Slide 1: Fourth quarter and full year 2025 financial results
Pharming Group N.V. Fourth quarter and full year 2025 financial results March 12, 2026 NASDAQ: PHAR | EURONEXT Amsterdam: PHARM
Slide 2: Introduction
CEO Fabrice Chouraqui Chief Executive Officer Introduction
Slide 3: Speakers
SPEAKERS Fabrice Chouraqui Leverne Marsh Anurag Relan, MD Kenneth Lynard Chief Executive Officer Chief Commercial Officer Chief Medical Officer Chief Financial Officer
Slide 4: Forward-looking statements
Forward-looking statements This presentation may contain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual resu
Slide 5: Strong 2025 performance
Strong 2025 performance* Revenue growth and profitability inflection Revenues RUCONEST® Joenja® Amounts in US$ million 376 297 58 • Total revenues up 27% – exceeding guidance 45 • Continued growth of RUCONEST® and acceleration in 318 253 Joenja® APDS uptake 2024 2025 • Strong revenue growth and disc
Slide 6: Combination of commercial and pipeline assets poised to deliver strong value creation
Combination of commercial and pipeline assets poised to deliver strong value creation Commercial Pipeline RUCONEST® HAE (recombinant C1 esterase inhibitor) Differentiated value proposition Highly specific manufacturing process PIDs Joenja® (leniolisib) for APDS > $1B leniolisib for PIDs / CVID reven
Slide 7: 2026 Outlook – financial, commercial and pipeline progress
2026 Outlook – financial, commercial and pipeline progress Revenue guidance – US$405 million - US$425 million (8% to 13% growth) Operating expense guidance – US$330 million - US$335 million (6% to 8% growth) Joenja® APDS – geographic and pediatric label expansion • Potential near-term approvals in E
Slide 8: Commercial update
CCO Leverne March Chief Commercial Officer Commercial update
Slide 9: RUCONEST Q4 update – resilient demand in acute HAE
RUCONEST® Q4 update – resilient demand in acute HAE RUCONEST® revenues (global) RUCONEST® U.S. new prescribers • Strong U.S. in-market demand ₋ Continuing to add new prescribers (+6% YoY) Amounts in US$ million 26 ₋ New patient enrollments 24 remain high (>60) 86.7 22 22 20 20 18 79.7 • Continued U.
Slide 10: RUCONEST - a cornerstone on-demand treatment for high burden HAE patients
RUCONEST® - a cornerstone on-demand treatment for high burden HAE patients High Burden High Burden of of HAE HAE One and Done: 97% of acute 97% attacks needed just one dose Unpredictable, Potentially of RUCONEST®1 Life-Threatening Swelling Time of taking RUCONEST® Symptoms progress to Relief That La
Slide 11: Joenja Q4 update – strong double-digit growth in 12y+ APDS
Joenja® Q4 update – strong double-digit growth in 12y+ APDS Joenja® revenues (global) US patients on Joenja® • Strong YoY increase in APDS patients on therapy in the US ➢ 120 patients (+25% vs 4Q24) Amounts in US$ million 120 114 116 • Acceleration in annual U.S. APDS 19.8 102 patient identification
Slide 12: Joenja APDS – pediatric and geographic growth
Joenja® APDS – pediatric and geographic growth Accelerate Patient Identification Grow New Starts Sustain Retention Commercial Launch Underway Strong uptake, demonstrated international launch capabilities Launch-Ready for Children 4-11 years old 52 eligible patients identified; a third on early acces
Slide 13: R&D update
CMO Anurag Relan, MD Chief Medical Officer R&D update
Slide 14: PI3Kẟ is a master regulator of the immune system
PI3Kẟ is a master regulator of the immune system and imbalance contributes to immune dysregulation PI3Kẟ is a master regulator of Immune Shared pathology under the immune system and influences dysregulation pathology the influence of PI3K Lymphoproliferation p110δ APDS p85ɑ PI3Kδ AKT/PKB Autoimmuni
Slide 15: PIDs with immune dysregulation under the influence of PI3K
PIDs with immune dysregulation under the influence of PI3K APDS Genetic PIDs Linked CVID With Immune (PIK3CD, PIK3R1) to PI3K Signaling Dysregulation 1 2 3 ✓ Joenja® (leniolisib) 15
Slide 16: Unlocking Joenja growth to realize $1Bn+ potential
Unlocking Joenja® (leniolisib) growth to realize $1Bn+ potential Expanding addressable patient population and indications U.S. patient numbers ONLY shown to illustrate prevalence CVID with immune Genetic PIDs with dysregulation immune dysregulation APDS* linked to PI3Kδ >13,000 U.S. patients ~500 U.
