Contents | |
Chairman's statement | |
Pharming in focus | |
Business and strategic direction | |
Moments that matter | |
Commercial portfolio review | |
Pipeline review | |
Financial performance | |
Executive Committee | |
Rare disease should not mean years without answers | ||||
For more than a decade, Victoria lived with severe, unpredictable swelling attacks without clarity. Misdiagnosis led to unnecessary treatments and repeated emergency interventions. Her journey reflects a broader reality in rare disease care — where limited awareness and delayed diagnosis can prolong uncertainty and risk. Earlier recognition and access to appropriate therapy can change the course of a life. | ||||
15 years to an accurate diagnosis | ||||
Rare disease should not mean years without answers | |||||
For more than a decade, Victoria lived with severe, unpredictable swelling attacks without clarity. Misdiagnosis led to unnecessary treatments and repeated emergency interventions. The uncertainty of when an attack might occur shaped her daily life — making it difficult to plan ahead, maintain work, or fully enjoy time with family and friends. Each unexpected swell carried not only physical impact, but also concern for those around her. Her journey reflects a broader reality in rare disease care — where limited awareness and delayed diagnosis can prolong uncertainty and risk. Earlier recognition and access to appropriate therapy can change the course of a life. | |||||
“ | It's no longer the hopelessness that you feel when you don’t know what is wrong or how to make things better.” Victoria, Living with HAE | More than 15 years to an accurate diagnosis for Victoria | |||
At a Glance | |
Chairman's statement | |
2025 at a glance In US$ millions | |||||||||
Financial information | Strategic milestones | ||||||||
Total revenues | March | April | |||||||
376.1 | |||||||||
Abliva AB acquisition completed, adds napazimone (KL1333) for primary mitochondrial diseases | Positive NICE recommendation & launched Joenja® for APDS (12+) in the U.K. (England and Wales) | ||||||||
2024: 297.2 p 27% | |||||||||
Overall cash and marketable securities | Australia TGA approval of Joenja® for APDS (12+) | Wave 2 of recruitment started in pivotal FALCON study for napazimone (KL1333) in PMD | |||||||
181.1 | First patient dosed in Phase II study for leniolisib in CVID with immune dysregulation | ||||||||
2024: 169.4 p 7% | |||||||||
RUCONEST® revenues | |||||||||
317.9 | September | October | December | ||||||
Promoted to the Euronext AMX® index | US FDA Acceptance & Priority Review of leniolisib sNDA for APDS (4-11 years) | Scottish Medicines Consortium (SMC) issued its ultra-orphan assessment for Joenja® | |||||||
2024: 252.2 p26% | |||||||||
Joenja® revenues | |||||||||
58.2 | |||||||||
2024: 45.0 p 29% | |||||||||
Strategic Business Review | |||||||||||||
Chief Executive Officer's statement | |||||||||||||
Founded in | |||
1988 | |||
407 | Dual listed: Euronext Amsterdam (PHARM) Nasdaq (PHAR) | ||
Headquarters: Leiden, the Netherlands U.S. Headquarters: Warren, New Jersey | employees globally | ||
Scalable infrastructure driving rare disease innovation, commercial excellence, and patient-focused value creation | |||
High-growth commercial portfolio | |||
High-value pipeline | |||
Commercial | |||||||||
RUCONEST® | PRECLINICAL | PHASE I | PHASE II | PHASE III | REGULATORY SUBMISSION | COMMERCIAL | |||
Hereditary angioedema (HAE) | |||||||||
Joenja® (leniolisib) | |||||||||
Activated PIK3δ syndrome (APDS) | |||||||||
Pipeline | |||||||||
Leniolisib for APDS | |||||||||
Geographic expansion | |||||||||
Pediatric label expansion | |||||||||
Leniolisib for primary immunodeficiencies (PIDs) with immune dysregulation | |||||||||
Genetically identifiable PIDs with immune dysregulation linked to altered PI3Kδ signaling | |||||||||
Common variable immunodeficiency (CVID) with immune dysregulation | |||||||||
Napazimone (KL1333) for primary mitochondrial disease | |||||||||
mtDNA mitochondrial disease | |||||||||
Our vision is to 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 | |
Strategic Business Review | |||||||||||||
Business and strategic direction | |||||||||||||
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Business and strategic direction | |||||||||||||
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Business and strategic direction | |||||||||||||
“ | I was raised in a scientific household, yet they could only treat my symptoms... until I was diagnosed with APDS. Getting this diagnosis has shown me how much early recognition and awareness matters because rare diseases like mine are frequently overlooked or missed.” Liam, Living with APDS |
Strategic Business Review | |||||||||||||
Business and strategic direction | |||||||||||||
Resources Insights from patients, healthcare experts and partners Proprietary assets Diverse talent Financial resources | ||||||||||||
Scalable, high-performing organization | Operational, Commercial excellence | Differentiated commercial assets | High-value, de-risked pipeline | Strong financial discipline, sustainable growth | ||||||||
Value for patients & other stakeholders | ||||||||||||
Strategic Business Review | |||||||||||||
Business and strategic direction | |||||||||||||
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Business and strategic direction | |||||||||||||
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Business and strategic direction | |||||||||||||
From Hospital Rooms to Hope for the Future | |||||
Frequent infections. Repeated hospital stays. More than 40 surgeries before adolescence. For Tyler, childhood was shaped by a rare and progressive immune disorder that went undiagnosed for years. When genetic testing finally identified Activated PI3K Delta Syndrome (APDS), it brought long-awaited answers. Participation in a clinical study targeting the underlying immune dysregulation later marked a turning point — bringing greater stability and a renewed sense of possibility. | |||||
11 known APDS patients worldwide at the time of Tyler's diagnosis in 2012 1000+ today | |||||
The biggest lesson I've learned is that this is bigger than just me. APDS manifests differently for each person. I used to believe my future was uncertain — now I look forward to it” Tyler, Living with APDS | |||||
“ | I know what I'm fighting now, and I have the drugs I need to treat it. It may not be perfect 100% of the time, but I know how to treat it. It’s no longer the hopelessness that you feel when you don’t know what is wrong or how to make things better.” |
Strategic Business Review | |||||||||||||
Moments that matter | |||||||||||||
“ | As a kid, I spent most of my time in the hospital. Instead of running around on the playground, I was getting prepped for surgery. I had over 40 surgeries as a child. Constantly being sick made me feel stripped of what some would call a ‘normal’ childhood.” |
Strategic Business Review | |||||||||||||
Moments that matter | |||||||||||||
In rare diseases, one dedicated clinician can redefine a patient's path | ||||
Approximately 95% of rare diseases lack an approved treatment option | ||||
Dr. Patel cares for patients living with rare conditions such as APDS, primary immunodeficiencies, hereditary angioedema and primary mitochondrial diseases- part of a landscape of more than 10,000 rare diseases worldwide, with approved treatments available for only about 5% of them. Each day, he navigates limited evidence, complex presentations and diagnostic journeys that can span years. His work is defined not only by scientific rigor, but by a steadfast commitment to patients who often arrive without clear answers or established options. By listening closely and translating clinical insight into real- world evidence, Dr. Patel helps expand understanding and advance care. In rare disease, progress often begins with a clinician willing to stand with patients at the edge of what is known — and move the field forward. | ||||
“ | In rare diseases, understanding the lived experience and filling the evidence gaps are essential. Every new insight brings us closer to delivering options patients have been waiting for.” | |||
Dr. Niraj Patel, Clinical immunologist & research partner |
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Commercial portfolio review | |||||||||||||
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Commercial portfolio review | |||||||||||||
“ | [APDS] really does affect every aspect of your life.” |
Patient living with APDS |
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Commercial portfolio review | |||||||||||||
“ | With the right plan, I've learned that I can live beyond HAE.” Noah, Living with HAE |
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Commercial portfolio review | |||||||||||||
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Commercial portfolio review | |||||||||||||
“ | It's about the future and what it holds, and what else is going to pop up… A lot of it's just about what comes for them, and what life choices they're going to make now that they have the knowledge…. To be able to say, ‘We have this mutation. Do we want to have children? And what does all that mean?’” | |
Family living with APDS |
Every breakthrough begins with understanding what one patient needs | ||||
~44 per million patients with immune dysregulation | ||||
Matt works at the intersection of deep scientific understanding and disciplined execution, helping drive future value for patients and for Pharming. He leads cross- functional teams across development and commercialization to ensure Joenja® reaches eligible APDS patients while advancing Phase II programs in broader primary immunodeficiencies (PIDs) with immune dysregulation. Inspired by a passion to develop transformative therapies for patients with immune dysregulation — many of whom have limited or no approved treatment options — Matt is driven by the impact a fully integrated, cross-functional team can deliver. His inclusive and curious leadership reflects Pharming's determination to find new solutions, translating insight and knowledge into action and delivering meaningful, lasting progress for patients who deserve better. | ||||
“ | Understanding our science is where everything begins. What drives me is leading cross-functional teams to translate that science into sustainable value - for patients, the healthcare ecosystem and the business. By working closely with the scientific and patient communities, we move with urgency to ensure patients feel the impact as quickly as possible.” | |||
Matt Cohen, Vice President Program Lead Leniolisib |
Strategic Business Review | |||||||||||||
Pipeline review | |||||||||||||
Pipeline | |||||||||||||
Leniolisib for APDS | PRECLINICAL | PHASE I | PHASE II | PHASE III | REGULATORY SUBMISSION | COMMERCIAL | |||||||
Geographic expansion | |||||||||||||
12 years of age and older | |||||||||||||
European Union | Canada | Saudi Arabia | South Korea | ||||||||||
Received positive CHMP opinion, awaiting EC approval | Reviews ongoing | ||||||||||||
Pediatric label expansion | |||||||||||||
4-11 years of age U.S. FDA CRL issued January 30, 2026. Type A meeting held March 2026 | 1-6 years of age Pending supportive results, we intend to pursue regulatory approval | ||||||||||||
Leniolisib for primary immunodeficiencies (PIDs) with immune dysregulation | |||||||||||||
Genetically identifiable PIDs with immune dysregulation linked to altered PI3Kδ signaling | |||||||||||||
Phase II proof-of-concept study ongoing. Top-line data expected 2H 2026. | |||||||||||||
Common variable immunodeficiency (CVID) with immune dysregulation | |||||||||||||
Phase II proof-of-concept study ongoing. Top-line data expected 2H 2026. | |||||||||||||
Napazimone (KL1333) for primary mitochondrial disease | |||||||||||||
mtDNA mitochondrial disease | |||||||||||||
Pivotal FALCON study ongoing. Readout expected late 2027 | |||||||||||||
All investigational programs above have not been approved for the indications under investigation. Safety and efficacy have not been established. | |||||||||||||
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Pipeline review | |||||||||||||
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Pipeline review | |||||||||||||
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Pipeline review | |||||||||||||
“ | Living with APDS while working in healthcare education gives me a unique perspective. I see how awareness shapes outcomes, which is why I'm passionate about teaching others, advancing understanding, and helping ensure patients are recognized, supported and cared for sooner.” Annie, Living with APDS |
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Pipeline review | |||||||||||||
Not to scale with population sizes | |
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Pipeline review | |||||||||||||
“ | Trying to get people to understand that you might struggle with one thing at one point, but then it's something else at a different time,...That it still falls under the umbrella of APDS. It's not that you have a million and one different things. It's all caused by the same thing.” | |
Patient living with APDS |
Strategic Business Review | |||||||||||||
Pipeline review | |||||||||||||
General information covering our sustainability strategy, double materiality assessment, stakeholder engagement, governance and connection to our corporate strategy. | |
Environmental focusing on climate change mitigation and adaptation. | |
Social addressing, amongst others, employee well-being and engagement, employee training and skills development, human rights, patient safety and product quality, and access to products and services. | |
Governance covering business ethics and animal welfare. |
Sustainability | |||||||||||||
2023 | 2024 | 2025 | ||||
Definition | Integration | Implementation | ||||
• Defined high level plan for developing Sustainability strategy and function • Stakeholder analysis completed • Double Materiality Assessment completed • Gap assessment and organizational readiness analysis completed • Integration approach defined, with prioritization | • Implemented sustainability governance • Deployable roadmap for material topics developed • Alignment with corporate values and mission • Board approved metrics for mandatory topics and target setting for Climate Change • Designed processes and internal controls for reporting | • Material topics maintained from an updated DMA • Monitoring of and adaptation to regulatory requirements • Defined and implemented measurement methodologies for key metrics on Climate Change and Animal Welfare • Emissions data collection continued and Scope 1 and 2 decarbonization actions progressed • Tracking and reporting approach of animal welfare incidents unified internally |
Sustainability | |||||||||||||
Patients Patients are the most important stakeholders for Pharming receiving our healthcare services, reflecting Pharming's purpose to serve the unserved rare disease patients. | |
Healthcare professionals Healthcare professionals are also key stakeholders for Pharming achieving optimal healthcare and building trust. | |
Pharming employees Recognizing employees as key stakeholder for any organization is essential for building and further shaping a sustainable organization. | |
Pharming management Pharming management is an important stakeholder because of their decision-making authority and their role in driving innovation and adaptation within Pharming. Their involvement and support are critical for Pharming's success and sustainability. | |
Investors Investors are essential for maintaining financial stability, driving growth, and creating sustainable long-term value for all stakeholders. |
