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The consolidated financial statements of Pharming Group N.V. (\"the Company\", \"Pharming\" or
\"the Group\"), Leiden for the year ended December\u00a031, 2024, were authorized for issue in accordance
with a resolution of the Board of Directors on April\u00a02, 2025. The financial statements are subject to
adoption by the Annual General Meeting of shareholders, which has been scheduled for
June\u00a011, 2025.
Pharming Group N.V. is a limited liability public company, which is listed on Euronext Amsterdam
(\"PHARM\"). The Company's American Depositary Shares (\"ADSs\") are listed on the Nasdaq Global
Market (\"Nasdaq\") under the symbol \"PHAR\". Each ADS represents 10 of the Company's ordinary
shares of \u20ac0.01 nominal value.
In April 2024, Pharming Group N.V. issued convertible bonds, see note 19. Convertible bonds.
These bonds are listed on the Frankfurt Exchange (B\u00f6rse Frankfurt; ISIN: XS2763018889).
The headquarters and registered office of Pharming Group N.V. is located at:
Darwinweg 24
2333 CR Leiden
The Netherlands
Pharming Group N.V. is registered at the Chamber of Commerce in the Netherlands under number
28048592.
Pharming Group N.V. is the ultimate parent company of Pharming Group. A list of subsidiaries is
provided in note 2.3 Basis of consolidation.
Pharming Group N.V. is a global biopharmaceutical company dedicated to transforming the lives of
patients with rare, debilitating, and life-threatening diseases. Pharming is commercializing and
developing a portfolio of innovative medicines, including small molecules and biologics. Pharming is
headquartered in Leiden, the Netherlands, and has employees around the globe who serve patients
in over 30 markets in North America, Europe, the Middle East, Africa, and Asia-Pacific.
Date of authorization of issue
The financial statements were signed and authorized for issue by the Board of Directors on April\u00a02,
2025. The adoption of the financial statements is reserved for the shareholders in the Annual General
Meeting of Shareholders (AGM) on June\u00a011, 2025.
Basis of preparation
The consolidated financial statements are prepared in accordance with the IFRS\u00ae Accounting
Standards as issued by the International Accounting Standards Board, or IASB, and as adopted by the
European Union. The consolidated financial statements have been prepared under the historical cost
convention, unless otherwise stated.
The preparation of financial statements in conformity with IFRS and Book 2 Title 9 of the Dutch Civil
Code requires the use of certain material accounting estimates. It also requires the Board of Directors
to exercise its judgement in the process of applying the Company's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements are disclosed in note 2.5 Material accounting
judgements and estimates.
These financial statements are presented in US Dollars (US$, USD) and rounded to the nearest
thousand dollar ($'000), unless stated otherwise.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-301": { "value": "Pharming Group N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-302": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-303": { "value": "limited liability public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-304": { "value": "Darwinweg 24 2333 CR Leiden The Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-305": { "value": "Darwinweg 24 2333 CR Leiden The Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-306": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-307": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-308": { "value": "Pharming Group N.V. is a global biopharmaceutical company dedicated to transforming the lives of patients with rare, debilitating, and life-threatening diseases. Pharming is commercializing and developing a portfolio of innovative medicines, including small molecules and biologics. Pharming is headquartered in Leiden, the Netherlands, and has employees around the globe who serve patients in over 30 markets in North America, Europe, the Middle East, Africa, and Asia-Pacific.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-309": { "value": "
Date of authorization of issue
The financial statements were signed and authorized for issue by the Board of Directors on April\u00a02,
2025. The adoption of the financial statements is reserved for the shareholders in the Annual General
Meeting of Shareholders (AGM) on June\u00a011, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-310": { "value": "Accounting principles and policies Basis of preparation
The consolidated financial statements are prepared in accordance with the IFRS\u00ae Accounting
Standards as issued by the International Accounting Standards Board, or IASB, and as adopted by the
European Union. The consolidated financial statements have been prepared under the historical cost
convention, unless otherwise stated.
The preparation of financial statements in conformity with IFRS and Book 2 Title 9 of the Dutch Civil
Code requires the use of certain material accounting estimates. It also requires the Board of Directors
to exercise its judgement in the process of applying the Company's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements are disclosed in note 2.5 Material accounting
judgements and estimates.
These financial statements are presented in US Dollars (US$, USD) and rounded to the nearest
thousand dollar ($'000), unless stated otherwise.
New and revised IFRS standards
The Company applied for the first-time certain amendments, which are effective for annual periods
beginning on or after January\u00a01, 2024, as disclosed below.
\u2022 Amendments to IFRS 7 and IAS 7: Supplier Finance Arrangements
\u2022 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
\u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current
\u2022 Amendments to IAS 1: Non-current Liabilities with Covenants
Their adoption has not had any material impact on the disclosures or on the amounts reported in
these financial statements. The Company has not early adopted any other standard, interpretation or
amendment that has been issued but are not yet effective.
The new and amended standards and interpretations that are issued, but are not yet effective or
endorsed for use in the EU, up to the date of issuance of the Group's financial statements, which the
Group intends to adopt, if applicable, when they become effective, are disclosed below.
\u2022 Amendments to IAS 21: Lack of Exchangeability
\u2022 IFRS 18: Presentation and Disclosures in Financial Statements
\u2022 IFRS 19: Subsidiaries without Public Accountability: Disclosures
The Board of Directors does not expect that the adoption of the Standards listed above will have a
material impact on the financial statements of the Company in future periods, except for IFRS 18
Presentation and Disclosures in Financial Statements.
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and
complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved
to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings
per Share.
IFRS 18 introduces new requirements to:
\u2022 present specified categories and defined subtotals in the statement of profit or loss;
\u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the
financial statements; and
\u2022 improve aggregation and disaggregation.
An entity is required to apply IFRS 18 for annual reporting periods beginning on or after January 1,
2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised
IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective
application with specific transition provisions.
The Board of Directors anticipate that the application of these amendments may have an impact on
the group's consolidated financial statements in future periods.
Basis of consolidation
The consolidated financial statements include Pharming Group N.V. and its controlled subsidiaries,
after the elimination of all intercompany transactions and balances. Subsidiaries are consolidated
from the date the acquirer obtains effective control until control ceases.
An entity is considered effectively controlled if the Company, directly or indirectly, has the power to
govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Acquisitions of subsidiaries are accounted for using the acquisition method of accounting.
The financial statements of the subsidiaries are prepared for the same reporting year as Pharming
Group N.V., using the same accounting policies. Intercompany transactions, balances and unrealized
gains and losses on transactions between group companies are eliminated.
The following table provides an overview of the consolidated subsidiaries at December\u00a031, 2024:
Entity
Registered office
Investment %
Pharming Americas B.V.
The Netherlands
100
Pharming Intellectual Property B.V.
The Netherlands
100
Pharming Technologies B.V.
The Netherlands
100
Pharming Research & Development B.V.
\"Pijl_hoekje.svg\"
The Netherlands
100
Pharming Australia Pty Ltd
\"Pijl_hoekje.svg\"
Australia
100
Pharming UK Ltd
\"Pijl_hoekje.svg\"
The United Kingdom
100
Broekman Instituut B.V.
The Netherlands
100
Pharming Healthcare, Inc.
The United States
100
ProBio, Inc.
The United States
100
Liquidation of Pharming B.V.
During 2024, the Company completed the liquidation of its wholly owned subsidiary, Pharming B.V.,
a dormant subsidiary. The decision to liquidate was made as part of the Company's strategic
realignment and efforts to streamline operations. The liquidation process was finalized on December
17, 2024, and Pharming B.V. was formally dissolved. Upon liquidation, there were no material assets
or liabilities available at the dormant subsidiary. The liquidation did not result in a material financial
impact for the Company and has been fully recognized in the Company's financial position.
The liquidation process was conducted in accordance with applicable laws and regulations.
Accounting principles and policies
Foreign currency translation
In preparing the financial statements of the Group, transactions in currencies other than the entity's
functional currency (foreign currencies) are recognized at the rates of exchange prevailing on the
dates of the transactions. At each reporting date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary
items carried at fair value that are denominated in foreign currencies are translated at the rates
prevailing at the date when the fair value was determined. Non-monetary items that are measured in
terms of historical cost in a foreign currency are not retranslated.
Exchange differences are recognized in profit or loss in the period in which they arise except for:
\u2022 Exchange differences on foreign currency borrowings relating to assets under construction for
future productive use, which are included in the cost of those assets when they are regarded as an
adjustment to interest costs on those foreign currency borrowings;
\u2022 Exchange differences on transactions entered into to hedge certain foreign currency risks; and
\u2022 Exchange differences on monetary items receivable from or payable to a foreign operation for
which settlement is neither planned nor likely to occur in the foreseeable future (therefore
forming part of the net investment in the foreign operation), which are recognized initially in other
comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal
of the net investment.
For the purpose of presenting consolidated financial statements in US Dollars, the assets and
liabilities of the Group's operations having a different functional currency are translated at exchange
rates prevailing on the reporting date. Income and expense items are translated at the average
exchange rates for the period, unless exchange rates fluctuate significantly during that period,
in which case the exchange rates at the date of transactions are used. Exchange differences arising,
if any, are recognized in other comprehensive income and accumulated in a foreign exchange
translation reserve. The following exchange rates were applied:
Applied exchange rates
December 31, 2024
Average 2024
December 31, 2023
Average 2023
EUR/USD
1.0350
1.0804
1.1002
1.0790
AUD/USD
0.6224
0.6596
Not used
Not used
GBP/USD
1.2488
1.2772
Not used
Not used
Distinction between current and non-current
An item is classified as current when it is expected to be realized (settled) within 12 months after the
end of the reporting year. Liabilities are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after the end of the
reporting year.
Intangible assets acquired separately
Intangible assets acquired separately are measured at historical cost. The cost of intangible assets
acquired in a business combination is recognized and measured at fair value as at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated
amortization and any accumulated impairment losses. Variable considerations that are part of the
purchase of an intangible asset are recognized as a liability when the considerations become due.
Intangible assets with finite lives are amortized over the useful life and assessed for impairment
whenever there is an indication that the intangible assets may be impaired and at the end of each
reporting period. The estimated useful lives, residual values and amortization method are reviewed
at the end of each reporting period, with the effect of any changes in estimate accounted for on a
prospective basis. Changes in the expected useful life, according to the straight-line method, or the
expected pattern of consumption of future economic benefits embodied in the asset is accounted for
by changing the amortization period or method, as appropriate, and treated as changes in accounting
estimates. The amortization expense on intangible assets with finite lives is recognized in the
statement of income in the relevant expense category consistent with the function of the intangible
asset.
Derecognition of intangible assets
An intangible asset is derecognized on disposal, or when no future economic benefits are expected
from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as
the difference between the net disposal proceeds and the carrying amount of the asset, are
recognized in profit or loss when the asset is derecognized.
Biological Assets
Under IAS 41 \"Agriculture\", the Board of Directors is required to assess whether 'biological assets'
which are contributing to production of our cash flows should be accounted for as assets. The Board
of Directors have assessed Pharming's biological assets and conclude that these do not qualify to be
recognized under the relevant standard IAS 41 \"Agriculture\" due to their uniqueness and very special
transgenic nature and thus all relevant costs are expensed through the income statement.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation charges and
accumulated impairment charges. Generally, depreciation is calculated using a straight-line basis over
the estimated useful life of the asset. The estimated useful lives, residual values and depreciation
method are reviewed at the end of each reporting period, with the effect of any changes in estimate
accounted for on a prospective basis. The carrying values of property, plant and equipment are
reviewed for impairment when events or changes in circumstances indicate that the carrying value
may not be recoverable.
An item of property, plant and equipment is derecognized upon disposal or when no future economic
benefits are expected from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net
disposal proceeds and the carrying amount of the asset) is included in the statement of income in the
year the asset is derecognized. Residual values, useful lives and depreciation methods are reviewed,
and adjusted if appropriate, at each financial year-end.
All costs that are directly attributable to bringing an asset to the location and condition necessary for
it to be capable of operating in the manner intended by management, will be capitalized. These costs
include direct employee benefits, rent and testing costs. Capitalization will be done until the asset is
capable of operating in the manner intended by management.
Investments in associates
An associate is an entity over which the Group has significant influence and that is neither a
subsidiary nor an interest in a joint venture. Significant influence is the power to participate in
the financial and operating policy decisions of the investee but is not control or joint control over
those policies. The results and assets and liabilities of associates are incorporated in these financial
statements using the equity method of accounting. Under the equity method, an investment in
an associate is recognized initially in the consolidated statement of financial position at cost and
adjusted thereafter to recognize the Group's share of the profit or loss and other comprehensive
income of the associate.
When the Group's share of losses of an associate exceeds the Group's interest in that associate
(which includes any long-term interests that, in substance, form part of the Group's net investment in
the associate), the Group discontinues recognizing its share of further losses. Additional losses are
recognized only to the extent that the Group has incurred legal or constructive obligations or made
payments on behalf of the associate. The requirements of IAS 36 are applied to determine whether it
is necessary to recognize any impairment loss with respect to the Group's investment in an associate.
When necessary, the entire carrying amount of the investment (including goodwill) is tested for
impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher
of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss
recognized is not allocated to any asset, including goodwill that forms part of the carrying amount of
the investment. Any reversal of that impairment loss is recognized in accordance with IAS 36 to the
extent that the recoverable amount of the investment subsequently increases.
When a Group entity transacts with an associate of the Group, profits and losses resulting from the
transactions with the associate or joint venture are recognized in the Group's consolidated financial
statements only to the extent of interests in the associate or joint venture that are not related to the
Group.
Financial assets
Financial assets are recognized when the Company becomes a party to the contractual provisions of a
financial instrument. Financial assets are derecognized when the rights to receive cash flows from the
financial assets expire, or if the Company transfers the financial asset to another party and does not
retain control or substantially all risks and rewards of the asset. Purchases and sales of financial
assets in the normal course of business are accounted for at settlement date (i.e., the date that the
asset is delivered to or by the Company).
At initial recognition, the Company measures its financial assets at its fair value plus, in the case of a
financial asset not at fair value through profit or loss, transaction costs that are directly attributable
to the acquisition or issue of the financial asset.
After initial recognition, the Company classifies its financial assets as subsequently measured at either
(i) amortized cost, (ii) fair value through other comprehensive income or (iii) fair value through profit
or loss on basis of both:
\u2022 The Company's business model for managing the financial assets; and
\u2022 The contractual cash flow characteristics of the financial asset.
Subsequent to initial recognition, financial assets are measured as described below. At each balance
sheet date, the Company assesses whether there is objective evidence that a financial asset or a
group of financial assets is impaired and recognizes a loss allowance for expected credit losses for
financial assets measured at either amortized costs or at fair value through other comprehensive
income. If, at the reporting date, the credit risk on financial instrument has not increased significantly
since initial recognition, the Company measures the loss allowance for that financial instrument at an
amount equal to 12 months of expected credit losses. If, at the reporting date, the credit risk on a
financial instrument has increased significantly since initial recognition, the Company measures the
loss allowance for the financial instrument at an amount equal to the lifetime expected credit losses.
Financial assets at amortized cost
Financial assets are measured at amortized cost if both (i) the financial asset is held within a business
model whose objective is to hold financial assets in order to collect contractual cash flows; and (ii) the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest of on the principal amount outstanding.
A financial asset measured at amortized cost is initially recognized at fair value plus transaction cost
directly attributable to the asset. After initial recognition, the carrying amount of the financial asset
measured at amortized cost is determined using the effective interest method, less any impairment
losses.
Financial assets at fair value through other comprehensive income (FVTOCI)
On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument
basis) to designate investments in equity instruments as at FVTOCI. Investments in equity instruments
at FVTOCI are initially measured at fair value plus transaction costs.
Subsequently, they are measured at fair value with gains and losses arising from changes in fair value
recognized in other comprehensive income and accumulated in the legal reserve fair value
revaluation. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity
investments, instead, it is transferred to retained earnings.
Financial assets at fair value through profit and loss (FVTPL)
Financial assets that do not meet the criteria for being measured at amortized cost or FVTOCI are
measured at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair
value gains or losses recognized in profit or loss. The net gain or loss recognized in profit or loss
includes any dividend or interest earned on the financial asset and is included in the 'fair value gain
(loss) on revaluation' line item (note 13. Investments). Fair value is determined in the manner
described in note 13. Investments.
Impairment of assets
Assets that have an indefinite useful life and assets not yet available for use are not subject to
depreciation or amortization and are tested at least annually for impairment. Assets that are subject
to depreciation or amortization are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell
and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels
for which there are separately identifiable cash flows. Non-financial assets for which an impairment
loss is recorded, are reviewed for possible reversal of the impairment at each reporting date.
Inventories
Inventories are stated at the lower of cost and net realizable value. Cost comprises direct materials
and, where applicable, direct labor costs and those overheads that have been incurred in bringing the
inventories to their present location and condition. Cost is calculated using the First in First out (FIFO)
method. Net realizable value represents the estimated selling price less all estimated costs of
completion and costs to be incurred in marketing, selling and distribution.
Trade and other receivables
Trade and other receivables are recognized initially at transaction price. Subsequent measurement is
at amortized cost using the effective interest method, less the expected credit loss. Trade receivables
are amounts due from customers for goods sold in the ordinary course of business. They are
generally due for settlement within 30 days and therefore are all classified as current. For trade
receivables and contract assets, the Company applies a simplified approach in calculating expected
credit loss. The Company assesses the expected credit loss that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic
environment. Due to the short-term nature of the current receivables, their carrying amount is
considered to be the same as their fair value.
Cash and cash equivalents
Cash and cash equivalents are defined as cash on hand, demand deposits and short-term, highly
liquid investments (maturity less than 3 months) readily convertible to known amounts of cash and
subject to insignificant risk of changes in value. For the purpose of the statement of cash flow, cash
and cash equivalents do not include restricted cash and the interest on cash is accounted for as
operating cash flow.
Marketable securities
Marketable securities are financial assets held for short-term purposes which are principally traded in
liquid markets and are classified within current assets on the consolidated balance sheet. Marketable
securities are measured as financial assets as described above. The financial impacts related to
Marketable securities are recorded in 'Other finance income' in the consolidated statement of
income. The cash (re)payments relating to Marketable securities are classified as investing activities.
The cash flows relating to interest from Marketable securities held at amortized cost are classified as
cash flows generated from operating activities.
Equity
The Company only has ordinary shares, and these are classified within equity upon issue. Shares
transferred in relation to settlement of (convertible) debt are measured at fair value with fair value
based on the closing price of the shares on the trading day prior to the settlement date. Equity is
recognized upon the recognition of share-based payment expenses; shares issued upon exercise of
such options are measured at their exercise price.
Transaction costs associated with an equity transaction are accounted for as a deduction from equity
to the extent they are incremental costs directly attributable to the equity transaction that otherwise
would have been avoided. Transaction costs related to the issue of a compound financial instrument
are allocated to the liability and equity components of the instruments in proportion to the allocation
of proceeds.
Financial liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit or loss
(derivative financial liabilities) or financial liabilities at amortized cost (trade and other payables).
All financial liabilities at amortized cost are initially recognized at the fair value of the consideration
received less directly attributable transaction costs; transaction costs related to the issue of a
compound financial instrument are allocated to the liability and equity components of the
instruments in proportion to the allocation of proceeds. After initial recognition, financial liabilities
are subsequently measured at amortized cost using the effective interest method.
Gains and losses are recognized in the statement of income when the liabilities are paid off or
otherwise eliminated as well as through the amortization process. Purchases and sales of financial
liabilities are recognized at settlement date.
A financial liability is derecognized when the obligation under the liability is discharged or cancelled
or expired. Where an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as a derecognition of the original liability and the recognition of
a new liability, and the difference in the respective carrying amounts is recognized in the statement
of income.
Convertible bonds
The convertible bonds are classified as hybrid financial instruments under IAS 32 and pursuant to it
the debt host contract and the embedded derivative for the fair value of the conversion rights into
Pharming shares (the \"conversion option\") are recognized separately.
