Pharming Group reports third quarter 2023
financial results
- Third quarter 2023 revenues increased 23% to US$66.7
million, compared to the third quarter 2022, driven by RUCONEST®
revenue and the U.S. commercial launch of Joenja®
- Nine month year to date 2023 revenues increased 9% to
US$164.1 million, compared to nine month year to
date 2022
- RUCONEST® revenues increased 11% in the third quarter
2023 to US$60.2 million, compared to the third quarter 2022, and
increased 18% compared to the second quarter 2023
- RUCONEST® nine month year to date 2023 revenues
increased by 2% YoY; on track for low single digit annual revenue
growth
- Continued strength in U.S. Joenja® (leniolisib) launch
during the third quarter 2023; 63 patients on paid therapy and
US$6.5 million revenue
- Overall cash and marketable securities of US$199.2
million at the end of the third quarter 2023, compared to US$194.1
million at the end of the second quarter 2023
Leiden, The Netherlands, October 26,
2023: Pharming Group N.V. (“Pharming” or “the Company”)
(Euronext Amsterdam: PHARM/NASDAQ: PHAR) presents its preliminary,
unaudited financial report for the three months ended September 30,
2023.
Sijmen de Vries, Chief Executive
Officer, commented:“Pharming delivered a strong third
quarter, increasing quarterly revenues to US$66.7 million and
putting the Company at US$164.1 million in revenues for the first
nine months of the year. The 23% revenue growth seen in the third
quarter of 2023, versus the same period last year, was attributable
to increased RUCONEST® revenue, coupled with initial Joenja®
revenues of US$6.5 million.
To ensure we continue to find new Joenja®
patients and grow revenues, Pharming continues to execute a focused
U.S. patient finding strategy. Our strategy, which will be ramped
up in the fourth quarter of 2023 and into the first quarter of
2024, focuses on early detection and diagnosis of potential APDS
patients, genetic testing family members of APDS patients, and
expanding the list of genetic variants confirmed to cause APDS.
Looking towards 2024, we continue to progress in
our efforts to make Joenja® (leniolisib) available to APDS patients
in key global launch markets. Discussions with the EMA are ongoing
and we continue to expect a CHMP opinion in the fourth quarter of
2023. In addition, the regulatory submissions filed for leniolisib
in Australia, Canada and Israel are progressing as expected, as is
the Japanese clinical trial for patients 12 years and older. We
also continue to make headway in our pediatric clinical trials with
the majority of patients enrolled in the 4 to 11 year old trial,
and have initiated recruiting in the second pediatric trial for
ages 1 to 6.
The third quarter was an example of Pharming’s
strong commercialization acumen as we succeeded in not only finding
new Joenja® patients and quickly put them on therapy, but also in
our ability to deliver growth for RUCONEST® in the competitive HAE
landscape. None of this could have been achieved without our
employees and partners who work tirelessly to bring our global HAE
and APDS patients the medicines they need.”
Third quarter highlights
Commercialized assetsRUCONEST® marketed
for the treatment of acute HAE attacks
RUCONEST® continued to perform well in the third
quarter of 2023, with revenues of US$60.2 million, an 11% increase
compared to the third quarter of 2022 and an 18% increase compared
to the second quarter of 2023. Revenues for the first nine months
of 2023 were US$153.8 million, a 2% increase compared to the same
period in 2022. The acceleration of RUCONEST® revenue seen in the
second and third quarters puts Pharming firmly on track to achieve
our previously indicated outlook for full year 2023 percentage
revenue growth in the low single digits.
The U.S. market contributed 97% of revenues,
while the EU and Rest of World contributed 3% in the third
quarter.
In the U.S., we continued to see strength in the
third quarter in key leading revenue indicators including new
physicians prescribing, active patients, new patients on therapy
and vials shipped to patients. For the third quarter in a row we
exceed 70 RUCONEST® new patient enrollments. These positive
indicators demonstrate the importance of RUCONEST® in treating
hereditary angioedema (HAE) attacks and should position us well for
the fourth quarter. Furthermore, we continue to see a broad mix of
patients using RUCONEST®, with reduced reliance on patients who
have highly frequent HAE attacks.