Sustainability | |||||||||||||
Theme | Material topics | |
Environmental | Climate change | |
Social | People and Culture | |
Patient safety and product quality | ||
Access to products and services | ||
Governance | Business ethics and human rights | |
Animal welfare |
Sustainability | |||||||||||||
Governance structure for sustainability | |
Sustainability | |||||||||||||
Environmental |
Sustainability | |||||||||||||
Measured in Tons of Carbon Dioxide equivalent (tCO2e) | ||||
Emission categories †,‡,§ | 2025 | 2024 | 2023 | 2022 |
Total Scope 1 Emissions | 925 | 1.094 | 1.117 | 865 |
Total Scope 2 Emissions (location-based) | 461 | 490 | 535 | 547 |
Total Scope 2 Emissions (market-based) | 282 | 398 | 436 | 326 |
Total Scope 3 Emissions | 15.440 | 16.183 | 16.442 | 13.519 |
Total Emissions (market-based) | 16.647 | 17.675 | 17.995 | 14.710 |
Sustainability | |||||||||||||
Sustainability | |||||||||||||
Social |
Sustainability | |||||||||||||
2025 | 2024 | |
The Netherlands | 215 | 231 |
Australia | 4 | 2 |
France | 14 | 14 |
Germany | 8 | 7 |
Italy | 2 | 2 |
Spain | 1 | 1 |
Turkey | 1 | 1 |
United Kingdom | 20 | 16 |
United States | 140 | 152 |
Sweden | 1 | - |
Norway | 1 | - |
Total | 407 | 426 |
2025 | 2024 | |
Research and development | 131 | 139 |
General and administrative | 115 | 133 |
Marketing and sales | 112 | 111 |
Production | 49 | 43 |
Total | 407 | 426 |
Sustainability | |||||||||||||
Sustainability | |||||||||||||
Governance |
Corruption and bribery reported by Pharming | Number of convictions in 2025 | Total amount of fines in 2025 |
0 | 0 |
Sustainability | |||||||||||||
Strategic Business Review | |||||||||||||
Financial Performance | |||||||||||||
“ | 2025 was a defining year for Pharming and reflects the focus and discipline our teams have brought to executing our strategy. We outperformed revenue guidance and delivered strong financial performance, with total revenues up 27%, driven by continued RUCONEST® growth and rising demand for Joenja® (leniolisib)." | |
Fabrice Chouraqui, Chief Executive Officer and Executive Director | ||
Strategic Business Review | |||||||||||||
Financial Performance | |||||||||||||
Amounts in US$ million except per share data | 2025 | 2024 | % Change |
Consolidated Income Statement | |||
Revenues | 376.1 | 297.2 | 27% |
Gross profit | 330.6 | 261.8 | 26% |
Operating profit (loss) | 25.8 | (8.6) | 400% |
Profit (loss) for the year | 2.5 | (11.8) | 121% |
Consolidated Balance Sheet | |||
Overall cash & marketable securities | 181.1 | 169.4 | 7% |
Share Information | |||
Basic earnings per share (US$) | 0.004 | (0.018) | 122% |
Fully-diluted earnings per share (US$) | 0.004 | (0.018) | 122% |
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Financial Performance | |||||||||||||
Strategic Business Review | |||||||||||||
Financial Performance | |||||||||||||
“ | Living with APDS has impacted my finances a lot. Because I get sick so easily, I have to take sick days leave without pay in order to get better so I can return to work. That takes a huge chunk out of my paycheck sometimes.” |
Patient living with APDS |
Strategic Business Review | |||||||||||||
Financial Performance | |||||||||||||
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Risk management and internal control | |||||||||||||
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Risk management and internal control | |||||||||||||
“ | I liken my immune specialist to like a quarterback and then all my other doctors are just different positions on the field.” |
Patient living with APDS |
Risk Type | Strategic risks | Operational risks | Compliance and reputational risks | Financial and fraud risks |
We aim to deliver on our strategic ambitions and priorities and are willing to accept reasonable risks to achieve these. | We face operational challenges that may require management attention. Our objective is to avoid risks that could negatively impact our goal in achieving operational efficiency, while ensuring our quality standards are unaffected. | We strive to be fully compliant with our Code of Conduct as well as national and international laws and regulations of the countries in which we operate. | Our financial strategy is focused on a strong financial position and creating long-term value for our shareholders. | |
The following risks are assessed in more detail in this Report: | The following risks are assessed in more detail in this Report: | The following risks are assessed in more detail in this Report: | The following risks are assessed in more detail in this Report: | |
Risks | • Changes in pricing regulations by local governments • Limited or no product approvals by regulatory authorities • Inaccurate planning and sales forecasts | • Product quality issues • Inadequate IT portfolio and information security • Disruption in the end-to-end supply chain | • Non-compliance with national and international laws and regulations • Non-compliance with pharmaceutical industry rules and regulations • Non-compliance with SOX Regulations | • Enterprise value not recognized by investors • Inaccurate or fraudulent financial reporting • Insufficient liquidity • Fluctuations in FX rates |
Residual Risk | ••••• | ••••• | ••••• | ••••• |
Strategic Business Review | |||||||||||||
Compliance and reputational risks | |||||||||||||
“ | [Our life with APDS] is a rollercoaster of emotions, highs and lows, never knowing… one minute you're okay, the next you’re not… trying to be strong for her, trying not to fall apart for her." | |
Caregiver to a patient living with APDS |
“ | [The joint pain is] like the Tin Man from The Wizard of Oz. He gets stiffer and stiffer and stiffer and he has to use the oil can. And I'm like, can I just get an oil can?" |
Patient living with APDS |
Strategic Business Review | |||||||||||||
Financial and fraud risks | |||||||||||||
Entity | Registered office | Investment |
Pharming Americas B.V. | The Netherlands | 100% |
Pharming Intellectual Property B.V. | The Netherlands | 100% |
Broekman Instituut B.V. | The Netherlands | 100% |
Pharming Healthcare, Inc. | United States | 100% |
ProBio, Inc. | United States | 100% |
Pharming Technologies B.V. | The Netherlands | 100% |
Pharming Research & Development B.V. | The Netherlands | 100% |
Pharming Australia Pty Ltd | Australia | 100% |
Pharming UK Ltd | United Kingdom | 100% |
Pharming Germany GmbH* | Germany | 100% |
Pharming France SAS* | France | 100% |
Abliva AB** | Sweden | 100% |
Abliva, Inc.*** | United States | 100% |
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Group and shareholder structure | |||||||||||||
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Board structure | |||||||||||||
Current members of the Board of Directors | |||
Name | Position | (Re) appointments | Current Term |
Richard Peters | Chairperson | 2023 | Up to September 25, 2027 |
Mark Pykett | Vice Chairperson | 2020, 2024 | Up to AGM in 2028 |
Fabrice Chouraqui | Chief Executive Officer and Executive Director | 2025 | Up to March 4, 2029 |
Barbara Yanni | Non-Executive Director | 2020, 2024 | Up to AGM in 2028 |
Leonard Kruimer | Non-Executive Director | 2021, 2025 | Up to AGM in 2029 |
Jabine van der Meijs | Non-Executive Director | 2021, 2025 | Up to AGM in 2029 |
Elaine Sullivan | Non-Executive Director | 2025 | Up to AGM in 2029 |
Past members of the Board of Directors | |||
Sijmen de Vries | Chief Executive Officer and Executive Director | 2008, 2013, 2017, 2021 | Resigned at EGM March 4, 2025. |
Deborah Jorn | Vice Chairperson | 2019, 2023 | Expired at AGM in 2025 |
Steven Baert | Non-Executive Director | 2021 | Expired at AGM in 2025 |
Richard Peters, MD, PhD (1962) | Mark Pykett, PhD, VMD, MBA (1964) | Fabrice Chouraqui, PharmD, MBA (1970) | Barbara Yanni, JD, LLM (1954) | ||||
Title Chairman of the Board of Directors, Member of the Remuneration Committee, Member of the Corporate Governance Committee and Member of the Transaction Committee Nationality Belgian national, U.S. citizen Date of initial appointment September 25, 2023 Richard Peters has served as Chairman of the Board of Directors since September 25, 2023. He brings more than 30 years of experience across life sciences leadership and academia. Other functions Non-Executive Director for Aprea Therapeutics, and is the founder and Executive Chairperson of TellBio. He is also a corporate advisor to Aura Biosciences. Previously he served as Non-Executive Director for Kineta. | Title Vice-Chair of the Board of Directors from June 11, 2025, Member of the Audit Committee and Member of the Transaction Committee Nationality American Date of initial appointment December 11, 2020 Mark Pykett has served as a Non-Executive Director since 2020. He brings more than 30 years of leadership experience across the biotechnology sector, spanning scientific, operational, and executive roles. Other functions Chief Executive Officer and Director of Orogen Therapeutics on the Board of Directors of the private company Myopax. | Title Chief Executive Officer (CEO) and Executive Director effective from March 4, 2025. Nationality French national, U.S. citizen Date of initial appointment March 4, 2025 Appointed Chief Executive Officer (CEO) and Executive Director in March 2025. Fabrice Chouraqui is responsible for the company's strategy and day-to-day operations. He brings more than 30 years of global biopharma experience across R&D, commercialization, and venture-backed innovation. Previously, he was a CEO-Partner at Flagship Pioneering and served as CEO of Cellarity, Inc. He spent a decade at Novartis, including as President of Novartis Pharmaceuticals USA, and senior leadership roles. Other functions Independent Board member of OranoMed, a subsidiary of Orano Group. | Title Non-Executive Director, Chairperson of the Transaction Committee, Member of the Remuneration Committee and Member of the Corporate Governance Committee Nationality American Date of initial appointment December 11, 2020 Barbara Yanni has served as a Non-Executive Director since 2020. She brings deep expertise in licensing, corporate development, and healthcare strategy and finance. Other functions Serves on the Board of Directors of Trevena, Inc., and two private biotechnology companies, Mesentech and Delsona Therapeutics. She previously served on the boards of several biotechnology companies including Oncorus, Inc. (2021–2023) and Vaccinex (2015–2025). | ||||
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Board of Directors | |||||||||||||
Leonard Kruimer, MBA, CPA (1958) | Jabine van der Meijs PharmD, MSc, ACMA/CGMA (1966) | Elaine Sullivan, PhD (1961) | |||
Title Non-Executive Director, Chairperson of the Audit Committee and Member of the Transaction Committee Nationality Dutch Date of initial appointment May 19, 2021 Leonard Kruimer has served as a Non-Executive Director since May 2021 and was reappointed at the AGM held on June 11, 2025, for a term of four years. He brings more than 40 years of experience in corporate finance, planning and strategy, including 25 years in senior executive roles within private and publicly listed biotechnology companies. Other functions Chairman of the Board at BioInvent International AB and serves as a board member of Zealand Pharma A/S and Basilea Pharmaceutica. He is also a Director of AI Global Investments (Netherlands) PCC Ltd. | Title Non-Executive Director, Chairperson of the Corporate Governance Committee, Member of the Audit Committee and Member of the Remuneration Committee Nationality Dutch Date of initial appointment May 19, 2021 Jabine van der Meijs has served as a Non-Executive Director since May 2021 and was reappointed at the AGM held on June 11, 2025, for a term of four years. She brings more than 30 years of senior leadership experience across finance, strategy and HR in global energy and airport management, with executive roles in the Netherlands, Scotland, England, Brunei and Australia. Other functions Non-Executive Director at VFS Global AG and Grundfos Holding A/S and serves on the Supervisory Boards of Chane and the Centre for Human Drug Research. | Title Non-Executive Director, Chairperson of the Remuneration Committee and Member of the Audit Committee Nationality British and Irish citizen Date of initial appointment June 11, 2025 Elaine Sullivan has served as a Non-Executive Director since June 2025. She brings more than 25 years of international experience in the pharmaceutical and biotechnology industry, spanning R&D leadership, business development, and company creation. Other functions Serves on the Board of Directors of Zealand Pharma A/S, senior non-executive at hVIVO and Non-Executive Director of Ochre Bio. In addition, she is a member of the Scientific Advisory Board of Poolbeg Pharma plc. Previously served as a Non-Executive Director at IP Group plc., Evotec AG, Active Biotech AB and Nykode Therapeutics ASA. | |||
Past members | |
Sijmen de Vries, MD, MBA (1959) | |
Title Chief Executive Officer (CEO) and Executive Director, until March 4, 2025 Nationality Dutch Date of initial appointment October 13, 2008 Sijmen de Vries was our Chief Executive Officer (CEO) and Executive Officer from 2008 until his resignation at the EGM held on March 4, 2025, following the appointment of Fabrice Chouraqui as our new CEO. To ensure a smooth hand-over of tasks and responsibilities, Sijmen remained a strategic advisor to the new CEO until December 31, 2025. | |
Deborah Jorn, MBA (1958) | |
Title Vice-Chair of the Board of Directors, Member of the Remuneration Committee and Member of the Audit Committee until June 11, 2025 Nationality American Date of initial appointment May 22, 2019 Deborah Jorn served as a Non-Executive Director from 2019, until her term ended at the AGM held on June 11, 2025. | |
Steven Baert (1974) | |
Title Non-Executive Director, Chairperson of the Remuneration Committee and Member of the Corporate Governance Committee up until June 11, 2025 Nationality Belgian, Swiss citizen until March 31, 2023, U.S. citizen since April 1, 2023 Date of initial appointment May 19, 2021 Steven Baert served as a Non-Executive Director from 2021, until his term ended at the AGM held on June 11, 2025. | |
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Executive Committee |
Current members of the Executive Committee | ||||
Name | Year of birth | Gender | Position | First appointed in managerial capacity |
Executive Director/Chair | ||||
Fabrice Chouraqui | 1970 | Male | Chief Executive Officer and Executive Director | March 4, 2025 |
Executive Officers | ||||
Kenneth Lynard | 1968 | Male | Chief Financial Officer | October 1, 2025 |
Anurag Relan | 1972 | Male | Chief Medical Officer | June 1, 2021 |
Leverne Marsh | 1976 | Female | Chief Commercial Officer | January 1, 2026 |
Mireille Sanders | 1968 | Female | Chief Operations Officer | August 1, 2019 |
Ruud van Outersterp | 1964 | Male | Chief Legal & Compliance Officer | May 1, 2021 |
Alexander Breidenbach | 1963 | Male | Chief Business Officer | September 1, 2023 |
Inés Bernal | 1977 | Female | Chief People Officer | December 1, 2024 |
Maryana Reurings-Tsiganko | 1988 | Female | Vice President, Strategy & Operations | November 1, 2025 |
Past members of the Executive Committee | ||||
Executive Director/Chair | ||||
Sijmen de Vries | 1959 | Male | Chief Executive Officer and Executive Director | October 13, 2008. Resigned on March 4, 2025 |
Executive Officers | ||||
Jeroen Wakkerman | 1969 | Male | Chief Financial Officer | November 16, 2020 up until May 30, 2025 |
Stephen Toor | 1971 | Male | Chief Commercial Officer | January 1, 2017 up until December 31, 2025 |
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Executive Committee |
