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Pharming Group net profit up for Q1 2019

Dutch Pharming Group’s net profit and revenues increased in the first quarter, compared to the same period last year, with revenues about 19.5% up to €35.2 million, compared with €29.5 million during the same period last year, the company said in an interim report for the first quarter 2019.

The company said that its net profit increased by 23% to €6.7 million, compared to €5.5 million for the first quarter 2018 after its upward restatement by €2.2 million, despite a much higher tax charge for this quarter of €3.0 million which in 2018 was €0.8 million.

Sijmen de Vries, Chief Executive Officer, said: “We are pleased to reportstrong results today in a period of intense competition. Pharming’s revenue and profit performance confirm the success of our in-market strategy for RUCONEST as we seecontinued growth in underlying demand for the product.  

Looking forward to the remainder of 2019, we therefore expectcontinuedsalesgrowth, driven by increasing patient numbers and despite competitive pressure. 

In addition, we continue to make good progress in our pipeline. Following ongoing interaction with ethics committees in the Netherlands and Australia,we anticipate receiving approval shortly to begin our clinical study in pre-eclampsia.  We also expect to initiate a clinical trial with RUCONEST® in the second half of the year to treat acute kidney injury in patients undergoing percutaneous coronary interventions accompanied by contrast-enhanced examinations. 

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