Joenja® (leniolisib) marketed in the U.S. - the first
and only approved disease modifying treatment for APDS
The U.S. commercial launch of Joenja®, approved
by the US FDA in March 2023 for the treatment of activated
phosphoinositide 3-kinase delta (PI3Kδ) syndrome (APDS) in patients
12 years of age and older, continued its strong trajectory in the
third quarter.
As of September 30, 2023 we have 76 APDS
patients enrolled, of which 63 patients are on paid therapy. All
but one of the patients who were on therapy prior to FDA approval
under our Expanded Access Program (EAP) or Open Label Extension
trial (OLE) have been successfully converted to paid therapy.
Access and reimbursement discussions have been
proceeding as previously disclosed. We have seen high approval
rates and fast timelines to covered therapy. Pharming’s market
access teams have made significant progress working with government
and private payors to provide the resources needed by the payors to
formulate their policies to ensure access and reimbursement.
APDS patient finding
Based on available literature, Pharming
estimates that over 1,500 patients are affected by APDS in our key
global launch markets including the U.S., Europe, U.K., Japan,
Canada, Australia and Israel.
Pharming has identified over 640 patients in
these key global launch markets. Of these 640 patients,
approximately 200 are in the U.S. with approximately 75% being 12
years of age or older, the majority of whom are currently eligible
for treatment with Joenja®.
Pharming has initiated numerous activities to
help diagnose and find APDS patients.
First, we continue to raise awareness of APDS
and share new data on leniolisib at medical and scientific
conferences worldwide.
Next, we continue to emphasize the importance of
genetic testing when APDS is suspected. In addition to our
sponsored genetic testing program in the U.S., we have genetic
counselors available to provide educational resources to patients
both before and after they’ve obtained a genetic test. Moreover, we
have partnered with several genetic testing companies allowing
outreach to patients whom they have identified as having APDS
through their own testing efforts.
Finally, as APDS is an inherited genetic
disease, we know that APDS patients may have affected family
members. We have initiated a number of programs collaborating with
clinicians and patients to aid in reducing the barriers and
allowing the appropriate testing in families with APDS.
APDS patient finding - Variant of Uncertain Significance
(VUS) resolution
APDS is diagnosed based on clinical symptoms,
assessment of immune cell function, and genetic testing. For a
patient to receive a definitive APDS diagnosis, a genetic test
revealing a disease-causing (pathogenic or likely pathogenic)
variant in either the PIK3CD or PIK3R1 genes is required.
Patients with clinical symptoms compatible with
APDS frequently receive inconclusive genetic variant test results,
i.e. previously unseen variants in the PIK3CD or PIK3R1 genes. It
is important to determine if these Variants of Uncertain
Significance (VUS) cause APDS.
Pharming has several ongoing initiatives and
partnerships to resolve VUSs. We anticipate that these efforts will
expand the list of genetic variants that are considered APDS
disease causing and lead to more patients being diagnosed with
APDS.
Joenja® (leniolisib) strategic
highlights - regulatory and clinical updates
Leniolisib for APDS
Pharming made continued progress in the third
quarter towards obtaining additional leniolisib regulatory
approvals for APDS patients 12 years of age and older and for
pediatric patients in key global launch markets.
EEA and U.K. markets
As part of the review process of the Marketing
Authorisation Application (MAA) for leniolisib for patients 12
years of age and older, Pharming submitted its response to the
European Medicines Agency’s (EMA) Committee for Human Medicinal
Products (CHMP) Day 180 list of outstanding issues in October
2023.
As announced on August 3, 2023, considering the
rarity of APDS and the unmet need for the treatment of APDS
patients, as part of its review process the CHMP will consult an
Ad-hoc Expert Group (AEG) at a closed meeting, also involving
Pharming representatives including leniolisib investigators and
APDS patients. Under EMA regulations, the CHMP may call an AEG
meeting when a medicine is being assessed that requires input from
specialized scientific advisors on matters that may fall outside
the expertise of the EMA’s established Scientific Advisory Groups,
as is typically the case for rare diseases with few experts.