“ | It’s the time that [HAE] has taken from you. So the time that you're away from your family members, the times that you can't go to events at your children's school or even just feel comfortable leaving the house …. The time that it snatches from you.” |
Patient living with HAE |
Fabrice Chouraqui, PharmD, MBA (1970) | Kenneth Lynard, MSc, EMBA (1968) | Anurag Relan, MD, MPH (1972) | |||
Title Chief Executive Officer (CEO) and Executive Director effective from March 4, 2025. Nationality French national, U.S. citizen Date of initial appointment March 4, 2025 Appointed Chief Executive Officer (CEO) and Executive Director in March 2025. Fabrice Chouraqui is responsible for the Pharming's strategy and day-to-day operations. He brings more than 30 years of global biopharma experience across R&D, commercialization, and venture-backed innovation. Previously, he was a CEO-Partner at Flagship Pioneering and served as CEO of Cellarity, Inc. He spent a decade at Novartis, including as President of Novartis Pharmaceuticals USA, and senior leadership roles. Other functions Independent Board member of OranoMed, a subsidiary of Orano Group. | Title Chief Financial Officer, effective from October 1, 2025 Nationality Danish Date of initial appointment October 1, 2025 Since October 2025, Kenneth Lynard has served as Chief Financial Officer (CFO) of Pharming. He is committed to strengthening Pharming’s financial and operational foundation to support innovation, help expand patient access, and deliver sustainable long-term value creation. Kenneth Lynard brings nearly three decades of international finance leadership, including more than 20 years in the global life sciences industry. He has held senior finance roles across the United States and Europe, supporting both established pharmaceutical companies and growth-stage biopharmaceutical organizations. Prior to joining Pharming, Kenneth served as CFO at Schoeller Allibert and previously held CFO positions at Zentiva and Affidea, as well as senior leadership roles at Gilead Sciences. | Title Chief Medical Officer Nationality American Date of initial appointment June 1, 2021 Anurag Relan has been an integral part of Pharming for nearly two decades and was appointed Chief Medical Officer (CMO) in June 2021. He leads Pharming's global medical strategy, including clinical development, regulatory engagement, patient safety, and medical affairs. Previously, as Vice President of Clinical Research and Medical Affairs, Anurag led the clinical development program that supported approval of both our commercial products. Anurag began his career in clinical practice and academic medicine, teaching residents and medical students at the University of California, Los Angeles Medical Center, and he continues to practice as a physician. | |||
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Leverne Marsh, BPharm (1976) | Mireille Sanders, MSc (1968) | Ruud van Outersterp (1964) | |||
Title Chief Commercial Officer, effective as of January 1, 2026 Nationality American Date of initial appointment January 1, 2026 Appointed Chief Commercial Officer (CCO) in January 2026, Leverne Marsh leads Pharming's global commercial strategy across market access, marketing, sales, and lifecycle management. She combines deep commercial expertise with practical experience applying AI and analytics to shape customer insight. Leverne brings nearly 30 years of life-sciences commercial leadership. She has held senior roles at Novartis, where she led major product launches and served as Chief Product Officer and Head of Strategy, and at Dexcom, where she was Executive Vice President, Marketing, driving growth and international expansion. | Title Chief Operations Officer Nationality Dutch Date of Initial appointment August 1, 2019 Appointed Chief Operations Officer (COO) in 2020, Mireille Sanders oversees Pharming's end-to-end operations, from development and manufacturing to quality and distribution of commercial and clinical supplies. Mireille joined Pharming as Senior Vice President of Operations in 2019. She brings 30 years of operational leadership across the life-sciences sector, including senior roles at Janssen Pharmaceuticals (Head of Clinical Supply Chain Strategic Management and Systems) and MSD/ Merck. Her experience spans global clinical supply, commercial manufacturing partnerships, and strategic operational transformation. Other functions Represents Pharming on the Supervisory Board of BioConnection. | Title Chief Legal & Compliance Officer & Company Secretary Nationality Dutch Date of initial appointment May 1, 2021 Appointed Chief Ethics and Compliance Officer in 2021. Ruud's role was updated in 2025 to Chief Legal and Compliance Officer (CLCO) and Company Secretary. He leads Pharming's global legal, compliance, and governance activities, ensuring the company operates with integrity across drug development and commercialization. Ruud first joined Pharming in 2020 as Company Secretary, and held that role until April 2022. He brings more than 35 years of legal leadership experience across financial services, aerospace, and life sciences. Other functions Serves on the Supervisory Board of a Dutch healthcare institution and he teaches corporate governance at the Governance Academy in the Netherlands. | |||
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Alexander Breidenbach, PhD, MBA (1963) | Inés Bernal (1977) | Maryana Reurings-Tsiganko, MBA, CIA, CISA, CFE (1988) | |||
Title Chief Business Officer Nationality German Date of initial appointment September 1, 2023 Appointed Chief Business Officer (CBO) in September 2023, Alexander Breidenbach leads Pharming's growth strategy and business development agenda. He is responsible for evaluating and executing partnerships and transactions that strengthen the company’s portfolio and long-term value. Alexander brings more than 25 years of global experiences across partnering, R&D and management in the biosciences sector. Prior to joining Pharming, he served as Chief Business and Chief Development Officer at ACM Biosciences AG and held a range of senior leadership roles at Roche Partnering. Earlier in his career, he began as a senior scientist in pharmacology. | Title Chief People Officer Nationality Australian Date of initial appointment December 1, 2024 Inés Bernal has served as Pharming's Chief People Officer (CPO) since December 2024. She leads Pharming's global people and culture strategy, overseeing talent, leadership development, organizational effectiveness, and core HR capabilities.Inés brings more than 25 years of human resources leadership across global organizations. Prior to joining Pharming, she was Global Vice President, Human Resources at Celanese Corporation. Earlier, she held senior HR roles across a range of industries, including GlaxoSmithKline, Yum! Restaurants (KFC, Taco Bell, Pizza Hut), and The Boeing Company. | Title Vice President, Strategy & Operations Nationality American and Dutch Date of initial appointment November 1, 2025 Appointed Vice President, Strategy & Operations in November 2025, Maryana Reurings-Tsiganko serves as a strategy partner to our leadership team. She oversees the development and execution of our long-term strategy and leads key cross-functional initiatives that strengthen how the organization operates and delivers. Maryana joined Pharming in May 2021 and has held several leadership roles across the business, most recently serving as Interim Head of Finance and IT and as Program Director for end-to-end process transformation. She brings more than 15 years of experience across corporate finance, strategic operations, risk management, IT security, and internal audit and control, with prior senior roles at Sherwin Williams, Avery Dennison, OCI N.V., PNC, and KeyBank. | |||
Past members | |
Sijmen de Vries, MD, MBA (1959) | |
Title Chief Executive Officer and Executive Director, until March 4, 2025 Nationality Dutch Date of initial appointment October 13, 2008 Sijmen de Vries was Chief Executive Officer and Executive Officer from 2008 until his resignation at the EGM held on March 4, 2025, following the appointment of Fabrice Chouraqui as new CEO. To ensure a smooth hand-over of tasks and responsibilities, Sijmen remained a strategic advisor to the new CEO until December 31, 2025. | |
Jeroen Wakkerman (1969) | |
Title Chief Financial Officer, until May 30, 2025 Nationality Dutch Date of initial appointment November 16, 2020 Jeroen Wakkerman was Chief Financial Officer from 2020 until end of May 2025. Prior to joining Pharming, Jeroen served as Chief Financial Officer of Nutreco N.V., a global leader in animal nutrition and aqua feed. | |
Stephen Toor (1971) | |
Title Chief Commercial Officer, until December 31, 2025 Nationality American Date of initial appointment January 1, 2017 Stephen Toor was Chief Commercial Officer (CCO) from 2020 until end of 2025, but remains an advisor to the company. Prior to his role as CCO, Stephen served as President and General Manager of Pharming Healthcare, Inc., our US subsidiary, and also oversaw the broader Americas region. | |
Board of Directors | |||
Name | Year of birth | Gender | Nationality |
Fabrice Chouraqui | 1970 | Male | French (U.S. citizen) |
Richard Peters | 1962 | Male | Belgian (U.S. citizen) |
Mark Pykett | 1964 | Male | American |
Barbara Yanni | 1954 | Female | American |
Leonard Kruimer | 1958 | Male | Dutch |
Jabine van der Meijs | 1966 | Female | Dutch |
Elaine Sullivan | 1961 | Female | British and Irish |
Past members | |||
Sijmen de Vries | 1959 | Male | Dutch |
Deborah Jorn | 1958 | Female | American |
Steven Baert | 1974 | Male | Belgian (U.S. resident) |
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Date | March 11 | March 12 | April 2* | May 7* | June 10 | June 11 | July 30* | August 27 | August 28 | November 4 | November 5 | % Present during 2025 (based on time in office) |
Richard Peters | P | P | P | A | P | P | P | P | P | P | P | 91% |
Deborah Jorn | P | P | P | P | P | A | N/A | N/A | N/A | N/A | N/A | 83% |
Barbara Yanni | P | P | P | P | P | P | P | P | P | P | P | 100% |
Mark Pykett | P | P | P | P | P | P | P | P | P | P | P | 100% |
Jabine van der Meijs | P | P | P | P | P | P | P | P | P | P | P | 100% |
Leonard Kruimer | P | P | P | P | P | P | P | P | P | P | P | 100% |
Steven Baert | P | P | A | A | P | A | N/A | N/A | N/A | N/A | N/A | 50% |
Elaine Sullivan | N/A | N/A | N/A | N/A | P | P | P | P | P | P | P | 100% |
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Date | March 11 | April 1 | May 6 | July 29 | Nov. 4 | % Present during 2025 (based on time in office) |
Leonard Kruimer | P | P | P | P | P | 100% |
Deborah Jorn | P | P | P | N/A | N/A | 100% |
Barbara Yanni | P | P | P | P | N/A | 100% |
Jabine van der Meijs | P | P | P | P | P | 100% |
Elaine Sullivan | N/A | N/A | N/A | P | P | 100% |
Mark Pykett | N/A | N/A | N/A | N/A | P | 100% |
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Date | January 21 | March 12 | October 9 | October 22 | % Present during 2025 (based on time in office) |
Steven Baert | P | P | N/A | N/A | 100% |
Deborah Jorn | P | P | N/A | N/A | 100% |
Mark Pykett | P | P | P | P | 100% |
Jabine van der Meijs | P | P | P | P | 100% |
Elaine Sullivan | N/A | N/A | P | P | 100% |
Richard Peters | N/A | N/A | P | P | 100% |
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“ | It's been hard because not a lot of people know about APDS and the emotional and mental effects of having it. There's not a whole lot of people who know how to deal with it or support it." | |
Patient living with APDS |
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Date | January 21 | March 11 | May 13 | November 5 | % Present during 2025 (based on time in office) |
Jabine van der Meijs | P | P | P | P | 100% |
Richard Peters | P | P | P | P | 100% |
Barbara Yanni | P | P | P | P | 100% |
Steven Baert | P | P | P | N/A | 100% |
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“ | They [local HCPs] don't know anything to this day. We have to educate them because they're not fully aware of the extent of this disease.” | |
Family living with APDS |
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Report of the Board of Directors | |||||||||||||
Date | May 27 | September 19 | % Present during 2025 |
Barbara Yanni | P | P | 100% |
Richard Peters | P | P | 100% |
Leonard Kruimer | P | P | 100% |
Mark Pykett | P | P | 100% |
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Component | Max. weight | Actual weight based on performance |
TSR | 40% | 16% |
Strategic Objectives | 60% | 65% |
Weighted outcome | 100% | 81% |
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Resolution | % Votes in Favor | |
2024 Remuneration Report (voted on June 11, 2025) | Advisory | 98.88% |
Approval remuneration package new CEO, to the extent applicable (voted on March 4, 2025) | Binding | 98.11% |
2024 Remuneration Policy (voted on May 21, 2024) | Binding | 94.20% |
“ | I don't know my life without pain. For me, it was normal to have pain. I guess that's why I don't talk about the pain aspect of it, because it's normal to me... I don't know my life without it… when I'm going to swell, my nerves are very sensitive, I have to wear skirts, I can't shower, can’t have anything touch me. And I have bone pain… it feels like something is scraping my bones and I still have that [even with medication]. I have a handicapped tag and people stare at me, but my pain is sometimes a 15 on a 10 scale.” | |
Patient living with HAE |
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Remuneration element | Purpose | Design and link to strategy | Value |
Base salary | • Involves fixed cash compensation. • To provide a fair and competitive basis for the total pay level to attract high caliber leaders. • In-depth benchmark annually. | • Facilitates recruitment and retention, and is the basis for competitive pay. • Rewards performance of day-to-day activities. | • Base salaries at Pharming target the median of the labor market peer group with possible exceptions based on experience. • The actual salary is to be determined based on the country of residence. • Any remuneration increases are in line with the wider workforce and typically effective from the 1st of January each year. |
Pension | • Defined-Contribution Pension Plan for Executive Directors based in the Netherlands. • Alternative pension benefits for Executive Directors based in other countries, with a value aligned with similar benefits offered to Pharming's staff members in the jurisdiction where the relevant Executive Board Member is residing (e.g., 401k in the U.S.). | • Provides for employee welfare and retirement needs. • Designed to be competitive in the relevant market. • The CEO and Executive Committee receive a pension plan that is the same as all eligible Pharming employees. No additional executive pension benefits are awarded. | • NL: pension contributions for the CEO if residing in the Netherlands, in accordance with the plan that also applies to the other employees based in the Netherlands. • Other countries: value aligned with similar benefits offered to Pharming's staff members in the jurisdiction where the relevant Executive Board Member is residing. |
Benefits | • Provides a range of benefits, including, but not limited to a car lease scheme, aligned with plans and programs offered to staff members in place of residence. | • Provides market competitive benefits to aid retention. • The CEO and Executive Committee receive the same benefits as eligible Pharming employees. No additional executive benefits are granted. | • NL: holiday allowance: 8.33% of the base salary. • Other countries: value aligned with similar benefits offered to senior staff members in place of residence. |