The component parts of convertible bonds issued by the Group are classified separately as financial
liabilities and equity in accordance with the substance of the contractual arrangements and the
definitions of a financial liability and an equity instrument. A conversion option that will be settled by
the exchange of a fixed amount of cash or another financial asset for a fixed number of the
Company's own equity instruments is an equity instrument. If, or until, this fixed-for-fixed criterion is
not met, the conversion option is recognized as a financial liability derivative at fair value through
profit or loss. When this fixed-for-fixed criterion is met at a later date, the conversion option is
reclassified to equity at fair value, resulting in a fair value result immediately prior to the
reclassification.
If the fixed-for-fixed criterion is met, at the date of issue, the fair value of the debt host contract is
estimated using the prevailing market interest rate for a similar non-convertible instrument.
This amount is recorded as a liability on an amortized cost basis using the effective interest method.
The conversion option classified as equity at issuance is determined by deducting the amount of the
liability component from the fair value of the compound instrument as a whole. This is recognized
and included in equity, net of income tax effects, and is not subsequently remeasured.
If the fixed-for-fixed criterion is not met, the conversion option classified as a financial liability
derivative at recognition is measured using a pricing model. Upon and in case of reclassification to
equity when the fixed-for-fixed criterion is met at a later date, the conversion option is recognized
and included in equity, net of income tax effects, and is not subsequently remeasured. The debt host
contract is measured as the difference between the proceeds from the bond and the value of the
conversion option at initial recognition. This debt host contract is subsequently measured at
amortized cost.
Direct costs associated with the issue of the convertible bonds are allocated to the debt host contract
and the conversion option in amounts proportional to the allocation of the gross proceeds. They are
accounted for respectively in the amortized cost (debt host contract) and in equity (conversion option
meeting fixed-for-fixed criterion at initial recognition), or in the income statement (conversion option
not meeting fixed-for-fixed criterion at initial recognition).
In the case the Company extinguishes the convertible bond before maturity through an early
redemption or repurchase, the difference between the carrying amount of the debt host contract
(or part of the debt host contract) extinguished or transferred to another party and the consideration
paid, including any non-cash assets transferred or liabilities assumed, will be recognized in the
income statement.
Provisions
Provisions are recognized when there is a present obligation (legal or constructive) as a result of a
past event, it is probable that the Group will be required to settle that obligation and a reliable
estimate can be made of the amount of the obligation. The amount recognized as a provision is the
best estimate of the consideration required to settle the present obligation at the reporting date,
taking into account the risks and uncertainties surrounding the obligation. Where a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount
is the present value of those cash flows (when the effect of the time value of money is material).
The expense relating to any provision is presented in the statement of income net of any
reimbursement.
Trade and other payables
Trade and other payables are initially recognized at fair value. Subsequent measurement is at
amortized cost using the effective interest method.
Revenue recognition
In order to determine when to recognize revenue and at what amount, the Company applies the
following five steps, based on transfer of control over goods to the customer:
1. Identify the contract(s) with a customer;
2. Identify the performance obligations in the contract. Performance obligations are promises in
a contract to transfer to a customer goods that are distinct;
3. Determine the transaction price. The transaction price is the amount of consideration to which
an entity expects to be entitled in exchange for transferring promised goods or services to a
customer. If the consideration promised in a contract includes a variable amount, an entity must
estimate the amount of consideration to which it expects to be entitled in exchange for
transferring the promised goods or services to a customer;
4. Allocate the transaction price to each performance obligation on the basis of the relative stand-
alone selling prices of each distinct good or service promised in the contract; and
5. Recognize revenue when a performance obligation is satisfied by transferring a promised good
or service to a customer (which is when the customer obtains control of that good or service).
A performance obligation may be satisfied at a point in time (typically for promises to transfer
goods to a customer) or over time (typically for promises to transfer services to a customer).
For a performance obligation satisfied over time, an entity would select an appropriate measure
of progress to determine how much revenue should be recognized as the performance obligation
is satisfied.
All of the Group's revenue from contracts with customers is derived from delivery of goods,
specifically pharmaceutical products. The Group does not provide any additional services (including
financing services) or equipment to its customers. In accordance with IFRS 15, revenue is recognized
when the customer obtains control of the goods. For the Group's contracts the customer usually
obtains control immediately after shipment of the product, which arrives at the customer within a
short time frame.
The vast majority of the Group's contracts for revenue with customers are subject to chargebacks,
discounts and/or rebates relating directly to customers or to ultimate reimbursement claims from
government or insurance payers. These are accounted for on an estimated net basis, with any actual
discounts and rebates used to refine the estimates in due course. These variable elements are
deducted from revenue in the same period as the related sales are recorded. Due to the nature of
these variable elements, it is not practicable to give meaningful sensitivity estimates due to the large
volume of variables that contribute to the overall discounts, rebates and chargebacks accruals.
Other income
Other income consists of gains upon sale of investments, income from government grants and gain
on the sale of the Rare Pediatric Disease Priority Review Voucher (PRV).
Pharming receives certain grants which support the Company's research efforts in defined research
and development projects. These subsidies generally provide for reimbursement of approved costs
incurred as defined in various grants. Subsidies are recognized if the Company can demonstrate it has
complied with all attached conditions and it is probable that the grant amount will be received.
Grants are recognized in profit or loss on a systematic basis over the periods in which the Group
recognizes as expenses the related costs for which the grants are intended to compensate.
The Company includes income from grants under other income in the statement of income in order
to enable comparison of its statement of income with companies in the life sciences sector.
Pharming was granted the PRV by the Food and Drug Administration (FDA) in March 2023 in
connection with the approval of Joenja\u00ae. The sale price was a contractually defined sales price
pursuant to the terms of the August 2019 exclusive license agreement between Pharming and
Novartis for leniolisib. The Board of Directors made an assessment on the classification of this
transaction, taking into account the requirements in IAS 1 and concluded that it is most appropriate
to classify the transaction in Other income.
Pension plan
For all Dutch employees, the Company participates in defined contribution pension plans with an
independent insurance company. Defined contributions are expensed in the year in which the related
employee services are rendered.
Employees in the United States are enabled to participate in a 401k plan, which also qualifies as a
defined contribution plan. To become an eligible participant, an employee must complete 6 months
of service and attain the age of 18 years. The employer matches 100% of the first 3% the employee
contributes to their 401k plan and 50% of any amount over 3% up to 5%. Any employee contribution
over 5% is not matched. Costs of the 401k plan are expensed in the year in which the related
employee services are rendered.
Share-based payment
The costs of option plans are measured by reference to the fair value of the options on the date on
which the options are granted. The fair value is determined using the Black-Scholes model. The costs
of these options are recognized in the income statement (share-based compensation) during the
vesting period, together with a corresponding increase in equity (other reserves). If required,
the estimate of the number of equity instruments expected to vest is revised on a yearly basis.
The impact of this revision is reflected in the statement of profit and loss (other operating costs)
and statement of other comprehensive income. Share-based payment charges do not affect liabilities
or cash flows in the year of expense since all transactions are equity-settled.
Pharming's employee option plan states that an employee is entitled to exercise the vested options
within five years after the date of the grant. The period in which the options become unconditional is
defined as the vesting period.
Long Term Incentive Plan
For a limited number of board members and officers, performance shares are granted free of charge.
A maximum number of predetermined shares vest three years after the grant date, provided that
the participant to the long-term incentive plan is still in service (continued employment condition),
with actual shares to be transferred based on the relative achievement of Pharming's share price
compared to a peer group. The maximum number of shares immediately vests upon a change of
control.
The fair value is determined using Monte Carlo simulation. The costs of the LTIP are recognized in the
income statement during the vesting period. The fair value at the grant date includes the market
performance condition (relative total shareholder return performance) but excludes the three-year
service condition. The performance includes Total Shareholder Return (40% weighing) and
achievement of long-term strategy-oriented objectives (60% weighing). The Total Shareholders
Return is compared to a peer group.
The shares granted to the Executive Director under the LTIP, will vest in 3 years after the grant date,
subject to the achievement of targets for a three-year performance period, their relative weightings
and the pay-out limits. All shares will be subject to a retention period of 5 years from the date of
grant. In order to fully become entitled to the shares vesting under the LTI conditions the participant
must be a member of the Board of Directors as Executive Board Member at the vesting date.
The costs of the LTIP are recognized in the income statement during the vesting period.
Restricted Stock Unit Plan
For a limited number of board members and officers, restricted stock units are granted free of
charge. A maximum number of predetermined shares vest four years after the grant date, provided
that the participant to the long-term incentive plan is still in service (continued employment
condition).
The fair value is determined to be the market price at the grant date. The costs of the RSU grant are
recognized in the income statement during the vesting period.
Leases
The Group assesses whether a contract is or contains a lease at the inception of the contract.
The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease
arrangements in which it is a lessee, except for short-term leases (defined as leases with a lease term
of 12 months or less) and leases of low value assets (such as tablets and personal computers, small
items of office furniture and telephones). For these leases the Group recognizes the lease payments
as an operating expense on a straight-line basis over the term of the lease unless another systematic
basis is more representative of the time pattern in which the economic benefits from the leased
assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be
readily determined, the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
\u2022 Fixed lease payments.
\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or
rate at the commencement date.
The lease liability is presented as a separate line in the consolidated balance sheet.
The lease liability is subsequently measured by increasing the carrying amount to reflect the interest
on the lease liability (using the effective interest method) and by reducing the carrying amount to
reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-
of-use asset) whenever:
\u2022 The lease term has changed or there is a significant event or change in circumstances resulting in
a change in the assessment of exercise of a purchase option, in which case the lease liability is
remeasured by discounting the revised lease payments using a revised discount rate.
\u2022 The lease payments change due to changes in an index or rate or a change in expected payment
under a guaranteed residual value, in which case the lease liability is remeasured by discounting
the revised lease payments using an unchanged discount rate (unless the lease payments change
is due to a change in a floating interest rate, in which case a revised discount rate is used).
\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease,
in which case the lease liability is remeasured based on the lease term of the modified lease by
discounting the revised lease payments using a revised discount rate at the effective date of
modification.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease
payments made at or before commencement day, less any lease incentives received and any initial
direct costs. They are subsequently measured at cost less accumulated depreciation and impairment
losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore
the site on which it is located or restore the underlying asset to the condition required by the terms
and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that
the costs relate to a right-of-use asset, the costs are included in the related right-of-use, unless those
costs are incurred to produce inventories.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the
underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use
asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is
depreciated over the useful life of the underlying asset. The depreciation starts at the
commencement date of the lease.
The right-of-use assets are presented as a separate line in the consolidated balance sheet.
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any
identified impairment loss as described in the 'Property, Plant and Equipment' policy.
Variable rents that do not depend on an index or rate are not included in the measurement of the
lease liability. The related payments are recognized as an expense in the period in which the event or
condition triggers those payments occur.
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead
account for any lease and associated non-lease components as a single arrangement. For contracts
that contain lease components and one or more additional lease or non-lease components, the
Group allocates the consideration in the contract to each lease component on the basis of the
relative stand-alone price of the lease component and the aggregate stand-alone price of the non-
lease components. The Group has not used this practical expedient.
Income tax
The income tax expense or credit for the period is the tax payable on the current period's taxable
income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred
tax assets and liabilities attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the end of the reporting period in the countries where the Company and its subsidiaries
operate and generate taxable income. The Board of Directors periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate based on amounts expected to be paid to the tax
authorities.
Deferred income tax is provided in full, using the liability method on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial
statements. Deferred income tax is determined using tax rates that have been enacted or
substantially enacted by the end of the reporting period and are expected to apply when the related
deferred income tax asset is realized, or the deferred income tax liability is settled.
Deferred tax assets are recognized only if it is probable that future taxable amounts will be available
to use those temporary differences and losses. The Company has assessed all its income tax amounts
and provisions in the light of IFRIC 23 'Accounting for Uncertain Income Taxes', and has concluded
that it is probable that its particular tax treatment will be accepted in all relevant jurisdictions and
thus it has determined taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax
rates consistently with the tax treatment included in its income tax filings.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items
recognized in other comprehensive income or directly in equity.
Earnings per share
Basic earnings per share are calculated based on the weighted average number of ordinary shares
outstanding during the period. Diluted earnings per share are computed based on the weighted
average number of ordinary shares outstanding including the dilutive effect of shares to be issued in
the future under certain arrangements such as option plans and convertible loan agreements.
The preparation of financial statements requires judgments and estimates that affect the reported
amounts of assets and liabilities, revenues and expenses, and related disclosure of contingent assets
and liabilities at the date of the financial statements. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The main estimates and assumptions that have a
risk of causing an adjustment to the carrying amounts of assets and liabilities within the next financial
year are addressed below.
Judgements:
Biological Assets
Under IAS 41 \"Agriculture\", the Board of Directors is required to assess whether 'biological assets'
which are contributing to production of our cash flows should be accounted for as assets. The Board
of Directors has assessed Pharming's biological assets and conclude that these do not qualify to be
recognized under the relevant standard IAS 41 \"Agriculture\" due to their uniqueness and very special
transgenic nature and thus all relevant costs are expensed through the income statement.
Estimates:
Revenue - U.S. Revenue Rebate Accruals
Revenue is recognized when control has been transferred to the customer. Revenue is reduced by
chargebacks and rebates for government healthcare programs, discounts to specialty pharmacies
and wholesalers, and product returns given or expected to be given, which vary by patient groups.
Chargebacks and rebates for healthcare programs depend upon the submission of claims sometime
after the initial recognition of the sale. The liability for this variable consideration is made, at the time
of sale, for the estimated chargebacks and rebates, mainly U.S. Medicaid, based on available market
information and historical experience. Because the amounts are estimated they may not fully reflect
the final outcome, and the amounts are subject to change dependent upon, amongst other things,
the types of patient groups. The level of these liabilities is being reviewed and adjusted regularly in
the light of contractual and legal obligations, historical charges and trends, past experience and
projected mixtures of patient groups. The Group acquires this information from both internal
resources and external parties.
Future events could cause the assumptions on which the accruals are based to change, which could
affect the future results of the Group. More information around accruals for rebates and discounts
can be found in note 21 of the notes to the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-312": { "value": "Basis of preparation
The consolidated financial statements are prepared in accordance with the IFRS\u00ae Accounting
Standards as issued by the International Accounting Standards Board, or IASB, and as adopted by the
European Union. The consolidated financial statements have been prepared under the historical cost
convention, unless otherwise stated.
The preparation of financial statements in conformity with IFRS and Book 2 Title 9 of the Dutch Civil
Code requires the use of certain material accounting estimates. It also requires the Board of Directors
to exercise its judgement in the process of applying the Company's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements are disclosed in note 2.5 Material accounting
judgements and estimates.
These financial statements are presented in US Dollars (US$, USD) and rounded to the nearest
thousand dollar ($'000), unless stated otherwise.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-311": { "value": "Basis of preparation
The consolidated financial statements are prepared in accordance with the IFRS\u00ae Accounting
Standards as issued by the International Accounting Standards Board, or IASB, and as adopted by the
European Union. The consolidated financial statements have been prepared under the historical cost
convention, unless otherwise stated.
The preparation of financial statements in conformity with IFRS and Book 2 Title 9 of the Dutch Civil
Code requires the use of certain material accounting estimates. It also requires the Board of Directors
to exercise its judgement in the process of applying the Company's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements are disclosed in note 2.5 Material accounting
judgements and estimates.
These financial statements are presented in US Dollars (US$, USD) and rounded to the nearest
thousand dollar ($'000), unless stated otherwise.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-313": { "value": "
The Company applied for the first-time certain amendments, which are effective for annual periods
beginning on or after January\u00a01, 2024, as disclosed below.
\u2022 Amendments to IFRS 7 and IAS 7: Supplier Finance Arrangements
\u2022 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
\u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current
\u2022 Amendments to IAS 1: Non-current Liabilities with Covenants
Their adoption has not had any material impact on the disclosures or on the amounts reported in
these financial statements. The Company has not early adopted any other standard, interpretation or
amendment that has been issued but are not yet effective.
The new and amended standards and interpretations that are issued, but are not yet effective or
endorsed for use in the EU, up to the date of issuance of the Group's financial statements, which the
Group intends to adopt, if applicable, when they become effective, are disclosed below.
\u2022 Amendments to IAS 21: Lack of Exchangeability
\u2022 IFRS 18: Presentation and Disclosures in Financial Statements
\u2022 IFRS 19: Subsidiaries without Public Accountability: Disclosures
The Board of Directors does not expect that the adoption of the Standards listed above will have a
material impact on the financial statements of the Company in future periods, except for IFRS 18
Presentation and Disclosures in Financial Statements.
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and
complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved
to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings
per Share.
IFRS 18 introduces new requirements to:
\u2022 present specified categories and defined subtotals in the statement of profit or loss;
\u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the
financial statements; and
\u2022 improve aggregation and disaggregation.
An entity is required to apply IFRS 18 for annual reporting periods beginning on or after January 1,
2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised
IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective
application with specific transition provisions.
The Board of Directors anticipate that the application of these amendments may have an impact on
the group's consolidated financial statements in future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-315": { "value": "Basis of consolidation
The consolidated financial statements include Pharming Group N.V. and its controlled subsidiaries,
after the elimination of all intercompany transactions and balances. Subsidiaries are consolidated
from the date the acquirer obtains effective control until control ceases.
An entity is considered effectively controlled if the Company, directly or indirectly, has the power to
govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Acquisitions of subsidiaries are accounted for using the acquisition method of accounting.
The financial statements of the subsidiaries are prepared for the same reporting year as Pharming
Group N.V., using the same accounting policies. Intercompany transactions, balances and unrealized
gains and losses on transactions between group companies are eliminated.
The following table provides an overview of the consolidated subsidiaries at December\u00a031, 2024:
Entity
Registered office
Investment %
Pharming Americas B.V.
The Netherlands
100
Pharming Intellectual Property B.V.
The Netherlands
100
Pharming Technologies B.V.
The Netherlands
100
Pharming Research & Development B.V.
\"Pijl_hoekje.svg\"
The Netherlands
100
Pharming Australia Pty Ltd
\"Pijl_hoekje.svg\"
Australia
100
Pharming UK Ltd
\"Pijl_hoekje.svg\"
The United Kingdom
100
Broekman Instituut B.V.
The Netherlands
100
Pharming Healthcare, Inc.
The United States
100
ProBio, Inc.
The United States
100
Liquidation of Pharming B.V.
During 2024, the Company completed the liquidation of its wholly owned subsidiary, Pharming B.V.,
a dormant subsidiary. The decision to liquidate was made as part of the Company's strategic
realignment and efforts to streamline operations. The liquidation process was finalized on December
17, 2024, and Pharming B.V. was formally dissolved. Upon liquidation, there were no material assets
or liabilities available at the dormant subsidiary. The liquidation did not result in a material financial
impact for the Company and has been fully recognized in the Company's financial position.
The liquidation process was conducted in accordance with applicable laws and regulations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-314": { "value": "Basis of consolidation
The consolidated financial statements include Pharming Group N.V. and its controlled subsidiaries,
after the elimination of all intercompany transactions and balances. Subsidiaries are consolidated
from the date the acquirer obtains effective control until control ceases.
An entity is considered effectively controlled if the Company, directly or indirectly, has the power to
govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Acquisitions of subsidiaries are accounted for using the acquisition method of accounting.
The financial statements of the subsidiaries are prepared for the same reporting year as Pharming
Group N.V., using the same accounting policies. Intercompany transactions, balances and unrealized
gains and losses on transactions between group companies are eliminated.
The following table provides an overview of the consolidated subsidiaries at December\u00a031, 2024:
Entity
Registered office
Investment %
Pharming Americas B.V.
The Netherlands
100
Pharming Intellectual Property B.V.
The Netherlands
100
Pharming Technologies B.V.
The Netherlands
100
Pharming Research & Development B.V.
\"Pijl_hoekje.svg\"
The Netherlands
100
Pharming Australia Pty Ltd
\"Pijl_hoekje.svg\"
Australia
100
Pharming UK Ltd
\"Pijl_hoekje.svg\"
The United Kingdom
100
Broekman Instituut B.V.