Slide 17: Joenja (leniolisib) – near-term APDS regulatory milestones
Joenja® (leniolisib) – near-term APDS regulatory milestones Pediatric label expansion – sNDA for patients aged 4-11 U.S. • FDA Type A meeting March 2026 MAA for patients aged 12+ Europe • Responded to CHMP (EMA) manufacturing questions • Expect CHMP opinion and potential 1H 2026 approval NDA for adu
Slide 18: Napazimone (KL1333) for mtDNA-driven primary mitochondrial disease
Napazimone (KL1333) for mtDNA-driven primary mitochondrial disease Aiming for the first disease-modifying treatment Dysfunctional mitochondria Napazimone (KL1333) targets underlying pathology • Normalizes NAD+/NADH ratio and mitochondrial function, Impaired ETC protein with evidence from in vitro da
Slide 19: Financial results and outlook
CFO Kenneth Lynard Chief Financial Officer Financial results and outlook
Slide 20: Financial highlights: 4Q 2025 vs 4Q 2024
Financial highlights: 4Q 2025 vs 4Q 2024 Revenues Adjusted (Non-GAAP) Cash flow from operations RUCONEST Joenja Operating profit (loss)* Amounts in US$ million Amounts in US$ million Amounts in US$ million 106.5 92.7 19.8 13.0 79.7 86.7 10.7 6.7 6.5 9.3 4Q 2024 4Q 2025 4Q 2024 4Q 2025 4Q 2024 4Q 202
Slide 21: Financial highlights: FY 2025 vs FY 2024
Financial highlights: FY 2025 vs FY 2024 Revenues Adjusted (Non-GAAP) Cash flow from operations RUCONEST Joenja Operating profit (loss)* 54.7 Amounts in US$ million Amounts in US$ million Amounts in US$ million 376.1 58.2 36.4 297.2 45.0 317.9 252.2 (1.8) (8.6) FY 2024 FY 2025 FY 2024 FY 2025 FY 20
Slide 22: 2026 financial guidance and long-term capital outlook
2026 financial guidance and long-term capital outlook Revenue and operating expenses (in constant currency): FY 2026 Guidance Notes Total Revenues US$405 - 425 million • 8 - 13% growth, with quarterly fluctuations • US$60 million incremental R&D investments to advance pipeline Operating Expenses US$
Slide 23: Conclusion
CEO Fabrice Chouraqui Chief Executive Officer Conclusion
Slide 24: Building momentum across commercial, financial and pipeline
Building momentum across commercial, financial and pipeline Strong growth Strategic growth High value Building a leading rare momentum priorities pipeline disease company 2025 revenue $376M: Sustained growth of Joenja® (leniolisib) for Growth-oriented • High dbl-digit growth for commercial portfolio
Slide 25: Q&A
Q&A Fabrice Chouraqui Leverne Marsh Anurag Relan, MD Kenneth Lynard Chief Executive Officer Chief Commercial Officer Chief Medical Officer Chief Financial Officer
Slide 26: www.pharming.com
www.pharming.com NASDAQ: PHAR | EURONEXT Amsterdam: PHARM
Slide 27: Appendix
Pharming Group N.V. Appendix
Slide 28: Statement of profit and loss
Statement of profit and loss 28
Slide 29: Balance sheet — assets
Balance sheet — assets Non-current assets % Pharming’ 025) December 31, 2024 Intangible assets Property, plant and equipment Right-of-use assets Long-term prepayments Deferred tax assets Investment accounted for using the equity method Investment in debt instruments designated as at FVTPL Restricted
Slide 30: Balance sheet — liabilities
Balance sheet – liabilities 30
Slide 31: Cash flow (1/2)
Cash flow (1/2) Pharming’ Profit (loss) before tax 12,847 (8,492) Adjustments to reconcile net profit (loss) to net cash used in operating activities: Depreciation, amortization, impairment of non-current assets 11,216 16,070 Equity settled share based payments 13,766 11,248 Fair value loss (gain) o
Slide 32: Cash flow (2/2)
Cash flow (2/2) % Pharming’ Capital expenditure for property, plant and equipment (749) (790) Investment intangible assets (6) (6); Disposal of investment designated as at FVOCI 224 2,098 Investment in associates using the equity method (739) - Purchases of marketable securities (2)| (284,314) Proce