Pharming Group Updates Its FY23 Guidance, Expects Revenue To Increase By 19% YoY To Around $245M, With RUCONEST Revenues +10%, And Joenja Revenues Of ~$18M
Portfolio Pulse from Benzinga Newsdesk
Pharming Group has updated its FY23 guidance, expecting a 19% increase in revenue to approximately $245 million. RUCONEST revenues are projected to grow by 10%, and Joenja revenues are anticipated to be around $18 million. The company's cash and cash equivalents, along with restricted cash and marketable securities, are expected to total $215 million by the end of 2023. CEO Sijmen de Vries highlighted the successful launch of Joenja for APDS in the U.S. and plans for regulatory approvals and commercialization in additional markets, as well as the development of leniolisib for other primary immunodeficiencies.
January 08, 2024 | 6:51 am
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Pharming Group expects a 19% revenue increase in FY23 to $245M, with RUCONEST revenues growing by 10% and Joenja revenues estimated at $18M. The company's financial position is strong with expected cash reserves of $215M by year-end.
The positive guidance update from Pharming Group, indicating a significant revenue increase and successful product launches, is likely to instill investor confidence and could lead to a short-term uptick in the stock price. The company's strong cash position further supports financial stability and potential for future growth, which is typically viewed favorably by investors.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100