The Netherlands
100
Pharming Healthcare, Inc.
The United States
100
ProBio, Inc.
The United States
100
Liquidation of Pharming B.V.
During 2024, the Company completed the liquidation of its wholly owned subsidiary, Pharming B.V.,
a dormant subsidiary. The decision to liquidate was made as part of the Company's strategic
realignment and efforts to streamline operations. The liquidation process was finalized on December
17, 2024, and Pharming B.V. was formally dissolved. Upon liquidation, there were no material assets
or liabilities available at the dormant subsidiary. The liquidation did not result in a material financial
impact for the Company and has been fully recognized in the Company's financial position.
The liquidation process was conducted in accordance with applicable laws and regulations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-316": { "value": "
The following table provides an overview of the consolidated subsidiaries at December\u00a031, 2024:
Entity
Registered office
Investment %
Pharming Americas B.V.
The Netherlands
100
Pharming Intellectual Property B.V.
The Netherlands
100
Pharming Technologies B.V.
The Netherlands
100
Pharming Research & Development B.V.
\"Pijl_hoekje.svg\"
The Netherlands
100
Pharming Australia Pty Ltd
\"Pijl_hoekje.svg\"
Australia
100
Pharming UK Ltd
\"Pijl_hoekje.svg\"
The United Kingdom
100
Broekman Instituut B.V.
The Netherlands
100
Pharming Healthcare, Inc.
The United States
100
ProBio, Inc.
The United States
100
Liquidation of Pharming B.V.
During 2024, the Company completed the liquidation of its wholly owned subsidiary, Pharming B.V.,
a dormant subsidiary. The decision to liquidate was made as part of the Company's strategic
realignment and efforts to streamline operations. The liquidation process was finalized on December
17, 2024, and Pharming B.V. was formally dissolved. Upon liquidation, there were no material assets
or liabilities available at the dormant subsidiary. The liquidation did not result in a material financial
impact for the Company and has been fully recognized in the Company's financial position.
The liquidation process was conducted in accordance with applicable laws and regulations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-318": { "value": "
Foreign currency translation
In preparing the financial statements of the Group, transactions in currencies other than the entity's
functional currency (foreign currencies) are recognized at the rates of exchange prevailing on the
dates of the transactions. At each reporting date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary
items carried at fair value that are denominated in foreign currencies are translated at the rates
prevailing at the date when the fair value was determined. Non-monetary items that are measured in
terms of historical cost in a foreign currency are not retranslated.
Exchange differences are recognized in profit or loss in the period in which they arise except for:
\u2022 Exchange differences on foreign currency borrowings relating to assets under construction for
future productive use, which are included in the cost of those assets when they are regarded as an
adjustment to interest costs on those foreign currency borrowings;
\u2022 Exchange differences on transactions entered into to hedge certain foreign currency risks; and
\u2022 Exchange differences on monetary items receivable from or payable to a foreign operation for
which settlement is neither planned nor likely to occur in the foreseeable future (therefore
forming part of the net investment in the foreign operation), which are recognized initially in other
comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal
of the net investment.
For the purpose of presenting consolidated financial statements in US Dollars, the assets and
liabilities of the Group's operations having a different functional currency are translated at exchange
rates prevailing on the reporting date. Income and expense items are translated at the average
exchange rates for the period, unless exchange rates fluctuate significantly during that period,
in which case the exchange rates at the date of transactions are used. Exchange differences arising,
if any, are recognized in other comprehensive income and accumulated in a foreign exchange
translation reserve. The following exchange rates were applied:
Applied exchange rates
December 31, 2024
Average 2024
December 31, 2023
Average 2023
EUR/USD
1.0350
1.0804
1.1002
1.0790
AUD/USD
0.6224
0.6596
Not used
Not used
GBP/USD
1.2488
1.2772
Not used
Not used
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-317": { "value": "
Foreign currency translation
In preparing the financial statements of the Group, transactions in currencies other than the entity's
functional currency (foreign currencies) are recognized at the rates of exchange prevailing on the
dates of the transactions. At each reporting date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary
items carried at fair value that are denominated in foreign currencies are translated at the rates
prevailing at the date when the fair value was determined. Non-monetary items that are measured in
terms of historical cost in a foreign currency are not retranslated.
Exchange differences are recognized in profit or loss in the period in which they arise except for:
\u2022 Exchange differences on foreign currency borrowings relating to assets under construction for
future productive use, which are included in the cost of those assets when they are regarded as an
adjustment to interest costs on those foreign currency borrowings;
\u2022 Exchange differences on transactions entered into to hedge certain foreign currency risks; and
\u2022 Exchange differences on monetary items receivable from or payable to a foreign operation for
which settlement is neither planned nor likely to occur in the foreseeable future (therefore
forming part of the net investment in the foreign operation), which are recognized initially in other
comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal
of the net investment.
For the purpose of presenting consolidated financial statements in US Dollars, the assets and
liabilities of the Group's operations having a different functional currency are translated at exchange
rates prevailing on the reporting date. Income and expense items are translated at the average
exchange rates for the period, unless exchange rates fluctuate significantly during that period,
in which case the exchange rates at the date of transactions are used. Exchange differences arising,
if any, are recognized in other comprehensive income and accumulated in a foreign exchange
translation reserve. The following exchange rates were applied:
Applied exchange rates
December 31, 2024
Average 2024
December 31, 2023
Average 2023
EUR/USD
1.0350
1.0804
1.1002
1.0790
AUD/USD
0.6224
0.6596
Not used
Not used
GBP/USD
1.2488
1.2772
Not used
Not used
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-319": { "value": "
Intangible assets acquired separately
Intangible assets acquired separately are measured at historical cost. The cost of intangible assets
acquired in a business combination is recognized and measured at fair value as at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated
amortization and any accumulated impairment losses. Variable considerations that are part of the
purchase of an intangible asset are recognized as a liability when the considerations become due.
Intangible assets with finite lives are amortized over the useful life and assessed for impairment
whenever there is an indication that the intangible assets may be impaired and at the end of each
reporting period. The estimated useful lives, residual values and amortization method are reviewed
at the end of each reporting period, with the effect of any changes in estimate accounted for on a
prospective basis. Changes in the expected useful life, according to the straight-line method, or the
expected pattern of consumption of future economic benefits embodied in the asset is accounted for
by changing the amortization period or method, as appropriate, and treated as changes in accounting
estimates. The amortization expense on intangible assets with finite lives is recognized in the
statement of income in the relevant expense category consistent with the function of the intangible
asset.
Derecognition of intangible assets
An intangible asset is derecognized on disposal, or when no future economic benefits are expected
from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as
the difference between the net disposal proceeds and the carrying amount of the asset, are
recognized in profit or loss when the asset is derecognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-320": { "value": "
Biological Assets
Under IAS 41 \"Agriculture\", the Board of Directors is required to assess whether 'biological assets'
which are contributing to production of our cash flows should be accounted for as assets. The Board
of Directors have assessed Pharming's biological assets and conclude that these do not qualify to be
recognized under the relevant standard IAS 41 \"Agriculture\" due to their uniqueness and very special
transgenic nature and thus all relevant costs are expensed through the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-321": { "value": "
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation charges and
accumulated impairment charges. Generally, depreciation is calculated using a straight-line basis over
the estimated useful life of the asset. The estimated useful lives, residual values and depreciation
method are reviewed at the end of each reporting period, with the effect of any changes in estimate
accounted for on a prospective basis. The carrying values of property, plant and equipment are
reviewed for impairment when events or changes in circumstances indicate that the carrying value
may not be recoverable.
An item of property, plant and equipment is derecognized upon disposal or when no future economic
benefits are expected from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net
disposal proceeds and the carrying amount of the asset) is included in the statement of income in the
year the asset is derecognized. Residual values, useful lives and depreciation methods are reviewed,
and adjusted if appropriate, at each financial year-end.
All costs that are directly attributable to bringing an asset to the location and condition necessary for
it to be capable of operating in the manner intended by management, will be capitalized. These costs
include direct employee benefits, rent and testing costs. Capitalization will be done until the asset is
capable of operating in the manner intended by management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-322": { "value": "
Property, plant and equipment is stated at cost less accumulated depreciation charges and
accumulated impairment charges. Generally, depreciation is calculated using a straight-line basis over
the estimated useful life of the asset. The estimated useful lives, residual values and depreciation
method are reviewed at the end of each reporting period, with the effect of any changes in estimate
accounted for on a prospective basis. The carrying values of property, plant and equipment are
reviewed for impairment when events or changes in circumstances indicate that the carrying value
may not be recoverable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-323": { "value": "
Investments in associates
An associate is an entity over which the Group has significant influence and that is neither a
subsidiary nor an interest in a joint venture. Significant influence is the power to participate in
the financial and operating policy decisions of the investee but is not control or joint control over
those policies. The results and assets and liabilities of associates are incorporated in these financial
statements using the equity method of accounting. Under the equity method, an investment in
an associate is recognized initially in the consolidated statement of financial position at cost and
adjusted thereafter to recognize the Group's share of the profit or loss and other comprehensive
income of the associate.
When the Group's share of losses of an associate exceeds the Group's interest in that associate
(which includes any long-term interests that, in substance, form part of the Group's net investment in
the associate), the Group discontinues recognizing its share of further losses. Additional losses are
recognized only to the extent that the Group has incurred legal or constructive obligations or made
payments on behalf of the associate. The requirements of IAS 36 are applied to determine whether it
is necessary to recognize any impairment loss with respect to the Group's investment in an associate.
When necessary, the entire carrying amount of the investment (including goodwill) is tested for
impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher
of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss
recognized is not allocated to any asset, including goodwill that forms part of the carrying amount of
the investment. Any reversal of that impairment loss is recognized in accordance with IAS 36 to the
extent that the recoverable amount of the investment subsequently increases.
When a Group entity transacts with an associate of the Group, profits and losses resulting from the
transactions with the associate or joint venture are recognized in the Group's consolidated financial
statements only to the extent of interests in the associate or joint venture that are not related to the
Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-325": { "value": "
Financial assets
Financial assets are recognized when the Company becomes a party to the contractual provisions of a
financial instrument. Financial assets are derecognized when the rights to receive cash flows from the
financial assets expire, or if the Company transfers the financial asset to another party and does not
retain control or substantially all risks and rewards of the asset. Purchases and sales of financial
assets in the normal course of business are accounted for at settlement date (i.e., the date that the
asset is delivered to or by the Company).
At initial recognition, the Company measures its financial assets at its fair value plus, in the case of a
financial asset not at fair value through profit or loss, transaction costs that are directly attributable
to the acquisition or issue of the financial asset.
After initial recognition, the Company classifies its financial assets as subsequently measured at either
(i) amortized cost, (ii) fair value through other comprehensive income or (iii) fair value through profit
or loss on basis of both:
\u2022 The Company's business model for managing the financial assets; and
\u2022 The contractual cash flow characteristics of the financial asset.
Subsequent to initial recognition, financial assets are measured as described below. At each balance
sheet date, the Company assesses whether there is objective evidence that a financial asset or a
group of financial assets is impaired and recognizes a loss allowance for expected credit losses for
financial assets measured at either amortized costs or at fair value through other comprehensive
income. If, at the reporting date, the credit risk on financial instrument has not increased significantly
since initial recognition, the Company measures the loss allowance for that financial instrument at an
amount equal to 12 months of expected credit losses. If, at the reporting date, the credit risk on a
financial instrument has increased significantly since initial recognition, the Company measures the
loss allowance for the financial instrument at an amount equal to the lifetime expected credit losses.
Financial assets at amortized cost
Financial assets are measured at amortized cost if both (i) the financial asset is held within a business
model whose objective is to hold financial assets in order to collect contractual cash flows; and (ii) the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest of on the principal amount outstanding.
A financial asset measured at amortized cost is initially recognized at fair value plus transaction cost
directly attributable to the asset. After initial recognition, the carrying amount of the financial asset
measured at amortized cost is determined using the effective interest method, less any impairment
losses.
Financial assets at fair value through other comprehensive income (FVTOCI)
On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument
basis) to designate investments in equity instruments as at FVTOCI. Investments in equity instruments
at FVTOCI are initially measured at fair value plus transaction costs.
Subsequently, they are measured at fair value with gains and losses arising from changes in fair value
recognized in other comprehensive income and accumulated in the legal reserve fair value
revaluation. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity
investments, instead, it is transferred to retained earnings.
Financial assets at fair value through profit and loss (FVTPL)
Financial assets that do not meet the criteria for being measured at amortized cost or FVTOCI are
measured at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair
value gains or losses recognized in profit or loss. The net gain or loss recognized in profit or loss
includes any dividend or interest earned on the financial asset and is included in the 'fair value gain
(loss) on revaluation' line item (note 13. Investments). Fair value is determined in the manner
described in note 13. Investments.
Trade and other receivables
Trade and other receivables are recognized initially at transaction price. Subsequent measurement is
at amortized cost using the effective interest method, less the expected credit loss. Trade receivables
are amounts due from customers for goods sold in the ordinary course of business. They are
generally due for settlement within 30 days and therefore are all classified as current. For trade
receivables and contract assets, the Company applies a simplified approach in calculating expected
credit loss. The Company assesses the expected credit loss that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic
environment. Due to the short-term nature of the current receivables, their carrying amount is
considered to be the same as their fair value.
Cash and cash equivalents
Cash and cash equivalents are defined as cash on hand, demand deposits and short-term, highly
liquid investments (maturity less than 3 months) readily convertible to known amounts of cash and
subject to insignificant risk of changes in value. For the purpose of the statement of cash flow, cash
and cash equivalents do not include restricted cash and the interest on cash is accounted for as
operating cash flow.
Financial liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit or loss
(derivative financial liabilities) or financial liabilities at amortized cost (trade and other payables).
All financial liabilities at amortized cost are initially recognized at the fair value of the consideration
received less directly attributable transaction costs; transaction costs related to the issue of a
compound financial instrument are allocated to the liability and equity components of the
instruments in proportion to the allocation of proceeds. After initial recognition, financial liabilities
are subsequently measured at amortized cost using the effective interest method.
Gains and losses are recognized in the statement of income when the liabilities are paid off or
otherwise eliminated as well as through the amortization process. Purchases and sales of financial
liabilities are recognized at settlement date.
A financial liability is derecognized when the obligation under the liability is discharged or cancelled
or expired. Where an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as a derecognition of the original liability and the recognition of
a new liability, and the difference in the respective carrying amounts is recognized in the statement
of income.
Convertible bonds
The convertible bonds are classified as hybrid financial instruments under IAS 32 and pursuant to it
the debt host contract and the embedded derivative for the fair value of the conversion rights into
Pharming shares (the \"conversion option\") are recognized separately.
The component parts of convertible bonds issued by the Group are classified separately as financial
liabilities and equity in accordance with the substance of the contractual arrangements and the
definitions of a financial liability and an equity instrument. A conversion option that will be settled by
the exchange of a fixed amount of cash or another financial asset for a fixed number of the
Company's own equity instruments is an equity instrument. If, or until, this fixed-for-fixed criterion is
not met, the conversion option is recognized as a financial liability derivative at fair value through
profit or loss. When this fixed-for-fixed criterion is met at a later date, the conversion option is
reclassified to equity at fair value, resulting in a fair value result immediately prior to the
reclassification.
If the fixed-for-fixed criterion is met, at the date of issue, the fair value of the debt host contract is
estimated using the prevailing market interest rate for a similar non-convertible instrument.
This amount is recorded as a liability on an amortized cost basis using the effective interest method.
The conversion option classified as equity at issuance is determined by deducting the amount of the
liability component from the fair value of the compound instrument as a whole. This is recognized
and included in equity, net of income tax effects, and is not subsequently remeasured.
If the fixed-for-fixed criterion is not met, the conversion option classified as a financial liability
derivative at recognition is measured using a pricing model. Upon and in case of reclassification to
equity when the fixed-for-fixed criterion is met at a later date, the conversion option is recognized
and included in equity, net of income tax effects, and is not subsequently remeasured. The debt host
contract is measured as the difference between the proceeds from the bond and the value of the
conversion option at initial recognition. This debt host contract is subsequently measured at
amortized cost.
Direct costs associated with the issue of the convertible bonds are allocated to the debt host contract
and the conversion option in amounts proportional to the allocation of the gross proceeds. They are
accounted for respectively in the amortized cost (debt host contract) and in equity (conversion option
meeting fixed-for-fixed criterion at initial recognition), or in the income statement (conversion option
not meeting fixed-for-fixed criterion at initial recognition).
In the case the Company extinguishes the convertible bond before maturity through an early
redemption or repurchase, the difference between the carrying amount of the debt host contract
(or part of the debt host contract) extinguished or transferred to another party and the consideration
paid, including any non-cash assets transferred or liabilities assumed, will be recognized in the
income statement.
Trade and other payables
Trade and other payables are initially recognized at fair value. Subsequent measurement is at
amortized cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-324": { "value": "
Financial assets
Financial assets are recognized when the Company becomes a party to the contractual provisions of a
financial instrument. Financial assets are derecognized when the rights to receive cash flows from the
financial assets expire, or if the Company transfers the financial asset to another party and does not
retain control or substantially all risks and rewards of the asset. Purchases and sales of financial
assets in the normal course of business are accounted for at settlement date (i.e., the date that the
asset is delivered to or by the Company).
At initial recognition, the Company measures its financial assets at its fair value plus, in the case of a
financial asset not at fair value through profit or loss, transaction costs that are directly attributable
to the acquisition or issue of the financial asset.
After initial recognition, the Company classifies its financial assets as subsequently measured at either
(i) amortized cost, (ii) fair value through other comprehensive income or (iii) fair value through profit
or loss on basis of both:
\u2022 The Company's business model for managing the financial assets; and
\u2022 The contractual cash flow characteristics of the financial asset.
Subsequent to initial recognition, financial assets are measured as described below. At each balance
sheet date, the Company assesses whether there is objective evidence that a financial asset or a
group of financial assets is impaired and recognizes a loss allowance for expected credit losses for
financial assets measured at either amortized costs or at fair value through other comprehensive
income. If, at the reporting date, the credit risk on financial instrument has not increased significantly
since initial recognition, the Company measures the loss allowance for that financial instrument at an
amount equal to 12 months of expected credit losses. If, at the reporting date, the credit risk on a
financial instrument has increased significantly since initial recognition, the Company measures the
loss allowance for the financial instrument at an amount equal to the lifetime expected credit losses.
Financial assets at amortized cost
Financial assets are measured at amortized cost if both (i) the financial asset is held within a business
model whose objective is to hold financial assets in order to collect contractual cash flows; and (ii) the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest of on the principal amount outstanding.
A financial asset measured at amortized cost is initially recognized at fair value plus transaction cost
directly attributable to the asset. After initial recognition, the carrying amount of the financial asset
measured at amortized cost is determined using the effective interest method, less any impairment
losses.
Financial assets at fair value through other comprehensive income (FVTOCI)
On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument
basis) to designate investments in equity instruments as at FVTOCI. Investments in equity instruments
at FVTOCI are initially measured at fair value plus transaction costs.
Subsequently, they are measured at fair value with gains and losses arising from changes in fair value
recognized in other comprehensive income and accumulated in the legal reserve fair value
revaluation. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity
investments, instead, it is transferred to retained earnings.
Financial assets at fair value through profit and loss (FVTPL)
Financial assets that do not meet the criteria for being measured at amortized cost or FVTOCI are
measured at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair
value gains or losses recognized in profit or loss. The net gain or loss recognized in profit or loss
includes any dividend or interest earned on the financial asset and is included in the 'fair value gain
(loss) on revaluation' line item (note 13. Investments). Fair value is determined in the manner
described in note 13. Investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-326": { "value": "
Financial assets at fair value through other comprehensive income (FVTOCI)
On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument
basis) to designate investments in equity instruments as at FVTOCI. Investments in equity instruments
at FVTOCI are initially measured at fair value plus transaction costs.
Subsequently, they are measured at fair value with gains and losses arising from changes in fair value
recognized in other comprehensive income and accumulated in the legal reserve fair value
revaluation. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity
investments, instead, it is transferred to retained earnings.
