Consolidated Interim Financial Statements reported in US dollars

(This appendix is not part of the Condensed Consolidated Interim Financial Statements)

 

Condensed Consolidated Statement of Profit or Loss                                     

For the period ended 30 September

 

Condensed Consolidated Statement of Comprehensive Income 

For the period ended 30 September

 

Condensed Consolidated Balance Sheet

As at date shown          

 

Condensed Consolidated Statement of Cash Flow

For the period ended 30 September

 

Appendix: Main Condensed Consolidated Financial Statements reported in US dollars

These statements are not part of the original Interim Financial Statements. The original Interim Financial Statements are reported in euros. In case of differences of interpretation between the Financial Statements in US dollars and the Financial Statements in euros, the Financial Statements in euros will prevail.

 

Condensed Consolidated Statement of Profit or Loss         in US Dollars                            

For the period ended 30 September

 

Condensed Consolidated Balance Sheet in US Dollars

As at date shown

 

Condensed Consolidated Statement of Cash Flows in US Dollars

For the period ended 30 September