Pharming continues to anticipate a CHMP opinion
in the fourth quarter of 2023, with European Marketing
Authorisation following approximately two months later, assuming a
positive opinion.
In the U.K., we intend to file the leniolisib
dossier with the U.K.’s Medicines and Healthcare products
Regulatory Agency (MHRA) within five days of a positive CHMP
opinion, which is in line with the current European Commission
Decision Reliance Procedure (ECDRP).
Japan
In August, Pharming announced that the first
patient has been enrolled in a Phase III clinical trial in Japan
evaluating leniolisib for the treatment of activated APDS in adult
and pediatric patients 12 years of age and older.
The single-arm, open-label clinical trial will
evaluate the safety, tolerability, and efficacy of leniolisib in
three patients, 12 years of age and older, who have a confirmed
APDS diagnosis. Each patient will receive weight-based dosing up to
70mg of leniolisib twice daily for 12 weeks.
The study’s primary efficacy endpoints and
secondary endpoints mirror those used to evaluate the clinical
outcomes of the earlier leniolisib APDS trials.
Pharming plans to file an application for the
approval of leniolisib with Japan’s Pharmaceuticals andMedical
Devices Agency (PMDA) following completion of the trial. Eligible
patients enrolled in the trial will continue to receive the
investigational drug for at least one year through an open-label
extension trial.
Additional markets - Canada, Australia and
Israel
Pharming filed regulatory submissions in Canada
and Australia in the third quarter, and Israel in the second
quarter. These submissions are progressing as expected and we
continue to anticipate regulatory approvals by the second quarter
of 2024 for Canada and Australia and an anticipated regulatory
approval for Israel in the first half of 2024.
Pediatric clinical development
The majority of patients for our Phase III
pediatric clinical trial with leniolisib for the treatment of APDS
in patients 4 to 11 years of age have been enrolled. The
single-arm, open-label, multinational clinical trial will evaluate
the safety, tolerability, and efficacy of leniolisib in 15 children
at sites in the U.S., Europe, and Japan.
The second pediatric clinical trial for APDS
patients 1 to 6 years of age commenced in the third quarter of
2023. The trial is currently recruiting and we anticipate the first
patient will be enrolled in the fourth quarter. The single-arm,
open-label, multinational clinical trial will evaluate the safety,
tolerability, and efficacy of leniolisib in 15 children at sites in
the United States, Europe, and Japan.
Both studies are being conducted as part of
Pharming’s Pediatric Investigational Plan for leniolisib as a
treatment for APDS in children.
Leniolisib for additional indications (PI3Kδ
platform)
As announced in our Joenja® approval conference
call on March 27, 2023, we have begun working towards prioritizing
other indications where leniolisib has the potential to deliver
value for patients. PI3Kδ has been identified as an important
factor in a variety of disease states, and leniolisib has
demonstrated an attractive, long-term efficacy, safety and
tolerability profile in clinical trials conducted in both healthy
volunteers and patients. This provides a basis for the
investigation and investment in plans for further leniolisib
indications. We have already advanced plans for the second
indication for leniolisib development, and we are in a dialogue
with the FDA on a clinical trial plan. We expect to provide further
details later this year.
Pre-Clinical
PipelineOTL-105
Work is continuing on the preclinical proof of
concept studies. We anticipate providing further updates as OTL-105
progresses towards an Investigational New Drug (IND) filing.
Organizational highlights
At the Extraordinary General Meeting of
Shareholders held on September 25, 2023, shareholders approved the
appointment of Dr. Richard Peters as a Non-Executive Director for a
period of four years. As a result, Dr. Peters succeeded Mr. Paul
Sekhri as Chair of the Board of Directors with immediate
effect.