Financial assets at fair value through profit and loss (FVTPL)
Financial assets that do not meet the criteria for being measured at amortized cost or FVTOCI are
measured at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair
value gains or losses recognized in profit or loss. The net gain or loss recognized in profit or loss
includes any dividend or interest earned on the financial asset and is included in the 'fair value gain
(loss) on revaluation' line item (note 13. Investments). Fair value is determined in the manner
described in note 13. Investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-327": { "value": "
Financial assets at fair value through profit and loss (FVTPL)
Financial assets that do not meet the criteria for being measured at amortized cost or FVTOCI are
measured at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair
value gains or losses recognized in profit or loss. The net gain or loss recognized in profit or loss
includes any dividend or interest earned on the financial asset and is included in the 'fair value gain
(loss) on revaluation' line item (note 13. Investments). Fair value is determined in the manner
described in note 13. Investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-328": { "value": "
Impairment of assets
Assets that have an indefinite useful life and assets not yet available for use are not subject to
depreciation or amortization and are tested at least annually for impairment. Assets that are subject
to depreciation or amortization are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell
and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels
for which there are separately identifiable cash flows. Non-financial assets for which an impairment
loss is recorded, are reviewed for possible reversal of the impairment at each reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-329": { "value": "
Inventories
Inventories are stated at the lower of cost and net realizable value. Cost comprises direct materials
and, where applicable, direct labor costs and those overheads that have been incurred in bringing the
inventories to their present location and condition. Cost is calculated using the First in First out (FIFO)
method. Net realizable value represents the estimated selling price less all estimated costs of
completion and costs to be incurred in marketing, selling and distribution.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-330": { "value": "
Trade and other receivables
Trade and other receivables are recognized initially at transaction price. Subsequent measurement is
at amortized cost using the effective interest method, less the expected credit loss. Trade receivables
are amounts due from customers for goods sold in the ordinary course of business. They are
generally due for settlement within 30 days and therefore are all classified as current. For trade
receivables and contract assets, the Company applies a simplified approach in calculating expected
credit loss. The Company assesses the expected credit loss that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic
environment. Due to the short-term nature of the current receivables, their carrying amount is
considered to be the same as their fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-332": { "value": "
Cash and cash equivalents
Cash and cash equivalents are defined as cash on hand, demand deposits and short-term, highly
liquid investments (maturity less than 3 months) readily convertible to known amounts of cash and
subject to insignificant risk of changes in value. For the purpose of the statement of cash flow, cash
and cash equivalents do not include restricted cash and the interest on cash is accounted for as
operating cash flow.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-331": { "value": "
Cash and cash equivalents
Cash and cash equivalents are defined as cash on hand, demand deposits and short-term, highly
liquid investments (maturity less than 3 months) readily convertible to known amounts of cash and
subject to insignificant risk of changes in value. For the purpose of the statement of cash flow, cash
and cash equivalents do not include restricted cash and the interest on cash is accounted for as
operating cash flow.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-333": { "value": "
Equity
The Company only has ordinary shares, and these are classified within equity upon issue. Shares
transferred in relation to settlement of (convertible) debt are measured at fair value with fair value
based on the closing price of the shares on the trading day prior to the settlement date. Equity is
recognized upon the recognition of share-based payment expenses; shares issued upon exercise of
such options are measured at their exercise price.
Transaction costs associated with an equity transaction are accounted for as a deduction from equity
to the extent they are incremental costs directly attributable to the equity transaction that otherwise
would have been avoided. Transaction costs related to the issue of a compound financial instrument
are allocated to the liability and equity components of the instruments in proportion to the allocation
of proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-334": { "value": "
Financial liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit or loss
(derivative financial liabilities) or financial liabilities at amortized cost (trade and other payables).
All financial liabilities at amortized cost are initially recognized at the fair value of the consideration
received less directly attributable transaction costs; transaction costs related to the issue of a
compound financial instrument are allocated to the liability and equity components of the
instruments in proportion to the allocation of proceeds. After initial recognition, financial liabilities
are subsequently measured at amortized cost using the effective interest method.
Gains and losses are recognized in the statement of income when the liabilities are paid off or
otherwise eliminated as well as through the amortization process. Purchases and sales of financial
liabilities are recognized at settlement date.
A financial liability is derecognized when the obligation under the liability is discharged or cancelled
or expired. Where an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as a derecognition of the original liability and the recognition of
a new liability, and the difference in the respective carrying amounts is recognized in the statement
of income.
Convertible bonds
The convertible bonds are classified as hybrid financial instruments under IAS 32 and pursuant to it
the debt host contract and the embedded derivative for the fair value of the conversion rights into
Pharming shares (the \"conversion option\") are recognized separately.
The component parts of convertible bonds issued by the Group are classified separately as financial
liabilities and equity in accordance with the substance of the contractual arrangements and the
definitions of a financial liability and an equity instrument. A conversion option that will be settled by
the exchange of a fixed amount of cash or another financial asset for a fixed number of the
Company's own equity instruments is an equity instrument. If, or until, this fixed-for-fixed criterion is
not met, the conversion option is recognized as a financial liability derivative at fair value through
profit or loss. When this fixed-for-fixed criterion is met at a later date, the conversion option is
reclassified to equity at fair value, resulting in a fair value result immediately prior to the
reclassification.
If the fixed-for-fixed criterion is met, at the date of issue, the fair value of the debt host contract is
estimated using the prevailing market interest rate for a similar non-convertible instrument.
This amount is recorded as a liability on an amortized cost basis using the effective interest method.
The conversion option classified as equity at issuance is determined by deducting the amount of the
liability component from the fair value of the compound instrument as a whole. This is recognized
and included in equity, net of income tax effects, and is not subsequently remeasured.
If the fixed-for-fixed criterion is not met, the conversion option classified as a financial liability
derivative at recognition is measured using a pricing model. Upon and in case of reclassification to
equity when the fixed-for-fixed criterion is met at a later date, the conversion option is recognized
and included in equity, net of income tax effects, and is not subsequently remeasured. The debt host
contract is measured as the difference between the proceeds from the bond and the value of the
conversion option at initial recognition. This debt host contract is subsequently measured at
amortized cost.
Direct costs associated with the issue of the convertible bonds are allocated to the debt host contract
and the conversion option in amounts proportional to the allocation of the gross proceeds. They are
accounted for respectively in the amortized cost (debt host contract) and in equity (conversion option
meeting fixed-for-fixed criterion at initial recognition), or in the income statement (conversion option
not meeting fixed-for-fixed criterion at initial recognition).
In the case the Company extinguishes the convertible bond before maturity through an early
redemption or repurchase, the difference between the carrying amount of the debt host contract
(or part of the debt host contract) extinguished or transferred to another party and the consideration
paid, including any non-cash assets transferred or liabilities assumed, will be recognized in the
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-336": { "value": "
Financial liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit or loss
(derivative financial liabilities) or financial liabilities at amortized cost (trade and other payables).
All financial liabilities at amortized cost are initially recognized at the fair value of the consideration
received less directly attributable transaction costs; transaction costs related to the issue of a
compound financial instrument are allocated to the liability and equity components of the
instruments in proportion to the allocation of proceeds. After initial recognition, financial liabilities
are subsequently measured at amortized cost using the effective interest method.
Gains and losses are recognized in the statement of income when the liabilities are paid off or
otherwise eliminated as well as through the amortization process. Purchases and sales of financial
liabilities are recognized at settlement date.
A financial liability is derecognized when the obligation under the liability is discharged or cancelled
or expired. Where an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as a derecognition of the original liability and the recognition of
a new liability, and the difference in the respective carrying amounts is recognized in the statement
of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-335": { "value": "
Financial liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit or loss
(derivative financial liabilities) or financial liabilities at amortized cost (trade and other payables).
All financial liabilities at amortized cost are initially recognized at the fair value of the consideration
received less directly attributable transaction costs; transaction costs related to the issue of a
compound financial instrument are allocated to the liability and equity components of the
instruments in proportion to the allocation of proceeds. After initial recognition, financial liabilities
are subsequently measured at amortized cost using the effective interest method.
Gains and losses are recognized in the statement of income when the liabilities are paid off or
otherwise eliminated as well as through the amortization process. Purchases and sales of financial
liabilities are recognized at settlement date.
A financial liability is derecognized when the obligation under the liability is discharged or cancelled
or expired. Where an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as a derecognition of the original liability and the recognition of
a new liability, and the difference in the respective carrying amounts is recognized in the statement
of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-337": { "value": "
Provisions
Provisions are recognized when there is a present obligation (legal or constructive) as a result of a
past event, it is probable that the Group will be required to settle that obligation and a reliable
estimate can be made of the amount of the obligation. The amount recognized as a provision is the
best estimate of the consideration required to settle the present obligation at the reporting date,
taking into account the risks and uncertainties surrounding the obligation. Where a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount
is the present value of those cash flows (when the effect of the time value of money is material).
The expense relating to any provision is presented in the statement of income net of any
reimbursement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-338": { "value": "
Trade and other payables
Trade and other payables are initially recognized at fair value. Subsequent measurement is at
amortized cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-340": { "value": "
Revenue recognition
In order to determine when to recognize revenue and at what amount, the Company applies the
following five steps, based on transfer of control over goods to the customer:
1. Identify the contract(s) with a customer;
2. Identify the performance obligations in the contract. Performance obligations are promises in
a contract to transfer to a customer goods that are distinct;
3. Determine the transaction price. The transaction price is the amount of consideration to which
an entity expects to be entitled in exchange for transferring promised goods or services to a
customer. If the consideration promised in a contract includes a variable amount, an entity must
estimate the amount of consideration to which it expects to be entitled in exchange for
transferring the promised goods or services to a customer;
4. Allocate the transaction price to each performance obligation on the basis of the relative stand-
alone selling prices of each distinct good or service promised in the contract; and
5. Recognize revenue when a performance obligation is satisfied by transferring a promised good
or service to a customer (which is when the customer obtains control of that good or service).
A performance obligation may be satisfied at a point in time (typically for promises to transfer
goods to a customer) or over time (typically for promises to transfer services to a customer).
For a performance obligation satisfied over time, an entity would select an appropriate measure
of progress to determine how much revenue should be recognized as the performance obligation
is satisfied.
All of the Group's revenue from contracts with customers is derived from delivery of goods,
specifically pharmaceutical products. The Group does not provide any additional services (including
financing services) or equipment to its customers. In accordance with IFRS 15, revenue is recognized
when the customer obtains control of the goods. For the Group's contracts the customer usually
obtains control immediately after shipment of the product, which arrives at the customer within a
short time frame.
The vast majority of the Group's contracts for revenue with customers are subject to chargebacks,
discounts and/or rebates relating directly to customers or to ultimate reimbursement claims from
government or insurance payers. These are accounted for on an estimated net basis, with any actual
discounts and rebates used to refine the estimates in due course. These variable elements are
deducted from revenue in the same period as the related sales are recorded. Due to the nature of
these variable elements, it is not practicable to give meaningful sensitivity estimates due to the large
volume of variables that contribute to the overall discounts, rebates and chargebacks accruals.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-339": { "value": "
Revenue recognition
In order to determine when to recognize revenue and at what amount, the Company applies the
following five steps, based on transfer of control over goods to the customer:
1. Identify the contract(s) with a customer;
2. Identify the performance obligations in the contract. Performance obligations are promises in
a contract to transfer to a customer goods that are distinct;
3. Determine the transaction price. The transaction price is the amount of consideration to which
an entity expects to be entitled in exchange for transferring promised goods or services to a
customer. If the consideration promised in a contract includes a variable amount, an entity must
estimate the amount of consideration to which it expects to be entitled in exchange for
transferring the promised goods or services to a customer;
4. Allocate the transaction price to each performance obligation on the basis of the relative stand-
alone selling prices of each distinct good or service promised in the contract; and
5. Recognize revenue when a performance obligation is satisfied by transferring a promised good
or service to a customer (which is when the customer obtains control of that good or service).
A performance obligation may be satisfied at a point in time (typically for promises to transfer
goods to a customer) or over time (typically for promises to transfer services to a customer).
For a performance obligation satisfied over time, an entity would select an appropriate measure
of progress to determine how much revenue should be recognized as the performance obligation
is satisfied.
All of the Group's revenue from contracts with customers is derived from delivery of goods,
specifically pharmaceutical products. The Group does not provide any additional services (including
financing services) or equipment to its customers. In accordance with IFRS 15, revenue is recognized
when the customer obtains control of the goods. For the Group's contracts the customer usually
obtains control immediately after shipment of the product, which arrives at the customer within a
short time frame.
The vast majority of the Group's contracts for revenue with customers are subject to chargebacks,
discounts and/or rebates relating directly to customers or to ultimate reimbursement claims from
government or insurance payers. These are accounted for on an estimated net basis, with any actual
discounts and rebates used to refine the estimates in due course. These variable elements are
deducted from revenue in the same period as the related sales are recorded. Due to the nature of
these variable elements, it is not practicable to give meaningful sensitivity estimates due to the large
volume of variables that contribute to the overall discounts, rebates and chargebacks accruals.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-341": { "value": "
Other income
Other income consists of gains upon sale of investments, income from government grants and gain
on the sale of the Rare Pediatric Disease Priority Review Voucher (PRV).
Pharming receives certain grants which support the Company's research efforts in defined research
and development projects. These subsidies generally provide for reimbursement of approved costs
incurred as defined in various grants. Subsidies are recognized if the Company can demonstrate it has
complied with all attached conditions and it is probable that the grant amount will be received.
Grants are recognized in profit or loss on a systematic basis over the periods in which the Group
recognizes as expenses the related costs for which the grants are intended to compensate.
The Company includes income from grants under other income in the statement of income in order
to enable comparison of its statement of income with companies in the life sciences sector.
Pharming was granted the PRV by the Food and Drug Administration (FDA) in March 2023 in
connection with the approval of Joenja\u00ae. The sale price was a contractually defined sales price
pursuant to the terms of the August 2019 exclusive license agreement between Pharming and
Novartis for leniolisib. The Board of Directors made an assessment on the classification of this
transaction, taking into account the requirements in IAS 1 and concluded that it is most appropriate
to classify the transaction in Other income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-342": { "value": "
Pension plan
For all Dutch employees, the Company participates in defined contribution pension plans with an
independent insurance company. Defined contributions are expensed in the year in which the related
employee services are rendered.
Employees in the United States are enabled to participate in a 401k plan, which also qualifies as a
defined contribution plan. To become an eligible participant, an employee must complete 6 months
of service and attain the age of 18 years. The employer matches 100% of the first 3% the employee
contributes to their 401k plan and 50% of any amount over 3% up to 5%. Any employee contribution
over 5% is not matched. Costs of the 401k plan are expensed in the year in which the related
employee services are rendered.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-343": { "value": "
Share-based payment
The costs of option plans are measured by reference to the fair value of the options on the date on
which the options are granted. The fair value is determined using the Black-Scholes model. The costs
of these options are recognized in the income statement (share-based compensation) during the
vesting period, together with a corresponding increase in equity (other reserves). If required,
the estimate of the number of equity instruments expected to vest is revised on a yearly basis.
The impact of this revision is reflected in the statement of profit and loss (other operating costs)
and statement of other comprehensive income. Share-based payment charges do not affect liabilities
or cash flows in the year of expense since all transactions are equity-settled.
Pharming's employee option plan states that an employee is entitled to exercise the vested options
within five years after the date of the grant. The period in which the options become unconditional is
defined as the vesting period.
Long Term Incentive Plan
For a limited number of board members and officers, performance shares are granted free of charge.
A maximum number of predetermined shares vest three years after the grant date, provided that
the participant to the long-term incentive plan is still in service (continued employment condition),
with actual shares to be transferred based on the relative achievement of Pharming's share price
compared to a peer group. The maximum number of shares immediately vests upon a change of
control.
The fair value is determined using Monte Carlo simulation. The costs of the LTIP are recognized in the
income statement during the vesting period. The fair value at the grant date includes the market
performance condition (relative total shareholder return performance) but excludes the three-year
service condition. The performance includes Total Shareholder Return (40% weighing) and
achievement of long-term strategy-oriented objectives (60% weighing). The Total Shareholders
Return is compared to a peer group.
The shares granted to the Executive Director under the LTIP, will vest in 3 years after the grant date,
subject to the achievement of targets for a three-year performance period, their relative weightings
and the pay-out limits. All shares will be subject to a retention period of 5 years from the date of
grant. In order to fully become entitled to the shares vesting under the LTI conditions the participant
must be a member of the Board of Directors as Executive Board Member at the vesting date.
The costs of the LTIP are recognized in the income statement during the vesting period.
Restricted Stock Unit Plan
For a limited number of board members and officers, restricted stock units are granted free of
charge. A maximum number of predetermined shares vest four years after the grant date, provided
that the participant to the long-term incentive plan is still in service (continued employment
condition).
The fair value is determined to be the market price at the grant date. The costs of the RSU grant are
recognized in the income statement during the vesting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-344": { "value": "
Leases
The Group assesses whether a contract is or contains a lease at the inception of the contract.
The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease
arrangements in which it is a lessee, except for short-term leases (defined as leases with a lease term
of 12 months or less) and leases of low value assets (such as tablets and personal computers, small
items of office furniture and telephones). For these leases the Group recognizes the lease payments
as an operating expense on a straight-line basis over the term of the lease unless another systematic
basis is more representative of the time pattern in which the economic benefits from the leased
assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be
readily determined, the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
\u2022 Fixed lease payments.
\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or
rate at the commencement date.
The lease liability is presented as a separate line in the consolidated balance sheet.
The lease liability is subsequently measured by increasing the carrying amount to reflect the interest
on the lease liability (using the effective interest method) and by reducing the carrying amount to
reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-
of-use asset) whenever:
\u2022 The lease term has changed or there is a significant event or change in circumstances resulting in
a change in the assessment of exercise of a purchase option, in which case the lease liability is
remeasured by discounting the revised lease payments using a revised discount rate.
\u2022 The lease payments change due to changes in an index or rate or a change in expected payment
under a guaranteed residual value, in which case the lease liability is remeasured by discounting
the revised lease payments using an unchanged discount rate (unless the lease payments change
is due to a change in a floating interest rate, in which case a revised discount rate is used).
\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease,
in which case the lease liability is remeasured based on the lease term of the modified lease by
discounting the revised lease payments using a revised discount rate at the effective date of
modification.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease
payments made at or before commencement day, less any lease incentives received and any initial
direct costs. They are subsequently measured at cost less accumulated depreciation and impairment
losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore
the site on which it is located or restore the underlying asset to the condition required by the terms
and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that
the costs relate to a right-of-use asset, the costs are included in the related right-of-use, unless those
costs are incurred to produce inventories.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the
underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use
asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is
depreciated over the useful life of the underlying asset. The depreciation starts at the
commencement date of the lease.
The right-of-use assets are presented as a separate line in the consolidated balance sheet.
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any
identified impairment loss as described in the 'Property, Plant and Equipment' policy.
Variable rents that do not depend on an index or rate are not included in the measurement of the
lease liability. The related payments are recognized as an expense in the period in which the event or
condition triggers those payments occur.
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead
account for any lease and associated non-lease components as a single arrangement. For contracts
that contain lease components and one or more additional lease or non-lease components, the
Group allocates the consideration in the contract to each lease component on the basis of the
relative stand-alone price of the lease component and the aggregate stand-alone price of the non-
lease components. The Group has not used this practical expedient.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-346": { "value": "
Income tax
The income tax expense or credit for the period is the tax payable on the current period's taxable
income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred
tax assets and liabilities attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the end of the reporting period in the countries where the Company and its subsidiaries
operate and generate taxable income. The Board of Directors periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate based on amounts expected to be paid to the tax
authorities.
Deferred income tax is provided in full, using the liability method on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial
statements. Deferred income tax is determined using tax rates that have been enacted or
substantially enacted by the end of the reporting period and are expected to apply when the related
deferred income tax asset is realized, or the deferred income tax liability is settled.
