Pharming Group Nv · EURONEXT:PHARM
Pharming Group Nv — Shareholder Meeting (June 2025)
72 slides from Pharming Group Nv's shareholder meeting presentation, Jun 11, 2025
Slide 1: 2025 Annual General Meeting of Shareholders
Pharming Group N.V. 2025 Annual General Meeting of Shareholders June 11, 2025 NASDAQ: PHAR | EURONEXT Amsterdam: PHARM
Slide 2: Opening & Introductions
Dr. Richard Peters Chairman of the Board of Directors Opening & Introductions
Slide 3: Leadership: Board of Directors
Leadership: Board of Directors Dr. Richard Peters Fabrice Chouraqui Chairman of the Board of Directors, Member Chief Executive Officer of the Corporate Governance Committee & the & Executive Director Transaction Committee Deborah Jorn, MBA Barbara Yanni Vice-Chair of the Board of Directors , Member
Slide 4: Leadership: Executive Committee
Leadership: Executive Committee Fabrice Chouraqui Anurag Relan, MD Chief Executive Officer CMO CEO Chief Medical Officer & Executive Director Stephen Toor Mireille Sanders MSc Chief Commercial Officer CCO Chief Operations Officer COO Ruud van Outersterp Chief Ethics & Dr. Alexander Breidenbach CECO
Slide 5: 1. Opening and announcements
DISCUSSION ITEM AGENDA ITEMS: 1/9 1. Opening and announcements (discussion item)
Slide 6: 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 7: Agenda
Agenda 1. Opening and announcements 2. Annual Report 2024 (voting and discussion items) a) Explanation of the business, the operations and the results for the year ending on December 31, 2024 (discussion item) b) Remuneration report for 2024 (advisory voting item) c) Corporate Governance (discussion
Slide 8: 2. Annual Report 2024
VOTING & DISCUSSION ITEMS AGENDA ITEMS: 2/9 2. Annual Report 2024 (voting and discussion items) a) Explanation of the business, the operations and the results for the year ending on December 31, 2024 (discussion item) b) Remuneration report for 2024 (advisory voting item) c) Corporate Governance (di
Slide 9: Business overview
CEO Fabrice Chouraqui Chief Executive Officer Business overview
Slide 10: History of growth and innovation at Pharming
History of growth and innovation at Pharming Pharming acquires leniolisib for APDS Positive topline data in Pharming completes leniolisib APDS pediatric trial acquisition of Abliva Pharming reacquires RUCONEST North American Start of Phase II trial of Start of Phase II trial of commercialization rig
Slide 11: Vision for the future
Vision for the future Develop a leading global rare disease company with a diverse portfolio and presence in large markets, leveraging proven and efficient clinical development, supply chain, and commercial infrastructure 11
Slide 12: Building a leading global rare disease biopharma company
Building a leading global rare disease biopharma company Strong performance High value pipeline Significant catalysts • FY24 revenues up 21% • Exploring two new • Joenja® for APDS – indication for Joenja® VUSs reclassification, • Achieved operating (leniolisib) in PIDs with pediatric label, profit a
Slide 13: RUCONEST strong growth continues in acute HAE market
RUCONEST® strong growth continues in acute HAE market • Strong U.S. in-market demand in 2024 ₋ New patient enrollments up 24% ₋ U.S. physician prescriber base +11% 13
Slide 14: RUCONEST unique value proposition
RUCONEST® unique value proposition Type 1, Type 2, and Normal C1-INH HAE patients rely on RUCONEST 97% patients needed just 1 dose1 Time of taking 4 hours after 24 hours after 93% acute attacks stopped for at least 3 days2 RUCONEST RUCONEST® mostly used by patients experiencing moderate to severe at
Slide 15: Joenja growth continues in 12y+ APDS segment
Joenja® growth continues in 12y+ APDS segment • Acceleration of new APDS patients on therapy in 1Q25 ₋ 102 U.S. patients (+23% vs 1Q24) ₋ +6 patients in 1Q25, most since 2Q24 • Additional 187 APDS patients globally in access programs and clinical studies 15
Slide 16: Reports of Joenja changing patients' lives
Reports of Joenja® changing patients’ lives 24-year-old male with APDS whose progress was followed in the Joenja® open-label extension study for 6 years Rao VK, et al. Blood Adv. 2024;8(12):3092-3108. doi:10.1182/bloodadvances.2023011000. 16
Slide 17: Joenja (leniolisib) Lifecycle to realize $1Bn+ sales potential
Joenja® (leniolisib) Lifecycle to realize $1Bn+ sales potential Potential total prevalence ~40 patients / million Genetic PIDs prevalence +7.5 patients / million APDS prevalence ~1.5 patients / million Joenja® for CVID Targeted geographic Joenja® for PIDs with immune expansion with immune dysregulat
Slide 18: Diverse rare disease pipeline
Diverse rare disease pipeline 18