On September 1, Pharming welcomed Dr. Alexander
Breidenbach, MBA, as Chief Business Officer (CBO). Dr. Breidenbach
will lead the development and execution of Pharming’s growth
strategy and its future plans.
Financial Summary
Amounts in US$m except per share data |
3Q 2023 |
3Q 2022 |
9M 2023 |
9M 2022 |
|
|
|
|
|
Income Statement |
|
|
|
|
Revenue - RUCONEST® |
60.2 |
54.2 |
153.8 |
151.0 |
Revenue - Joenja® |
6.5 |
0.0 |
10.3 |
0.0 |
Total Revenues |
66.7 |
54.2 |
164.1 |
151.0 |
Cost of sales |
(8.3) |
(2.3) |
(18.1) |
(11.3) |
Gross profit |
58.4 |
51.9 |
146.0 |
139.7 |
Other income |
0.3 |
0.6 |
22.8 |
15.6 |
Research and development |
(20.8) |
(12.3) |
(57.3) |
(41.6) |
General and administrative |
(10.9) |
(12.0) |
(31.9) |
(28.5) |
Marketing and sales |
(25.1) |
(20.4) |
(86.1) |
(56.8) |
Operating profit (loss) |
1.9 |
7.8 |
(6.5) |
28.4 |
Other finance income |
1.2 |
2.8 |
2.1 |
9.3 |
Other finance expenses |
0.7 |
(1.2) |
(4.6) |
(4.0) |
Share of net profits in associates using the equity method |
(0.5) |
(0.1) |
(1.0) |
(0.6) |
Profit (loss) before tax |
3.3 |
9.3 |
(10.0) |
33.1 |
Income tax credit (expense) |
0.2 |
(0.2) |
2.6 |
(4.8) |
Profit (loss) for the period |
3.5 |
9.1 |
(7.4) |
28.3 |
Share Information |
|
|
|
|
Basic earnings per share (US$) |
0.005 |
0.014 |
(0.011) |
0.043 |
Diluted earnings per share (US$) |
0.005 |
0.013 |
(0.011) |
0.040 |
Amounts in US$m |
September 30, 2023 |
December 31, 2022 |
|
|
|
Balance Sheet |
|
|
Cash and cash equivalents, restricted cash and marketable
securities |
199.2 |
208.7 |
Current assets |
291.7 |
277.5 |
Total assets |
436.5 |
425.8 |
Current liabilities |
68.1 |
59.7 |
Equity |
209.9 |
204.6 |
Financial highlights Third quarter
2023
Revenues in the third quarter of 2023 increased
to US$66.7 million compared to US$54.2 million in the third quarter
of 2022 and US$54.9 million in the second quarter of 2023. This was
driven by U.S. Joenja® revenues of US$6.5 million in the third
quarter of 2023. Next to that, RUCONEST® net sales increased 11%
compared to the same period last year and increased 18% compared to
the second quarter of 2023. Joenja® revenues increased in the third
quarter by 72% compared to the previous quarter.
Gross profit in the third quarter increased by
US$6.5 million compared the third quarter of 2022. This was driven
by an increase in revenues, which was partly offset by the prior
year’s favorable FX tailwind and the current years’ increased
RUCONEST® production costs, as well as royalty payments to Novartis
on Joenja® sales.
Operating expenses increased by US$12.0 million
in the third quarter compared to last year. This was driven by
higher research and development expenses and higher marketing and
sales expenses. These were both mainly related to Joenja®.
In the third quarter of 2023, an operating
profit of US$1.9 million was realized.
Nine months 2023
Revenues for the first nine months of 2023 were
US$164.1 million, a 9% increase compared to the first nine months
of 2022 (US$151.0 million), which was driven by 2% net sales growth
of RUCONEST® and US$10.3 million in Joenja® sales subsequent to the
FDA approval in March 2023.
Gross profit for the first nine months of 2023
increased by US$6.3 million, or 5%, to US$146.0 million. This
increase was driven by a growth in revenues, which was partly
offset by increased production costs for RUCONEST® and royalty
expenses for Joenja®.
