Pharming Cuts Revenue Guidance Amid RUCONEST Decline, Joenja Growth
Event summary
- Pharming's Q2 2026 revenues decreased by 3% to $90.2M, with RUCONEST revenue down 10% YoY but up 24% QoQ.
- Joenja revenue increased by 40% YoY, driven by U.S. and international growth.
- Pharming revised its 2026 total revenue guidance downward by $30M to $375M-$395M.
- The company plans to report clinical data for leniolisib in larger CVID patient populations in Q4 2026.
The big picture
Pharming is navigating a mixed performance landscape, with Joenja showing strong growth but RUCONEST facing market dynamics. The company is focusing on broadening leniolisib's therapeutic use and improving operational efficiency. Success in these areas will be critical for sustaining long-term growth in the competitive rare disease space.
What we're watching
- Product Performance
- Whether RUCONEST can stabilize and return to growth in H2 2026 amid increasing competition.
- Regulatory Approvals
- The timeline for FDA approval of Joenja's pediatric label expansion and its impact on market access.
- Clinical Trials
- The potential expansion of leniolisib's addressable patient population based on Phase II trial readouts in Q4 2026.