Short-term variable remuneration | • Based on achieving annual measured, financial and non- financials goals. • Aims, at target level, for the median of the labor market peer group. • Is paid 100% in cash. | • Drives and rewards sound business decisions for the short- term prospects of Pharming. • Aligns Executive Directors and shareholder interests. • At least 50% of the bonus opportunity is linked to financial performance. • Strategic goals and sustainability goals are set. • The committee undertakes a thorough assessment to ensure that targets are rigorous and sufficiently stretched. | • On-target performance: 70% for the CEO / 50% of annual base salary for other Executive Board Members. For Fabrice Chouraqui (as approved at the EGM): 75% on-target performance. • Maximum opportunity for CEO capped at 140% of base salary. For Fabrice Chouraqui (as approved at the EGM): 150% of base salary. • Threshold: 80% for each quantifiable target separately. • From the STI for 2024 onwards, a maximum of 200% applies for payout on each individual target. • Below threshold: no STI payout on targets below threshold level. • STI payout is made in cash. • The Remuneration Committee may apply judgement with discretion to make appropriate adjustments to the annual bonus. |
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Remuneration element | Purpose | Design and link to strategy | Value |
Long-term variable remuneration (Executive LTI program) | • Is based on achieving three-year TSR (40% weighting) and strategic targets (60% weighting). • Aims, at target level, for the median of the peer group. • Is awarded through the vesting of shares, net of taxes. • Vested shares are blocked for another two years, with a five-year holding restriction since the date of the conditional performance grant. | • Drives and rewards sound business decisions for the long- term prospects of Pharming. • Aligns Executive Director's and shareholder interests. • Supports Executive Board retention. | • On-target performance: 300% of annual base salary for the CEO. For Fabrice Chouraqui (as approved at the EGM): 425% on-target performance. • Maximum opportunity for CEO capped at 450% of base salary. For Fabrice Chouraqui (as approved at the EGM): 637.5% • Threshold (as from the LTI for 2023-2025 onwards): 80% for each quantifiable target separately. • From the LTI for 2024-2026 onwards, a maximum of 200% applies for each individual target. • Below threshold: no vesting on targets below threshold level. • LTI payout is made in shares. |
Mandatory share ownership and holding requirement | • To further align the interests of executives to shareholders. | • The minimum shareholding requirement is 400% of annual base compensation for the CEO. The CEO may decide to accrue the required minimum shareholding over time by the vesting of after- tax performance shares from the Executive LTI program, without the requirement for own purchases. | |
Severance pay | • Ensure upfront clarity on pay in case of early departure. | • Payments related to the early termination of a contract reflect performance achieved over time and shall not reward failure. | • Maximum severance pay is 100% of the fixed annual remuneration. Not awarded in case of early termination at the CEO's initiative unless due to culpable conduct or neglect by the Company and/or due to the CEO's culpable conduct or gross negligence. As approved at the EGM, Fabrice Chouraqui will be entitled as CEO to a severance pay: a. equal to 200% of his fixed annual base salary, in case of a termination of his mandate as CEO without cause within twelve (12) months following a change of control of Pharming; and b. absent a change of control as described sub a., equal to 100% of his fixed annual base salary in case of any other termination of the mandate and contract by Pharming without cause, or by the CEO for good reason (i.e., serious culpable conduct or neglect on the part of Pharming). |
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Peer group | |
European peers | US peers |
ADC Therapeutics CH | Akebia Therapeutics (NEW) |
Autolus Therapeutics London | Anika Therapeutics |
Basilea Pharmaceutica Basel | Ardelyx (NEW) |
Bavarian Nordic Hellerup DK | BioCryst Pharmaceuticals |
BioGaia Stockholm | Coherus BioSciences |
Biotest Dreieich | Collegium Pharmaceutica |
Cosmo Pharmaceuticals Dublin | Esperion Therapeutics (NEW) |
Formycon Planegg DE (NEW) | Harmony Biosciences (NEW) |
Galapagos BE | Heron Therapeutics |
Idorsia CH (NEW) | Ligand Pharmaceuticals |
Immunocore UK (NEW) | MannKind |
Kiniksa Pharmaceuticals UK (NEW) | Mirum Pharmaceuticals |
Merus Utrecht | Rigel Pharmaceuticals |
Oxford Biomedica Oxford | Supernus Pharmaceuticals |
Santhera Pharmaceuticals CH (NEW) | Travere Therapeutics |
uniQure Amsterdam | Vanda Pharmaceuticals |
Valneva Saint-Herblain | Xeris Biopharma (NEW) |
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in EUR '000 (US$ '000) | Year | Base Salary | STI | LTI Value of units vesting | Pension cost | Other emoluments | Total | ||||||
Sijmen de Vries, CEO until March 4, 2025 | 2025 | €643 | US$724 | €118 | US$132 | €1,582 | US$1,781 | €156 | US$176 | €32 | US$36 | €2,531 | US$2,850 |
2024 | €643 | US$694 | €383 | US$414 | €1,801 | US$1,946 | €107 | US$116 | €32 | US$35 | €2,966 | US$3,205 | |
in EUR '000 (US$ '000) | Year | Base Salary | STI | LTI Value of units vesting | Pension cost | Other emoluments | Total | ||||||
Fabrice Chouraqui, CEO from March 4 2025 | 2025 | €611 | US$688 | €675 | US$760 | €0 | US$0 | €7 | US$8 | €345 | US$388 | €1,638 | US$1,844 |
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in EUR '000 (US$ '000) | Year | Base Salary | STI | Share based compensation | er emolum,ents | Other emoluments | Total | ||||||
Sijmen de Vries, CEO | 2025 | €643 | US$724 | €118 | US$132 | €762 | US$858 | €156 | US$176 | €32 | US$36 | €1,711 | US$1,926 |
2024 | €643 | US$694 | €383 | US$414 | €914 | US$987 | €107 | US$116 | €32 | US$35 | €2,079 | US$2,246 | |
2023 | €624 | US$673 | €570 | US$615 | €1,271 | US$1,371 | €107 | US$115 | €32 | US$35 | €2,604 | US$2,809 | |
2022 | €603 | US$636 | €374 | US$394 | €1,158 | US$1,221 | € 106 | US$112 | € 32 | US$34 | €2,273 | US$2,396 | |
2021 | €574 | US$681 | €301 | US$357 | €1,344 | US$1,594 | € 101 | US$120 | € 32 | US$38 | €2,352 | US$2,790 | |
in EUR '000 (US$ '000) | Year | Base Salary | STI | Share based compensation | Pension cost | Other emoluments | Total | ||||||
Fabrice Chouraqui, CEO | 2025 | US$688 | US$760 | US$1,335 | US$8 | US$388 | US$3,179 | ||||||
“ | My anxiety comes from worrying that I won't be able to get to medical help in time.” |
Patient living with HAE |
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Fixed Remuneration in '000 in 2025 | Fixed Remuneration in '000 in 2024 | |
Sijmen de Vries | €643 (US$724) | €643 (US$694) |
Fabrice Chouraqui | US$688 | N/A |
Actual score compared to target | Payout % |
<80% | —% |
On target | 100% |
Each 1% exceeding target | +3% |
Each 1% below target | (3%) |
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Weight | Strategic target | KPI | Target | Outcome | Weighting | Achievement | Actual weighting (updated) |
20% | Develop a high performing organization | Staff voluntary turnover rate | 10-12% | 5.7% | 10.0% | 200.0% | 21.5% |
Employee engagement score 2025 3rd quartile | 50-75% (Glint) | Deferred | 10.0% | 0.0% | 0.0% | ||
50% | Implementation financial strategy to ensure sustainable long-term value creation | Net revenues of USD 317M | US$317,000,000 | US$376,134,000 | 20.0% | 157.0% | 33.7% |
Operating result (USD 13M loss) | -US$13,000,000 | US$25,842,000 | 20.0% | 200.0% | 42.9% | ||
Cash (USD 104M) | US$104,000,000 | US$179,101,000 | 10.0% | 200.0% | 21.5% | ||
6% | Flawless execution of pipeline development strategy | Joenja® patients on paid therapy (160 by YE 2025) | 160 | 165 | 6.0% | 109.0% | 7.0% |
24% | On track for EMA MAA approval in 2026 | Submission in January 2026 | Completed | 6.0% | 100.0% | 6.4% | |
FDA submission of efficacy supplement | Submit in 2025 | Submission completed July 2025, accepted for Priority Review | 2.0% | 100.0% | 2.1% | ||
Complete enrollment for LE-3302 | Complete in 2025 | Enrolment completed in Q2 2025 | 2.0% | 100.0% | 2.1% | ||
JP submission | Submit in 2025 | Submission completed in June 2025 | 2.0% | 100.0% | 2.1% | ||
PIDs trial enrollment | 12 patients enrolled in 2025 | 10 patients enrolled in 2025 | 3.0% | 50.0% | 1.6% | ||
CVID trial enrolment | 20 patients enrolled in 2025 | 15 patients enrolled in 2025 | 3.0% | 0.0% | 0.0% | ||
KL1333 Wave 2 | Open for enrollment by Q3 2025 | First patient enrolled April 2025 | 3.0% | 100.0% | 3.2% | ||
KL1333 OLE | Submission to FDA of open label extension study by YE 2025 | Submitted to FDA in Q4 2025 | 3.0% | 100.0% | 3.2% | ||
Total | 100.0% | 147.4% |
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Name | Number of restricted LTI shares granted in 2023 (vesting Q1 2026) | Number of restricted LTI shares granted in 2024 (vesting Q1 2027) |
Sijmen de Vries | 1,681,570 | 1,824,602 |
Name | Number of restricted LTI shares granted in 2025 (vesting Q1 2028) |
Fabrice Chouraqui | 3,614,572 |
Metric | Targets | Actual | ||||||||||
TSR relative to ASCX and IBB ETF index | Below index | Equal to index | 10% above index | 20% above index | 40% above index | 60% above index | 80% above index | 100% above index | Position Relative to ASCX index | +15% | Position relative to IBB ETF index | +22% |
Vesting | 0 | 80% | 90% | 100% | 110% | 120% | 130% | 150% | Pay-out | 90% | Vesting | 100% |
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“ | We [are] so grateful for genetic testing! That's the key that unlocks the mystery." | |
Caregiver to a patient living with APDS |
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Remuneration Report 2025 | |||||||||||||
Target | KPI | Outcome | Weighting | Achievement | Actual weighting |
1. RUCONEST®: serving the needs of HAE patients, continuing to drive sales | On target: 5% growth over 3-year period (1,64% CAGR) Above target: >5% growth | Above target achieved: RUCONEST® revenue increase from US$227m in FY2023 to US$318m in FY2025. CAGR (FY2023 - 2025): 18.3% (i.e.16.7% above the target) | 10% | 150% | 15% |
2. Joenja® (leniolisib) – geographic expansion | On target: at least 16 countries by YE 2025 Above target: >16 countries by YE 2025 | Above target achieved: Joenja® distributed in 23 markets (including US and Canada), 44% above the target. | 10% | 200% (capped) | 20% |
3. Joenja® (leniolisib) – lifecycle management (new indications) | On target: completed clinical development of at least 1 new indication leniolisib by YE 2025, dependent on successful Phase II study. Above target: completed clinical development of at least 2 new indications leniolisib by YE 2025 dependent on successful Phase II study. | Not completed clinical development for new indications by YE2025 | 10% | 0% | 0% |
4. Portfolio development: launch pipeline 2025 – 2028 | On target: at least 3 new clinical programs and/or Business Development opportunities added to pipeline before YE 2025. Above target: >3 new clinical programs and/or Business Development opportunities | Target achieved: 3 new clinical programs added vs 2023 baseline: •Leniolisib – genetic PIDs (LPID) •Leniolisib – CVID •Napazimone (KL1333) | 15% | 100% | 15% |
5. ESG goals: implementation milestones according to action plan; first (mandatory) ESG reporting included in Annual Report 2025. | Progress versus baseline on ESG KPIs as disclosed in Annual Report on year 2023 the Annual Report 2025 (subject to changes in regulatory timelines) | Target achieved: •ESG progress disclosed in AR 2023 & 2024 •ESG report included in AR 2025 •Following regulatory developments (Omnibus), Pharming is no longer in scope of mandatory CSRD reporting. | 15% | 100% | 15% |
TOTAL | 60% | - | 65% |
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Metric | Weighting | Vesting level |
TSR | 40% | 16% |
Strategic Objectives | 60% | 65% |
Total vesting percentage: | 81% |
Annual % change | 2025 vs 2024 | 2024 vs 2023 | 2023 vs 2022 | 2022 vs 2021 | 2021 vs 2020 |
Director's remuneration | |||||
CEO and Executive Director (EUR comparison) | 37% | (20%) | 15% | (3%) | (8%) |
CEO and Executive Director (USD comparison) | 43% | (20%) | 17% | (14%) | (5%) |
Company performance - increase/(decrease) (USD comparison) | |||||
Revenues | 27% | 21% | 19% | 3% | (6%) |
Gross Profit | 26% | 19% | 17% | 6% | (6%) |
Operating Result | 400% | (60%) | (130%) | 34% | (82%) |
Net Result | (121%) | 12% | (177%) | (15%) | (58%) |
Employees (full-time equivalent) | 1% | 6% | 15% | 16% | 24% |
Average remuneration of employees on a full-time basis | |||||
Employees of the Group | 21% | 6% | 18% | (3%) | (5%) |
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Theme | Link to strategy | Weighting | KPI |
Financials (50%) | Deliver sustainable, profitable growth and value creation. | 20% | Net revenue growth - quantitative target (USD) based on 2026 Financial Statements |
20% | Operating costs - quantitative target (USD) based on 2026 Financial Statements | ||
10% | Operating Cash Flow - quantitative target (USD) based on 2026 Financial Statements | ||
Progress our Pipeline (35%) | Progress a pipeline of innovative therapies through fast pace clinical development, scientific excellence, and continued data disclosure | 25% | Progress leniolisib pipeline: 5% weighting EMA approval of Joenja® 5% weighting Japan approval of Joenja® 10% weighting Leniolisib Phase II studies® |
10% | Progress of FALCON study | ||
Embed a Vibrant Culture (15%) | Foster a culture rooted in purpose, collaboration, and accountability, empowering individuals to deliver transformative impact for patients. | 15% | Turnover rate voluntary regrettable leavers employee's full year (company-wide) Employee engagement score 2026 |
TOTAL |
Actual score compared to target | Result |
< 80% | 0% |
On target | 100% |
Each exceeding target up to 5% | +1,5% on each 1% increase |
Each below target up to 5% | -1,5% on each 1% decrease |
Each exceeding target above 5% | +3% on each 1% increase |
Each below target above 5% | -3% on each 1% decrease |
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Metric | Targets | |||||||
TSR relative to AMX and IBB ETF index | Below index | Equal to index | 10% above index | 20% above index | 40% above index | 60% above index | 80% above index | 100% above index |
Vesting | 0 | 80% | 90% | 100% | 110% | 120% | 130% | 150% |
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Theme | Strategic Action | Weighting | KPI | How to measure KPI |
Grow our portfolio (20%) | Achieve sustained growth in RUCONEST® and Joenja® revenues | 20% | Quantitative target for 3- year period on revenue growth RUCONEST® and Joenja® (including Global market expansion) | To be disclosed retrospectively |
Progress our pipeline (20%) | Progress leniolisib lifecycle | 10% | CVID and LPID: Enrolment of pivotal Phase III program FDA & EMA approval of pediatrics label | CVID Phase III: To be disclosed retrospectively Pediatrics • 4-11 YO (LE3301) EMA approval Q4 2027 • 1-6 YO (LE3302) FDA approval Q1 2027; EMA Q1 2028 |
Progress KL1333 lifecycle | 10% | Develop KL1333 – execution development plan in accordance with the approved deal case | Deliver on Execution Plan: • Read out by end of 2027 • Obtain FDA approval by end of 2028 | |
Develop a future ready organization (20%) | Non-organic growth | 20% | Targets for continued pipeline expansion | At least 2 in-licensed assets by the end of 2028. |
TOTAL | 60% |
Actual score compared to target | Vesting result |
<80% | 0% |
On target | 100% |
Each exceeding target up to 5% | plus 1,5% on each 1% increase |