Operating loss for the first nine months of 2023
amounted to US$6.5 million as compared to an Operating profit of
US$28.4 million in the same period last year. This was mainly due
to a US$48.4 million increase in operating expenses when compared
with the first nine months of 2022. Of that, US$10.5 million is
related to milestone payments for Joenja® in the second quarter of
2023. A further US$17.4 million expense increase is directly
related to leniolisib in the form of increased R&D spend,
marketing costs, market access costs and the commencement of the
amortization of acquired rights. An increase of US$17.1 million is
related to an increase in payroll expenses, which was in large part
driven by the expansion of the organization, resulting from the
preparations for launch and further commercialization of
leniolisib. The remainder of the increase relates to general costs
of US$2.3 million and incidental cost relating to the
discontinuation of the Pompe disease program of US$0.9 million.
Net result for the first nine months of 2023 was
negative US$7.4 million, compared to US$28.3 million profit in the
same period last year. This was driven by a decreased operating
result of US$34.9 million, as well as a negative impact of net
finance gains and losses of US$7.9 million when compared to the
first nine months of 2022. These were mainly due to favorable
EUR/USD exchange rate developments last year. This was partly
offset by US$1.7 million interest income from AAA rated treasury
certificates, which was further offset by an income tax credit of
US$2.6 million, whereas in the same period last year an income tax
expense of US$4.8 million was recorded.
Cash and cash equivalents, together with
restricted cash and marketable securities, decreased from US$208.7
million at the end of 2022, to US$199.2 million at the end of the
third quarter 2023.
Outlook
For the financial year of 2023:
- On track for low single digit
growth in annual revenues from RUCONEST®.
- We anticipate the CHMP to issue
their opinion for leniolisib in 4Q 2023. Subject to a positive
opinion, Marketing Authorisation in Europe is expected ~2 months
later, followed by commercial launches in individual EU
countries.
- We intend to submit an ECDRP filing
for leniolisib with the U.K. MHRA shortly after a positive CHMP
opinion, with approval expected several months later.
- Pharming will continue to allocate
resources to accelerate future growth. Investments in launch
preparations, commercialization and focused clinical developments
for leniolisib including to support pediatric and key market
approvals, as well as for the development of leniolisib in
additional indications. These investments will continue to impact
profit throughout 2023. Our current cash on hand, including the
continued cash flows from RUCONEST® and Joenja® sales, are expected
to be sufficient to fund these investments.
- Further details on our plans to
develop leniolisib in additional indications to be provided in 4Q
2023.
- Investments and continued focus on
in-licensing or acquisitions of mid to late-stage opportunities in
rare diseases. Financing, if required, would come via a combination
of our strong balance sheet and access to capital markets.
No further specific financial guidance for 2023
is provided.
Additional
informationPresentation
The conference call presentation is available on
the Pharming.com website from 07:30 CEST.
Conference Call
The conference call will begin at 13:30
CEST/07:30 EDT. A transcript will be made available on the
Pharming.com website in the days following the call.
Please note, the Company will only take
questions from dial-in attendees.
Webcast link:
https://edge.media-server.com/mmc/p/599pzbd7
Conference call dial-in details:
https://register.vevent.com/register/BIb15561b07c01418199d56096c5c3c8f9
Additional information on how to register for
the conference call/webcast can be found on the Pharming.com
website.
For further public information, contact:
Pharming Group N.V., Leiden, The
NetherlandsMichael Levitan, VP Investor Relations & Corporate
CommunicationsT: +1 (908) 705 1696
Heather Robertson, Investor Relations &
Corporate Communications ManagerE: investor@pharming.com
FTI Consulting, London, UKVictoria Foster
Mitchell/Alex ShawT: +44 203 727 1000
LifeSpring Life Sciences Communication,
Amsterdam, The NetherlandsLeon MelensT: +31 6 53 81 64 27E:
pharming@lifespring.nl
About Pharming Group N.V.
