undamentalytics Newsletter
Sign in

Pharming Group N.V. (PHAR) stock

Add to watchlist

Add holding +

NASDAQ: PHAR Nasdaq Biotechnology

B+ Fundamentals grade

Pharming Group N.V. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Pharming Group N.V. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: our cash-flow value ($1.96) was left out of our combined valuation (it is 0.15x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Pharming Group N.V. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds9 adding, 9 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Pharming Group files

Where Pharming stands after its latest Filing

Revenue for the twelve months was $376m, up 26.6% on a year earlier, faster than the 21.1% growth a quarter earlier. Free-cash-flow margin held at 14.3%. The diluted share count is down 4.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 5 of our 6 financial-health checks.

Our model value for Pharming Group is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Pharming Group N.V.'s trailing-twelve-month revenue grew 26.6% year on year, with a free-cash-flow margin of 14.3%. Where it stands out: change in share count of -4.9% ranks 4 of 156 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$2.0 per share in the base case (~$1.7–$2.4 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 26.6% (+5.4pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 26.6% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Growth speeding up. The growth rate is 5.4 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 9.8 points on a year ago.
  • Shrinking share count. Diluted shares fell 4.9% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results

Earnings per share
$0.30 against an average estimate of $0.20: beat by 46.3%

Pharming Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.1%
  • 1 week+7.0%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$376M
Operating margin
6.9%
Net margin
0.8%
EPS (TTM, diluted)
$0.04

Growth

Revenue growth
+26.6%
Change in growth rate
+5.4 pts
Share count change
−4.9%

Cash

Free cash flow (TTM)
$54M
FCF margin
14.3%
Stock pay % of revenue
3.7%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for PHAR from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Pharming Group N.V. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($1.96) was left out of our combined valuation (it is 0.15x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Pharming Group N.V.'s free cash flow after stock-based pay ( $2M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Pharming Group N.V. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$2.0 ~$1.7–$2.4 Left out: out of range vs price (0.15x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$0.4 ~$0.3–$0.9 Left out: out of range vs price (0.03x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.9 ~$0.5–$1.5 Left out: out of range vs price (0.07x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Pharming Group N.V. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current — — $389m +3%
Next — — $425m +9%

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.20 $0.30 +46.3%
Jun 2026 $0.06 $0.00 −96.8%
Mar 2026 −$0.00 −$0.07 −1900.0%
Dec 2025 $0.01 $0.07 +460.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

4 analysts, Nov 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Nov 202644
  2. Oct 202644
  3. Sep 202644

Counts of recommendations published by analysts covering Pharming Group N.V., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0.44
at average volume
Short interest, 1 month
−36%
to October 15, 2026
Held by institutions
0%
of shares
Held by insiders
0.0%
of shares
Employees
407
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Pharming Group N.V. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Pharming Group N.V.
$150M $200M $250M $300M $350M $400M FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $189.4M Revenue (TTM), FY20 Q4: $212.2M Revenue (TTM), FY21 Q4: $198.9M Revenue (TTM), FY22 Q4: $205.6M Revenue (TTM), FY23 Q4: $245.3M Revenue (TTM), FY24 Q4: $297.2M Revenue (TTM), FY25 Q4: $376.1M $376.1M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $189.4M
FY20 Q4 $212.2M
FY21 Q4 $198.9M
FY22 Q4 $205.6M
FY23 Q4 $245.3M
FY24 Q4 $297.2M
FY25 Q4 $376.1M
Revenue growth, TTM YoY Pharming Group N.V.
-10% 0% 10% 20% 30% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: 12.0% Revenue growth, TTM YoY, FY21 Q4: -6.3% Revenue growth, TTM YoY, FY22 Q4: 3.4% Revenue growth, TTM YoY, FY23 Q4: 19.3% Revenue growth, TTM YoY, FY24 Q4: 21.1% Revenue growth, TTM YoY, FY25 Q4: 26.6% 26.6%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 12.0%
FY21 Q4 -6.3%
FY22 Q4 3.4%
FY23 Q4 19.3%
FY24 Q4 21.1%
FY25 Q4 26.6%
Operating margin (TTM) Pharming Group N.V.
-10% 0% 10% 20% 30% 40% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: 36.0% Operating margin (TTM), FY20 Q4: 35.9% Operating margin (TTM), FY21 Q4: 6.8% Operating margin (TTM), FY22 Q4: 8.9% Operating margin (TTM), FY23 Q4: -2.2% Operating margin (TTM), FY24 Q4: -2.9% Operating margin (TTM), FY25 Q4: 6.9% 6.9%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY19 Q4 36.0%
FY20 Q4 35.9%
FY21 Q4 6.8%
FY22 Q4 8.9%
FY23 Q4 -2.2%
FY24 Q4 -2.9%
FY25 Q4 6.9%
FCF margin (TTM) Pharming Group N.V.
-20% 0% 20% 40% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY19 Q4: 37.8% FCF margin (TTM), FY20 Q4: 37.2% FCF margin (TTM), FY21 Q4: 13.6% FCF margin (TTM), FY22 Q4: 10.3% FCF margin (TTM), FY23 Q4: -7.6% FCF margin (TTM), FY24 Q4: -0.9% FCF margin (TTM), FY25 Q4: 14.3% 14.3%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY19 Q4 37.8%
FY20 Q4 37.2%
FY21 Q4 13.6%
FY22 Q4 10.3%
FY23 Q4 -7.6%
FY24 Q4 -0.9%
FY25 Q4 14.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Pharming Group took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $376M
  2. Cost of revenue $45.5M · 12.1%
  3. Gross profit $331M · 87.9%
  4. Research and development $100M · 26.7%
  5. Other operating costs $204M · 54.3%
  6. Operating income $25.8M · 6.9%
  7. Income tax $10.3M · 2.7%
  8. Interest and other $12.7M · 3.4%
  9. Net income $2.9M · 0.8%

