At the end of 2024 we paid attention to the extraordinary and popular Dutch company Pharming Group. This article with the title "Pharming: ready for the jackpot?" was very well read, again demonstrating the popularity of this stock. Today we are one year further and the price target set at the time has been reached. Time for an update and above all; what can we as investors still expect from Pharming's share price?

We recommend that you first read the article "Pharming: ready for the jackpot?" dated October 24, 2024. You will find this article Here

What have been the developments at Pharming in 2025?

Pharming has continued to build strong momentum over the past year, reporting revenue of USD 97.3 million in the third quarter of 2025, a 30 percent increase compared with the same period in 2024. Sales of its well-known product RUCONEST® rose 29 percent to USD 82.2 million, while Joenja® (leniolisib) grew 35 percent to USD 15.1 million. Supported by these strong results, Pharming has raised its full-year 2025 revenue guidance to USD 365–375 million, up from the previously projected range of USD 335–350 million.

Pharming announced a reorganization aimed at reducing general and administrative costs. Thus, a net reduction of 20% in non-commercial and non-medical staffing was announced and one-time restructuring costs of approximately USD 7 million are expected in the fourth quarter of 2025. In addition, the company announced its withdrawal from registration and/or commercialization of RUCONEST® in markets outside the US, as these markets had a very small share and proved to be not financially sustainable.

For Joenja®, the application for an extension of indication has been accepted in the U.S. by the Food and Drug Administration and is subject to Priority Review, with a decision expected in January 2026. Furthermore, the drug KL1333 has been entered into a study for primary mitochondrial disease, indicating that the pipeline is actively developing.

On April 30, 2025, Pharming announced the appointment of Dr. Elaine Sullivan as non-executive director. The company was also promoted to the AMX index as of September 22, 2025.


What is the international analysts' outlook for Pharming?

The general outlook of analysts from major banks and asset managers is positive. Analyzed both technically and fundamentally, Pharming receives a Buy to Strong Buy recommendation. However, the price targets are very spread out, ranging from €2 to higher than €7 within 12 months.
The average price target is €2.46. So with a current share price of €1.45, there is still an expected share price gain of about 70% according to the banks.

Overall, the consensus is that Pharming is a promising player in the biotech, gene therapy, and broader pharmaceutical space, with significant upside potential if it succeeds in achieving its key milestones. At the same time, analysts remain cautious, noting that current sales and earnings are not yet exceptional and that meaningful risks still exist, including regulatory approvals, market adoption, and competitive pressure.

What is our view on Pharming's stock price?

Below is the stock price chart for the past ten years with our most likely scenario plotted.

Twenty years ago the price was still around €35 and €40. For the past ten years the price has been moving in a range between €0.65 and €1.63.
Currently, Pharming is quoted at the upper end of this range and has reached our price target. Given the developments in Pharming, we are positive for the long term with a price target at €2.63. With this, our algorithm is in line with the general 12-month expectation.

For the short term, it is most likely that the price will have to go through another correction from the zone around €1.50. Only upon a breakout within the company will the price also start to break through the upper limit of €1.63. Until then, the likelihood is high that the share price can briefly return to around €1.15.

Conclusion

A year ago we gave you the consideration to buy Pharming at €0.78 with a target of €1.50. Today this target has been reached and you can consider selling at least half the position.

The outlook is positive and the price still has a lot of potential in our opinion, but to be on the safe side we suggest you consider adding to or withdrawing from your position when the closing price is above €1.65 with a target of €2.63.

A break-out is needed first and until then there is a good chance the price will remain in the range. As soon as the price falls back below €0.65 as closing price, the positive scenario for the long term expires.

Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts' own insights and experiences. They are therefore for educational purposes only.