Pharming Group N.V. (Euronext Amsterdam:
PHARM/Nasdaq: PHAR) is a global biopharmaceutical company dedicated
to transforming the lives of patients with rare, debilitating, and
life-threatening diseases. Pharming is commercializing and
developing an innovative portfolio of protein replacement therapies
and precision medicines, including small molecules, biologics, and
gene therapies that are in early to late-stage development.
Pharming is headquartered in Leiden, Netherlands, and has employees
around the globe who serve patients in over 30 markets in North
America, Europe, the Middle East, Africa, and Asia-Pacific. For
more information, visit www.pharming.com and find us on
LinkedIn.
Auditor’s involvement
The Condensed Consolidated Interim Financial
Statements have not been audited by the Company’s statutory
auditor.Risk profile
The risks outlined in the 2022 Annual Report
continued to apply in the first nine months of 2023 and are
expected to apply for the rest of the financial year. We continue
to closely monitor the key risks and opportunities, and will
respond appropriately to any emerging risk.
Related party transactions
There are no material changes in the nature,
scope, and (relative) scale in this reporting periodcompared to
last year.
Forward-looking Statements
This press release may contain forward-looking
statements. Forward-looking statements are statements of future
expectations that are based on management’s current expectations
and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance, or
events to differ materially from those expressed or implied in
these statements. These forward-looking statements are identified
by their use of terms and phrases such as “aim”, “ambition”,
‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’,
‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’,
‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’,
“schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar
terms and phrases. Examples of forward-looking statements may
include statements with respect to timing and progress of
Pharming's preclinical studies and clinical trials of its product
candidates, Pharming's clinical and commercial prospects, 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 2022 Annual Report and the Annual
Report on Form 20-F for the year ended December 31, 2022, filed
with the U.S. Securities and Exchange Commission, 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. All
forward-looking statements contained in this press release are
expressly qualified in their entirety by the cautionary statements
contained or referred to in this section. Readers should not place
undue reliance on forward-looking statements. 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. Pharming does not undertake any obligation to publicly
update or revise any forward-looking statement as a result of new
information, future events or other information.
Inside Information
This press release relates to the disclosure of
information that qualifies, or may have qualified, as inside
information within the meaning of Article 7(1) of the EU Market
Abuse Regulation.
Pharming Group N.V.
Condensed Consolidated Interim Financial
Statements in US Dollars (unaudited)
For the period ended September 30, 2023
- Condensed consolidated interim
statement of profit and loss
- Condensed consolidated interim
statement of comprehensive income
- Condensed consolidated interim
balance sheet
- Condensed consolidated interim
statement of changes in equity
- Condensed consolidated interim
statement of cash flow
CONDENSED CONSOLIDATED
INTERIM STATEMENT OF PROFIT AND LOSS |