Shares of revenue. Source: Pharming Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 189 212 199 206 245 297 376
Gross profit 165 189 178 188 220 262 331
EBITDA 73 82 16 20 −4 −7 27
Operating income 68 76 14 18 −5 −9 26
Net income 41 38 16 14 −11 −12 3
Diluted EPS $0.60 $0.55 $0.23 $0.19 −$0.16 — $0.04
Growth (year on year)
Revenue — +12.0% −6.3% +3.4% +19.3% +21.1% +26.6%
EBITDA — +12.4% −81.0% +26.6% −119.6% — —
Operating income — +11.7% −82.2% +34.5% −129.5% — —
Net income — −6.9% −57.6% −14.5% −177.1% — —
Diluted EPS — −8.3% −58.2% −17.4% −184.2% — —
Margins
Gross margin 87.4% 88.9% 89.4% 91.5% 89.7% 88.1% 87.9%
EBITDA margin 38.7% 38.8% 7.9% 9.6% −1.6% −2.4% 7.2%
Operating margin 36.0% 35.9% 6.8% 8.9% −2.2% −2.9% 6.9%
Net margin 21.4% 17.8% 8.0% 6.7% −4.3% −4.0% 0.8%
Free-cash-flow margin 37.8% 37.2% 13.6% 10.3% −7.6% −0.9% 14.3%
Cash flow
Cash from operations 74 84 38 22 −17 −2 55
Capital spending 3 5 11 1 1 1 1
Free cash flow 72 79 27 21 −19 −3 54
Stock-based pay 4 7 9 6 9 11 14
Free cash flow after stock pay 67 72 18 15 −28 −14 40
Balance sheet
Cash 74 205 192 207 62 55 145
Total debt 0 152 141 133 138 82 98
Net debt (negative = net cash) −74 −53 −51 −74 77 27 −47
Diluted shares 67m 68m 70m 71m 73m 79m 75m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · December 31, 2025
What it owns · $500m
Short-term assets $299mLonger-term assets $200m
What it owes, and who funded it · $393m
Short-term liabilities $116mShareholders' equity $277m
  • Short-term assets cover short-term liabilities $299m of assets due within a year against $116m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $145m of cash against $98m of debt.
  • Debt below 40% of shareholders' equity Debt is 35% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 82% to 35% over five years.
  • A year's operating cash flow covers at least 20% of debt $55m of operating cash flow against $98m of debt.
  • Operating profit covers interest at least five times over Operating income of $26m against $11m of interest.