Each below target up to 5% | minus 1,5% on each 1% decrease |
Each exceeding target above 5% | plus 3% on each 1% increase |
Each below target above 5% | minus 3% on each 1% decrease |
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Roles and responsibilities | 2025 Annual fee in cash | 2025 Annual fee in shares |
Board | ||
Basic Non-Executive Director Fee | €45,000 (US$50,666) | €30,000 (US$33,777) |
Chair | €90,000 (US$101,331) | €40,000 (US$45,036) |
Committees | ||
Member of Audit Committee | €7,500 (US$8,444) | n/a |
Member of Remuneration Committee | €6,250 (US$7,037) | n/a |
Member of Corporate Governance Committee | €6,250 (US$7,037) | n/a |
Member of Transaction Committee | €6,250 (US$7,037) | n/a |
Chair of Audit Committee | €15,000 (US$16,889) | n/a |
Chair of Remuneration Committee | €12,500 (US$14,074) | n/a |
Chair of Corporate Governance Committee | €12,500 (US$14,074) | n/a |
Chair of Transaction Committee | €12,500 (US$14,074) | n/a |
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Name of Director, position | Fixed fee in cash (‘000) | Fixed fee in shares (‘000) | Committee fee (‘000) | Total (‘000) |
Dr. Richard Peters, Chair | €90 (US$101) | €40 (US$45) | €19 (US$21) | €149 (US$167) |
Deborah Jorn, Non-Executive Director | €20 (US$23) | €13 (US$15) | €6 (US$7) | €39 (US$45) |
Leonard Kruimer, Non-Executive Director | €45 (US$51) | €30 (US$34) | €21 (US$24) | €96 (US$109) |
Dr. Mark Pykett, Non-Executive Director | €45 (US$51) | €30 (US$34) | €13 (US$15) | €88 (US$100) |
Steven Baert, Non-Executive Director | €23 (US$26) | €13 (US$15) | €9 (US$10) | €45 (US$51) |
Jabine van der Meijs, Non-Executive Director | €45 (US$51) | €30 (US$34) | €26 (US$29) | €101 (US$114) |
Barbara Yanni, Non-Executive Director | €45 (US$51) | €30 (US$34) | €26 (US$29) | €101 (US$114) |
Elaine Sullivan, Non-Executive Director | €31 (US$35) | €20 (US$23) | €13 (US$15) | €64 (US$73) |
Name of Director | Shares held December 31, 2025 | Shares held December 31, 2024 |
Dr. Richard Peters, Chair | 104,742 | 62,875 |
Dr. Mark Pykett, Non-Executive Director | 177,469 | 146,069 |
Ms. Barbara Yanni, Non-Executive Director | 177,449 | 146,069 |
Mr. Leonard Kruimer, Non-Executive Director | 152,631 | 121,231 |
Ms. Jabine van der Meijs, Non-Executive Director | 152,631 | 121,231 |
Dr. Elaine Sullivan, Non-Executive Director | 21,163 | N/A |
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in EUR / US$ '000 | Year | Fixed remuneration | Share-based payments | Total | |||
Richard Peters | 2025 | €109 | $122 | €40 | $45 | €149 | $167 |
2024 | €90 | $97 | €40 | $43 | €130 | $140 | |
2023 | €24 | $26 | €19 | $20 | €43 | $46 | |
2022 | — | — | — | — | — | — | |
2021 | — | — | — | — | — | — | |
Deborah Jorn (retired in 2025) | 2025 | €26 | $30 | €14 | $15 | €40 | $45 |
2024 | €45 | $49 | €30 | $32 | €75 | $81 | |
2023 | €51 | $55 | €30 | $32 | €81 | $87 | |
2022 | €52 | $55 | €30 | $32 | €82 | $87 | |
2021 | €54 | $64 | €35 | $42 | €89 | $106 | |
Barbara Yanni | 2025 | €71 | $80 | €30 | $34 | €101 | $114 |
2024 | €45 | $49 | €30 | $32 | €75 | $81 | |
2023 | €57 | $62 | €30 | $32 | €87 | $94 | |
2022 | €50 | $53 | €30 | $32 | €80 | $85 | |
2021 | €50 | $60 | €30 | $36 | €80 | $96 | |
Mark Pykett | 2025 | €58 | $66 | €30 | $34 | €88 | $100 |
2024 | €45 | $49 | €30 | $32 | €75 | $81 | |
2023 | €51 | $55 | €30 | $32 | €81 | $87 | |
2022 | €47 | $50 | €30 | $32 | €77 | $82 | |
2021 | €47 | $57 | €30 | $36 | €77 | $93 | |
Jabine van der Meijs | 2025 | €71 | $80 | €30 | $34 | €101 | $114 |
2024 | €45 | $49 | €30 | $32 | €75 | $81 | |
2023 | €57 | $62 | €30 | $32 | €87 | $94 | |
2022 | €54 | $57 | €30 | $32 | €84 | $89 | |
2021 | €40 | $47 | €20 | $24 | €60 | $71 | |
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in EUR / US$ '000 | Year | Fixed remuneration | Share-based payments | Total | |||
Leonard Kruimer | 2025 | €66 | $75 | €30 | $34 | €96 | $109 |
2024 | €45 | $49 | €30 | $32 | €75 | $81 | |
2023 | €57 | $58 | €30 | $32 | €87 | $90 | |
2022 | €54 | $57 | €30 | $32 | €84 | $89 | |
2021 | €40 | $47 | €20 | $24 | €60 | $71 | |
Steven Baert (retired in 2025) | 2025 | €32 | $36 | €14 | $15 | €46 | $51 |
2024 | €45 | $49 | €30 | $32 | €75 | $81 | |
2023 | €54 | $58 | €30 | $32 | €84 | $90 | |
2022 | €52 | $55 | €30 | $32 | €82 | $87 | |
2021 | €38 | $45 | €20 | $24 | €58 | $69 | |
Elaine Sullivan | 2025 | €44 | $50 | €20 | $23 | €64 | $73 |
2024 | — | — | — | — | — | — | |
2023 | — | — | — | — | — | — | |
2022 | — | — | — | — | — | — | |
2021 | — | — | — | — | — | — | |
in EUR / US$ '000 | Year | Fixed remuneration | Share-based payments | Total | |||
Paul Sekhri (retired in 2023) | 2025 | — | — | — | — | — | — |
2024 | — | — | — | — | — | — | |
2023 | €51 | $55 | €30 | $32 | €81 | $87 | |
2022 | €68 | $72 | €40 | $42 | €108 | $114 | |
2021 | €65 | $77 | €46 | $55 | €111 | $132 | |
Barrie Ward (retired in 2021) | 2025 | — | — | — | — | — | — |
2024 | — | — | — | — | — | — | |
2023 | — | — | — | — | — | — | |
2022 | — | — | — | — | — | — | |
2021 | €19 | $23 | €17 | $20 | €36 | $43 | |
Juergen Ernst (retired in 2020) | 2025 | — | — | — | — | — | — |
2024 | — | — | — | — | — | — | |
2023 | — | — | — | — | — | — | |
2022 | — | — | — | — | — | — | |
2021 | — | — | €5 | $6 | €5 | $6 | |
Aad de Winter (retired in 2020) | 2025 | — | — | — | — | — | — |
2024 | — | — | — | — | — | — | |
2023 | — | — | — | — | — | — | |
2022 | — | — | — | — | — | — | |
2021 | €22 | $26 | €18 | $21 | €40 | $47 | |
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Consolidated Financial Statements | |||||||||||||
Amounts in US$ ‘000 | notes | 2025 | 2024 |
Revenues | 6 | ||
Costs of sales | 8 | ( | ( |
Gross profit | |||
Other income | 7 | ||
Research and development | ( | ( | |
General and administrative | ( | ( | |
Marketing and sales | ( | ( | |
Other Operating Costs | 8 | ( | ( |
Operating profit (loss) | ( | ||
Fair value gain (loss) on revaluation | 14, 20 | ||
Other finance income | 9 | ||
Other finance expenses | 9 | ( | ( |
Finance gain (cost) net | ( | ||
Share of net profits (loss) in associates using the equity method | 14 | ( | |
Profit (loss) before tax | ( | ||
Income tax credit (expense) | 10 | ( | ( |
Profit (loss) for the year | ( | ||
Attributable to: | |||
Equity holders of the parent | ( | ||
Non-controlling interests | 4 | ( | |
Earnings per share | |||
Basic earnings per share (US$) | 29 | ( | |
Diluted earnings per share (US$) | 29 | ( |
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Amounts in US$ ‘000 | notes | 2025 | 2024 |
Profit (loss) for the year | ( | ||
Currency translation differences | 19 | ( | |
Items that may be subsequently reclassified to profit or loss | ( | ||
Fair value remeasurement investments | 10, 14 | ||
Items that shall not be subsequently reclassified to profit or loss | |||
Other comprehensive income (loss), net of tax | ( | ||
Total comprehensive income (loss) for the year | ( | ||
Attributable to: | |||
Equity holders of the parent | ( | ||
Non-controlling interests | 4 | ( |
“ | I can try. That's my answer to everything. If you want to go shopping next Thursday, I can try. I can't tell you that I can do it. But I can try.” |
Patient living with HAE |
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Amounts in US$ ‘000 | notes | 2025 | 2024 |
Non-current assets | |||
Intangible assets | 11 | ||
Property, plant and equipment | 12 | ||
Right-of-use assets | 13 | ||
Long-term prepayments | |||
Deferred tax assets | 10 | ||
Investment accounted for using the equity method | 14 | ||
Investment in debt instruments designated as at FVTPL | 14 | ||
Restricted cash | 16 | ||
Total non-current assets | |||
Current assets | |||
Inventories | 17 | ||
Trade and other receivables | 18 | ||
Restricted cash | 16 | ||
Marketable securities | 15 | ||
Cash and cash equivalents | 16 | ||
Total current assets | |||
Total assets |
Amounts in US$ ‘000 | notes | 2025 | 2024 |
Equity | |||
Share capital | |||
Share premium | |||
Other reserves | ( | ||
Accumulated deficit | ( | ( | |
Total equity | 19 | ||
Non-current liabilities | |||
Convertible bonds | 20 | ||
Lease liabilities | 22 | ||
Total non-current liabilities | |||
Current liabilities | |||
Convertible bonds | 20 | ||
Provisions | 21 | ||
Trade and other payables | 23 | ||
Lease liabilities | 22 | ||
Total current liabilities | |||
Total equity and liabilities |
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Attributable to equity holders of the parent | ||||||||
Amounts in US$ ‘000 | notes | Share capital | Share premium | Other reserves | Accumulated deficit | Subtotal | Non-controlling interest | Total equity |
December 31, 2023 | ( | ( | ||||||
Profit (loss) for the year | ( | ( | ( | |||||
Movement in reserves | ( | |||||||
Other comprehensive income (loss) for the year | ( | ( | ( | |||||
Total comprehensive income (loss) for the year | ( | ( | ( | ( | ||||
Income tax expense from excess tax deductions related to share-based payments | 19 | ( | ( | ( | ||||
Movement in reserves | ( | |||||||
Share-based compensation | 19, 24 | |||||||
Options exercised / LTIP shares issued | ( | |||||||
Value of conversion rights of convertible bonds, net of tax | ||||||||
Total transactions with owners, recognized directly in equity | ||||||||
Balance at December 31, 2024 | ( | ( | ||||||
Profit (loss) for the year | ( | |||||||
Other comprehensive income (loss) for the year | ||||||||
Total comprehensive income (loss) for the year | ( | |||||||
Income tax expense from excess tax deductions related to share-based payments | 19 | |||||||
Movement in reserves | ( | |||||||
Share-based compensation | 19, 23 | |||||||
Options exercised / LTIP shares issued | 24 | ( | ||||||
Acquisition of a subsidiary | 4 | |||||||
Capital contributions to a subsidiary with non-controlling interests | ( | ( | ||||||
Acquisition of non-controlling interests | 4 | ( | ( | ( | ( | |||
Total transactions with owners, recognized directly in equity | ( | |||||||
Balance at December 31, 2025 | Balance at | ( | ||||||
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Amounts in US$ ’000 | notes | 2025 | 2024 |
Profit (loss) before tax | ( | ||
Adjustments to reconcile net profit (loss) to net cash used in operating activities: | |||
Depreciation, amortization, impairment of non-current assets | 8, 11,12,13 | ||
Equity settled share based payments | 19 | ||
Fair value loss (gain) on revaluation | 14, 20 | ( | ( |
Loss (gain) on disposal of leases | 13, 22 | ( | |
Other finance income | 9 | ( | ( |
Other finance expenses | 9 | ||
Share of net losses (gains) in associates using the equity method | 14 | ( | |
Operating cash flows before changes in working capital | |||
Changes in working capital: | |||
Inventories | 17 | ( | ( |
Trade and other receivables | 18 | ( | ( |
Payables and other current liabilities | 23 | ( | |
Provisions | 21 | ||
Restricted cash | 16 | ( | ( |
Total changes in working capital | ( | ||
Interest received | 9 | ||
Income taxes received (paid) | 10 | ( | ( |
Net cash flows generated from (used in) operating activities | ( |
Amounts in US$ ’000 | notes | 2025 | 2024 |
Capital expenditure for property, plant and equipment | 12 | ( | ( |
Investment intangible assets | 11 | ( | ( |
Disposal of investment designated as at FVOCI | 14 | ||
Investment in associates using the equity method | 14 | ( | |
Purchases of marketable securities | 15 | ( | ( |
Proceeds from sale of marketable securities | 15 | ||
Acquisition of a subsidiary, net of cash acquired | 4 | ( | |
Net cash flows generated from (used in) investing activities | |||
Payment of lease liabilities | 22 | ( | ( |
Interests on lease liabilities | 22 | ( | ( |
Net proceeds of issued convertible bonds | 20 | ||
Repurchase of convertible bonds | 20 | ( | |
Interests on convertible bonds | 20 | ( | ( |
Acquisition of non-controlling interests | 4 | ( | |
Exercise of share-based compensation awards | 19 | ||
Net cash flows generated from (used in) financing activities | ( | ||
Increase (decrease) of cash | ( | ||
Exchange rate effects | ( | ||
Cash and cash equivalents at January 1 | 16 | ||
Total cash and cash equivalents at December 31 |
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Entity | Registered office | Investment % |
Pharming Americas B.V. | The Netherlands | 100 |
Pharming Intellectual Property B.V. | The Netherlands | 100 |
Broekman Instituut B.V. | The Netherlands | 100 |
Pharming Healthcare, Inc. | The United States | 100 |
ProBio, Inc. | The United States | 100 |
Pharming Technologies B.V. | The Netherlands | 100 |
Pharming Research & Development B.V. | The Netherlands | 100 |
Pharming Australia Pty Ltd | Australia | 100 |
Pharming UK Ltd | The United Kingdom | 100 |
Pharming Germany GmbH* | Germany | 100 |
Pharming France SAS* | France | 100 |
Abliva AB** | Sweden | 100 |
Abliva, Inc.*** | The United States | 100 |
Applied exchange rates | December 31, 2025 | Average 2025 | December 31, 2024 | Average 2024 |
EUR/USD | 1.1713 | 1.1259 | 1.0350 | 1.0804 |
AUD/USD | 0.6699 | 0.6442 | 0.6224 | 0.6596 |
GBP/USD | 1.3455 | 1.3181 | 1.2488 | 1.2772 |
SEK/USD | 0.1083 | 0.1018 | Not used | Not used |
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Amounts in US$ ‘000 | Fair value recognized on acquisition |
Intangible assets: KL1333 | 61,114 |
Intangible assets: Software | 75 |
Deferred tax assets | 12,397 |
Investments in equity instruments designated at FVTOCI | 210 |
Trade and other receivables | 1,591 |
Cash and cash equivalents | 2,610 |
Assets | 77,997 |
Deferred tax liability | (12,397) |
Trade and other payables | (1,244) |
Liabilities | (13,641) |
Total identifiable net assets at fair value | 64,356 |
Non-controlling interest | (7,285) |
Goodwill arising on acquisition | 2,903 |
Purchase consideration transferred | 59,974 |
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Amounts in US$ ‘000 | |
Acquisition of a subsidiary (included in cash flows from investing activities) | (60,087) |
Net cash acquired with the subsidiary (included in cash flows from investing activities) | 2,611 |
Acquisition-related costs of the acquisition (included in cash flows from operating activities) | (11,263) |
Acquisition of non-controlling interests (included in cash flows from financing activities) | (7,876) |
Net cash flow on acquisition | (76,615) |
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Amounts in US$ ‘000 | 2025 | 2024 | ||||
RUCONEST® | Joenja® | Total | RUCONEST® | Joenja® | Total | |
Revenues: | ||||||
US | 311,672 | 50,074 | 361,746 | 246,649 | 40,500 | 287,149 |
Europe and RoW | 6,249 | 8,139 | 14,388 | 5,590 | 4,461 | 10,051 |
Total revenues | 317,921 | 58,213 | 376,134 | 252,239 | 44,961 | 297,200 |
Gross profit: | ||||||
US | 284,542 | 39,775 | 324,317 | 221,093 | 35,136 | 256,229 |
Europe and RoW | (926) | 7,243 | 6,317 | 1,126 | 4,446 | 5,572 |
Total gross profit | 283,616 | 47,018 | 330,634 | 222,219 | 39,582 | 261,801 |
Amounts in US$ ‘000 | 2025 | 2024 |
Gain on lease termination | 3,877 | — |
Grants | 1,076 | 2,106 |
Employee retention credit refunds | 1,341 | — |
Other | 234 | 71 |
Total | 6,528 | 2,177 |
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Amounts in US$ ‘000 | 2025 | 2024 |
Cost of inventories recognized as expenses | (31,972) | (25,645) |
Royalty fees | (5,793) | (4,907) |
Sales milestone | (5,000) | — |
Obsolete inventory impairments | (2,735) | (4,847) |
Total | (45,500) | (35,399) |
Amounts in US$ ‘000 | 2025 | 2024 |
Employee costs | (127,359) | (104,186) |
Amortization costs intangible assets | (6,541) | (6,273) |
Depreciation Property, plant and equipment and right of use assets | (4,184) | (4,769) |
Impairment losses property, plant and equipment and right of use assets | (491) | (5,027) |