Deferred tax assets are recognized only if it is probable that future taxable amounts will be available
to use those temporary differences and losses. The Company has assessed all its income tax amounts
and provisions in the light of IFRIC 23 'Accounting for Uncertain Income Taxes', and has concluded
that it is probable that its particular tax treatment will be accepted in all relevant jurisdictions and
thus it has determined taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax
rates consistently with the tax treatment included in its income tax filings.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items
recognized in other comprehensive income or directly in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-345": { "value": "
Income tax
The income tax expense or credit for the period is the tax payable on the current period's taxable
income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred
tax assets and liabilities attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the end of the reporting period in the countries where the Company and its subsidiaries
operate and generate taxable income. The Board of Directors periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate based on amounts expected to be paid to the tax
authorities.
Deferred income tax is provided in full, using the liability method on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial
statements. Deferred income tax is determined using tax rates that have been enacted or
substantially enacted by the end of the reporting period and are expected to apply when the related
deferred income tax asset is realized, or the deferred income tax liability is settled.
Deferred tax assets are recognized only if it is probable that future taxable amounts will be available
to use those temporary differences and losses. The Company has assessed all its income tax amounts
and provisions in the light of IFRIC 23 'Accounting for Uncertain Income Taxes', and has concluded
that it is probable that its particular tax treatment will be accepted in all relevant jurisdictions and
thus it has determined taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax
rates consistently with the tax treatment included in its income tax filings.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items
recognized in other comprehensive income or directly in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-347": { "value": "
Earnings per share
Basic earnings per share are calculated based on the weighted average number of ordinary shares
outstanding during the period. Diluted earnings per share are computed based on the weighted
average number of ordinary shares outstanding including the dilutive effect of shares to be issued in
the future under certain arrangements such as option plans and convertible loan agreements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-348": { "value": "
The preparation of financial statements requires judgments and estimates that affect the reported
amounts of assets and liabilities, revenues and expenses, and related disclosure of contingent assets
and liabilities at the date of the financial statements. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The main estimates and assumptions that have a
risk of causing an adjustment to the carrying amounts of assets and liabilities within the next financial
year are addressed below.
Judgements:
Biological Assets
Under IAS 41 \"Agriculture\", the Board of Directors is required to assess whether 'biological assets'
which are contributing to production of our cash flows should be accounted for as assets. The Board
of Directors has assessed Pharming's biological assets and conclude that these do not qualify to be
recognized under the relevant standard IAS 41 \"Agriculture\" due to their uniqueness and very special
transgenic nature and thus all relevant costs are expensed through the income statement.
Estimates:
Revenue - U.S. Revenue Rebate Accruals
Revenue is recognized when control has been transferred to the customer. Revenue is reduced by
chargebacks and rebates for government healthcare programs, discounts to specialty pharmacies
and wholesalers, and product returns given or expected to be given, which vary by patient groups.
Chargebacks and rebates for healthcare programs depend upon the submission of claims sometime
after the initial recognition of the sale. The liability for this variable consideration is made, at the time
of sale, for the estimated chargebacks and rebates, mainly U.S. Medicaid, based on available market
information and historical experience. Because the amounts are estimated they may not fully reflect
the final outcome, and the amounts are subject to change dependent upon, amongst other things,
the types of patient groups. The level of these liabilities is being reviewed and adjusted regularly in
the light of contractual and legal obligations, historical charges and trends, past experience and
projected mixtures of patient groups. The Group acquires this information from both internal
resources and external parties.
Future events could cause the assumptions on which the accruals are based to change, which could
affect the future results of the Group. More information around accruals for rebates and discounts
can be found in note 21 of the notes to the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-349": { "value": "Going concern assessment
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing
the Group\u2019s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Board of Directors either intends
to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
These consolidated financial statements have been prepared for the Group as a going concern.
The 2024 year-end balance of cash and cash equivalents, restricted cash and marketable securities
of US$169.4 million is expected to fund the Company for more than twelve months from the date of
this report.
Following the approval of Joenja\u00ae (leniolisib) by the U.S. FDA in March 2023, and the U.K. MHRA in
September 2024, the Company has increased investments in strengthening the organization and
marketing and sales activities. The Board of Directors anticipates further investments in the
preparations for the launch and commercialization of leniolisib in other key global launch markets
in 2025. In addition, following the acquisition of Abliva AB in the first quarter of 2025, the overall cash
position has decreased and additional investments in the acquired pipeline are expected.
These investments will have a negative effect on the result in the year 2025. Consequently, cash and
cash equivalents, restricted cash and marketable securities may reduce during the year as the
company invests in its future. The company remains confident in the robustness of RUCONEST\u00ae sales,
growth and expansion of Joenja\u00ae sales and the expansion of its pipeline.
Presently, however, no further assurance can be given on either the timing or size of future profits.
In addition, in the event that the Company needs to raise capital by issuing additional shares,
shareholders' equity interests may be diluted as to voting power, and their interests as to value will
depend on the price at which such issues are made. The Company sees no further need to raise
capital to support its current operations, but may take an opportunity to do so in either equity issue
or through an expansion of the current convertible debt or to raise debt, or through a combination of
such instruments, to support an acquisition or in-licensing of additional assets, if appropriate terms
can be obtained that are in the best interests of shareholders.
Macro-economic developments like pressure on energy supply, increased inflation and higher
interest rates have an impact on Pharming and are managed by price increases on our products in
line with CPI development and fixed interest on our convertible bond.
Overall, based on the outcome of this assessment, Pharming's 2024 financial statements have been
drawn up on the basis of a going concern assumption. Notwithstanding their belief and confidence
that Pharming will be able to continue as a going concern, the Executive Directors and Officers
emphasize that the actual cash flows may potentially ultimately deviate up or down from our
projections to various reasons. In the absence of an (improbable) absolute catastrophe such as
banning of the product from sale in a major market, the Executive Directors and Officers believe that
the Company will have more than sufficient resources to meet all obligations as they fall due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-350": { "value": "Segment information
Operating segments are components of the Company that engage in business activities from which it
may incur expenses, for which discrete financial information is available and whose operating results
are evaluated regularly by the Company's Chief Operating Decision Maker (\"CODM\") to make
decisions about resources to be allocated to the segment and assess its performance. The Executive
Members of the Board of Directors are considered the CODM.
CODM reviews the Company's results under four operating segments based on a combination of the
products that the Company has launched - RUCONEST\u00ae and Joenja\u00ae, and the main geographies where
sales are consummated - focused on the U.S. and reporting, in aggregate, Europe and Rest of the
World (\"RoW\"). The four operating segments correspond to each of its four reportable segments for
financial reporting purposes.
The CODM reviews revenues and gross profit to assess the performance of their operating segments.
The CODM does not review financial information on a segmental basis below gross margin, and
balance sheet information is not allocated to the company's reportable segments. There are no
intersegment sales.
Total revenues and gross profit per each operating and reportable segment for the period ended for
the years ended December 31, 2024 and 2023 are:
Amounts in US$ \u2018000
2024
2023
RUCONEST\u00ae
Joenja\u00ae
Total
RUCONEST\u00ae
Joenja\u00ae
Total
Revenues:
US
246,649
40,500
287,149
221,213
17,894
239,107
Europe and RoW
5,590
4,461
10,051
5,921
288
6,209
Total revenues
252,239
44,961
297,200
227,134
18,182
245,316
Gross profit:
US
221,093
35,136
256,229
202,441
15,417
217,858
Europe and RoW
1,126
4,446
5,572
2,026
220
2,246
Total gross profit
222,219
39,582
261,801
204,467
15,637
220,104
Substantially all of the Company's non-current assets are located in The Netherlands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-351": { "value": "
Operating segments are components of the Company that engage in business activities from which it
may incur expenses, for which discrete financial information is available and whose operating results
are evaluated regularly by the Company's Chief Operating Decision Maker (\"CODM\") to make
decisions about resources to be allocated to the segment and assess its performance. The Executive
Members of the Board of Directors are considered the CODM.
CODM reviews the Company's results under four operating segments based on a combination of the
products that the Company has launched - RUCONEST\u00ae and Joenja\u00ae, and the main geographies where
sales are consummated - focused on the U.S. and reporting, in aggregate, Europe and Rest of the
World (\"RoW\"). The four operating segments correspond to each of its four reportable segments for
financial reporting purposes.
The CODM reviews revenues and gross profit to assess the performance of their operating segments.
The CODM does not review financial information on a segmental basis below gross margin, and
balance sheet information is not allocated to the company's reportable segments. There are no
intersegment sales.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-353": { "value": "Revenues
The increase in revenues was driven by higher sales of RUCONEST\u00ae in the U.S. market (US$246.6
million in 2024 compared to US$221.2 million in 2023) and higher sales of Joenja\u00ae worldwide
(US$45.0 million in 2024 compared to US$18.2 million in 2023). Revenues of RUCONEST\u00ae in Europe
and Rest of World amounted to US$5.6 million in 2024 compared to US$5.9 million in 2023. Revenues
of Joenja\u00ae in Europe and Rest of World is revenue through Named Patient Programs and amounted
to US$4.5 million in 2024 compared to US$0.3 million in 2023.
Two U.S. customers represent approximately US$227.7 million (77%) of our net revenues in 2024,
per customer US$134.8 million and US$92.9 million respectively. In 2023 these two, U.S. customers
represent approximately US$204.3 million (83%) of our net revenues, per customer US$108.4 million
and US$95.9 million respectively. These customers are specialty wholesale companies that are
specialized in distribution of pharmaceuticals in our and competitors' disease area and distribute
our product.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-352": { "value": "Revenues
The increase in revenues was driven by higher sales of RUCONEST\u00ae in the U.S. market (US$246.6
million in 2024 compared to US$221.2 million in 2023) and higher sales of Joenja\u00ae worldwide
(US$45.0 million in 2024 compared to US$18.2 million in 2023). Revenues of RUCONEST\u00ae in Europe
and Rest of World amounted to US$5.6 million in 2024 compared to US$5.9 million in 2023. Revenues
of Joenja\u00ae in Europe and Rest of World is revenue through Named Patient Programs and amounted
to US$4.5 million in 2024 compared to US$0.3 million in 2023.
Two U.S. customers represent approximately US$227.7 million (77%) of our net revenues in 2024,
per customer US$134.8 million and US$92.9 million respectively. In 2023 these two, U.S. customers
represent approximately US$204.3 million (83%) of our net revenues, per customer US$108.4 million
and US$95.9 million respectively. These customers are specialty wholesale companies that are
specialized in distribution of pharmaceuticals in our and competitors' disease area and distribute
our product.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-355": { "value": "Other income
Other income related to the following:
Amounts in US$ \u2018000
2024
2023
Grants
2,106
1,784
Proceeds from PRV sale
\u2014
21,279
Other
71
286
Total
2,177
23,349
The received grants amounted to US$2.1 million in 2024 (US$1.8 million in 2023). The grants are
annual payroll-tax reimbursement granted by the Dutch and French governments for research and
development activities actually conducted by the Company in those countries.
In June 2023, Pharming announced that it had entered into a definitive agreement to sell its Rare
Pediatric Disease Priority Review Voucher (PRV) to Novartis for a one-time payment of US$21.3
million. Pharming was granted the PRV by the FDA in March 2023 in connection with the approval of
Joenja\u00ae. The sale price was a contractually defined percentage of the PRV value pursuant to the
terms of the August 2019 exclusive license agreement between Pharming and Novartis for leniolisib.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-354": { "value": "Other income
Other income related to the following:
Amounts in US$ \u2018000
2024
2023
Grants
2,106
1,784
Proceeds from PRV sale
\u2014
21,279
Other
71
286
Total
2,177
23,349
The received grants amounted to US$2.1 million in 2024 (US$1.8 million in 2023). The grants are
annual payroll-tax reimbursement granted by the Dutch and French governments for research and
development activities actually conducted by the Company in those countries.
In June 2023, Pharming announced that it had entered into a definitive agreement to sell its Rare
Pediatric Disease Priority Review Voucher (PRV) to Novartis for a one-time payment of US$21.3
million. Pharming was granted the PRV by the FDA in March 2023 in connection with the approval of
Joenja\u00ae. The sale price was a contractually defined percentage of the PRV value pursuant to the
terms of the August 2019 exclusive license agreement between Pharming and Novartis for leniolisib.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-356": { "value": "
Other income related to the following:
Amounts in US$ \u2018000
2024
2023
Grants
2,106
1,784
Proceeds from PRV sale
\u2014
21,279
Other
71
286
Total
2,177
23,349
The received grants amounted to US$2.1 million in 2024 (US$1.8 million in 2023). The grants are
annual payroll-tax reimbursement granted by the Dutch and French governments for research and
development activities actually conducted by the Company in those countries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-358": { "value": "Expenses by nature
Costs of sales
Costs of sales in 2024 and 2023 were as follows:
Amounts in US$ \u2018000
2024
2023
Cost of inventories recognized as expenses
(25,645)
(21,404)
Royalty fees
(4,907)
(2,145)
Obsolete inventory impairments
(4,847)
(1,663)
Total
(35,399)
(25,212)
Pharming expensed royalty fees to Novartis on Joenja\u00ae sales, amounting to US$4.9 million in 2024
(2023: US$2.1 million). See note 25. Commitments and contingencies for further information on the
royalty fees to Novartis. Obsolete inventory impairment stems from the valuation of the inventories
against lower net realizable value and mainly relates to products no longer eligible for commercial
sales. Impairments related to inventories designated for commercial activities amounted to a charge
of US$4.8 million in 2024 (2023: US$1.7 million).
Costs of research and development
Research and development costs are specified as follows:
Amounts in US$ \u2018000
2024
2023
Employee costs
(29,869)
(26,830)
Amortization costs intangible assets
(232)
(218)
Impairment losses intangible assets
\u2014
(253)
Depreciation Property, plant and equipment and right of use assets
(1,449)
(1,636)
Direct Operating Expenses
(47,232)
(36,226)
Other indirect research and development costs
(4,365)
(3,751)
Total research and development costs
(83,147)
(68,914)
As percentage of net sales
(28)%
(28)%
Operating expenses for research and development activities increased to US$83.1 million in 2024
from US$68.9 million in 2023. The increase in costs mainly relates to current year's spend in research
in leniolisib for the treatment of activated phosphoinositide 3-kinase delta (PI3K\u03b4) syndrome (APDS)
for patients under 12 years old, research on the use of leniolisib for additional primary
immunodeficiencies (PIDs) beyond APDS and costs relating to activities in EU and the rest of the
world for the purpose of receiving regulatory approval to commercialize Joenja\u00ae for APDS. Primarily
due to these activities, both the direct operating expenses and the employee costs have increased
in 2024.
Costs of general and administrative activities
General and administrative costs are specified as follows:
Amounts in US$ \u2018000
2024
2023
Employee costs
(25,526)
(21,216)
Amortization costs IFA
(617)
(650)
Depreciation PPE and right of use assets
(2,926)
(3,118)
Impairment losses PPE and right of use assets
(5,027)
(4,663)
Direct Operating Expenses
(18,790)
(11,240)
Other indirect general and administrative costs
(17,764)
(14,990)
Total general and administrative costs
(70,650)
(55,877)
As percentage of net sales
(24)%
(23)%
Operating expenses for general and administrative activities increased to US$70.7 million in 2024
from US$55.9 million in 2023. The increased employee costs are mainly related to more staff
employed following the growth of the organization. Direct operating expenses mainly increased due
to one-off costs relating to the public cash offer to the shareholders of Abliva AB to acquire all issued
and outstanding shares of Abliva AB, additional costs for (internal) audits and a general increase due
to business growth. Other indirect general and administrative costs mainly increased due to
additional contractor and consultant costs required for growth in the internal organization.
Furthermore, during 2024, we've recognized an additional impairment loss relating to impaired
assets in connection with our cancelled downstream production capacity at Pivot Park in Oss,
the Netherlands.
Costs of marketing and sales activities
Marketing and sales costs are specified as follows:
Amounts in US$ \u2018000
2024
2023
Employee costs
(48,791)
(44,478)
Amortization costs intangible assets
(5,424)
(4,985)
Depreciation PPE and right of use assets
(394)
(403)
Direct Operating Expenses
(57,058)
(67,366)
Other indirect marketing and sales costs
(7,135)
(6,817)
Total marketing and sales costs
(118,802)
(124,049)
As percentage of net sales
(40)%
(51)%
Operating expenses for marketing and sales decreased in 2024 to US$118.8 million from US$124.0
million in 2023.
In 2023, Pharming had paid US$10.4 million in Development and Regulatory Milestone payments
as a result of the first commercial sale of Joenja\u00ae in 2023, which was recorded as direct operating
expenses. See note 25. Commitments and contingencies for more information on the leniolisib
milestone commitments.
Excluding the one-off milestone payment in 2023, the marketing and sales expenses increased,
mainly due to the further expansion of the commercial organization and infrastructure in the U.S.,
Europe and other key global launch markets, in view of the U.S. FDA approval in March 2023, the U.K.
MHRA approval in September 2024, and the anticipated approval by other regulatory authorities in
2025 and beyond.
Employee benefits
Amounts in US$ \u2018000
2024
2023
Salaries
(80,026)
(71,690)
Social security costs
(9,278)
(8,604)
Pension costs
(3,629)
(2,980)
Share-based compensation
(11,253)
(9,251)
Total
(104,186)
(92,525)
Salaries include holiday allowances and cash bonuses for staff.
Employee benefits are included in:
Amounts in US$ \u2018000
2024
2023
Research and development
(29,869)
(26,830)
General and administrative
(25,526)
(21,216)
Marketing and sales
(48,791)
(44,479)
Total
(104,186)
(92,525)
The number of employees
Average full time equivalent
2024
2023
Research and development
129
131
General and administrative
125
104
Marketing and sales
109
100
Production
41
47
Total
404
382
The average number of full time equivalents (FTEs) working outside the Netherlands was 196 (2023:
181). The increase of the total number of FTEs was in line with the overall business growth across the
Company. Employee benefits of production related FTEs have been included in the value of
inventories.
Employee benefits are charged to research and development costs, general and administrative costs,
or marketing and sales costs based on the nature of the services provided by each employee.
Depreciation and amortization charges
Amounts in US$ \u2018000
notes
2024
2023
Property, plant and equipment
11
(1,395)
(1,494)
Intangible assets
10
(6,273)
(5,852)
Right of use assets
12
(3,374)
(3,664)
Total
(11,042)
(11,010)
The variances in depreciation charges and amortization charges in 2024 as compared to 2023 mainly
stems increased amortization of intangible assets our Joenja\u00ae license subsequent to the FDA approval
in March 2023, after which amortization started. In 2024, a full year of amortization is applicable.
Depreciation of Right of use assets decreased due to the impairments taken on our DSP facility in Oss,
the Netherlands.
Independent auditor's fees
Both the 2024 and the 2023 audit were performed by Deloitte Accountants B.V.
Amounts in US$ \u2018000
2024
2023
Audit Fees
(1,690)
(1,328)
Audit Related Fees
\u2014
\u2014
Tax advisory
\u2014
\u2014
Total
(1,690)
(1,328)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-357": { "value": "Expenses by nature
Costs of sales
Costs of sales in 2024 and 2023 were as follows:
Amounts in US$ \u2018000
2024
2023
Cost of inventories recognized as expenses
(25,645)
(21,404)
Royalty fees
(4,907)
(2,145)
Obsolete inventory impairments
(4,847)
(1,663)
Total
(35,399)
(25,212)
Pharming expensed royalty fees to Novartis on Joenja\u00ae sales, amounting to US$4.9 million in 2024
(2023: US$2.1 million). See note 25. Commitments and contingencies for further information on the
royalty fees to Novartis. Obsolete inventory impairment stems from the valuation of the inventories
against lower net realizable value and mainly relates to products no longer eligible for commercial
sales. Impairments related to inventories designated for commercial activities amounted to a charge
of US$4.8 million in 2024 (2023: US$1.7 million).