From Pharming Group N.V.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−4.9%
year over year
R&D spending
26.7%
of revenue
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated PHAR SVA MNKD MGTX NVAX IOVA Median
Revenue, last 12 months $376m $386m $394m $398m $414m $325m $56m
Revenue growth, last 12 months 26.6% 6.8% 30.5% 948.3% −61.6% 34.5% 12.6%
Revenue growth, 3-year average — 66.1% 35.5% 296.0% −36.3% — 13.7%
Revenue growth, latest quarter — — 42.9% >999% −76.3% 65.7% 10.2%
Gross margin 87.9% 67.9% 89.8% — 78.6% 48.4% 82.9%
Operating margin 6.9% −127.0% 2.3% 46.3% −56.6% −92.7% −189.4%
Operating margin, 3-year average — −3.3% 14.4% −817.8% −17.9% −554.7% −363.5%
Net margin 0.8% −15.5% −11.1% 19.9% −59.9% −89.1% −169.8%
Cash from operations / revenue 14.5% −132.7% −2.0% 3.4% −8.9% −81.3% −168.0%
Free-cash-flow margin 14.3% −145.4% −4.6% 2.6% −10.2% −91.2% −162.4%
Free-cash-flow margin, 3-year average — −14.0% 4.1% −546.8% −23.8% −482.4% −310.0%
Stock pay / revenue 3.7% 0.0% 7.1% 4.8% 7.8% 14.4% 20.0%
Change in share count −4.9% 0.0% 6.1% 8.6% 1.2% 29.6% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 26.6% 12.6% 71 of 172
Change in growth rate Growth +5.4pp -0.1pp 53 of 172
Gross margin Profitability 87.9% 82.4% 26 of 75
Operating margin Profitability 6.9% -189.4% 34 of 175
Net margin Profitability 0.8% -157.3% 38 of 180
Free-cash-flow margin Cash generation 14.3% -145.4% 29 of 176
Stock pay as % of revenue Cash generation 3.7% 19.2% 25 of 179
Long-term debt as % of assets Balance sheet 18.5% 20.6% 37 of 78
Change in share count Balance sheet -4.9% 7.9% 4 of 156
Days sales outstanding Balance sheet 53 days 75 days 32 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$1.3M
Institutions reporting
17
Shares held vs prior quarter
▲ 11.4%
Positions opened / closed
6 / 3

Top buyers and sellers, Q2 2026: 9 institutions bought and 9 sold ; the biggest buyer was Crossmark Global Holdings, Inc (+12K shares) and the biggest seller Silverberg Bernstein Capital Management LLC (−3,200). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Silverberg Bernstein Capital Management LLC $577,088 42K 43.7% ▼ 7.2%
Crossmark Global Holdings, Inc. $168,998 12K 12.8% New
Citadel Advisors LLC $162,340 12K 12.3% ▲ 17.5%
Morgan Stanley $159,735 12K 12.1% ▲ 0.1%
Smartharvest Portfolios, LLC $144,664 10K 11.0% ▼ 3.5%
Knoll Capital Management, LLC $56,823 4K 4.3% ▲ 0.8%
Silver Grove Financial Group, Inc. $14,876 1K 1.1% New
Nalls Sherbakoff Group, LLC $12,084 1K 0.9% 0.0%
Global Retirement Partners, LLC $6,334 0K 0.5% —
Integrated Wealth Concepts LLC $5,278 0K 0.4% New
BNP Paribas Financial Markets $4,167 0K 0.3% ▼ 25.0%
Optiver Holding B.V. $4,136 0K 0.3% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Pharming Group N.V.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Pharming Group N.V. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Pharming Group N.V. in brief

What does Pharming Group N.V. do?
Pharming Group N.V. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Pharming Group N.V.'s stock ticker?
Pharming Group N.V. trades under the ticker PHAR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Pharming Group N.V.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Pharming Group N.V. reported revenue of $376M, 26.6% higher than a year earlier, according to its SEC filings.
What is Pharming Group N.V.'s free cash flow?
Pharming Group N.V.'s free-cash-flow margin is 14.3% of revenue over the trailing twelve months, ranking 29 of the 176 biotechnology companies we cover.
Who are Pharming Group N.V.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Silverberg Bernstein Capital Management LLC, Crossmark Global Holdings, Inc. and Citadel Advisors LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Pharming Group N.V. have?
Pharming Group N.V.'s debt-to-equity ratio is 35.4%, from its latest balance sheet (81.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Pharming Group N.V.'s competitors?
In our Biotechnology peer group, the companies closest to Pharming Group N.V. are Sinovac Biotech LTD, Mannkind Corp, Meiragtx Holdings plc, Novavax Inc and Iovance Biotherapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Pharming Group N.V.'s.