Pharming Group NV: Promising Outlook Amid Executive Change

First Berlin Equity Research released an update on Pharming Group NV, reiterating a "Buy" recommendation and raising the target price from EUR 1.60 to EUR 1.70. The growth forecast is rooted in Q3/24 results, showing a 12.3% increase in sales to USD 74.8 million, with EBIT rising significantly to USD 4.1 million, surpassing initial predictions.

CEO Sijmen de Vries announced his upcoming departure, prompted by personal milestones rather than corporate issues. The research highlights an anticipated sales increase for Leniolisib, a treatment for APDS, due to Pharming's efforts to better diagnose the condition. The patient base in the US could double, with significant growth expected by 2028 and further expansion post-2029, fueled by approvals for non-APDS PIDs. The research maintains that Leniolisib will surpass Ruconest in revenue, reflecting a more optimistic profitability timeline.