Direct Operating Expenses | (143,199) | (123,080) |
Other indirect costs | (29,546) | (29,264) |
Total other operating costs | (311,320) | (272,599) |
As percentage of net sales | (83)% | (92)% |
Amounts in US$ ‘000 | 2025 | 2024 |
Employee costs | (34,853) | (29,869) |
Amortization costs intangible assets | (256) | (232) |
Depreciation Property, plant and equipment and right of use assets | (1,260) | (1,449) |
Direct Operating Expenses | (59,381) | (47,232) |
Other indirect research and development costs | (4,617) | (4,365) |
Total research and development costs | (100,367) | (83,147) |
As percentage of net sales | (27)% | (28)% |
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Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Employee costs | (36,218) | (25,526) |
Amortization costs intangible assets | (634) | (617) |
Depreciation property, plant and equipment and right of use assets | (2,447) | (2,926) |
Impairment losses property, plant and equipment and right of use assets | (491) | (5,027) |
Direct Operating Expenses | (21,893) | (18,790) |
Other indirect general and administrative costs | (18,274) | (17,764) |
Total general and administrative costs | (79,958) | (70,650) |
As percentage of net sales | (21)% | (24)% |
Amounts in US$ ‘000 | 2025 | 2024 |
Employee costs | (56,288) | (48,791) |
Amortization costs intangible assets | (5,651) | (5,424) |
Depreciation property, plant and equipment and right of use assets | (477) | (394) |
Direct Operating Expenses | (61,925) | (57,058) |
Other indirect marketing and sales costs | (6,655) | (7,135) |
Total marketing and sales costs | (130,995) | (118,802) |
As percentage of net sales | (35)% | (40)% |
Amounts in US$ ‘000 | 2025 | 2024 |
Salaries | (98,526) | (80,026) |
Social security costs | (10,484) | (9,278) |
Pension costs | (4,582) | (3,629) |
Share-based compensation | (13,767) | (11,253) |
Total | (127,359) | (104,186) |
Amounts in US$ ‘000 | 2025 | 2024 |
Research and development | (34,853) | (29,869) |
General and administrative | (36,218) | (25,526) |
Marketing and sales | (56,288) | (48,791) |
Total | (127,359) | (104,186) |
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Notes to the consolidated financial statements | |||||||||||||
Average full time equivalent | 2025 | 2024 |
Research and development | 119 | 129 |
General and administrative | 139 | 125 |
Marketing and sales | 111 | 109 |
Production | 40 | 41 |
Total | 409 | 404 |
Amounts in US$ ‘000 | notes | 2025 | 2024 |
Property, plant and equipment | 12 | (1,210) | (1,395) |
Intangible assets | 11 | (6,541) | (6,273) |
Right of use assets | 13 | (3,464) | (3,374) |
Total | (11,216) | (11,042) |
Amounts in US$ ‘000 | 2025 | 2024 |
Audit Fees | (1,906) | (1,690) |
Audit Related Fees | — | — |
Tax advisory | — | — |
Total | (1,906) | (1,690) |
Amounts in US$ ‘000 | 2025 | 2024 |
Interest income | 2,176 | 4,858 |
Foreign currency gains | — | 1,985 |
Other finance income | 2,176 | 6,843 |
Amortization and interest on convertible bonds | (9,685) | (7,699) |
Fees and expenses on repayment and issuance convertible bonds | — | (1,151) |
Interest leases | (1,034) | (1,038) |
Foreign currency losses | (7,225) | — |
Other finance expenses | (196) | (56) |
Other finance expenses | (18,140) | (9,944) |
Total other finance income and expenses | (15,964) | (3,101) |
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Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Income tax credit (expense) | ||
Current tax | ||
Current tax on profit or loss for the year | (7,692) | (9,287) |
Adjustments for current tax of prior periods | (765) | 315 |
Total current tax expense | (8,457) | (8,972) |
Deferred income tax | ||
Deferred tax on profit or loss for the year | (2,187) | 7,469 |
Adjustments for deferred tax of prior periods | 334 | (1,846) |
Total deferred tax credit (expense) | (1,853) | 5,623 |
Income tax credit (expense) | (10,310) | (3,349) |
Amounts in US$ ‘000 | 2025 | ETR % | 2024 | ETR % |
Reconciliation of tax charge | ||||
Profit, (loss) before taxation | 12,847 | (8,492) | ||
Profit/(loss) multiplied by | ||||
standard rate of tax in The Netherlands | (3,315) | 25.8% | 2,190 | — |
Effects of: | ||||
Tax rate in other jurisdictions | 255 | (2.0)% | 999 | 11.8% |
Non-taxable income | 1,384 | (10.8)% | 657 | 7.7% |
Non deductible expenses | (2,081) | 16.2% | (1,527) | (18.0)% |
Share based payments | (1,490) | 11.6% | (2,510) | (29.6)% |
Adjustments of prior periods | (426) | 3.3% | (1,531) | (18.0)% |
Change in statutory applicable tax rate | — | —% | — | —% |
(De)recognition of deferred tax assets | (3,613) | 28.1% | (333) | (3.9)% |
U.S. State taxes and other | (1,024) | 8.0% | (1,294) | (15.2)% |
Income tax credit (expense) for the year | (10,310) | 80.3% | (3,349) | (39.4)% |
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Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Total deferred tax assets | 41,498 | 41,923 |
Total deferred tax liabilities | (10,481) | (11,379) |
Total net deferred tax assets (liabilities) | 31,017 | 30,544 |
Amounts in US$ ‘000 | 2025 | 2024 |
Intangible assets | 727 | 3,289 |
Accruals | 4,759 | 4,015 |
Lease liabilities | 3,492 | 6,292 |
Unrealized profit in inventory | 13,472 | 10,498 |
Other | 8,780 | 5,923 |
Tax losses | 10,268 | 11,906 |
Total deferred tax assets | 41,498 | 41,923 |
Amounts in US$ ‘000 | Intangible assets | Lease liabilities | Accruals | Unrealized profit in inventory | Other | Tax losses | Total |
At January 1, 2024 | 2,183 | 7,063 | 4,151 | 8,453 | 3,484 | 12,529 | 37,863 |
(Charged)/credited | |||||||
- to profit or loss | 1,107 | (371) | (133) | 1,811 | 3,076 | (416) | 5,074 |
- other movement | — | — | — | — | — | — | — |
- to accumulated deficit | — | — | — | 847 | (626) | 540 | 761 |
- currency translation | (1) | (400) | (3) | (613) | (11) | (747) | (1,775) |
At December 31, 2024 | 3,289 | 6,292 | 4,015 | 10,498 | 5,923 | 11,906 | 41,923 |
(Charged)/credited | |||||||
- to profit or loss | 10,724 | (3,478) | 743 | 3,247 | 1,432 | (16,396) | (3,728) |
- other movement | (12,240) | — | (8) | — | 8 | 12,240 | — |
- to accumulated deficit | — | — | — | (1,718) | 1,417 | — | (301) |
- currency translation | (1,046) | 678 | 9 | 1,445 | — | 2,518 | 3,604 |
At December 31, 2025 | 727 | 3,492 | 4,759 | 13,472 | 8,780 | 10,268 | 41,498 |
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Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Net Operating Losses - Netherlands | ||
Net Operating Losses at year-end | 37,856 | 46,143 |
Portion selected for deferred tax asset | 37,856 | 46,143 |
Tax rates used: | ||
2025 and later : 25,8% (2024: 25,8%) | 9,767 | 11,905 |
Total tax effect Netherlands | 9,767 | 11,905 |
Net Operating Losses - Sweden | ||
Net Operating Losses at year-end | 52,468 | — |
Portion selected for deferred tax asset | 2,429 | — |
Tax rates used: | ||
2025 and later : 20,6% (2024: N/A) | 500 | — |
Total tax effect Sweden | 500 | — |
Net Operating Losses - U.S. | ||
Net Operating Losses at year-end | 17 | 17 |
Portion selected for deferred tax asset | 17 | 17 |
Tax rate used: | ||
2025 and later: 7.26% (2024: 7.26%) | 1 | 1 |
Total tax effect U.S. | 1 | 1 |
Tax effect Netherlands - losses deferred | 9,767 | 11,905 |
Tax effect Sweden - losses deferred | 500 | — |
Tax effect U.S. - losses deferred | 1 | 1 |
Total deferred tax asset | 10,268 | 11,906 |
Amounts in US$ ‘000 | 2025 | 2024 |
Tangible fixed assets | (3,266) | (2,916) |
Convertible bonds | (4,652) | (5,067) |
Other liabilities | (2,563) | (3,396) |
Total deferred tax liabilities | (10,481) | (11,379) |
Amounts in US$ ‘000 | Tangible fixed assets | Convertible bonds | Other liabilities | Total |
At January 1, 2024 | (4,865) | — | (3,237) | (8,102) |
(Charged)/credited | ||||
- to profit or loss | 1,749 | (1,038) | (160) | 551 |
- to other comprehensive income | — | (4,251) | — | (4,251) |
- currency translation | 200 | 222 | 1 | 423 |
At December 31, 2024 | (2,916) | (5,067) | (3,396) | (11,379) |
(Charged)/credited | ||||
- to profit or loss | 4 | 1,040 | 835 | 1,879 |
- currency translation | (354) | (625) | (2) | (981) |
At December 31, 2025 | (3,266) | (4,652) | (2,563) | (10,481) |
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Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | RUCONEST® for HAE (EU) | RUCONEST® licenses | Joenja® license | KL1333 license | Goodwill | Software | Total |
At cost | 581 | 69,709 | 24,447 | — | — | 4,772 | 99,509 |
Accumulated amortization | (581) | (24,437) | (1,326) | — | — | (1,898) | (28,242) |
Carrying value at January 1, 2024 | — | 45,272 | 23,121 | — | — | 2,874 | 71,267 |
— | |||||||
Amortization charges | — | (3,686) | (1,735) | — | — | (852) | (6,273) |
Assets acquired | — | — | — | — | — | 6 | 6 |
Divestments - cost | (570) | — | — | — | — | — | (570) |
Divestment - accumulated amortization | 570 | — | — | — | — | — | 570 |
Currency translation - cost | (11) | (4,131) | (1,449) | — | — | (283) | (5,874) |
Currency translation - amortization | 11 | 1,603 | 151 | — | — | 148 | 1,913 |
Movement 2024 | — | (6,214) | (3,033) | — | — | (981) | (10,228) |
At cost | — | 65,578 | 22,998 | — | — | 4,495 | 93,071 |
Accumulated amortization | — | (26,520) | (2,910) | — | — | (2,602) | (32,032) |
Carrying value at January 1, 2025 | — | 39,058 | 20,088 | — | — | 1,893 | 61,039 |
Amortization charges | — | (3,839) | (1,809) | — | — | (893) | (6,541) |
Assets acquired | — | — | — | 61,114 | 2,903 | 87 | 64,104 |
Currency translation - cost | — | 8,636 | 3,029 | 8,745 | 416 | 592 | 21,418 |
Currency translation - amortization | — | (3,647) | (456) | — | — | (379) | (4,482) |
Movement 2025 | — | 1,150 | 764 | 69,859 | 3,319 | (593) | 74,499 |
At cost | — | 74,214 | 26,027 | 69,859 | 3,319 | 5,174 | 178,593 |
Accumulated amortization | — | (34,006) | (5,175) | — | — | (3,874) | (43,055) |
Carrying value at December 31, 2025 | — | 40,208 | 20,852 | 69,859 | 3,319 | 1,300 | 135,538 |
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Notes to the consolidated financial statements | |||||||||||||
Category | Description | Amortization period | |
Total | Remaining | ||
RUCONEST® for HAE (EU) | RUCONEST® for HAE (EU) development costs | 10 years | Fully amortized |
RUCONEST® license | RUCONEST® license for HAE (US) | 20 years | 11 years |
RUCONEST® license | RUCONEST® license for HAE (EU) | 7 years | 1 year |
Joenja® license | Joenja® license for APDS | 14 years | 11 years |
KL1333 license | KL1333 license for mitochondrial disease | N/A | N/A |
Goodwill | Goodwill on acquisition Abliva AB | N/A | N/A |
Software | Software development costs | 3 to 5 years | 1 to 5 years |
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | Operational facilities | Leasehold Improvement | Machinery and equipment | Other | Asset under construction | Total |
At cost | 4,913 | 5,546 | 9,660 | 5,131 | 179 | 25,429 |
Accumulated depreciation | (3,388) | (2,487) | (6,386) | (3,479) | — | (15,740) |
Carrying value at January 1, 2024 | 1,525 | 3,059 | 3,274 | 1,652 | 179 | 9,689 |
Investments | — | 197 | 219 | 230 | 144 | 790 |
Internal transfer - cost | — | — | — | 175 | (175) | — |
Depreciation charges | (355) | (266) | (756) | (900) | — | (2,277) |
Currency translation - cost | (291) | (311) | (582) | (152) | (3) | (1,339) |
Currency translation - accumulated depreciation | 216 | 148 | 410 | 115 | — | 889 |
Movement 2024 | (430) | (232) | (709) | (532) | (34) | (1,937) |
At cost | 4,622 | 5,432 | 9,297 | 5,384 | 145 | 24,880 |
Accumulated depreciation | (3,527) | (2,605) | (6,732) | (4,264) | — | (17,128) |
Carrying value at January 1, 2025 | 1,095 | 2,827 | 2,565 | 1,120 | 145 | 7,752 |
Investments | — | 173 | 188 | 388 | — | 749 |
Internal transfer - cost | — | 144 | — | — | (145) | (1) |
Divestments | — | — | (143) | — | — | (143) |
Depreciation charges | (360) | (333) | (659) | (706) | — | (2,058) |
Depreciation of disinvestment | — | — | 96 | — | — | 96 |
Currency translation - cost | 609 | 654 | 1,226 | 343 | — | 2,832 |
Currency translation - accumulated depreciation | (479) | (333) | (909) | (273) | — | (1,994) |
Movement 2025 | (230) | 305 | (201) | (248) | (145) | (519) |
At cost | 5,231 | 6,403 | 10,568 | 6,115 | — | 28,317 |
Accumulated depreciation | (4,366) | (3,271) | (8,204) | (5,243) | — | (21,084) |
Carrying value at December 31, 2025 | 865 | 3,132 | 2,364 | 872 | — | 7,233 |
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Notes to the consolidated financial statements | |||||||||||||
Category | Depreciation period |
Operational facilities | 10-20 years |
Leasehold improvements | 5-15 years |
Machinery and equipment | 5-10 years |
Other property, plant & equipment | 5-10 years |
Amounts in US$ ‘000 | Buildings | Cars | Total |
At cost | 30,959 | 4,009 | 34,968 |
Accumulated depreciation | (9,311) | (1,880) | (11,191) |
Carrying value at January 1, 2024 | 21,648 | 2,129 | 23,777 |
Additions | — | 2,395 | 2,395 |
Remeasurement | 338 | — | 338 |
Divestments | (305) | (1,694) | (1,999) |
Depreciation charges | (2,627) | (1,280) | (3,907) |
Depreciation of disinvestment | 186 | 1,515 | 1,701 |
Impairment | (5,027) | — | (5,027) |
Currency translation - cost | (1,431) | (41) | (1,472) |
Currency translation - accumulated depreciation | 557 | 19 | 576 |
Movement 2024 | (8,309) | 914 | (7,395) |
At cost | 24,534 | 4,669 | 29,203 |
Accumulated depreciation | (11,195) | (1,626) | (12,821) |
Carrying value at January 1, 2025 | 13,339 | 3,043 | 16,382 |
Additions | — | 551 | 551 |
Remeasurement | 2,393 | — | 2,393 |
Divestments | (1,367) | (1,174) | (2,541) |
Depreciation charges | (2,345) | (1,194) | (3,540) |
Depreciation of disinvestment | 1,367 | 1,009 | 2,376 |
Impairment | (491) | — | (491) |
Currency translation - cost | 2,877 | 91 | 2,968 |
Currency translation - accumulated depreciation | (1,324) | (37) | (1,360) |
Movement 2025 | 1,110 | (754) | 356 |
At cost | 27,946 | 4,136 | 32,082 |
Accumulated depreciation | (13,497) | (1,847) | (15,344) |
Carrying value at December 31, 2025 | 14,449 | 2,289 | 16,738 |
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Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Depreciation right of use buildings | (1,779) | (2,094) |
Impairment right of use buildings | (491) | (5,027) |
Depreciation right of use cars | (1,194) | (1,280) |
Interest expense (note 9) | (1,034) | (1,038) |
Gain on termination of lease agreement (note 7) | 3,877 | — |
Total | (621) | (9,439) |
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
Name of entity | Place of business | % of ownership interest | Nature of relationship | Measurement method | |
2025 | 2024 | ||||
BioConnection Investments B.V. | Oss, NL | 23.00 | 23.60 | Associate | Equity |
Amounts in US$ ‘000 | |
Carrying value at January 1, 2024 | 2,285 |
Share in net profit (loss) | (1,131) |
Impairment | (629) |
Currency translation | (59) |
Carrying value at December 31, 2024 | 466 |
Share in net profit (loss) | 623 |
Contributions | 739 |
Currency translation | 116 |
Carrying value at December 31, 2025 | 1,944 |
Amounts in US$ ‘000 | December 31, 2024 |
Total assets | 61,920 |
Total equity | 49,843 |
Net result | (8,602) |
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
2025 | 2024 | |
Expected time to maturity | 4 years | 4 years |
Volatility | 50% | 50% |
Risk-free interest rate | 3.48% | 2.60% |
Amounts in US$ ‘000 | 2025 | 2024 |
January 1 | 3,767 | 6,093 |
Fair value changes | 2,345 | (2,051) |
Currency translation | 591 | (275) |
Balance at December 31 | 6,703 | 3,767 |
Preference share BioConnection (in million US$) | |||||
Revenue level | Fair value | Discount rate | Fair value | EBITDA margin | Fair value |
-10.0% | 3.4 | -0.02 | 7.6 | -5.0% | 4.8 |
-5.0% | 5.3 | -0.01 | 7.1 | -2.5% | 5.9 |
Base case | 6.7 | Base case | 6.7 | Base case | 6.7 |