Costs of research and development
Research and development costs are specified as follows:
Amounts in US$ \u2018000
2024
2023
Employee costs
(29,869)
(26,830)
Amortization costs intangible assets
(232)
(218)
Impairment losses intangible assets
\u2014
(253)
Depreciation Property, plant and equipment and right of use assets
(1,449)
(1,636)
Direct Operating Expenses
(47,232)
(36,226)
Other indirect research and development costs
(4,365)
(3,751)
Total research and development costs
(83,147)
(68,914)
As percentage of net sales
(28)%
(28)%
Operating expenses for research and development activities increased to US$83.1 million in 2024
from US$68.9 million in 2023. The increase in costs mainly relates to current year's spend in research
in leniolisib for the treatment of activated phosphoinositide 3-kinase delta (PI3K\u03b4) syndrome (APDS)
for patients under 12 years old, research on the use of leniolisib for additional primary
immunodeficiencies (PIDs) beyond APDS and costs relating to activities in EU and the rest of the
world for the purpose of receiving regulatory approval to commercialize Joenja\u00ae for APDS. Primarily
due to these activities, both the direct operating expenses and the employee costs have increased
in 2024.
Costs of general and administrative activities
General and administrative costs are specified as follows:
Amounts in US$ \u2018000
2024
2023
Employee costs
(25,526)
(21,216)
Amortization costs IFA
(617)
(650)
Depreciation PPE and right of use assets
(2,926)
(3,118)
Impairment losses PPE and right of use assets
(5,027)
(4,663)
Direct Operating Expenses
(18,790)
(11,240)
Other indirect general and administrative costs
(17,764)
(14,990)
Total general and administrative costs
(70,650)
(55,877)
As percentage of net sales
(24)%
(23)%
Operating expenses for general and administrative activities increased to US$70.7 million in 2024
from US$55.9 million in 2023. The increased employee costs are mainly related to more staff
employed following the growth of the organization. Direct operating expenses mainly increased due
to one-off costs relating to the public cash offer to the shareholders of Abliva AB to acquire all issued
and outstanding shares of Abliva AB, additional costs for (internal) audits and a general increase due
to business growth. Other indirect general and administrative costs mainly increased due to
additional contractor and consultant costs required for growth in the internal organization.
Furthermore, during 2024, we've recognized an additional impairment loss relating to impaired
assets in connection with our cancelled downstream production capacity at Pivot Park in Oss,
the Netherlands.
Costs of marketing and sales activities
Marketing and sales costs are specified as follows:
Amounts in US$ \u2018000
2024
2023
Employee costs
(48,791)
(44,478)
Amortization costs intangible assets
(5,424)
(4,985)
Depreciation PPE and right of use assets
(394)
(403)
Direct Operating Expenses
(57,058)
(67,366)
Other indirect marketing and sales costs
(7,135)
(6,817)
Total marketing and sales costs
(118,802)
(124,049)
As percentage of net sales
(40)%
(51)%
Operating expenses for marketing and sales decreased in 2024 to US$118.8 million from US$124.0
million in 2023.
In 2023, Pharming had paid US$10.4 million in Development and Regulatory Milestone payments
as a result of the first commercial sale of Joenja\u00ae in 2023, which was recorded as direct operating
expenses. See note 25. Commitments and contingencies for more information on the leniolisib
milestone commitments.
Excluding the one-off milestone payment in 2023, the marketing and sales expenses increased,
mainly due to the further expansion of the commercial organization and infrastructure in the U.S.,
Europe and other key global launch markets, in view of the U.S. FDA approval in March 2023, the U.K.
MHRA approval in September 2024, and the anticipated approval by other regulatory authorities in
2025 and beyond.
Employee benefits
Amounts in US$ \u2018000
2024
2023
Salaries
(80,026)
(71,690)
Social security costs
(9,278)
(8,604)
Pension costs
(3,629)
(2,980)
Share-based compensation
(11,253)
(9,251)
Total
(104,186)
(92,525)
Salaries include holiday allowances and cash bonuses for staff.
Employee benefits are included in:
Amounts in US$ \u2018000
2024
2023
Research and development
(29,869)
(26,830)
General and administrative
(25,526)
(21,216)
Marketing and sales
(48,791)
(44,479)
Total
(104,186)
(92,525)
The number of employees
Average full time equivalent
2024
2023
Research and development
129
131
General and administrative
125
104
Marketing and sales
109
100
Production
41
47
Total
404
382
The average number of full time equivalents (FTEs) working outside the Netherlands was 196 (2023:
181). The increase of the total number of FTEs was in line with the overall business growth across the
Company. Employee benefits of production related FTEs have been included in the value of
inventories.
Employee benefits are charged to research and development costs, general and administrative costs,
or marketing and sales costs based on the nature of the services provided by each employee.
Depreciation and amortization charges
Amounts in US$ \u2018000
notes
2024
2023
Property, plant and equipment
11
(1,395)
(1,494)
Intangible assets
10
(6,273)
(5,852)
Right of use assets
12
(3,374)
(3,664)
Total
(11,042)
(11,010)
The variances in depreciation charges and amortization charges in 2024 as compared to 2023 mainly
stems increased amortization of intangible assets our Joenja\u00ae license subsequent to the FDA approval
in March 2023, after which amortization started. In 2024, a full year of amortization is applicable.
Depreciation of Right of use assets decreased due to the impairments taken on our DSP facility in Oss,
the Netherlands.
Independent auditor's fees
Both the 2024 and the 2023 audit were performed by Deloitte Accountants B.V.
Amounts in US$ \u2018000
2024
2023
Audit Fees
(1,690)
(1,328)
Audit Related Fees
\u2014
\u2014
Tax advisory
\u2014
\u2014
Total
(1,690)
(1,328)
Other finance income and expenses
Amounts in US$ \u2018000
2024
2023
Interest income
4,858
3,663
Foreign currency gains
1,985
\u2014
Other finance income
6,843
3,663
Amortization and interest on convertible bonds
(7,699)
(4,876)
Fees and expenses on repayment and issuance convertible bonds
(1,151)
\u2014
Interest leases
(1,038)
(1,088)
Foreign currency losses
\u2014
(2,971)
Other finance expenses
(56)
(134)
Other finance expenses
(9,944)
(9,069)
Total other finance income and expenses
(3,101)
(5,406)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible S&P
AAA-rated government treasury certificates with a maturity of six months or less from the date of
acquisition. Since 2024, excess cash has also been used to invest in money market funds. As a result
of these purchases, the interest income has increased compared to 2023. Reference is made to note
14. Marketable securities for more information on these investments.
Foreign currency results
These results primarily follow from the revaluation of bank balances which are denominated in
foreign currencies, mainly but not exclusively in U.S. dollars, and the timing of foreign currency
payments against the actual exchange rate as compared to the original exchange rate applied upon
the charge of fees or expenses. The gains in 2024 are mainly a result of the revaluation of monetary
items in U.S. dollars, incorporated in the Dutch entities where the functional currency is euro.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2024 and 2023 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 19. Convertible bonds. The amortized costs are
calculated at the effective rate of interest, which takes account of any equity component on
recognition such as early repayment options. The fees and expenses on repayment and issuance of
the convertible bonds relate to the premium paid over the current carrying amount upon repayment
and to the direct costs allocated to the conversion option as disclosed in note 19. Convertible bonds.
Income taxes on ordinary activities
The following table specifies the current and deferred tax components of income taxes in the income
statement:
Amounts in US$ \u2018000
2024
2023
Income tax credit (expense)
Current tax
Current tax on profit or loss for the year
(9,287)
(5,343)
Adjustments for current tax of prior periods
315
241
Total current tax expense
(8,972)
(5,102)
Deferred income tax
Deferred tax on profit or loss for the year
7,469
6,639
Adjustments for deferred tax of prior periods
(1,846)
(73)
Total deferred tax credit (expense)
5,623
6,566
Income tax credit (expense)
(3,349)
1,464
Effective income tax rate
Pharming Group's effective rate in its consolidated income statement differed from the Netherlands'
statutory tax rate of 25.8%. The following table reconciles the tax credit (expense) at the statutory
rate to actual credit (expense) for the year in the consolidated income statement:
Amounts in US$ \u2018000
2024
ETR %
2023
ETR %
Reconciliation of tax charge
Profit, (loss) before taxation
(8,492)
(12,012)
Profit/(loss) multiplied by
standard rate of tax in The Netherlands
2,190
25.8%
3,099
\u2014
Effects of:
Tax rate in other jurisdictions
999
11.8%
1,123
9.4%
Non-taxable income
657
7.7%
6
0.1%
Non deductible expenses
(1,527)
(18.0)%
(266)
(2.2)%
Share based payments
(2,510)
(29.6)%
(2,022)
(16.8)%
Adjustments of prior periods
(1,531)
(18.0)%
168
1.4%
Change in statutory applicable tax rate
\u2014
\u2014
(De)recognition of deferred tax assets
(333)
(3.9)%
\u2014
U.S. State taxes and other
(1,294)
(15.2)%
(644)
(5.4)%
Income tax credit (expense) for the year
(3,349)
(39.4)%
1,464
12.2%
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-359": { "value": "
Costs of sales
Costs of sales in 2024 and 2023 were as follows:
Amounts in US$ \u2018000
2024
2023
Cost of inventories recognized as expenses
(25,645)
(21,404)
Royalty fees
(4,907)
(2,145)
Obsolete inventory impairments
(4,847)
(1,663)
Total
(35,399)
(25,212)
Pharming expensed royalty fees to Novartis on Joenja\u00ae sales, amounting to US$4.9 million in 2024
(2023: US$2.1 million). See note 25. Commitments and contingencies for further information on the
royalty fees to Novartis. Obsolete inventory impairment stems from the valuation of the inventories
against lower net realizable value and mainly relates to products no longer eligible for commercial
sales. Impairments related to inventories designated for commercial activities amounted to a charge
of US$4.8 million in 2024 (2023: US$1.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-360": { "value": "
Costs of research and development
Research and development costs are specified as follows:
Amounts in US$ \u2018000
2024
2023
Employee costs
(29,869)
(26,830)
Amortization costs intangible assets
(232)
(218)
Impairment losses intangible assets
\u2014
(253)
Depreciation Property, plant and equipment and right of use assets
(1,449)
(1,636)
Direct Operating Expenses
(47,232)
(36,226)
Other indirect research and development costs
(4,365)
(3,751)
Total research and development costs
(83,147)
(68,914)
As percentage of net sales
(28)%
(28)%
Operating expenses for research and development activities increased to US$83.1 million in 2024
from US$68.9 million in 2023. The increase in costs mainly relates to current year's spend in research
in leniolisib for the treatment of activated phosphoinositide 3-kinase delta (PI3K\u03b4) syndrome (APDS)
for patients under 12 years old, research on the use of leniolisib for additional primary
immunodeficiencies (PIDs) beyond APDS and costs relating to activities in EU and the rest of the
world for the purpose of receiving regulatory approval to commercialize Joenja\u00ae for APDS. Primarily
due to these activities, both the direct operating expenses and the employee costs have increased
in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-361": { "value": "
Costs of general and administrative activities
General and administrative costs are specified as follows:
Amounts in US$ \u2018000
2024
2023
Employee costs
(25,526)
(21,216)
Amortization costs IFA
(617)
(650)
Depreciation PPE and right of use assets
(2,926)
(3,118)
Impairment losses PPE and right of use assets
(5,027)
(4,663)
Direct Operating Expenses
(18,790)
(11,240)
Other indirect general and administrative costs
(17,764)
(14,990)
Total general and administrative costs
(70,650)
(55,877)
As percentage of net sales
(24)%
(23)%
Operating expenses for general and administrative activities increased to US$70.7 million in 2024
from US$55.9 million in 2023. The increased employee costs are mainly related to more staff
employed following the growth of the organization. Direct operating expenses mainly increased due
to one-off costs relating to the public cash offer to the shareholders of Abliva AB to acquire all issued
and outstanding shares of Abliva AB, additional costs for (internal) audits and a general increase due
to business growth. Other indirect general and administrative costs mainly increased due to
additional contractor and consultant costs required for growth in the internal organization.
Furthermore, during 2024, we've recognized an additional impairment loss relating to impaired
assets in connection with our cancelled downstream production capacity at Pivot Park in Oss,
the Netherlands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-362": { "value": "
Employee benefits
Amounts in US$ \u2018000
2024
2023
Salaries
(80,026)
(71,690)
Social security costs
(9,278)
(8,604)
Pension costs
(3,629)
(2,980)
Share-based compensation
(11,253)
(9,251)
Total
(104,186)
(92,525)
Salaries include holiday allowances and cash bonuses for staff.
Employee benefits are included in:
Amounts in US$ \u2018000
2024
2023
Research and development
(29,869)
(26,830)
General and administrative
(25,526)
(21,216)
Marketing and sales
(48,791)
(44,479)
Total
(104,186)
(92,525)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-363": { "value": "
The number of employees
Average full time equivalent
2024
2023
Research and development
129
131
General and administrative
125
104
Marketing and sales
109
100
Production
41
47
Total
404
382
The average number of full time equivalents (FTEs) working outside the Netherlands was 196 (2023:
181). The increase of the total number of FTEs was in line with the overall business growth across the
Company. Employee benefits of production related FTEs have been included in the value of
inventories.
Employee benefits are charged to research and development costs, general and administrative costs,
or marketing and sales costs based on the nature of the services provided by each employee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-364": { "value": "
Depreciation and amortization charges
Amounts in US$ \u2018000
notes
2024
2023
Property, plant and equipment
11
(1,395)
(1,494)
Intangible assets
10
(6,273)
(5,852)
Right of use assets
12
(3,374)
(3,664)
Total
(11,042)
(11,010)
The variances in depreciation charges and amortization charges in 2024 as compared to 2023 mainly
stems increased amortization of intangible assets our Joenja\u00ae license subsequent to the FDA approval
in March 2023, after which amortization started. In 2024, a full year of amortization is applicable.
Depreciation of Right of use assets decreased due to the impairments taken on our DSP facility in Oss,
the Netherlands.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-365": { "value": "
Independent auditor's fees
Both the 2024 and the 2023 audit were performed by Deloitte Accountants B.V.
Amounts in US$ \u2018000
2024
2023
Audit Fees
(1,690)
(1,328)
Audit Related Fees
\u2014
\u2014
Tax advisory
\u2014
\u2014
Total
(1,690)
(1,328)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-372": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2024
2023
Interest income
4,858
3,663
Foreign currency gains
1,985
\u2014
Other finance income
6,843
3,663
Amortization and interest on convertible bonds
(7,699)
(4,876)
Fees and expenses on repayment and issuance convertible bonds
(1,151)
\u2014
Interest leases
(1,038)
(1,088)
Foreign currency losses
\u2014
(2,971)
Other finance expenses
(56)
(134)
Other finance expenses
(9,944)
(9,069)
Total other finance income and expenses
(3,101)
(5,406)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible S&P
AAA-rated government treasury certificates with a maturity of six months or less from the date of
acquisition. Since 2024, excess cash has also been used to invest in money market funds. As a result
of these purchases, the interest income has increased compared to 2023. Reference is made to note
14. Marketable securities for more information on these investments.
Foreign currency results
These results primarily follow from the revaluation of bank balances which are denominated in
foreign currencies, mainly but not exclusively in U.S. dollars, and the timing of foreign currency
payments against the actual exchange rate as compared to the original exchange rate applied upon
the charge of fees or expenses. The gains in 2024 are mainly a result of the revaluation of monetary
items in U.S. dollars, incorporated in the Dutch entities where the functional currency is euro.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2024 and 2023 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 19. Convertible bonds. The amortized costs are
calculated at the effective rate of interest, which takes account of any equity component on
recognition such as early repayment options. The fees and expenses on repayment and issuance of
the convertible bonds relate to the premium paid over the current carrying amount upon repayment
and to the direct costs allocated to the conversion option as disclosed in note 19. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-371": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2024
2023
Interest income
4,858
3,663
Foreign currency gains
1,985
\u2014
Other finance income
6,843
3,663
Amortization and interest on convertible bonds
(7,699)
(4,876)
Fees and expenses on repayment and issuance convertible bonds
(1,151)
\u2014
Interest leases
(1,038)
(1,088)
Foreign currency losses
\u2014
(2,971)
Other finance expenses
(56)
(134)
Other finance expenses
(9,944)
(9,069)
Total other finance income and expenses
(3,101)
(5,406)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible S&P
AAA-rated government treasury certificates with a maturity of six months or less from the date of
acquisition. Since 2024, excess cash has also been used to invest in money market funds. As a result
of these purchases, the interest income has increased compared to 2023. Reference is made to note
14. Marketable securities for more information on these investments.
Foreign currency results
These results primarily follow from the revaluation of bank balances which are denominated in
foreign currencies, mainly but not exclusively in U.S. dollars, and the timing of foreign currency
payments against the actual exchange rate as compared to the original exchange rate applied upon
the charge of fees or expenses. The gains in 2024 are mainly a result of the revaluation of monetary
items in U.S. dollars, incorporated in the Dutch entities where the functional currency is euro.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2024 and 2023 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 19. Convertible bonds. The amortized costs are
calculated at the effective rate of interest, which takes account of any equity component on
recognition such as early repayment options. The fees and expenses on repayment and issuance of
the convertible bonds relate to the premium paid over the current carrying amount upon repayment
and to the direct costs allocated to the conversion option as disclosed in note 19. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-370": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2024
2023
Interest income
4,858
3,663
Foreign currency gains
1,985
\u2014
Other finance income
6,843
3,663
Amortization and interest on convertible bonds
(7,699)
(4,876)
Fees and expenses on repayment and issuance convertible bonds
(1,151)
\u2014
Interest leases
(1,038)
(1,088)
Foreign currency losses
\u2014
(2,971)
Other finance expenses
(56)
(134)
Other finance expenses
(9,944)
(9,069)
Total other finance income and expenses
(3,101)
(5,406)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible S&P
AAA-rated government treasury certificates with a maturity of six months or less from the date of
acquisition. Since 2024, excess cash has also been used to invest in money market funds. As a result
of these purchases, the interest income has increased compared to 2023. Reference is made to note
14. Marketable securities for more information on these investments.
Foreign currency results
These results primarily follow from the revaluation of bank balances which are denominated in
foreign currencies, mainly but not exclusively in U.S. dollars, and the timing of foreign currency
payments against the actual exchange rate as compared to the original exchange rate applied upon
the charge of fees or expenses. The gains in 2024 are mainly a result of the revaluation of monetary
items in U.S. dollars, incorporated in the Dutch entities where the functional currency is euro.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2024 and 2023 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 19. Convertible bonds. The amortized costs are
calculated at the effective rate of interest, which takes account of any equity component on
recognition such as early repayment options. The fees and expenses on repayment and issuance of
the convertible bonds relate to the premium paid over the current carrying amount upon repayment
and to the direct costs allocated to the conversion option as disclosed in note 19. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-369": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2024
2023
Interest income
4,858
3,663
Foreign currency gains
1,985
\u2014
Other finance income
6,843
3,663
Amortization and interest on convertible bonds
(7,699)
(4,876)
Fees and expenses on repayment and issuance convertible bonds
(1,151)
\u2014
Interest leases
(1,038)
(1,088)
Foreign currency losses
\u2014
(2,971)
Other finance expenses
(56)
(134)
Other finance expenses
(9,944)
(9,069)
Total other finance income and expenses
(3,101)
(5,406)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible S&P
AAA-rated government treasury certificates with a maturity of six months or less from the date of
acquisition. Since 2024, excess cash has also been used to invest in money market funds. As a result
of these purchases, the interest income has increased compared to 2023. Reference is made to note
