Stocks PHAR Financial statements
Financial statementsPharming Group N.V. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Pharming Group N.V. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 189 | 212 | 199 | 206 | 245 | 297 | 376 |
| Cost of revenue | 23.9 | 23.5 | 21.1 | 17.6 | 25.2 | 35.4 | 45.5 |
| Gross profit | 165 | 189 | 178 | 188 | 220 | 262 | 331 |
| Research and development | 31.8 | 38.5 | 70.4 | 52.5 | 68.9 | 83.1 | 100 |
| Operating income | 68.2 | 76.3 | 13.6 | 18.2 | -5.39 | -8.62 | 25.8 |
| Interest expense | 0 | 0.07 | 0.09 | 0.11 | 0.13 | 0.06 | 0.2 |
| Pre-tax income | 52.3 | 44.1 | 23.1 | 15 | -12 | -8.49 | 12.8 |
| Income tax | 11.7 | 6.35 | 7.08 | 1.31 | -1.46 | 3.35 | 10.3 |
| Net income to minority interests | 0 | 0 | -0.31 | ||||
| Net income | 40.6 | 37.7 | 16 | 13.7 | -10.5 | -11.8 | 2.85 |
| EBITDA | 73.2 | 82.3 | 20 | ||||
| EPS, basic | 0.07 | 0.06 | 0.03 | 0.02 | -0.02 | -0.02 | 0.00 |
| EPS, diluted | 0.06 | 0.06 | 0.02 | 0.02 | -0.02 | -0.02 | 0.00 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 74.3 | 205 | 192 | 207 | 61.7 | 54.9 | 145 |
| Receivables | 28.9 | 35.9 | 30 | 27.6 | 46.2 | 54.8 | 54.7 |
| Inventory | 16.2 | 21.2 | 27.3 | 42.3 | 56.8 | 55.7 | 64.9 |
| Total current assets | 119 | 263 | 249 | 278 | 316 | 278 | 299 |
| Property, plant and equipment | 9.59 | 12.2 | 13.2 | 10.4 | 9.69 | 7.75 | 7.23 |
| Lease right-of-use assets | 6.7 | 9.43 | 19.9 | 28.8 | 23.8 | 16.4 | 16.7 |
| Intangible assets | 79.4 | 94.1 | 83.8 | 75.1 | 71.3 | 61 | 136 |
| Total assets | 256 | 418 | 397 | 426 | 463 | 400 | 500 |
| Accounts payable | 40.6 | 47.7 | 42.5 | 54.5 | 72.5 | 66.6 | 106 |
| Total current liabilities | 114 | 76.8 | 46.8 | 59.7 | 78 | 73.8 | 116 |
| Lease liabilities | 4.89 | 8.23 | 18.5 | 29.8 | 29.5 | 27 | 14.4 |
| Total liabilities | 139 | 235 | 204 | 221 | 244 | 179 | 223 |
| Paid-in capital | 442 | 447 | 455 | 462 | 478 | 489 | 513 |
| Retained earnings | -341 | -296 | -273 | -256 | -265 | -275 | -273 |
| Total equity | 117 | 183 | 193 | 205 | 219 | 221 | 277 |
| Total liabilities and equity | 256 | 418 | 397 | 426 | 463 | 400 | 500 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | 40.6 | 37.7 | 16 | 13.7 | -10.5 | -11.8 | 2.54 |
| Depreciation and amortization | 5 | 6.05 | 6.39 | ||||
| Cash from operations | 74.1 | 83.6 | 37.8 | 22.5 | -17.3 | -1.8 | 54.7 |
| Capital expenditures | -2.65 | -4.66 | -10.7 | -1.38 | -1.44 | -0.79 | -0.75 |
| Cash from investing | -28.3 | -15.6 | -21.3 | 5.32 | -129 | 31.6 | 26.3 |
| Debt issued | 0 | 0 | 105 | 0 | |||
| Debt repaid | -35.2 | -57.2 | 0 | 0 | |||
| Cash from financing | -63.5 | 60.7 | -27.9 | -4.98 | -1.04 | -34.4 | 1.5 |
| Exchange rate effect | 0.06 | 2.13 | -1.83 | -7.38 | 2.13 | -2.21 | 7.91 |
| Free cash flow | 71.5 | 79 | 27.1 | 21.1 | -18.7 | -2.59 | 54 |
| Income taxes paid | 5.71 | 2.66 | 0 | 1.24 | 0.66 | 15.6 | 4.6 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 87.9% | Gross profit / revenue. |
| Operating margin | 6.9% | Operating income / revenue. |
| Pre-tax margin | 3.4% | Pre-tax income / revenue. |
| Net margin | 0.8% | Net income / revenue. |
| FCF margin | 14.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 14.5% | Cash from operations / revenue. |
| Effective tax rate | 80.3% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on assets (ROA) | 0.6% | Net income / average total assets. |
| R&D / revenue | 26.7% | Research and development expense / revenue. |
| Capex / revenue | 0.2% | Capital expenditures / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 26.6% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 22.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 12.1% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 26.3% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 20.7% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 11.9% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income CAGR, 3y | 12.3% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | -19.5% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income CAGR, 3y | -40.7% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | -40.3% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS CAGR, 3y | -40.5% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | -40.8% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 3y | 34.6% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -8.1% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow CAGR, 3y | 36.8% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -7.3% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 25.0% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 5.5% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 3.6% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 2.59x | Current assets / current liabilities. |
| Quick ratio | 1.73x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.25x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 44.6% | Total liabilities / total assets. |
| Interest coverage | 132x | Operating income / interest expense. |
| Working capital | $183.7M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 27.1% | (Goodwill + intangible assets) / total assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.84x | Revenue / average total assets. |
| Fixed asset turnover | 50.2x | Revenue / average property, plant and equipment. |
| Inventory turnover | 0.75x | Cost of revenue / average inventory. |
| Days inventory | 484 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 6.87x | Revenue / average receivables. |
| Days sales outstanding | 53 days | 365 x average receivables / revenue. |
| Days payables | 692 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | -155 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 1,893.0% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 1.4% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.00 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| EPS, basic | $0.00 | Net income per basic share, as reported (split-adjusted). |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $738.7M | Share price x shares outstanding. |
| Enterprise value | $593.4M | Market cap + total debt - cash - short-term investments. |
| P/E | 259x | Market cap / net income. Only when net income is positive. |
| P/S | 1.96x | Market cap / revenue. |
| P/FCF | 13.7x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 13.5x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.58x | Enterprise value / revenue. |
| EV/EBIT | 23.0x | Enterprise value / operating income, when both are positive. |
| EV/FCF | 11.0x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 7.3% | Free cash flow / market cap. |
| Earnings yield | 0.4% | Net income / market cap (the inverse of P/E). |
What was Pharming Group N.V.'s revenue in fiscal 2025?
Pharming Group N.V. reported revenue of $376.1M for fiscal 2025, 26.6% higher than the year before.
Was Pharming Group N.V. profitable in fiscal 2025?
Yes. Net income was $2.9M, a net margin of 0.8%.
How much free cash flow did Pharming Group N.V. generate in fiscal 2025?
Cash from operations of $54.7M minus capital expenditures of $749.0K left free cash flow of $54.0M.