Slide 19: KL1333 for primary mitochondrial disease
CMO Anurag Relan, MD Chief Medical Officer KL1333 for primary mitochondrial disease
Slide 20: KL1333: Potential first standard of care
KL1333 for primary mitochondrial disease: Potential first standard of care KL1333 targets underlying pathology of low NAD+ / NADH • Normalizes NAD+/NADH ratio and mitochondrial function • Evidence from in vitro data, animal models, and in patients treated with KL1333 • >30,000 diagnosed patients wit
Slide 21: Primary mitochondrial disease
Primary mitochondrial disease “The fatigue is almost impossible to describe because it seems other-worldly. It feels as though someone has taped cinder blocks to my eyelids some mornings and there is no way to keep them open.”2 2. UNITED MITOCHONDRIAL DISEASE FOUNDATION, Voice of the Patient Report,
Slide 22: KL1333 – FALCON study positive interim analysis
KL1333 – FALCON study positive interim analysis Pivotal FALCON Study Interim Futility Analysis: Positive outcome achieved, with both primary endpoints having WAVE 1 – Fully enrolled passed futility 40 patients recruited across six countries (U.S., UK, France, Spain, Belgium, Denmark) Promising diffe
Slide 23: Financials & Outlook 2025
CEO Fabrice Chouraqui Chief Executive Officer Financials & Outlook 2025
Slide 24: Financial highlights: FY 2024 vs FY 2023
Financial highlights: FY 2024 vs FY 2023 297.2 245.3 FY 2023 FY 2024 FY 2023 FY 2024 * Operating profit (loss) for 2023 excludes milestone payments for Joenja® (US$10.5 million) and gain on sale of Priority Review Voucher to Novartis (US$21.3 million). 24 ** US$30.4 million of the US$45.6 million d
Slide 25: 2025 Financial guidance
2025 Financial guidance Revenue and operating expenses: FY 2025 Guidance Notes Total Revenues US$325 - 340 million* 9 - 14% growth Operating Expenses Flat vs. FY 2024 (pre-Abliva impact) Operating Expenses Includes R&D and non-recurring transaction ~US$30 million (Abliva-related) and integration cos
Slide 26: Building a leading global rare disease biopharma company
Building a leading global rare disease biopharma company Strong start of 2025 High value pipeline Growth catalysts Financial discipline 26
Slide 27: 2. Annual Report 2024
VOTING & DISCUSSION ITEMS AGENDA ITEMS: 2/9 2. Annual Report 2024 (voting and discussion items) a) Explanation of the business, the operations and the results for the year ending on December 31, 2024 (discussion item) b) Remuneration report for 2024 (advisory voting item) c) Corporate Governance (di
Slide 28: 2. b) Remuneration report for 2024: CEO targets
2. b) Remuneration report for 2024 (advisory voting item) Performance by CEO on targets 2024 Short-term incentive (annual bonus in cash/70% on target): 85.2% score, within the range of 0% to maximum 200%, on all one-year financial and non-financial targets results in payout 59.6% of annual salary (g
Slide 29: 2. b) Remuneration report: long-term incentive plan
2. b) Remuneration report for 2024 (advisory voting item) ❖ Long-term incentive plan 2022 - 2024: ➢ 2.363.455 restricted shares were granted in 2022 ➢ 82.4% vesting resulted in 1,947,487 shares (gross) Metric Weighting Vesting level TSR 40% 38% 44.4% (within range 0 - Strategic Objectives 60% 200%)
Slide 30: 2. b) Remuneration report for 2024 (advisory voting item)
ADVISORY VOTING ITEM 2. b) Remuneration report for 2024 (advisory voting item)
Slide 31: Agenda item 2.b voting result
Agenda item 2. b % Pharming’ Remuneration report for 2024 For 60,190,104 Against 684,348 Abstain 660,936 Against | 1.12%
Slide 32: 2. Annual Report 2024
VOTING & DISCUSSION ITEMS AGENDA ITEMS: 2/9 2. Annual Report 2024 (voting and discussion items) a) Explanation of the business, the operations and the results for the year ending on December 31, 2024 (discussion item) b) Remuneration report for 2024 (advisory voting item) c) Corporate Governance (di
Slide 33: 2. c) Corporate Governance
2. c) Corporate Governance (discussion item) Pharming’s ordinary shares are traded on Euronext Amsterdam. American Depository Shares have been listed on the Nasdaq Stock Market in the US since 23 December 2020 Pharming continues to take all steps required to ensure compliance with the applicable US
Slide 34: 2. Annual Report 2024
VOTING & DISCUSSION ITEMS AGENDA ITEMS: 2/9 2. Annual Report 2024 (voting and discussion items) a) Explanation of the business, the operations and the results for the year ending on December 31, 2024 (discussion item) b) Remuneration report for 2024 (advisory voting item) c) Corporate Governance (di
Slide 35: 2. d) Explanation of the dividend policy
