The restructuring is aligned with our previously announced plan to reduce general and administrative (G&A) expenses to optimize capital allocation across the organization. 

The restructuring includes a redesign of Pharming’s organizational structure and a 20% net reduction in non-commercial and non-medical headcount, primarily at our Netherlands headquarters. We remain on track to reduce total G&A expenses by 15% or US$10 million annually and anticipate one-time restructuring costs of approximately $7 million to be recorded in the fourth quarter of 2025 in connection with the headcount reduction. 

Pharming has consulted with its Dutch Works Council over the past several months, in accordance with Dutch labor law, regarding the organizational changes.