Leiden, The Netherlands, 9 March 2017: Pharming Group N.V. (“Pharming” or “the Company”) (Euronext Amsterdam: PHARM) presents its (unaudited) financial report for the full year ended 31 December 2016.

Operational highlights

  • Re-acquisition of all commercial rights to sell RUCONEST® in North America from Valeant in December 2016 in a deal valued at $125 million
  • Positive results in July 2016 from a Phase II clinical study of RUCONEST® for prophylaxis in patients with HAE, meeting the primary and secondary endpoints
  • Mr Paul Sekhri took over as Chairman in May 2016 from Mr Jaap Blaak, who remains on the Supervisory Board
  • In February, extension of distribution agreement with Cytobioteck to include Argentina, Costa Rica, the Dominican Republic and Panama in addition to Colombia and Venezuela
  • European label change for RUCONEST® in February to remove the need for any pre-exposure testing and to permit use for adolescents with HAE
  • In July, amendment to distribution agreement with SOBI to enable Pharming to market and sell RUCONEST® directly into an additional 21 countries

Financial highlights

  • As part of the Valeant transaction, the Company raised €104 million in new funding through a combination of a rights issue, a new senior loan and convertible bonds
  • Revenues from product sales increased to €13.7 million (2015: €8.6 million) mainly as a result of improved sales in the US
  • Total revenues increased to €15.9 million (including €2.2 million of license revenue) in 2016 from €10.8 million in 2015 (including €2.2 million in license revenue)
  • Operating results improved to a loss of €11.5 million from a loss of €12.8 million, in spite of a considerable increase in R&D and commercialization activities
  • The net result of a loss of €17.5 million increased from a loss of €10.0 million in 2015, mainly as a result of the costs of the financing associated with the Valeant transaction
  • The equity position improved from €23.8 million in 2015 to €27.5 million in 2016, mainly due to the new financing brought in including a rights issue which raised €8.8 million
  • Inventories increased from €16.2 million in 2015 to €17.9 million in 2016, largely due to the need to cover the improving sales level in the US and to prepare for the launch of the self-administration kits in Europe
  • The Company’s cash position increased from €31.8 million at year-end 2015 to €32.1 million at year-end 2016

Post period highlights

  • EMA amendment to the marketing authorization in Europe to allow self-administration of RUCONEST® for HAE attacks with a new custom-designed RUCONEST® Administration Kit
  • Conversions by some bondholders in January and February 2017 means that the amount of Amortizing Bonds outstanding is reduced from €45.0 million to €38.9 million.  As a result no cash payment was required for the first instalment of the Bonds due on 1 February 2017 and only €125,000 required for the second installment due on 1 March 2017.

 

Conference call information

Today, Chief Executive Officer Sijmen de Vries and Chief Financial Officer Robin Wright will discuss the preliminary financial results 2016 in a conference call at 9:30am (CET). To participate, please call one of the following numbers 10 minutes prior to the call:

From the Netherlands:  +31 (0) 20 716 8427

From the UK:  +44 (0) 20 3139 4830

From Belgium:  +32 (0) 2 401 2722

From France:  +33 (0) 2 9092 0977

From Switzerland:  +41 (0) 44 580 0083

Participant Pin Code:  20674953#

To access the live conference, please follow the below link:

Presentationlink: https://arkadin-event.webex.com/arkadin-event/onstage/g.php?MTID=e1e8606465f58f039db84b8329ca175f5

Presentation Password:  684270

Click here to download the full press release.

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