2. d) Explanation of the dividend policy (discussion item) Pharming continues to follow its existing policy not to pay dividends. The Board of Directors does not envisage the payment of dividends in the coming years. Payment of future dividends, if any, would be at the discretion of the Board, takin
Slide 36: 2. Annual Report 2024
VOTING & DISCUSSION ITEMS AGENDA ITEMS: 2/9 2. Annual Report 2024 (voting and discussion items) a) Explanation of the business, the operations and the results for the year ending on December 31, 2024 (discussion item) b) Remuneration report for 2024 (advisory voting item) c) Corporate Governance (di
Slide 37: Presentation of the independent auditor
Pharming Group N.V. Presentation of the independent auditor June 11, 2025
Slide 38: Summary of the 2024 audit
Summary of title Click to add the 2024 audit Financial statements and management report • Unqualified auditor’s report signed on April 2, 2025 • Management report (incl. remuneration report) and other information: comply with the requirements of Part 9 Book 2 of Dutch Civil Code and Dutch Standard 7
Slide 39: Materiality and Scoping
Materiality Click to add&title Scoping • Materiality at USD 3.8M (2023: • In scoped significant accounts in USD 2.6M) entities: Pharming Group N.V., Pharming Americas B.V., • Component level: lower Pharming Technologies B.V., materiality (max. USD 2.2M) Broekman Instituut B.V., • Misstatements repor
Slide 40: Key Audit Matter
Key ClickAudit Matter to add title Trade and other payables – U.S. Revenue Rebate Accruals Our audit procedures related to the assumptions and judgments made by management in estimating the U.S. revenue rebate accruals included the following, amongst others: • We evaluated the appropriateness and co
Slide 41: Communication with the Board of Directors and Audit Committee
Communication Click to add titlewith the Board of Directors and Audit Committee Communication • Meetings with the Audit Committee, in which, among others, the following reports are discussed: o July 2024 – Audit Plan 2024; o April 2025 – Report to the Audit Committee and the Board of Directors, Inde
Slide 42: Use of specialists
Use Clickoftospecialists add title Specialists have been involved on topics, such as: Topic Key Audit Matter? Share based compensation No Valuation of preference shares No Valuation of the convertible bond No Tax No Fraud risks No 42
Slide 43: Internal controls and IT
Internal controls Click to add title and IT Quality of internal control and administrative organization: • In the context of our audit, we assessed the internal controls that are relevant to our audit. • On page 34 of the 2024 annual report, the main observations as reported in our Report to the Aud
Slide 44: Fraud risk
Fraud risk Click to add title General legal framework • Laws and regulations require the auditor to pay specific attention to fraud risks during performing the audit. What procedures did we perform at Pharming about the fraud risk of management override of controls? • Evaluated the relevant internal
Slide 45: Compliance with laws and regulations & going concern
Compliance Click to add with title laws and regulations & going concern Compliance with laws and regulations • Obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that directly affect the financial statements; • Attentive to indications of (suspected) non-comp
Slide 46: Audit fiscal year 2025
Audit fiscal Click to addyear title2025 Audit fiscal year 2025 The audit approach for 2025 is expected to be largely consistent with 2024. 46
Slide 47: 2. e) Proposal to adopt the financial statements for 2024
VOTING ITEM 2. e) Proposal to adopt the financial statements for 2024 (voting item)
Slide 48: Agenda item 2.e voting result
Agenda item 2. e % Pharming’ Proposal to adopt the financial statements for 2024 For 61,257,961 Against 116,299 Abstain 326,878 Against —_—| 0.19%
Slide 49: 2. Annual Report 2024
VOTING & DISCUSSION ITEMS AGENDA ITEMS: 2/9 2. Annual Report 2024 (voting and discussion items) a) Explanation of the business, the operations and the results for the year ending on December 31, 2024 (discussion item) b) Remuneration report for 2024 (advisory voting item) c) Corporate Governance (di
Slide 50: 2. f) Proposal to discharge the members of the Board of Directors
VOTING ITEM 2. f) Proposal to discharge the members of the Board of Directors (voting item)
Slide 51: Agenda item 2.f voting result
Agenda item 2. f % Pharming’ Proposal to discharge the members of the Board of Directors For 57,408,852 Against 3,879,520 Abstain 412,766 Against | 6.33%
Slide 52: 3. Appointment new Non-Executive Director
VOTING ITEM AGENDA ITEMS: 3/9 3. Appointment new Non-Executive Director (1 voting item)