+5.0% | 7.8 | +1.0% | 6.3 | +2.5% | 7.5 |
+10.0% | 8.7 | +2.0% | 6.0 | +5.0% | 8.1 |
Preference share BioConnection (in million US$) | |||
Time to maturity | Fair value | Volatility | Fair value |
- 2 years | 7.6 | -10.0% | 7.4 |
- 1 year | 7.1 | -5.0% | 7.0 |
Base case | 6.7 | Base Case | 6.7 |
+ 1 year | 6.3 | +5.0% | 6.3 |
+ 2 years | 6.0 | +10.0% | 6.0 |
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | Carrying amount |
Carrying value at January 1, 2024 | 2,020 |
Fair value adjustments through OCI (pre-tax) | 106 |
Disposal of investment designated as at FVOCI | (2,098) |
Currency translation | (28) |
Carrying value at December 31, 2024 | — |
Initial recognition from a business combination | 220 |
Disposal of investment designated as at FVOCI | (220) |
Carrying value at December 31, 2025 | — |
Amounts in US$ ‘000 | 2025 | 2024 |
Government treasury certificates | — | 50,525 |
Money market funds | 33,796 | 62,424 |
Total marketable securities | 33,796 | 112,949 |
Amounts in US$ ‘000 | 2025 | 2024 |
Restricted cash (non-current) | 1,227 | 1,505 |
Restricted cash (current) | 761 | — |
Cash and cash equivalents | 145,305 | 54,944 |
Total restricted cash, cash and cash equivalents | 147,293 | 56,449 |
Amounts in US$ ‘000 | 2025 | 2024 |
Finished goods | 18,214 | 16,297 |
Work in progress | 46,688 | 39,002 |
Raw materials | — | 425 |
Balance at December 31 | 64,902 | 55,724 |
Amounts in US$ ‘000 | 2025 | 2024 |
Balance at January 1 | (8,663) | (4,276) |
Addition to impairment | (6,193) | (7,608) |
Release of impairment | 538 | 15 |
Usage of impairment | 2,522 | 2,749 |
Currency translation | (1,263) | 457 |
Balance at December 31 | (13,060) | (8,663) |
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Trade receivables | 41,767 | 41,531 |
Prepaid expenses | 6,263 | 4,651 |
Value added tax | 2,176 | 3,638 |
Other receivables | 1,932 | 1,596 |
Taxes and social security | 2,566 | 3,407 |
Balance at December 31 | 54,704 | 54,823 |
Number of shares outstanding | 2025 | 2024 |
Balance at January 1 | 680,308,735 | 671,073,243 |
Options exercised / LTIP shares issued | 21,371,705 | 9,235,492 |
Balance at December 31 | 701,680,440 | 680,308,735 |
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Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | |
Carrying value at Carrying value 1 January 2025 | — |
Acquisition of subsidiary | 7,285 |
Share of loss attributable to NCI | (313) |
Equity contributions by parent attributed to NCI | 706 |
Currency translation differences (OCI) attributable to NCI | 83 |
Acquisition of NCI | (7,761) |
Carrying value at Carrying value 31 December 2025 | — |
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | Legal Reserve Currency translation reserve (CTA) | Legal Reserve Capitalized development cost | Legal Reserve Fair value revaluation | Reserve Convertible bond | Total |
Balance at January 1, 2024 | (342) | 106 | (1,821) | — | (2,057) |
Reserves | (187) | — | 1,742 | — | 1,555 |
Other comprehensive income (loss) for the year | (11,980) | — | 79 | — | (11,901) |
Other reserves | (1) | (30) | — | — | (31) |
Value conversion rights of convertible bonds | — | — | — | 12,225 | 12,225 |
Balance at December 31, 2024 | (12,510) | 76 | — | 12,225 | (209) |
Other comprehensive income (loss) for the year | 27,367 | — | — | 1,610 | 28,977 |
Reclassification of accumulated OCI upon acquisition of NCI | 83 | — | — | — | 83 |
Other reserves | — | (32) | — | — | (32) |
Balance at December 31, 2025 | 14,941 | 44 | — | 13,835 | 28,819 |
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Bond component (classified as liability) | 98,056 | 82,399 |
Option component (classified as equity) | 13,835 | 12,225 |
Balance at December 31 | 111,890 | 94,624 |
Amounts in US$ ‘000 | 2025 | 2024 |
Balance at January 1 | 82,399 | 138,422 |
Repurchase | — | (134,924) |
Carrying value initial recognition | — | 81,785 |
Interest paid (cash flow) | (5,067) | (4,457) |
Amortization | 8,752 | 5,725 |
Accrued interest | 933 | 1,972 |
Currency translation | 11,038 | (6,124) |
Balance at December 31 | 98,056 | 82,399 |
- Current portion | 5,336 | 4,245 |
- Non-current portion | 92,719 | 78,154 |
Amounts in US$ ‘000 | 2025 | 2024 |
Balance at January 1 | 12,225 | — |
Carrying value initial recognition derivative liability | — | 23,517 |
Fair value loss (gain) upon reclassification to equity | — | (7,040) |
Income tax recorded in other comprehensive income | — | (4,251) |
Currency translation | 1,610 | — |
Balance at December 31 | 13,835 | 12,225 |
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
Parameter | At initial recognition | Immediately prior to reclassification |
Share price | 0.8924 | 0.7690 |
Conversion price per share | 1.2271 | 1.2271 |
Dividend yield | —% | —% |
Expected term in years | 5.00 | 4.85 |
Risk-free rate | 2.90% | 3.01% |
Volatility | 44.34% | 43.99% |
Barrier price per share | 1.5952 | 1.5952 |
Amounts in US$ ‘000 | Restructuring | Total |
At 1 January 2025 | — | — |
Arising during the year | 3,521 | 3,521 |
Utilized | (2,335) | (2,335) |
At 31 December 2025 | 1,187 | 1,187 |
- Current portion | 1,187 | 1,187 |
- Non-current portion | — | — |
Amounts in US$ ‘000 | 2025 | 2024 |
Balance at January 1 | 29,914 | 33,123 |
Additions | 551 | 2,425 |
Remeasurement | 2,393 | 338 |
Interest expense accrued | 1,130 | 1,141 |
Payments of lease liabilities | (5,376) | (5,149) |
Disposals of lease liabilities | (13,687) | (309) |
Currency translation | 2,794 | (1,655) |
Balance at December 31 | 17,719 | 29,914 |
- Current portion | 3,369 | 2,946 |
- Non-current portion | 14,351 | 26,968 |
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Notes to the consolidated financial statements | |||||||||||||
2025 | 2024 | |||
Amounts in US$ ‘000 | Minimum payments | Present value of payments | Minimum payments | Present value of payments |
Within one year | 3,860 | 3,734 | 4,730 | 4,650 |
After one year but not more than five years | 10,180 | 9,494 | 15,267 | 13,764 |
More than five years | 5,048 | 4,491 | 15,322 | 11,500 |
Balance at December 31 | 19,088 | 17,719 | 35,319 | 29,914 |
Amounts in US$ ‘000 | 2025 | 2024 |
Accounts payable | 8,545 | 10,103 |
Taxes and social security | 6,043 | 3,284 |
Other accruals | 34,356 | 13,917 |
Accruals for employees | 21,795 | 16,117 |
Accruals for rebates and discounts | 19,342 | 14,631 |
Accrual for production | 15,819 | 8,559 |
Balance at December 31 | 105,899 | 66,611 |
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Notes to the consolidated financial statements | |||||||||||||
Amounts in U.S.$ '000 | 2025 | 2024 |
Non-executive directors' remuneration | (229) | (238) |
Employee options | (364) | (703) |
Long term incentive plan | (5,725) | (4,153) |
Restricted stock units | (7,449) | (6,154) |
Share-based compensation expense | (13,767) | (11,248) |
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Notes to the consolidated financial statements | |||||||||||||
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Notes to the consolidated financial statements | |||||||||||||
Company Location | Location |
Europe | |
ADC Therapeutics | Epalinges, Switzerland |
Autolus Therapeutics | London, United Kingdom |
Basilea Pharmaceutica | Allschwil, Switzerland |
Bavarian Nordic | Hellerup, Denmark |
BioGaia | Stockholm, Sweden |
Biotest | Dreieich, Denmark |
Cosmo Pharmaceuticals | Dublin, Ireland |
Formycon | Planegg, Denmark |
Galapagos | Mechelen, Belgium |
Idorsia | Allschwil, Switzerland |
Immunocore | Abingdon, United Kingdom |
Kiniksa Pharmaceuticals | London, United Kingdom |
Merus | Utrecht, the Netherlands |
Oxford Biomedica | Oxford, United Kingdom |
Santhera Pharmaceuticals | Pratteln, Switzerland |
uniQure | Amsterdam, the Netherlands |
Valneva | Saint-Herblain, France |
Company Location | Location |
U.S. | |
Akebia Therapeutics | Cambridge, MA |
Anika Therapeutics | Bedford, MA |
Ardelyx | Waltham, MA |
BioCryst Pharmaceuticals | Durham, NC |
Coherus Oncology | Redwood City, CA |
Collegium Pharmaceutical | Stoughton, MA |
Esperion Therapeutics | Ann Arbor, MI |
Harmony Biosciences | Plymouth Meeting, PA |
Heron Therapeutics | Cary, NC |
Ligand Pharmaceuticals | Jupiter, FL |
MannKind | Danbury, CT |
Mirum Pharmaceuticals | Foster City, CA |
Rigel Pharmaceuticals | South San Francisco, CA |
Supernus Pharmaceuticals | Rockville, MD |
Travere Therapeutics | San Diego, CA |
Vanda Pharmaceuticals | Washington, DC |
Xeris Biopharma | Chicago, IL |
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Notes to the consolidated financial statements | |||||||||||||
TSR equal to index | 80% pay-out |
TSR 10% above index | 90% pay-out |
TSR 20% above index | 100% pay-out |
TSR 40% above index | 110% pay-out |
TSR 60% above index | 120% pay-out |
TSR 80% above index | 130% pay-out |
TSR 100% above index | 150% pay-out |
TSR below index | 0% pay-out |
2025 | 2024 | |
Volatilities | 43.3% | 40.5% |
Risk-free interest rates | 2.04% | 2.53% |
Dividend yields | 0.00% | 0.00% |
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Notes to the consolidated financial statements | |||||||||||||
2025 | 2024 | |||
Number | Weighted Average Exercise Price (US$) | Number | Weighted Average Exercise Price (US$) | |
Balance at January 1 | 24,238,937 | 0.932 | 34,482,312 | 0.952 |
Forfeited | (439,592) | 1.010 | (634,874) | 0.896 |
Expired | (751,001) | 1.358 | (3,707,334) | 0.840 |
Exercised | (14,568,436) | 1.074 | (5,901,167) | 0.784 |
Balance at December 31 | 8,479,908 | 0.998 | 24,238,937 | 0.932 |
- Vested | 7,573,658 | 0.990 | 19,816,437 | 0.942 |
- Unvested | 906,250 | 1.065 | 4,422,500 | 0.889 |
2025 | 2024 | |
Range of exercise prices (US$) | 0.83 - 1.54 | 0.73 - 1.54 |
Weighted average remaining contractual life (years) | 1.07 | 1.41 |
2025 | 2024 | |||
Exercise prices in US$ | Number | Exercise value in US$ ’000 | Number | Exercise value in US$’000 |
0.57 – 0.85 | 350,000 | 296 | 10,460,750 | 8,555 |
0.85 – 1.54 | 8,129,908 | 8,168 | 13,778,187 | 14,045 |
Balance at December 31 | 8,479,908 | 8,465 | 24,238,937 | 22,600 |
Participant category | 2022 | 2023 | 2024 | 2025 | Total |
Executive Members of the Board of Directors | 2,363,455 | 1,681,570 | 1,824,602 | 3,614,572 | 9,484,199 |
Executive Committee | 5,816,083 | 4,221,870 | 4,997,299 | 6,952,793 | 21,988,045 |
Total | 8,179,538 | 5,903,440 | 6,821,901 | 10,567,365 | 31,472,244 |
Fair value per share award (US$) | 0.517 | 0.880 | 0.896 | 0.636 |
Participant category | Granted | Issued | Forfeited / Unvested | Reserved at December 31, 2025 |
Executive Members of the Board of Directors | 9,484,199 | — | (3,621,658) | 5,862,541 |
Executive Committee | 21,988,045 | (4,193,981) | (4,019,809) | 13,774,255 |
Total | 31,472,244 | (4,193,981) | (7,641,467) | 19,636,796 |
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Notes to the consolidated financial statements | |||||||||||||
Grant year | Granted | Issued | Forfeited / Unvested | Reserved at December 31, 2025 | Reserved at Weighted average fair value per share in US$ |
2025 | 8,272,308 | — | — | 8,272,308 | 1.244 |
2024 | 12,091,227 | (2,810,032) | (1,627,603) | 7,653,592 | 0.903 |
2023 | 7,979,250 | (3,339,765) | (1,631,263) | 3,008,222 | 1.304 |
2022 | 4,931,000 | (3,202,582) | (808,872) | 919,546 | 1.136 |
Total | 33,273,785 | (9,352,379) | (4,067,738) | 19,853,668 | 1.117 |
Name | Position | |
Dr. R. Peters | Chair of the Board of Directors and Non-Executive Board Member | |
Ms. D. Jorn | Vice Chair of the Board of Directors and Non-Executive Board Member | until June 11, 2025 |
Dr. M. Pykett | Vice Chair of the Board of Directors and Non-Executive Board Member | as of June 11, 2025 |
Ms. B. Yanni | Non-Executive Board Member | |
Ms. J. van der Meijs | Non-Executive Board Member | |
Mr. L. Kruimer | Non-Executive Board Member | |
Mr. S. Baert | Non-Executive Board Member | until June 11, 2025 |
Dr. E. Sullivan | Non-Executive Board Member | as of June 11, 2025 |
Dr. S. de Vries | Executive Board Member and Chief Executive Officer | until March 4, 2025 |
Mr. F. Chouraqui | Executive Board Member and Chief Executive Officer | as of March 4, 2025 |
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
Responsibility | Cash in Euro's (per annum) | Ordinary shares in Euro's * (per annum) | Cash in US Dollars (per annum) | Ordinary shares in US Dollars * (per annum) |
Chair of the Board of Directors | 90,000 | 40,000 | 101,331 | 45,036 |
Non-Executive Director | 45,000 | 30,000 | 50,666 | 33,777 |
Chair Audit Committee | 15,000 | 16,889 | ||
Member Audit Committee | 7,500 | 8,444 | ||
Chair Remuneration Committee | 12,500 | 14,074 | ||
Member Remuneration Committee | 6,250 | 7,037 | ||
Chair of the Transaction Committee | 12,500 | 14,074 | ||
Member of the Transaction Committee | 6,250 | 7,037 | ||
Chair Governance Committee | 12,500 | 14,074 | ||
Member Governance Committee | 6,250 | 7,037 |
Amounts in US$ ‘000 | Year | Cash | Share-Based Payment | Total |
Dr. Richard Peters | 2025 | 122 | 45 | 167 |
2024 | 111 | 43 | 154 | |
Ms. Deborah Jorn | 2025 | 30 | 15 | 45 |
2024 | 64 | 32 | 96 | |
Ms. Barbara Yanni | 2025 | 80 | 34 | 114 |
2024 | 77 | 32 | 109 | |
Dr. Mark Pykett | 2025 | 66 | 34 | 100 |
2024 | 63 | 32 | 95 | |
Ms. Jabine van der Meijs | 2025 | 80 | 34 | 114 |
2024 | 77 | 32 | 109 | |
Mr. Leonard Kruimer | 2025 | 75 | 34 | 109 |
2024 | 72 | 32 | 104 | |
Mr. Steven Baert | 2025 | 36 | 15 | 51 |
2024 | 69 | 32 | 101 | |
Dr. Elaine Sullivan | 2025 | 50 | 23 | 73 |
2024 | — | — | — | |
Total | 2025 | 539 | 234 | 773 |
2024 | 533 | 235 | 768 |
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
December 31, 2025 | Ordinary shares |
Dr. Richard Peters | 104,742 |
Dr. Mark Pykett | 177,469 |
Ms. Barbara Yanni | 177,469 |
Mr. Leonard Kruimer | 152,631 |
Ms. Jabine van der Meijs | 152,631 |
Dr. Elaine Sullivan | 21,163 |
Total | 786,105 |
Amounts in US$ ‘000 | Year | Fixed remuneration | Short term variable: annual bonus | Share based payments | Post- employment benefits | Other | Total |
Mr. Sijmen de Vries | 2025 | $724 | $132 | $858 | $176 | $36 | $1,926 |
2024 | $694 | $414 | $987 | $116 | $35 | $2,246 |
Amounts in US$ ‘000 | Year | Fixed remuneration | Short term variable: annual bonus | Share based payments | Post- employment benefits | Other | Total |
Mr. Fabrice Chouraqui | 2025 | $688 | $760 | $1,335 | $8 | $388 | $3,179 |
Shares held | As at December 31, 2025 |
Mr. Fabrice Chouraqui | 4,637,834 |
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Notes to the consolidated financial statements | |||||||||||||
Year | Granted | Settled | Forfeited / Unvested | December 31, 2025 | |
Mr. Fabrice Chouraqui | 2025 | 3,614,572 | — | — | 3,614,572 |
Year | Granted | Settled | Forfeited / Unvested | December 31, 2025 | |
Mr. Fabrice Chouraqui | 2025 | 1,023,302 | — | — | 1,023,302 |
Amounts in US$ ‘000 | 2025 | 2024 |
Salaries and other short-term employee benefits | 3,267 | 1,676 |
Post-employment benefits | 184 | 116 |
Share-based compensation | 2,427 | 1,222 |
Total | 5,878 | 3,014 |
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Cash and cash equivalents | 145,305 | 54,944 |
Restricted cash | 1,988 | 1,505 |
Marketable securities | 33,796 | 112,949 |
Convertible bond - current | (5,336) | (4,245) |
Convertible bond - non-current | (92,719) | (78,154) |
Net cash (debt) | 83,034 | 86,999 |
Cash and cash equivalents | 145,305 | 54,944 |
Restricted cash | 1,988 | 1,505 |
Marketable securities | 33,796 | 112,949 |
Gross debt - fixed interest rates | (98,056) | (82,399) |
Gross debt - variable interest rates | — | — |
Net cash (debt) | 83,034 | 86,999 |
Amounts in US$’000 | Convertible Bond (liability) | Lease Liabilities | Total |
Carrying value 1 January 2025 | 82,399 | 29,914 | 112,313 |