14. Marketable securities for more information on these investments.
Foreign currency results
These results primarily follow from the revaluation of bank balances which are denominated in
foreign currencies, mainly but not exclusively in U.S. dollars, and the timing of foreign currency
payments against the actual exchange rate as compared to the original exchange rate applied upon
the charge of fees or expenses. The gains in 2024 are mainly a result of the revaluation of monetary
items in U.S. dollars, incorporated in the Dutch entities where the functional currency is euro.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2024 and 2023 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 19. Convertible bonds. The amortized costs are
calculated at the effective rate of interest, which takes account of any equity component on
recognition such as early repayment options. The fees and expenses on repayment and issuance of
the convertible bonds relate to the premium paid over the current carrying amount upon repayment
and to the direct costs allocated to the conversion option as disclosed in note 19. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-368": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2024
2023
Interest income
4,858
3,663
Foreign currency gains
1,985
\u2014
Other finance income
6,843
3,663
Amortization and interest on convertible bonds
(7,699)
(4,876)
Fees and expenses on repayment and issuance convertible bonds
(1,151)
\u2014
Interest leases
(1,038)
(1,088)
Foreign currency losses
\u2014
(2,971)
Other finance expenses
(56)
(134)
Other finance expenses
(9,944)
(9,069)
Total other finance income and expenses
(3,101)
(5,406)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible S&P
AAA-rated government treasury certificates with a maturity of six months or less from the date of
acquisition. Since 2024, excess cash has also been used to invest in money market funds. As a result
of these purchases, the interest income has increased compared to 2023. Reference is made to note
14. Marketable securities for more information on these investments.
Foreign currency results
These results primarily follow from the revaluation of bank balances which are denominated in
foreign currencies, mainly but not exclusively in U.S. dollars, and the timing of foreign currency
payments against the actual exchange rate as compared to the original exchange rate applied upon
the charge of fees or expenses. The gains in 2024 are mainly a result of the revaluation of monetary
items in U.S. dollars, incorporated in the Dutch entities where the functional currency is euro.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2024 and 2023 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 19. Convertible bonds. The amortized costs are
calculated at the effective rate of interest, which takes account of any equity component on
recognition such as early repayment options. The fees and expenses on repayment and issuance of
the convertible bonds relate to the premium paid over the current carrying amount upon repayment
and to the direct costs allocated to the conversion option as disclosed in note 19. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-367": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2024
2023
Interest income
4,858
3,663
Foreign currency gains
1,985
\u2014
Other finance income
6,843
3,663
Amortization and interest on convertible bonds
(7,699)
(4,876)
Fees and expenses on repayment and issuance convertible bonds
(1,151)
\u2014
Interest leases
(1,038)
(1,088)
Foreign currency losses
\u2014
(2,971)
Other finance expenses
(56)
(134)
Other finance expenses
(9,944)
(9,069)
Total other finance income and expenses
(3,101)
(5,406)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible S&P
AAA-rated government treasury certificates with a maturity of six months or less from the date of
acquisition. Since 2024, excess cash has also been used to invest in money market funds. As a result
of these purchases, the interest income has increased compared to 2023. Reference is made to note
14. Marketable securities for more information on these investments.
Foreign currency results
These results primarily follow from the revaluation of bank balances which are denominated in
foreign currencies, mainly but not exclusively in U.S. dollars, and the timing of foreign currency
payments against the actual exchange rate as compared to the original exchange rate applied upon
the charge of fees or expenses. The gains in 2024 are mainly a result of the revaluation of monetary
items in U.S. dollars, incorporated in the Dutch entities where the functional currency is euro.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2024 and 2023 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 19. Convertible bonds. The amortized costs are
calculated at the effective rate of interest, which takes account of any equity component on
recognition such as early repayment options. The fees and expenses on repayment and issuance of
the convertible bonds relate to the premium paid over the current carrying amount upon repayment
and to the direct costs allocated to the conversion option as disclosed in note 19. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-366": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2024
2023
Interest income
4,858
3,663
Foreign currency gains
1,985
\u2014
Other finance income
6,843
3,663
Amortization and interest on convertible bonds
(7,699)
(4,876)
Fees and expenses on repayment and issuance convertible bonds
(1,151)
\u2014
Interest leases
(1,038)
(1,088)
Foreign currency losses
\u2014
(2,971)
Other finance expenses
(56)
(134)
Other finance expenses
(9,944)
(9,069)
Total other finance income and expenses
(3,101)
(5,406)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible S&P
AAA-rated government treasury certificates with a maturity of six months or less from the date of
acquisition. Since 2024, excess cash has also been used to invest in money market funds. As a result
of these purchases, the interest income has increased compared to 2023. Reference is made to note
14. Marketable securities for more information on these investments.
Foreign currency results
These results primarily follow from the revaluation of bank balances which are denominated in
foreign currencies, mainly but not exclusively in U.S. dollars, and the timing of foreign currency
payments against the actual exchange rate as compared to the original exchange rate applied upon
the charge of fees or expenses. The gains in 2024 are mainly a result of the revaluation of monetary
items in U.S. dollars, incorporated in the Dutch entities where the functional currency is euro.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2024 and 2023 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 19. Convertible bonds. The amortized costs are
calculated at the effective rate of interest, which takes account of any equity component on
recognition such as early repayment options. The fees and expenses on repayment and issuance of
the convertible bonds relate to the premium paid over the current carrying amount upon repayment
and to the direct costs allocated to the conversion option as disclosed in note 19. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-373": { "value": "Income tax
Income taxes on ordinary activities
The following table specifies the current and deferred tax components of income taxes in the income
statement:
Amounts in US$ \u2018000
2024
2023
Income tax credit (expense)
Current tax
Current tax on profit or loss for the year
(9,287)
(5,343)
Adjustments for current tax of prior periods
315
241
Total current tax expense
(8,972)
(5,102)
Deferred income tax
Deferred tax on profit or loss for the year
7,469
6,639
Adjustments for deferred tax of prior periods
(1,846)
(73)
Total deferred tax credit (expense)
5,623
6,566
Income tax credit (expense)
(3,349)
1,464
Effective income tax rate
Pharming Group's effective rate in its consolidated income statement differed from the Netherlands'
statutory tax rate of 25.8%. The following table reconciles the tax credit (expense) at the statutory
rate to actual credit (expense) for the year in the consolidated income statement:
Amounts in US$ \u2018000
2024
ETR %
2023
ETR %
Reconciliation of tax charge
Profit, (loss) before taxation
(8,492)
(12,012)
Profit/(loss) multiplied by
standard rate of tax in The Netherlands
2,190
25.8%
3,099
\u2014
Effects of:
Tax rate in other jurisdictions
999
11.8%
1,123
9.4%
Non-taxable income
657
7.7%
6
0.1%
Non deductible expenses
(1,527)
(18.0)%
(266)
(2.2)%
Share based payments
(2,510)
(29.6)%
(2,022)
(16.8)%
Adjustments of prior periods
(1,531)
(18.0)%
168
1.4%
Change in statutory applicable tax rate
\u2014
\u2014
(De)recognition of deferred tax assets
(333)
(3.9)%
\u2014
U.S. State taxes and other
(1,294)
(15.2)%
(644)
(5.4)%
Income tax credit (expense) for the year
(3,349)
(39.4)%
1,464
12.2%
Factors affecting current and future tax charges
The primary difference between the nominal and the effective tax for 2024 stems from U.S. profits
being taxed at a combined Federal and State tax rate of 27.96%, while a portion of the losses in the
Netherlands does not result in an offsetting tax credit due to being partially attributable to non-
deductible expenses.
Deferred tax
The balance of the net deferred tax assets/(liabilities) is therefore shown below:
Amounts in US$ \u2018000
2024
2023
Total deferred tax assets
41,923
37,863
Total deferred tax liabilities
(11,379)
(8,102)
Total net deferred tax assets (liabilities)
30,544
29,761
The deferred tax assets and liabilities are offset to the extent there is a legally enforceable right to set
off current tax assets against current tax liabilities and to the extent the intention exists to settle on a
net basis or realize the asset and settle the liability simultaneously.
The significant components and annual movements of deferred income tax assets as of December\u00a031,
2024, and December\u00a031, 2023, are as follows:
Amounts in US$ \u2018000
2024
2023
Intangible assets
3,289
2,183
Accruals
4,015
4,151
Lease liabilities
6,292
7,063
Unrealized profit in inventory
10,498
8,453
Other
5,923
3,484
Tax losses
11,906
12,529
Total deferred tax assets
41,923
37,863
Amounts in US$ \u2018000
Intangible
assets
Lease
liabilities
Accruals
Unrealized
profit in
inventory
Other
Tax losses
Total
At January 1, 2023
9,876
7,042
2,026
3,176
3,545
3,546
29,211
(Charged)/credited
- to profit or loss
(7,806)
(177)
2,103
5,077
566
8,702
8,465
- other movement
\u2014
(19)
22
\u2014
(192)
\u2014
(189)
- to accumulated deficit
\u2014
\u2014
\u2014
\u2014
(457)
\u2014
(457)
- currency translation
113
217
\u2014
200
22
281
833
At December 31, 2023
2,183
7,063
4,151
8,453
3,484
12,529
37,863
(Charged)/credited
- to profit or loss
1,107
(371)
(133)
1,811
3,076
(416)
5,074
- other movement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
- to accumulated deficit
\u2014
\u2014
\u2014
847
(626)
540
761
- currency translation
(1)
(400)
(3)
(613)
(11)
(747)
(1,775)
At December 31, 2024
3,289
6,292
4,015
10,498
5,923
11,906
41,923
Based upon the Company's latest budget for 2025 and its long-range forecasts for the five years
thereafter, it is considered probable that there will be sufficient taxable profits in the future to realize
the deferred tax assets, and therefore these assets should continue to be recognized in these
financial statements.
Accruals represent deferred tax assets recognized for temporary differences between the carrying
amount and tax bases of accrued liabilities in the U.S.
The increase in the deferred tax for other is primarily due to an increase of the deferred tax asset
related to inventory impairments in the U.S.
The unused tax losses were incurred by the Dutch fiscal unity and Pharming Healthcare.
The calculation of the deferred tax asset is as shown below:
Amounts in US$ \u2018000
2024
2023
Net Operating Losses - Netherlands
Net Operating Losses at year-end
46,143
48,490
Portion selected for deferred tax asset
46,143
48,490
Tax rates used:
2024 and later: 25.8% (2023: 25.8%)
11,905
12,511
Total tax effect Netherlands
11,905
12,511
Net Operating Losses - U.S.
Net Operating Losses at year-end
17
260
Portion selected for deferred tax asset
17
260
Tax rate used:
2024 and later: 7.26% (2023: 7.26%)
1
19
Total tax effect U.S.
1
19
Tax effect Netherlands - losses deferred
11,905
12,511
Tax effect U.S. - losses deferred
1
18
Total deferred tax asset
11,906
12,529
The current part of the net deferred tax assets is US$11.9 million (2023: US$10.5 million).
The component and annual movement of deferred income tax liabilities as of December\u00a031, 2024,
and December\u00a031, 2023, are as follows:
Amounts in US$ \u2018000
2024
2023
Tangible fixed assets
(2,916)
(4,865)
Convertible bonds
(5,067)
\u2014
Other liabilities
(3,396)
(3,237)
Total deferred tax liabilities
(11,379)
(8,102)
Amounts in US$ \u2018000
Tangible fixed assets
Convertible
bonds
Other liabilities
Total
At January 1, 2023
(6,238)
\u2014
\u2014
(6,238)
(Charged)/credited
- to profit or loss
1,516
\u2014
(3,414)
(1,898)
- other movement
13
\u2014
178
191
- to other comprehensive income
\u2014
\u2014
\u2014
\u2014
- currency translation
(156)
\u2014
(1)
(157)
At December 31, 2023
(4,865)
\u2014
(3,237)
(8,102)
(Charged)/credited
- to profit or loss
1,749
(1,038)
(160)
551
- other movement
\u2014
\u2014
\u2014
\u2014
- to other comprehensive income
\u2014
(4,251)
\u2014
(4,251)
- currency translation
200
222
1
423
At December 31, 2024
(2,916)
(5,067)
(3,396)
(11,379)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-374": { "value": "
Deferred tax
The balance of the net deferred tax assets/(liabilities) is therefore shown below:
Amounts in US$ \u2018000
2024
2023
Total deferred tax assets
41,923
37,863
Total deferred tax liabilities
(11,379)
(8,102)
Total net deferred tax assets (liabilities)
30,544
29,761
The deferred tax assets and liabilities are offset to the extent there is a legally enforceable right to set
off current tax assets against current tax liabilities and to the extent the intention exists to settle on a
net basis or realize the asset and settle the liability simultaneously.
The significant components and annual movements of deferred income tax assets as of December\u00a031,
2024, and December\u00a031, 2023, are as follows:
Amounts in US$ \u2018000
2024
2023
Intangible assets
3,289
2,183
Accruals
4,015
4,151
Lease liabilities
6,292
7,063
Unrealized profit in inventory
10,498
8,453
Other
5,923
3,484
Tax losses
11,906
12,529
Total deferred tax assets
41,923
37,863
Amounts in US$ \u2018000
Intangible
assets
Lease
liabilities
Accruals
Unrealized
profit in
inventory
Other
Tax losses
Total
At January 1, 2023
9,876
7,042
2,026
3,176
3,545
3,546
29,211
(Charged)/credited
- to profit or loss
(7,806)
(177)
2,103
5,077
566
8,702
8,465
- other movement
\u2014
(19)
22
\u2014
(192)
\u2014
(189)
- to accumulated deficit
\u2014
\u2014
\u2014
\u2014
(457)
\u2014
(457)
- currency translation
113
217
\u2014
200
22
281
833
At December 31, 2023
2,183
7,063
4,151
8,453
3,484
12,529
37,863
(Charged)/credited
- to profit or loss
1,107
(371)
(133)
1,811
3,076
(416)
5,074
- other movement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
- to accumulated deficit
\u2014
\u2014
\u2014
847
(626)
540
761
- currency translation
(1)
(400)
(3)
(613)
(11)
(747)
(1,775)
At December 31, 2024
3,289
6,292
4,015
10,498
5,923
11,906
41,923
Based upon the Company's latest budget for 2025 and its long-range forecasts for the five years
thereafter, it is considered probable that there will be sufficient taxable profits in the future to realize
the deferred tax assets, and therefore these assets should continue to be recognized in these
financial statements.
Accruals represent deferred tax assets recognized for temporary differences between the carrying
amount and tax bases of accrued liabilities in the U.S.
The increase in the deferred tax for other is primarily due to an increase of the deferred tax asset
related to inventory impairments in the U.S.
The unused tax losses were incurred by the Dutch fiscal unity and Pharming Healthcare.
The calculation of the deferred tax asset is as shown below:
Amounts in US$ \u2018000
2024
2023
Net Operating Losses - Netherlands
Net Operating Losses at year-end
46,143
48,490
Portion selected for deferred tax asset
46,143
48,490
Tax rates used:
2024 and later: 25.8% (2023: 25.8%)
11,905
12,511
Total tax effect Netherlands
11,905
12,511
Net Operating Losses - U.S.
Net Operating Losses at year-end
17
260
Portion selected for deferred tax asset
17
260
Tax rate used:
2024 and later: 7.26% (2023: 7.26%)
1
19
Total tax effect U.S.
1
19
Tax effect Netherlands - losses deferred
11,905
12,511
Tax effect U.S. - losses deferred
1
18
Total deferred tax asset
11,906
12,529
The current part of the net deferred tax assets is US$11.9 million (2023: US$10.5 million).
The component and annual movement of deferred income tax liabilities as of December\u00a031, 2024,
and December\u00a031, 2023, are as follows:
Amounts in US$ \u2018000
2024
2023
Tangible fixed assets
(2,916)
(4,865)
Convertible bonds
(5,067)
\u2014
Other liabilities
(3,396)
(3,237)
Total deferred tax liabilities
(11,379)
(8,102)
Amounts in US$ \u2018000
Tangible fixed assets
Convertible
bonds
Other liabilities
Total
At January 1, 2023
(6,238)
\u2014
\u2014
(6,238)
(Charged)/credited
- to profit or loss
1,516
\u2014
(3,414)
(1,898)
- other movement
13
\u2014
178
191
- to other comprehensive income
\u2014
\u2014
\u2014
\u2014
- currency translation
(156)
\u2014
(1)
(157)
At December 31, 2023
(4,865)
\u2014
(3,237)
(8,102)
(Charged)/credited
- to profit or loss
1,749
(1,038)
(160)
551
- other movement
\u2014
\u2014
\u2014
\u2014
- to other comprehensive income
\u2014
(4,251)
\u2014
(4,251)
- currency translation
200
222
1
423
At December 31, 2024
(2,916)
(5,067)
(3,396)
(11,379)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-377": { "value": "Intangible assets
Amounts in US$ \u2018000
RUCONEST\u00ae
for HAE (EU)
Development
costs
RUCONEST\u00ae
licenses
Joenja\u00ae
license
Software
Total
At cost
563
250
67,583
23,703
4,621
96,720
Accumulated:
Amortization charges
(563)
\u2014
(20,054)
\u2014
(982)
(21,599)
Carrying value at January 1, 2023
\u2014
250
47,529
23,703
3,639
75,121
Amortization charges
\u2014
\u2014
(3,681)
(1,300)
(884)
(5,865)
Impairment charges
\u2014
(253)
\u2014
\u2014
\u2014
(253)
Assets acquired
\u2014
\u2014
\u2014
\u2014
27
27
Divestments - cost
\u2014
(253)
\u2014
\u2014
(18)
(271)
Divestment - accumulated amortization
\u2014
\u2014
\u2014
\u2014
12
12
Divestment - impairment charges
\u2014
253
\u2014
\u2014
\u2014
253
Currency translation - cost
18
3
2,126
744
142
3,033
Currency translation - amortization
(18)
\u2014
(702)
(26)
(44)
(790)
Movement 2023
(250)
(2,257)
(582)
(765)
(3,854)
At cost
581
\u2014
69,709
24,447
4,772
99,509
Accumulated:
Amortization charges
(581)
\u2014
(24,437)
(1,326)
(1,898)
(28,242)
Carrying value at December 31, 2023
\u2014
\u2014
45,272
23,121
2,874
71,267
At cost
581
\u2014
69,709
24,447
4,772
99,509
Accumulated:
Amortization charges
(581)
\u2014
(24,437)
(1,326)
(1,898)
(28,242)
Carrying value at January 1, 2024
\u2014
\u2014
45,272
23,121
2,874
71,267
Amortization charges
\u2014
\u2014
(3,686)
(1,735)
(852)
(6,273)
Impairment charges
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Assets acquired
\u2014
\u2014
\u2014
\u2014
6
6
Divestments - cost
(570)
\u2014
\u2014
\u2014
\u2014
(570)
Divestment - accumulated amortization
570
\u2014
\u2014
\u2014
\u2014
570
Divestment - impairment charges
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Currency translation - cost
(11)
\u2014
(4,131)
(1,449)
(283)
(5,874)
Currency translation - amortization
11
\u2014
1,603
151
148
1,913
Movement 2024
\u2014
\u2014
(6,214)
(3,033)
(981)
(10,228)
At cost
\u2014
\u2014
65,578
22,998
4,495
93,071
Accumulated:
Amortization charges
\u2014
\u2014
(26,520)
(2,910)
(2,602)
(32,032)
Carrying value at December 31, 2024
\u2014
\u2014
39,058
20,088
1,893
61,039
Category
Description
Amortization period
Total
Remaining
RUCONEST\u00ae for HAE (EU)
RUCONEST\u00ae for HAE (EU) development costs
10 years
Fully amortized
RUCONEST\u00ae license
RUCONEST\u00ae license for HAE (US)
20 years
12 years
RUCONEST\u00ae license
RUCONEST\u00ae license for HAE (EU)
12 years
7 years
Joenja\u00ae license
Joenja\u00ae license for APDS
14 years
12 years
Software
Software development costs
3 to 5 years
1 to 5 years
RUCONEST\u00ae for HAE (EU)
The Company has capitalized development costs in relation to RUCONEST\u00ae for HAE in the European
Union. Following market launch of the product in 2010 the amortization of the asset started, and no
further development costs have been capitalized in respect to this item since then. These
development costs are fully amortized since the end of 2021.
Development costs
During 2023, the Company decided to discontinue the Pompe disease program and therefore
impaired and disposed the remaining assets related to the development costs for alpha-glucosidase
for Pompe disease.
RUCONEST\u00ae license
The RUCONEST\u00ae license relates to the RUCONEST\u00ae acquisition of all North American
commercialization rights from Bausch Health in 2016 and the RUCONEST\u00ae acquisition of all European
commercialization and distribution rights from Swedish Orphan International AB (\"Sobi\") in 2020.
