Pharming Group N.V. (PHAR) Income Statement
PHAR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPHAR revenue and net income
Where PHAR's revenue goes
2025Each bar shows an amount and its share of revenue. PHAR kept 0.8% of revenue as net income.
PHAR profit margins
PHAR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +26.6% | +22.3% | +12.1% | +41.3% |
| Gross profit | +26.3% | +20.7% | +11.9% | +47.9% |
| Operating income | — | +28.4% | −22.8% | — |
| Net income | — | −40.7% | −40.3% | — |
| EPS (diluted) | — | — | −15.2% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PHAR quarterly EPS vs estimates
Pharming beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.12).
PHAR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $376.1M | $297.2M | $245.3M | $205.6M | $198.9M | $212.2M | $189.4M | $154.6M | $107.5M | $16.7M |
| Cost of revenue | $45.5M | $35.4M | $25.2M | $17.6M | $21.1M | $23.5M | $23.9M | $25.4M | $14.9M | $4.9M |
| Gross profit | $330.6M | $261.8M | $220.1M | $188.1M | $177.7M | $188.6M | $165.5M | $129.2M | $92.6M | $11.8M |
| Research & development | $100.4M | $83.1M | $68.9M | $52.5M | $70.4M | $38.5M | $31.8M | $33.0M | $22.4M | $16.2M |
| Sales, general & admin | $117.4M | $99.2M | $87.5M | $68.9M | $54.6M | $65.0M | $55.9M | $46.8M | $44.9M | $8.1M |
| Total operating expenses | $309.8M | $265.5M | $242.4M | $178.2M | $158.7M | $112.4M | $97.2M | $85.7M | $66.3M | $23.9M |
| Operating income | $20.9M | −$3.7M | −$22.3M | $9.9M | $19.0M | $76.3M | $68.2M | $43.5M | $26.3M | −$12.1M |
| Interest income | $2.2M | $4.9M | $3.7M | $85,000 | $12.6M | $626,000 | $1.0M | $18,000 | $3,000 | — |
| Interest expense | $10.7M | $9.0M | $6.0M | $5.4M | $7.0M | $10.3M | $13.4M | $16.4M | $45.4M | $6.4M |
| Income before taxes | $12.8M | −$8.5M | −$12.0M | $15.0M | $23.1M | $44.1M | $52.3M | $980,324 | −$102.8M | −$18.4M |
| Income taxes | $10.3M | $3.3M | −$1.5M | $1.3M | $7.1M | $6.3M | $11.7M | −$27.6M | −$11.3M | $3.8M |
| Net income | $2.9M | −$11.8M | −$10.5M | $13.7M | $16.0M | $37.7M | $40.6M | $28.6M | −$91.5M | −$18.4M |
| EBITDA | $34.8M | $16.3M | $9.9M | $33.5M | $48.8M | $58.4M | $71.5M | $24.9M | −$76.3M | −$13.9M |
| EPS (diluted) | $0.07 | −$0.05 | −$0.04 | −$0.17 | $0.22 | $0.16 | $0.06 | $0.05 | −$0.15 | −$0.05 |
| Gross margin | 87.9% | 88.1% | 89.7% | 91.5% | 89.4% | 88.9% | 87.4% | 83.6% | 86.1% | 70.5% |
| Operating margin | 5.6% | −1.2% | −9.1% | 4.8% | 9.6% | 35.9% | 36.0% | 28.1% | 24.4% | −72.7% |
| Net margin | 0.8% | −4.0% | −4.3% | 6.7% | 8.0% | 17.8% | 21.4% | 18.5% | −85.1% | −110.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $90.2M | $72.4M | $106.5M | $97.3M | $93.2M | $79.1M | $92.70B | $74.8M | $74.1M | $55.6M | $81.9M | $66.7M |
| Cost of revenue | $14.5M | $6.6M | $21.1M | $7.1M | $9.0M | $8.3M | $12.20B | $6.8M | $8.0M | $8.4M | $7.2M | $8.3M |
| Gross profit | $75.7M | $65.8M | $85.4M | $90.2M | $84.2M | $70.8M | $80.50B | $68.0M | $66.1M | $47.2M | $74.7M | $58.4M |
| Research & development | $32.3M | $25.6M | $32.1M | $23.4M | $23.7M | $21.1M | $22.30B | $20.7M | $21.6M | $18.5M | $11.7M | $20.8M |
| Sales, general & admin | $43.5M | $45.5M | $51.3M | $51.1M | $51.6M | $57.1M | $51.60B | $44.0M | $48.5M | $45.3M | $30.5M | $36.0M |