|
For the 9-month
period ended 30 September |
|
|
|
|
|
Amounts in
US$ ‘000 |
9M 2023 |
9M 2022 |
Revenues |
164,099 |
151,001 |
Costs of sales |
(18,094) |
(11,288) |
Gross profit |
146,005 |
139,712 |
Other income |
22,811 |
15,602 |
Research
and development |
(57,287) |
(41,639) |
General and
administrative |
(31,849) |
(28,446) |
Marketing and sales |
(86,136) |
(56,819) |
Other Operating Costs |
(175,272) |
(126,904) |
Operating profit (loss) |
(6,456) |
28,410 |
Other
finance income |
2,050 |
9,297 |
Other finance expenses |
(4,621) |
(3,978) |
Finance cost net |
(2,571) |
5,319 |
Share of net profits in associates using the equity
method |
(954) |
(660) |
Profit (loss) before tax |
(9,981) |
33,069 |
Income tax credit (expense) |
2,556 |
(4,765) |
Profit (loss) for the period |
(7,425) |
28,304 |
Basic
earnings per share (US$) |
(0.011) |
0.043 |
Fully-diluted earnings per share (US$) |
(0.011) |
0.040 |
CONDENSED CONSOLIDATED
INTERIM STATEMENT OF COMPREHENSIVE INCOME |
|
For the 9-month
period ended 30 September |
|
|
|
|
|
Amounts in
US$ ‘000 |
9M 2023 |
9M 2022 |
Profit (loss) for the period |
(7,425) |
28,304 |
Currency translation differences |
(2,079) |
(26,313) |
Items that may be subsequently reclassified to profit or
loss |
(2,079) |
(26,313) |
Fair value remeasurement investments |
419 |
(573) |
Items that shall not be subsequently reclassified to profit
or loss |
419 |
(573) |
Other comprehensive income (loss), net of tax |
(1,660) |
(26,886) |
Total comprehensive income (loss) for the
period |
(9,085) |
1,418 |
CONDENSED CONSOLIDATED INTERIM
BALANCE SHEET |
|
|
As at September 30 |
|
|
Amounts in US$ ‘000 |
September 30, 2023 |
December 31, 2022 |
Non-current assets |
|
|
Intangible assets |
69,849 |
75,121 |
Property, plant and equipment |
9,648 |
10,392 |
Right-of-use assets |
27,834 |
28,753 |
Long-term prepayments |
88 |
228 |
Deferred tax assets |
26,608 |
22,973 |
Investments accounted for using the equity method |
1,541 |
2,501 |
Investment in equity instruments designated as at FVTOCI |
949 |
403 |
Investment in debt instruments designated as at FVTPL |
6,749 |
6,827 |
Restricted cash |
1,464 |
1,099 |
Total non-current assets |
144,730 |
148,297 |
Current assets |
|
|
Inventories |
53,439 |
42,326 |
Trade and other receivables |
40,521 |
27,619 |
Restricted cash |
212 |
213 |
Marketable securities |
142,912 |
— |
Cash and cash equivalents |
54,653 |
207,342 |
Total current assets |
291,737 |
277,500 |
Total assets |
436,467 |
425,797 |
|
|
|
Equity |
|
|
Share capital |
7,650 |
7,509 |
Share premium |
475,983 |
462,297 |
Legal reserves |
(10,915) |
(8,737) |
Accumulated deficit |
(262,776) |
(256,431) |
Shareholders’ equity |
209,942 |
204,638 |
Non-current liabilities |
|
|
Convertible bonds |
129,733 |
131,618 |
Lease liabilities |
28,734 |
29,843 |
Total non-current liabilities |
158,467 |
161,461 |
|
|
|
Current liabilities |
|
|
Convertible bonds |
1,748 |
1,768 |
Trade and other payables |
62,540 |
54,465 |
Lease liabilities |
3,770 |
3,465 |
Total current liabilities |
68,058 |
59,698 |
Total equity and liabilities |
436,467 |
425,797 |
CONDENSED
CONSOLIDATED INTERIM STATEMENT CHANGES IN EQUITY |
For the 9-month
period ended September 30 |
Amounts in $ ‘000 |
Share capital |
Share premium |
Other reserves |
Accumulated deficit |
Total equity |
Balance at January 1, 2022 |
7,429 |
455,254 |
3,400 |
(273,167) |
192,916 |
Profit (loss) for the
period |
— |
— |
— |
28,304 |
28,304 |
Other comprehensive income (loss) for the period |
— |
— |
(27,546) |
660 |
(26,886) |
Total comprehensive income (loss) for the
period |
— |
— |