Slide 53: Deborah Jorn, Steven Baert
Deborah Jorn Steven Baert Non-Executive Director Non-Executive Director since 2019 since 2021
Slide 54: Introduction: Dr. Elaine Sullivan
Dr. Elaine Sullivan Introduction
Slide 55: 3. Appointment new Non-Executive Director
3. Appointment new Non-Executive Director Proposal: The Board of Directors proposes by way of a binding nomination, to appoint Dr. Sullivan as Non-Executive Director for a period of four years effective as of the closing of the AGM and expiring at the closing of the Annual General Meeting of Shareho
Slide 56: Agenda item 3 voting result
Agenda item 3. % Pharming’ Proposal to appoint Dr. Elaine Sullivan, upon binding recommendation of the Board of Directors as new Non-Executive Director, for a period of four years For 59,300,846 Against 121,617 Abstain 2,296,425 Against —_| 0.20%
Slide 57: 4. Reappointment Non-Executive Directors
VOTING ITEM AGENDA ITEMS: 4/9 4. Reappointment Non- Executive Directors (2 voting items)
Slide 58: 4. Reappointment Non-Executive Directors
VOTING ITEM AGENDA ITEMS: 4/9 4. Reappointment Non- Executive Directors (2 voting items) a) Proposal to reappoint Mrs. Jabine van der Meijs, upon binding recommendation of the Board of Directors, as Non-Executive Director, for a period of four years. b) Proposal to reappoint Mr. Leonard Kruimer, upo
Slide 59: Jabine van der Meijs, Leonard Kruimer
Jabine van der Meijs Leonard Kruimer Non-Executive Director, Chairperson of Non-Executive Director, Chairperson the Corporate Governance Committee, of the Audit Committee and Member Member of the Audit Committee & of the Transaction Committee Remuneration Committee
Slide 60: Agenda item 4.a voting result
Agenda item 4. a % Pharming’ Proposal to reappoint Mrs. Jabine van der Meijs, upon binding recommendation of the Board of Directors, as Non-Executive Director, for a period of four years. For 54,095,083 Against 5,383,856 Abstain 2,316,449 Against | 9.05%
Slide 61: Agenda item 4.b voting result
Agenda item 4. b % Pharming’ Proposal to reappoint Mr. Leonard Kruimer, upon binding recommendation of the Board of Directors, as Non-Executive Director for a period of four years. For 56,671,580 Against 2,886,379 Abstain 2,237,429 Against Bh 4.85%
Slide 62: 5. Re-appointment of the external auditor
VOTING ITEM AGENDA ITEMS: 5/9 5. Re-appointment of the external auditor of the Company (1 voting item)
Slide 63: 5. Re-appointment of the external auditor of the Company
5. Re-appointment of the external auditor of the Company (voting item) Proposal: to re-appoint Deloitte Accountants B.V. as the external auditor of the Company for the financial year 2025. 63
Slide 64: Agenda item 5 voting result
Agenda item 5. % Pharming’ Proposal to re-appoint Deloitte Accountants B.V. as the external auditor of the Company for the financial year 2025. For 61,352,173 Against 129,833 Abstain 363,382 Against —_—| 0.21%
Slide 65: 6. Designation of the Board to issue shares
VOTING ITEM AGENDA ITEMS: 6/9 6. Designation of the Board of Directors as the Company’s body, authorized to: (i) issue shares, (ii) grant option rights and (iii) restrict or exclude pre-emptive rights (voting item) General authorization for generic corporate purposes up to 10% of the issued share ca
Slide 66: Agenda item 6 voting result
Agenda item 6. % Pharming’ Designation of the Board of Directors as the Company’s body, authorized to: (i) issue shares, (ii) grant option rights and (iii) restrict or exclude pre-emptive rights For 59,493,890 Against 1,833,907 Abstain 517,591 Against —ff 2.99%
Slide 67: 7. Authorization to repurchase shares
VOTING ITEM AGENDA ITEMS: 7/9 7. Authorization of the Board of Directors to repurchase shares in the Company (voting item)
Slide 68: 7. Authorization of the Board to repurchase shares
7. Authorization of the Board of Directors to repurchase shares in the Company (voting item) Proposal: to authorize the Board of Directors for a period of eighteen months, starting on June 11, 2025, as the Company’s body which is authorized: • to repurchase not more than 10% of the issued capital •
Slide 69: Agenda item 7 voting result
Agenda item 7. % Pharming’ Authorization of the Board of Directors to repurchase shares in the Company For 60,593,353 Against 863,444 Abstain 388,591 Against _—‘| 1.40%
Slide 70: 8. Any other business
DISCUSSION ITEM AGENDA ITEMS: 8/9 8. Any other business (discussion item)
Slide 71: 9. Closing
9. Closing www.pharming.com | investor@pharming.com NASDAQ: PHAR | EURONEXT Amsterdam: PHARM Bloomberg: PHAR.AS
Slide 72: www.pharming.com
www.pharming.com NASDAQ: PHAR | EURONEXT Amsterdam: PHARM