Movements from financing cash flows: | |||
Interest payments | (5,067) | (1,130) | (6,197) |
Principal repayments | — | (4,245) | (4,245) |
(5,067) | (5,376) | (10,442) | |
Other movements: | |||
New leases, remeasurements and disposals | — | (10,743) | (10,743) |
Accrued interest | 9,685 | 1,130 | 10,815 |
Currency translation | 11,038 | 2,794 | 13,833 |
20,723 | (6,819) | 13,904 | |
Carrying value 31 December 2025 | 98,056 | 17,719 | 115,775 |
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Notes to the consolidated financial statements | |||||||||||||
Strategic Business Review | |||||||||||||
Notes to the consolidated financial statements | |||||||||||||
Amounts in US$ ’000 | Within one year | In 2-4 years | Beyond 4 years | Total | Prior year total |
Trade and other payables | 105,899 | — | — | 105,899 | 66,611 |
Lease Liabilities | 3,860 | 9,086 | 6,142 | 19,088 | 35,319 |
Convertible Bonds | 5,271 | 130,307 | — | 135,578 | 129,118 |
Total | 115,030 | 139,393 | 6,142 | 260,565 | 231,048 |
2025 | 2024 | |||||
Amounts in US$ ’000 | Level 1 | Level 3 | Total | Level 1 | Level 3 | Total |
Marketable securities (money market funds) | 33,796 | — | 33,796 | 62,424 | — | 62,424 |
Investments in debt instruments designated as at FVTPL | — | 6,703 | 6,703 | — | 3,767 | 3,767 |
Balance at December 31 | 33,796 | 6,703 | 40,499 | 62,424 | 3,767 | 66,191 |
Amounts in US$ ‘000 | 2025 | 2024 | ||
Carrying value | Fair value | Carrying value | Fair value | |
Assets: | ||||
Cash and cash equivalents, including restricted cash | 147,293 | 147,293 | 56,449 | 56,449 |
Trade and other receivables | 54,704 | 54,704 | 54,823 | 54,823 |
Liabilities: | ||||
Convertible Bond (incl. equity component) | 111,890 | 157,481 | 94,624 | 107,899 |
Lease Liabilities | 17,719 | 17,719 | 29,914 | 29,914 |
Trade and other payables | 105,899 | 105,899 | 66,611 | 66,611 |
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Notes to the consolidated financial statements | |||||||||||||
2025 | 2024 | |
Net profit (loss) attributable to equity owners of the parent (in US$ ’000) | 2,851 | ( |
Weighted average shares outstanding | 688,773,370 | 671,347,279 |
Basic profit (loss) per share (in US$) | 0.004 | (0.018) |
Weighted average diluted shares outstanding | 746,866,045 | 785,412,134 |
Diluted profit (loss) per share (in US$) | 0.004 | (0.018) |
December 31, 2025 | Shares issued | Other | April 1, 2026 | |
Shares | 701,680,440 | 4,571,860 | — | 706,252,300 |
RSU | 19,853,668 | (298,494) | (1,339,365) | 18,215,809 |
Convertible bonds | 81,492,951 | — | — | 81,492,951 |
Options | 8,479,908 | (1,968,750) | (30,000) | 6,481,158 |
LTIP | 19,636,796 | (2,304,616) | 2,960,584 | 20,292,764 |
Issued | 831,143,763 | — | 1,591,219 | 832,734,982 |
Available for issue | 224,856,237 | — | (1,591,219) | 223,265,018 |
Authorized share capital | 1,056,000,000 | — | — | 1,056,000,000 |
Amounts in US$ ‘000 | notes | 2025 | 2024 |
Revenues | 3 | 70,361 | 63,110 |
Other income | 17 | 467 | |
Operating expenses | 4 | (66,777) | (59,916) |
Operating result | 3,601 | 3,661 | |
Fair value gain (loss) on revaluation | — | 7,041 | |
Other finance income and expenses | 17 | (5,541) | 2,675 |
Finance cost, net | (5,541) | 9,716 | |
Result before tax | (1,940) | 13,377 | |
Income tax credit (expense) | 7 | (8,998) | (207) |
Result before share in result of investments | (10,938) | 13,170 | |
Share in result of investments | 12 | 13,788 | (25,011) |
Profit for the year | 11 | 2,851 | (11,841) |
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Company financial statements | |||||||||||||
Amounts in US$ ‘000 | notes | 2025 | 2024 |
Non-current assets | |||
Intangible assets | 5 | 25,223 | 24,607 |
Property, plant and equipment | 6 | 495 | 545 |
Right-of-use assets | 6 | 2,942 | 3,186 |
Long-term prepayments | 94 | 90 | |
Deferred tax asset | 7 | 6,266 | 10,417 |
Financial assets | 12 | 323,842 | 158,906 |
Restricted Cash | 10 | 488 | 466 |
Total non-current assets | 359,350 | 198,217 | |
Current assets | |||
Trade and other receivables | 8 | 1,803 | 3,787 |
Restricted cash | 10 | 315 | — |
Marketable securities | 9 | 33,796 | 112,949 |
Cash and cash equivalents | 10 | 2,788 | 2,244 |
Total current assets | 38,703 | 118,980 | |
Total assets | 398,053 | 317,197 |
Amounts in US$ ‘000 | notes | 2025 | 2024 |
Equity | |||
Share capital | 8,009 | 7,769 | |
Share premium | 513,257 | 488,990 | |
Other and Legal reserves | 28,819 | (209) | |
Accumulated deficit | (272,983) | (275,489) | |
Shareholders’ equity | 11 | 277,102 | 221,061 |
Non current Liabilities | |||
Convertible bonds | 13 | 92,719 | 78,154 |
Lease liabilities | 6 | 2,526 | 2,907 |
Total non-current liabilities | 95,245 | 81,061 | |
Current Liabilities | |||
Convertible bonds | 13 | 5,336 | 4,245 |
Provisions | 14 | 587 | — |
Intercompany payables | 11 | 7,436 | 624 |
Trade and other payables | 15 | 11,429 | 9,532 |
Lease liabilities | 6 | 917 | 674 |
Total current liabilities | 25,705 | 15,075 | |
Total shareholders’ equity and liabilities | 398,053 | 317,197 |
Amounts in US$ ‘000 | 2025 | 2024 |
Direct operating expenses | (15,120) | (13,477) |
Employee costs (excl. Share based compensation) | (25,464) | (25,013) |
Facilities and infrastructure | (5,904) | (2,926) |
Share-based compensation | (13,567) | (11,253) |
Depreciation and amortization charges | (3,705) | (3,667) |
Other operating expenses | (3,016) | (3,580) |
Total | (66,777) | (59,916) |
Strategic Business Review | |||||||||||||
Notes to the Company financial statements | |||||||||||||
Amounts in US$ ‘000 | RUCONEST® licenses | Joenja® license | Software | Total |
At cost | 8,251 | 24,448 | 140 | 32,839 |
Accumulated: | ||||
Amortization charges | (2,761) | (1,326) | (124) | (4,211) |
Carrying value at January 1, 2024 | 5,490 | 23,122 | 16 | 28,628 |
Amortization charges | (681) | (1,735) | (10) | (2,426) |
Currency translation - cost | (489) | (1,449) | (8) | (1,946) |
Currency translation - amortization | 192 | 151 | 8 | 351 |
Movement 2024 | (978) | (3,033) | (10) | (4,021) |
At cost | 7,762 | 22,999 | 132 | 30,893 |
Accumulated: | ||||
Amortization charges | (3,250) | (2,910) | (126) | (6,286) |
Impairment charges | — | — | — | — |
Carrying value at January 1, 2025 | 4,512 | 20,089 | 6 | 24,607 |
Amortization charges | (710) | (1,807) | (5) | (2,522) |
Currency translation - cost | 1,022 | 3,029 | 17 | 4,068 |
Currency translation - amortization | (457) | (456) | (17) | (930) |
Movement 2025 | (145) | 766 | (5) | 616 |
At cost | 8,784 | 26,028 | 149 | 34,961 |
Accumulated: | ||||
Amortization charges | (4,417) | (5,173) | (148) | (9,738) |
Carrying value at December 31, 2025 | 4,367 | 20,855 | 1 | 25,223 |
Strategic Business Review | |||||||||||||
Notes to the Company financial statements | |||||||||||||
Amounts in US$ ‘000 | Leasehold improvements | Machinery and equipment | Other | Total |
At cost | 425 | 1,394 | 1,966 | 3,785 |
Accumulated depreciation | (415) | (1,101) | (1,388) | (2,904) |
Carrying value at January 1, 2024 | 10 | 293 | 578 | 881 |
Investments | 7 | 8 | 158 | 173 |
Depreciation charges | (6) | (112) | (351) | (469) |
Currency translation - cost | (26) | (83) | (123) | (232) |
Currency translation - amortization | 25 | 70 | 97 | 192 |
Movement 2024 | — | (117) | (219) | (336) |
At cost | 406 | 1,319 | 2,001 | 3,726 |
Accumulated depreciation | (396) | (1,143) | (1,642) | (3,181) |
Carrying value at January 1, 2025 | 10 | 176 | 359 | 545 |
Investments | 16 | 34 | 203 | 253 |
Depreciation charges | (5) | (87) | (278) | (370) |
Currency translation - cost | 54 | 175 | 272 | 501 |
Currency translation - amortization | (53) | (154) | (227) | (434) |
Movement 2025 | 12 | (32) | (30) | (50) |
At cost | 476 | 1,528 | 2,476 | 4,480 |
Accumulated depreciation | (454) | (1,384) | (2,147) | (3,985) |
Carrying value at December 31, 2025 | 22 | 144 | 329 | 495 |
Amounts in US$ ‘000 | Buildings | Cars | Total |
At cost | 5,930 | 403 | 6,333 |
Accumulated depreciation | (2,439) | (288) | (2,727) |
Carrying value at January 1, 2024 | 3,491 | 115 | 3,606 |
Additions | — | 338 | 338 |
Remeasurement | 338 | — | 338 |
Divestment | (305) | (227) | (532) |
Depreciation charges | (654) | (118) | (772) |
Depreciation of divestment | 186 | 227 | 413 |
Currency translation - cost | (353) | (29) | (382) |
Currency translation - amortization | 164 | 13 | 177 |
Movement 2024 | (624) | 204 | (420) |
At cost | 5,610 | 485 | 6,095 |
Accumulated depreciation | (2,743) | (166) | (2,909) |
Carrying value at January 1, 2025 | 2,867 | 319 | 3,186 |
Additions | — | 75 | 75 |
Remeasurement | 124 | — | 124 |
Divestment | — | (135) | (135) |
Depreciation charges | (684) | (129) | (813) |
Depreciation of divestment | — | 112 | 112 |
Currency translation - cost | 743 | 63 | 806 |
Currency translation - amortization | (389) | (24) | (413) |
Movement 2025 | (206) | (38) | (244) |
At cost | 6,477 | 488 | 6,965 |
Accumulated depreciation | (3,816) | (207) | (4,023) |
Carrying value at December 31, 2025 | 2,661 | 281 | 2,942 |
Strategic Business Review | |||||||||||||
Notes to the Company financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Current | 917 | 674 |
Non-current | 2,526 | 2,907 |
Balance at December 31 | 3,443 | 3,581 |
Amounts in US$ ‘000 | 2024 | 2024 |
Depreciation right of use buildings | (684) | (654) |
Depreciation right of use cars | (129) | (118) |
Interest expense (note 16) | (212) | (231) |
Total expense right of use assets | (1,025) | (1,003) |
Amounts in US$ ‘000 | 2025 | 2024 |
Total deferred tax assets | 13,965 | 18,165 |
Total deferred tax liabilities | (7,699) | (7,748) |
Total net balance of deferred tax assets and liabilities | 6,266 | 10,417 |
Amounts in US$ ‘000 | 2025 | 2024 |
Deferred tax assets | ||
Intangible assets | 726 | — |
Other | 66 | 45 |
Lease liabilities | 3,406 | 6,215 |
Tax losses | 9,767 | 11,905 |
Total deferred tax assets | 13,965 | 20,149 |
Amounts in US$ ‘000 | Intangible assets | Other | Lease liabilities | Tax losses | Total |
At January 1, 2024 | — | 595 | 7,044 | 12,510 | 20,149 |
(Charged)/credited | |||||
- to profit or loss | — | 30 | (429) | (399) | (798) |
- other movement | — | — | — | — | — |
- to other comprehensive income | — | (568) | — | 540 | (28) |
- currency translation | — | (12) | (400) | (746) | (1,158) |
At December 31, 2024 | — | 45 | 6,215 | 11,905 | 18,165 |
(Charged)/credited | |||||
- to profit or loss | 698 | 14 | (3,487) | (3,562) | (6,337) |
- other movement | — | — | — | — | — |
- to other comprehensive income | — | — | — | — | — |
- currency translation | 28 | 7 | 678 | 1,424 | 2,137 |
At December 31, 2025 | 726 | 66 | 3,406 | 9,767 | 13,965 |
Strategic Business Review | |||||||||||||
Notes to the Company financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Deferred tax liabilities | ||
Tangible fixed assets | (3,047) | (2,681) |
Convertible bonds | (4,652) | (5,067) |
Total deferred tax liabilities | (7,699) | (7,748) |
Amounts in US$ ‘000 | Tangible fixed assets | Convertible bonds | Total |
At January 1, 2024 | (4,590) | — | (4,590) |
(Charged)/credited | |||
- to profit or loss | 1,709 | (1,038) | 671 |
- to other comprehensive income | — | (4,251) | (4,251) |
- currency translation | 200 | 222 | 422 |
At December 31, 2024 | (2,681) | (5,067) | (7,748) |
(Charged)/credited | |||
- to profit or loss | (12) | 1,040 | 1,028 |
- to other comprehensive income | — | — | — |
- currency translation | (354) | (625) | (979) |
At December 31, 2025 | (3,047) | (4,652) | (7,699) |
Amounts in US$ ‘000 | 2025 | 2024 |
Prepaid expenses | 509 | 635 |
Value added tax | 911 | 2,356 |
Other receivables | 125 | 181 |
Taxes and Social Securities | 258 | 615 |
Balance at December 31 | 1,803 | 3,787 |
Amounts in US$ ‘000 | 2025 | 2024 |
Restricted cash (non-current) | 488 | 466 |
Restricted cash (current) | 315 | — |
Cash and cash equivalents | 2,788 | 2,244 |
Total restricted cash, cash and cash equivalents | 3,592 | 2,710 |
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Notes to the Company financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Balance at January 1 | 221,061 | 218,781 |
Net profit (loss) | 2,851 | (11,841) |
Foreign currency translation | 28,977 | (11,901) |
Total comprehensive income | 31,828 | (23,742) |
Income tax benefit from excess tax deductions related to share-based payments | 1,343 | (66) |
Share-based compensation | 13,766 | 11,248 |
Options exercised | 9,926 | 2,615 |
Conversion rights of convertible bonds | — | 12,225 |
Capital contributions to a subsidiary with non-controlling interests | (706) | — |
Acquisition of non-controlling interests | (115) | — |
Total transactions with owners | 24,213 | 26,022 |
Balance at December 31 | 277,102 | 221,061 |
Amounts in US$ ‘000 | 2025 | 2024 |
Balance at January 1 | (351) | (91,881) |
Share in results of investments | 125 | (36,817) |
Contributions to investments | — | 207,274 |
Release of provision | (120) | (80,596) |
Exchange rate effects | (46) | 1,669 |
Balance at December 31 | (392) | (351) |
Amounts in US$ ‘000 | 2025 | 2024 |
Provision for investments | (392) | (351) |
Investments in subsidiaries with positive equity | 174,227 | 141,705 |
Receivable from group companies | 150,007 | 17,552 |
Net financial assets | 323,842 | 158,906 |
Entity | Registered office | Investment % |
Pharming Americas B.V. | The Netherlands | 100% |
Pharming Intellectual Property B.V. | The Netherlands | 100% |
Broekman Instituut B.V. | The Netherlands | 100% |
Pharming Healthcare, Inc. | The United States | 100% |
ProBio, Inc. | The United States | 100% |
Pharming Technologies B.V. | The Netherlands | 100% |
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Notes to the Company financial statements | |||||||||||||
Amounts in US$ ‘000 | Restructuring | Total |
At 1 January 2025 | — | — |
Arising during the year | 1,031 | 1,031 |
Utilized | (444) | (444) |
At 31 December 2025 | 587 | 587 |
- Current portion | 587 | 587 |
- Non-current portion | — | — |
Amounts in US$ ‘000 | 2025 | 2024 |
Accounts payable | 644 | 1,030 |
Other payables | 10,785 | 8,502 |
Balance at December 31 | 11,429 | 9,532 |
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Notes to the Company financial statements | |||||||||||||
Amounts in US$ ‘000 | 2025 | 2024 |
Interest income | 1,055 | 4,345 |
Intercompany interest, net | 3,476 | 7,355 |
Foreign currency results | (97) | 58 |
Interest on convertible bonds | (9,685) | (7,699) |
Fees and expenses on repayment and issuance convertible bonds | — | (1,151) |
Interest leases | (212) | (231) |
Other finance expenses | (78) | (2) |
Total other finance income and expenses | (5,541) | 2,675 |
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Appropriation of result | |||||||||||||
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Independent auditor's report | |||||||||||||
Independent auditor's report | |||||||||||||
Independent auditor's report | |||||||||||||
Independent auditor's report | |||||||||||||
Independent auditor's report | |||||||||||||
Independent auditor's report | |||||||||||||
Independent auditor's report | |||||||||||||
Independent auditor's report | |||||||||||||
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Information for investors and shareholders | |||||||||||||
May 7 | Publication of financial results for the first quarter of 2026 | ||
May 28 | Annual General Meeting of Shareholders | ||
July 30 | Publication of financial results for the second quarter and first half of 2026 | ||
November 5 | Publication of financial results for the third quarter of 2026 | ||
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Glossary | |||||||||||||
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Glossary | |||||||||||||
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