| Total operating expenses | $75.8M | $71.1M | $83.4M | $74.5M | $75.2M | $78.2M | $86.10B | $64.7M | $69.2M | $63.5M | $74.1M | $56.5M |
| Operating income | −$111,000 | −$5.3M | $2.0M | $15.8M | $9.0M | −$7.4M | $6.60B | $3.3M | −$3.1M | −$16.3M | $604,930 | $1.9M |
| Interest income | $1.4M | $3.2M | — | $485,000 | $659,000 | $604,000 | $1.1M | $825,000 | $920,000 | $1.8M | $1.6M | $1.3M |
| Interest expense | $2.7M | $2.7M | $1.4M | $7.9M | $4,000 | $5.1M | $0 | $3.0M | $2.0M | $1.6M | $4.5M | $1.7M |
| Income before taxes | $3.0M | −$4.8M | $4.8M | $12.8M | $7.1M | −$11.8M | $6.70B | $1.5M | −$60,000 | −$16.6M | −$2.7M | $3.3M |
| Income taxes | $1.4M | $459,000 | −$500,000 | $5.2M | $2.5M | $3.1M | — | $2.5M | $1.2M | −$4.2M | $705,747 | −$157,000 |
| Net income | $1.6M | −$5.2M | $5.3M | $7.5M | $4.7M | −$14.7M | $2.90B | −$1.0M | −$1.2M | −$12.4M | −$2.7M | $3.5M |
| EBITDA | $8.8M | $1.1M | $9.4M | $23.4M | $9.8M | −$4.1M | — | $7.3M | $1.9M | −$9.1M | $8.2M | $4.8M |
| EPS (diluted) | $0.02 | −$0.07 | $0.07 | $0.01 | $0.01 | −$0.02 | $0.01 | −$0.02 | −$0.02 | −$0.02 | −$0.04 | $0.01 |
| Gross margin | 83.9% | 90.8% | 80.2% | 92.7% | 90.4% | 89.5% | 86.8% | 90.9% | 89.2% | 84.9% | 91.3% | 87.6% |
| Operating margin | −0.1% | −7.3% | 1.9% | 16.2% | 9.7% | −9.4% | 7.1% | 4.5% | −4.2% | −29.3% | 0.7% | 2.9% |
| Net margin | 1.8% | −7.2% | 5.0% | 7.8% | 5.0% | −18.6% | 3.1% | −1.4% | −1.6% | −22.4% | −3.3% | 5.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PHAR's financial statements (latest annual report filed April 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PHAR financial results
In fiscal year 2025 (ended December 31, 2025), Pharming reported revenue of $376.1 million, up 26.6% from the year before. It had net income of $2.9 million, a net profit margin of 0.8%. Diluted earnings per share came to $0.07. Over five years revenue grew at an average rate of 12.1% a year.
See the PHAR stock overview for the latest quote and news, or the PHAR chart for price history and technical indicators.
PHAR income statement FAQ
What is Pharming's annual revenue?
Pharming reported total revenue of $376.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 26.6% from $297.2 million the previous year.
Is Pharming profitable?
Yes. Pharming reported net income of $2.9 million in fiscal 2025, a net profit margin of 0.8%; its operating margin was 5.6%.
What is Pharming's gross margin?
Pharming's gross margin was 87.9% in fiscal 2025: for every $100 of revenue, Pharming kept $88 after the direct cost of its products and services.
How much does Pharming spend on research and development?
Pharming spent $100.4 million on research and development in fiscal 2025, 26.7% of revenue.
How fast is Pharming growing?
Revenue grew 12.1% a year on average over the last five fiscal years, from $212.2 million to $376.1 million.
What are Pharming's earnings per share?
Pharming earned $0.07 per diluted share in fiscal 2025, compared with $-0.05 a year earlier.
When will Pharming report its next earnings?
Pharming is expected to report results for the quarter ending September 30, 2026 on November 5, 2026.
When does Pharming's fiscal year end?
Pharming's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 2, 2026.