(27,546) |
28,964 |
1,418 |
Legal reserves |
— |
— |
— |
— |
— |
Income Tax expense from
excess tax deductions related to Share-based payments |
— |
— |
— |
273 |
273 |
Share-based
compensation |
— |
— |
— |
4,522 |
4,522 |
Options exercised /LTIP shares issued |
53 |
4,196 |
— |
(3,124) |
1,125 |
Total
transactions with owners, recognized directly in
equity |
53 |
4,196 |
— |
1,671 |
5,920 |
Balance at September 30, 2022 |
7,482 |
459,450 |
(24,146) |
(242,532) |
200,254 |
|
|
|
|
|
|
Balance at January 1, 2023 |
7,509 |
462,297 |
(8,737) |
(256,431) |
204,638 |
Profit (loss) for the
period |
— |
— |
— |
(7,425) |
(7,425) |
Other comprehensive income (loss) for the period |
— |
— |
(1,660) |
— |
(1,660) |
Total comprehensive income (loss) for the
period |
— |
— |
(1,660) |
(7,425) |
(9,085) |
Legal reserves |
— |
— |
(518) |
518 |
— |
Income Tax expense from
excess tax deductions related to Share-based payments |
— |
— |
— |
574 |
574 |
Share-based
compensation |
— |
— |
— |
5,935 |
5,935 |
Options exercised / LTIP shares Issued |
141 |
13,686 |
— |
(5,947) |
7,880 |
Total
transactions with owners, recognized directly in
equity |
141 |
13,686 |
(518) |
1,080 |
14,389 |
Balance at September 30, 2023 |
7,650 |
475,983 |
(10,915) |
(262,776) |
209,942 |
CONDENSED CONSOLIDATED INTERIM STATEMENT OF
CASH FLOWS |
|
|
For the 9-month period ended 30 September |
|
|
|
|
|
|
|
Amounts in
$’000 |
9M
2023 |
9M 2022 |
|
|
Profit before tax |
(9,981) |
33,069 |
|
Adjustments to reconcile net profit (loss) to net cash used
in operating activities: |
|
|
|
Depreciation, amortization, impairment |
8,370 |
6,216 |
|
Equity settled share
based payments |
5,935 |
4,522 |
|
Gain on disposal of
investment in associate |
— |
(12,382) |
|
Gain on disposal from
PRV sale |
(21,080) |
— |
|
Other finance
income |
(2,050) |
(9,296) |
|
Other finance
expense |
4,621 |
3,978 |
|
Share of net profits in
associates using the equity method |
954 |
660 |
|
Other |
(1,130) |
— |
|
Operating cash flows before changes in working
capital |
(14,361) |
26,767 |
|
Changes in working capital: |
|
|
|
Inventories |
(11,113) |
(6,196) |
|
Trade and
other receivables |
(12,902) |
1,155 |
|
Payables
and other current liabilities |
8,075 |
272 |
|
Restricted Cash |
363 |
169 |
|
Total changes in working capital |
(15,577) |
(4,600) |
|
|
|
|
|
Interest received
(paid) |
1,059 |
31 |
|
Income taxes paid
(received) |
— |
(4,975) |
|
|
|
|
|
Net cash flows generated from (used in) operating
activities |
(28,879) |
17,223 |
|
|
|
|
|
Capital
expenditure for property, plant and equipment |
(1,133) |
(1,071) |
|
Proceeds
on PRV sale |
21,080 |
— |
|
Investment intangible assets |
23 |
(591) |
|
Investment in associate |
— |
7,384 |
|
Purchases
of marketable securities |
(231,901) |
— |
|
Proceeds
from sale of marketable securities |
86,451 |
— |
|
|
|
|
|
Net cash flows used in investing activities |
(125,480) |
5,722 |
|
|
|
|
|
Payment
of lease liabilities |
(3,847) |
(2,385) |
|
Interests
on loans and leases |
(4,052) |
(3,999) |
|
Settlement of share based compensation awards |
7,880 |
1,124 |
|
|
|
|
|
Net cash flows generated from (used in) financing
activities |
(19) |
(5,260) |
|
|
|
|
|
Increase (decrease) of cash |
(154,378) |
17,685 |
|
Exchange
rate effects |
1,689 |
(20,906) |
|
Cash and
cash equivalents at the start of the period |
207,342 |
191,924 |
|
|
|
|
|
Total cash and cash equivalents at the end of the
period |
54,653 |
188,703 |
|
Pharming Group NV (EU:PHARM)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Pharming Group NV (EU:PHARM)
Gráfica de Acción Histórica
De May 2023 a May 2024