Pharming Group Reports Strong Preliminary (Unaudited) Financial Results for 2019
The Company will hold a conference call at 13.00 CET/07.00 EST today. Dial in details can be found on page 12 of the press release.
- Delivered revenue for the full year of €169.0 million (US$189.3 million) – an increase of 25% on 2018
- Full year net profits were €36.2 million ($40.5 million), an increase of 45% on 2018
- Fourth quarter net revenue of €45.6 million (US$50.8 million) – just above Q3 2019
- 2019 sales growth triggered the second $20 million milestone payment to Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals International, Inc.)
- Full year operating profit of €60.9 million (US$68.2 million), an increase of 60% on 2018
- Cash at year end was €68.6 million ($76.8 million), an increase of €4.2 million from 30 September 2019
- Cash position at 28 February 2020 after convertible bond issue, initial €5.5 million payment due to Sobi and milestone payment to Bausch Health was €149.2 million ($166.0 million)
''As with 2017 and 2018, we continued to see consistent growth in the numbers of patients benefiting from RUCONEST® in 2019. As a result of the increase in sales from this growing patient base, we have been able to implement ambitious development plans.''- Sijmen de Vries - CEO
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