AwesomeCapital: Pharming outlines 2025 revenue guidance of $315-335M driven by RUCONEST and Joenja growth

Thursday, March 13, 2025

CEO Fabrice Chouraqui highlighted a strong performance in 2024 with revenue growth of 21% to $297 million, exceeding guidance. He emphasized RUCONEST's growth of 11% to $252 million, driven by increased patient enrollments and prescriber base, and Joenja's revenue increase of 147% to $45 million, supported by new patient therapies and expanding market launches.
RUCONEST's unique profile as an on-demand treatment for HAE was noted as a key growth driver, with a significant share in the acute treatment market. Joenja's early stage growth trajectory includes expansions into pediatric use and broader geographical markets.
CFO Jeroen Wakkerman reported a 14% revenue growth during Q4, with operating profit and positive cash flow in the last two quarters. He stated that gross profit growth was impacted by a one-time inventory impairment. The acquisition of Abliva for $66.1 million was completed, with plans to integrate its programs in the next fiscal year.

The company provided 2025 revenue guidance of $315 million to $335 million, reflecting a 6% to 13% growth. Underlying assumptions include single-digit RUCONEST growth and strong Joenja performance, particularly in H2 driven by new patient enrollments and market expansions.

Plans for Joenja include addressing VUS classifications for APDS patients, pediatric label expansion filings in 2026, and launches in key markets such as Japan, Germany, and the UK.

Q4 revenues grew 14% year-over-year, with RUCONEST increasing by 9% and Joenja by 66%. Full-year revenues reached $297 million, with $252 million from RUCONEST and $45 million from Joenja.
Operating profit improved for the second consecutive quarter, supported by active cost management. A one-off inventory impairment and acquisition costs were noted as exceptional items affecting gross margins.
Cash flow remained positive in the last two quarters, with cash reserves slightly reduced due to interest costs and currency effects.

Jeff Jones, Oppenheimer, inquired about the patient population for KL1333 and Joenja. Chief Medical Officer Anurag Relan clarified that the 30,000 targeted patients for KL1333 were identified based on specific mitochondrial DNA mutations. Chief Commercial Officer Stephen Toor mentioned that 188 patients on Joenja therapy globally are transitioning to commercial therapy as registrations are finalized.
Ben Jackson, Jefferies, questioned the $30 million additional OpEx from Abliva and potential US tariffs. CFO Wakkerman explained that $17 million relates to R&D, with the rest being non-recurring costs. CEO Chouraqui confirmed proactive steps to mitigate potential tariff impacts on the supply chain.
Alistair Campbell, RBC, raised concerns about RUCONEST's growth amidst new competition. CEO Chouraqui and CCO Toor emphasized RUCONEST's unique efficacy and its appeal to severe HAE patient segments.

Analysts expressed cautious optimism about Joenja's growth and RUCONEST's resilience. Concerns were raised regarding competition and the pace of patient enrollments.
Management conveyed confidence in meeting revenue guidance and expanding RUCONEST and Joenja markets. CEO Chouraqui highlighted opportunities from regulatory approvals and pipeline expansions.
Compared to Q3, analysts were more focused on execution risks for Joenja and the integration of Abliva. Management maintained a consistent tone of confidence but acknowledged ongoing challenges in competitive markets.

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