Joenja\u00ae license
In August 2019, Pharming entered into a development collaboration and license agreement with
Novartis to develop and commercialize leniolisib, a small molecule phosphoinositide 3-kinase delta
(PI3K\u03b4) inhibitor being developed by Novartis to treat patients with activated phosphoinositide
3-kinase delta syndrome (APDS). Following FDA approval per March 24, 2023, the amortization of the
Joenja\u00ae license commenced. Since 2023, no additional development costs were capitalized.
Software
Amortization of software is mainly related to the ERP system SAP S/4HANA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-376": { "value": "Intangible assets
Amounts in US$ \u2018000
RUCONEST\u00ae
for HAE (EU)
Development
costs
RUCONEST\u00ae
licenses
Joenja\u00ae
license
Software
Total
At cost
563
250
67,583
23,703
4,621
96,720
Accumulated:
Amortization charges
(563)
\u2014
(20,054)
\u2014
(982)
(21,599)
Carrying value at January 1, 2023
\u2014
250
47,529
23,703
3,639
75,121
Amortization charges
\u2014
\u2014
(3,681)
(1,300)
(884)
(5,865)
Impairment charges
\u2014
(253)
\u2014
\u2014
\u2014
(253)
Assets acquired
\u2014
\u2014
\u2014
\u2014
27
27
Divestments - cost
\u2014
(253)
\u2014
\u2014
(18)
(271)
Divestment - accumulated amortization
\u2014
\u2014
\u2014
\u2014
12
12
Divestment - impairment charges
\u2014
253
\u2014
\u2014
\u2014
253
Currency translation - cost
18
3
2,126
744
142
3,033
Currency translation - amortization
(18)
\u2014
(702)
(26)
(44)
(790)
Movement 2023
(250)
(2,257)
(582)
(765)
(3,854)
At cost
581
\u2014
69,709
24,447
4,772
99,509
Accumulated:
Amortization charges
(581)
\u2014
(24,437)
(1,326)
(1,898)
(28,242)
Carrying value at December 31, 2023
\u2014
\u2014
45,272
23,121
2,874
71,267
At cost
581
\u2014
69,709
24,447
4,772
99,509
Accumulated:
Amortization charges
(581)
\u2014
(24,437)
(1,326)
(1,898)
(28,242)
Carrying value at January 1, 2024
\u2014
\u2014
45,272
23,121
2,874
71,267
Amortization charges
\u2014
\u2014
(3,686)
(1,735)
(852)
(6,273)
Impairment charges
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Assets acquired
\u2014
\u2014
\u2014
\u2014
6
6
Divestments - cost
(570)
\u2014
\u2014
\u2014
\u2014
(570)
Divestment - accumulated amortization
570
\u2014
\u2014
\u2014
\u2014
570
Divestment - impairment charges
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Currency translation - cost
(11)
\u2014
(4,131)
(1,449)
(283)
(5,874)
Currency translation - amortization
11
\u2014
1,603
151
148
1,913
Movement 2024
\u2014
\u2014
(6,214)
(3,033)
(981)
(10,228)
At cost
\u2014
\u2014
65,578
22,998
4,495
93,071
Accumulated:
Amortization charges
\u2014
\u2014
(26,520)
(2,910)
(2,602)
(32,032)
Carrying value at December 31, 2024
\u2014
\u2014
39,058
20,088
1,893
61,039
Category
Description
Amortization period
Total
Remaining
RUCONEST\u00ae for HAE (EU)
RUCONEST\u00ae for HAE (EU) development costs
10 years
Fully amortized
RUCONEST\u00ae license
RUCONEST\u00ae license for HAE (US)
20 years
12 years
RUCONEST\u00ae license
RUCONEST\u00ae license for HAE (EU)
12 years
7 years
Joenja\u00ae license
Joenja\u00ae license for APDS
14 years
12 years
Software
Software development costs
3 to 5 years
1 to 5 years
RUCONEST\u00ae for HAE (EU)
The Company has capitalized development costs in relation to RUCONEST\u00ae for HAE in the European
Union. Following market launch of the product in 2010 the amortization of the asset started, and no
further development costs have been capitalized in respect to this item since then. These
development costs are fully amortized since the end of 2021.
Development costs
During 2023, the Company decided to discontinue the Pompe disease program and therefore
impaired and disposed the remaining assets related to the development costs for alpha-glucosidase
for Pompe disease.
RUCONEST\u00ae license
The RUCONEST\u00ae license relates to the RUCONEST\u00ae acquisition of all North American
commercialization rights from Bausch Health in 2016 and the RUCONEST\u00ae acquisition of all European
commercialization and distribution rights from Swedish Orphan International AB (\"Sobi\") in 2020.
Joenja\u00ae license
In August 2019, Pharming entered into a development collaboration and license agreement with
Novartis to develop and commercialize leniolisib, a small molecule phosphoinositide 3-kinase delta
(PI3K\u03b4) inhibitor being developed by Novartis to treat patients with activated phosphoinositide
3-kinase delta syndrome (APDS). Following FDA approval per March 24, 2023, the amortization of the
Joenja\u00ae license commenced. Since 2023, no additional development costs were capitalized.
Software
Amortization of software is mainly related to the ERP system SAP S/4HANA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-375": { "value": "Intangible assets
Amounts in US$ \u2018000
RUCONEST\u00ae
for HAE (EU)
Development
costs
RUCONEST\u00ae
licenses
Joenja\u00ae
license
Software
Total
At cost
563
250
67,583
23,703
4,621
96,720
Accumulated:
Amortization charges
(563)
\u2014
(20,054)
\u2014
(982)
(21,599)
Carrying value at January 1, 2023
\u2014
250
47,529
23,703
3,639
75,121
Amortization charges
\u2014
\u2014
(3,681)
(1,300)
(884)
(5,865)
Impairment charges
\u2014
(253)
\u2014
\u2014
\u2014
(253)
Assets acquired
\u2014
\u2014
\u2014
\u2014
27
27
Divestments - cost
\u2014
(253)
\u2014
\u2014
(18)
(271)
Divestment - accumulated amortization
\u2014
\u2014
\u2014
\u2014
12
12
Divestment - impairment charges
\u2014
253
\u2014
\u2014
\u2014
253
Currency translation - cost
18
3
2,126
744
142
3,033
Currency translation - amortization
(18)
\u2014
(702)
(26)
(44)
(790)
Movement 2023
(250)
(2,257)
(582)
(765)
(3,854)
At cost
581
\u2014
69,709
24,447
4,772
99,509
Accumulated:
Amortization charges
(581)
\u2014
(24,437)
(1,326)
(1,898)
(28,242)
Carrying value at December 31, 2023
\u2014
\u2014
45,272
23,121
2,874
71,267
At cost
581
\u2014
69,709
24,447
4,772
99,509
Accumulated:
Amortization charges
(581)
\u2014
(24,437)
(1,326)
(1,898)
(28,242)
Carrying value at January 1, 2024
\u2014
\u2014
45,272
23,121
2,874
71,267
Amortization charges
\u2014
\u2014
(3,686)
(1,735)
(852)
(6,273)
Impairment charges
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Assets acquired
\u2014
\u2014
\u2014
\u2014
6
6
Divestments - cost
(570)
\u2014
\u2014
\u2014
\u2014
(570)
Divestment - accumulated amortization
570
\u2014
\u2014
\u2014
\u2014
570
Divestment - impairment charges
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Currency translation - cost
(11)
\u2014
(4,131)
(1,449)
(283)
(5,874)
Currency translation - amortization
11
\u2014
1,603
151
148
1,913
Movement 2024
\u2014
\u2014
(6,214)
(3,033)
(981)
(10,228)
At cost
\u2014
\u2014
65,578
22,998
4,495
93,071
Accumulated:
Amortization charges
\u2014
\u2014
(26,520)
(2,910)
(2,602)
(32,032)
Carrying value at December 31, 2024
\u2014
\u2014
39,058
20,088
1,893
61,039
Category
Description
Amortization period
Total
Remaining
RUCONEST\u00ae for HAE (EU)
RUCONEST\u00ae for HAE (EU) development costs
10 years
Fully amortized
RUCONEST\u00ae license
RUCONEST\u00ae license for HAE (US)
20 years
12 years
RUCONEST\u00ae license
RUCONEST\u00ae license for HAE (EU)
12 years
7 years
Joenja\u00ae license
Joenja\u00ae license for APDS
14 years
12 years
Software
Software development costs
3 to 5 years
1 to 5 years
RUCONEST\u00ae for HAE (EU)
The Company has capitalized development costs in relation to RUCONEST\u00ae for HAE in the European
Union. Following market launch of the product in 2010 the amortization of the asset started, and no
further development costs have been capitalized in respect to this item since then. These
development costs are fully amortized since the end of 2021.
Development costs
During 2023, the Company decided to discontinue the Pompe disease program and therefore
impaired and disposed the remaining assets related to the development costs for alpha-glucosidase
for Pompe disease.
RUCONEST\u00ae license
The RUCONEST\u00ae license relates to the RUCONEST\u00ae acquisition of all North American
commercialization rights from Bausch Health in 2016 and the RUCONEST\u00ae acquisition of all European
commercialization and distribution rights from Swedish Orphan International AB (\"Sobi\") in 2020.
Joenja\u00ae license
In August 2019, Pharming entered into a development collaboration and license agreement with
Novartis to develop and commercialize leniolisib, a small molecule phosphoinositide 3-kinase delta
(PI3K\u03b4) inhibitor being developed by Novartis to treat patients with activated phosphoinositide
3-kinase delta syndrome (APDS). Following FDA approval per March 24, 2023, the amortization of the
Joenja\u00ae license commenced. Since 2023, no additional development costs were capitalized.
Software
Amortization of software is mainly related to the ERP system SAP S/4HANA.
Property, plant and equipment
Amounts in US$ \u2018000
Operational
facilities
Leasehold
Improvement
Machinery and
equipment
Other
Asset under
construction
Total
At cost
4,659
5,282
8,278
4,691
6
22,916
Accumulated depreciation
(2,866)
(2,108)
(4,915)
(2,635)
\u2014
(12,524)
Carrying value at January 1, 2023
1,793
3,174
3,363
2,056
6
10,392
Investments
32
60
682
488
175
1,437
Internal transfer - cost
\u2014
\u2014
\u2014
6
(6)
\u2014
Internal transfer - accumulated depreciation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other - cost
74
60
432
\u2014
\u2014
566
Other - accumulated depreciation
(59)
(59)
(434)
\u2014
\u2014
(552)
Divestments
\u2014
(14)
(11)
(120)
\u2014
(145)
Depreciation charges
(365)
(258)
(860)
(919)
\u2014
(2,402)
Depreciation of disinvestment
\u2014
8
6
120
\u2014
134
Currency translation - cost
148
158
279
66
4
655
Currency translation - accumulated depreciation
(98)
(70)
(183)
(45)
\u2014
(396)
Movement 2023
(268)
(115)
(89)
(404)
173
(703)
At cost
4,913
5,546
9,660
5,131
179
25,429
Accumulated depreciation
(3,388)
(2,487)
(6,386)
(3,479)
\u2014
(15,740)
Carrying value at December 31, 2023
1,525
3,059
3,274
1,652
179
9,689
Amounts in US$ \u2018000
Operational
facilities
Leasehold
Improvement
Machinery and
equipment
Other
Asset under
construction
Total
At cost
4,913
5,546
9,660
5,131
179
25,429
Accumulated depreciation
(3,388)
(2,487)
(6,386)
(3,479)
\u2014
(15,740)
Carrying value at January 1, 2024
1,525
3,059
3,274
1,652
179
9,689
Investments
\u2014
197
219
230
144
790
Internal transfer - cost
\u2014
\u2014
\u2014
175
(175)
\u2014
Internal transfer - accumulated depreciation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other - cost
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other - accumulated depreciation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Divestments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Depreciation charges
(355)
(266)
(756)
(900)
\u2014
(2,277)
Depreciation of disinvestment
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Currency translation - cost
(291)
(311)
(582)
(152)
(3)
(1,339)
Currency translation - accumulated depreciation
216
148
410
115
\u2014
889
Movement 2024
(430)
(232)
(709)
(532)
(34)
(1,937)
At cost
4,622
5,432
9,297
5,384
145
24,880
Accumulated depreciation
(3,527)
(2,605)
(6,732)
(4,264)
\u2014
(17,128)
Carrying value at December 31, 2024
1,095
2,827
2,565
1,120
145
7,752
Category
Depreciation period
Operational facilities
10-20 years
Leasehold improvements
5-15 years
Machinery and equipment
5-10 years
Other property, plant & equipment
5-10 years
In 2024, the Company had capital expenditures of US$0.8 million (2023: US$1.4 million), mainly
related to new machinery and equipment.
Depreciation charges on production related property, plant and equipment of US$0.8 million in 2024
(2023 : US$0.9 million) have been included in the value of inventories and an amount of US$1.5
million of the total 2024 depreciation costs has been charged to the statement of income (2023:
US$1.5 million).
Right-of-use assets
This note provides information for leases where the Group is a lessee.
The balance sheet shows the following amounts relating to leases:
Amounts in US$ \u2018000
Buildings
Cars
Total
At cost
32,884
3,334
36,218
Accumulated depreciation
(6,185)
(1,280)
(7,465)
Carrying value at January 1, 2023
26,699
2,054
28,753
Additions
\u2014
1,413
1,413
Remeasurement
1,865
\u2014
1,865
Divestments
\u2014
(756)
(756)
Depreciation charges
(2,913)
(1,289)
(4,202)
Depreciation of disinvestment
\u2014
700
700
Impairment
(4,663)
\u2014
(4,663)
Currency translation - cost
873
18
891
Currency translation - accumulated depreciation
(213)
(11)
(224)
Movement 2023
(5,051)
75
(4,976)
At cost
30,959
4,009
34,968
Accumulated depreciation
(9,311)
(1,880)
(11,191)
Carrying value at December 31, 2023
21,648
2,129
23,777
Additions
\u2014
2,395
2,395
Remeasurement
338
\u2014
338
Divestments
(305)
(1,694)
(1,999)
Depreciation charges
(2,627)
(1,280)
(3,907)
Depreciation of disinvestment
186
1,515
1,701
Impairment
(5,027)
\u2014
(5,027)
Currency translation - cost
(1,431)
(41)
(1,472)
Currency translation - accumulated depreciation
557
19
576
Movement 2024
(8,309)
914
(7,395)
At cost
24,534
4,669
29,203
Accumulated depreciation
(11,195)
(1,626)
(12,821)
Carrying value at December 31, 2024
13,339
3,043
16,382
During 2022, the lease for the DSP facility at Pivot Park in Oss, the Netherlands commenced and
resulted in an investment of US$14.6 million. The intention for this facility was primarily to set up an
independent production line, which was cancelled and the building remained empty and unused
resulting in impairments for a total of US$8.6 million in 2022 and 2023. In 2024, Pharming entered
into negotiations to terminate this lease. As a result, the Company has fully impaired the
corresponding right-of-use asset, leading to an impairment expense of US$5.0 million as of
December\u00a031, 2024.
The building remeasurement is related to adjustments in the existing right-of-use assets to account
for inflation-related higher lease payments.
The Company applies for the recognition exemption for short-term leases and lease of low-value
assets. The respective lease payments are recorded in the consolidated statement of income and are
immaterial to the financial statements.
Amounts recognized in the statement of income
Depreciation charges on production related right-of-use assets of US$0.5 million in 2024 (2023:
US$0.5 million) have been included in the value of inventories and an amount of US$3.4 million of the
total 2024 depreciation costs has been charged to the statement of income (2023: US$3.7 million).
The statement of income shows the following amounts relating to leases:
Amounts in US$ \u2018000
2024
2023
Depreciation right of use buildings
(2,094)
(2,380)
Impairment right of use buildings
(5,027)
(4,663)
Depreciation right of use cars
(1,280)
(1,284)
Interest expense (note 8)
(1,038)
(1,088)
Total expense right of use assets
(9,439)
(9,415)
Lease charges
The non-cancellable leases at December\u00a031, 2024, have remaining terms of between one and thirteen
years and generally include a clause to enable upward revision of the rental charge on an annual basis
according to prevailing market conditions.
The expected lease charges after the end of the reporting year have been disclosed in note 26.
Financial risk management. Allocations of the lease charges to cost of sales or general and
administrative expenses have been based on the nature of the asset in use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-378": { "value": "Property, plant and equipment
Amounts in US$ \u2018000
Operational
facilities
Leasehold
Improvement
Machinery and
equipment
Other
Asset under
construction
Total
At cost
4,659
5,282
8,278
4,691
6
22,916
Accumulated depreciation
(2,866)
(2,108)
(4,915)
(2,635)
\u2014
(12,524)
Carrying value at January 1, 2023
1,793
3,174
3,363
2,056
6
10,392
Investments
32
60
682
488
175
1,437
Internal transfer - cost
\u2014
\u2014
\u2014
6
(6)
\u2014
Internal transfer - accumulated depreciation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other - cost
74
60
432
\u2014
\u2014
566
Other - accumulated depreciation
(59)
(59)
(434)
\u2014
\u2014
(552)
Divestments
\u2014
(14)
(11)
(120)
\u2014
(145)
Depreciation charges
(365)
(258)
(860)
(919)
\u2014
(2,402)
Depreciation of disinvestment
\u2014
8
6
120
\u2014
134
Currency translation - cost
148
158
279
66
4
655
Currency translation - accumulated depreciation
(98)
(70)
(183)
(45)
\u2014
(396)
Movement 2023
(268)
(115)
(89)
(404)
173
(703)
At cost
4,913
5,546
9,660
5,131
179
25,429
Accumulated depreciation
(3,388)
(2,487)
(6,386)
(3,479)
\u2014
(15,740)
Carrying value at December 31, 2023
1,525
3,059
3,274
1,652
179
9,689
Amounts in US$ \u2018000
Operational
facilities
Leasehold
Improvement
Machinery and
equipment
Other
Asset under
construction
Total
At cost
4,913
5,546
9,660
5,131
179
25,429
Accumulated depreciation
(3,388)
(2,487)
(6,386)
(3,479)
\u2014
(15,740)
Carrying value at January 1, 2024
1,525
3,059
3,274
1,652
179
9,689
Investments
\u2014
197
219
230
144
790
Internal transfer - cost
\u2014
\u2014
\u2014
175
(175)
\u2014
Internal transfer - accumulated depreciation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other - cost
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other - accumulated depreciation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Divestments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Depreciation charges
(355)
(266)
(756)
(900)
\u2014
(2,277)
Depreciation of disinvestment
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Currency translation - cost
(291)
(311)
(582)
(152)
(3)
(1,339)
Currency translation - accumulated depreciation
216
148
410
115
\u2014
889
Movement 2024
(430)
(232)
(709)
(532)
(34)
(1,937)
At cost
4,622
5,432
9,297
5,384
145
24,880
Accumulated depreciation
(3,527)
(2,605)
(6,732)
(4,264)
\u2014
(17,128)
Carrying value at December 31, 2024
1,095
2,827
2,565
1,120
145
7,752
Category
Depreciation period
Operational facilities
10-20 years
Leasehold improvements
5-15 years
Machinery and equipment
5-10 years
Other property, plant & equipment
5-10 years
In 2024, the Company had capital expenditures of US$0.8 million (2023: US$1.4 million), mainly
related to new machinery and equipment.
Depreciation charges on production related property, plant and equipment of US$0.8 million in 2024
(2023 : US$0.9 million) have been included in the value of inventories and an amount of US$1.5
million of the total 2024 depreciation costs has been charged to the statement of income (2023:
US$1.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-379": { "value": "Right-of-use assets
This note provides information for leases where the Group is a lessee.
The balance sheet shows the following amounts relating to leases:
Amounts in US$ \u2018000
Buildings
Cars
Total
At cost
32,884
3,334
36,218
Accumulated depreciation
(6,185)
(1,280)
(7,465)
Carrying value at January 1, 2023
26,699
2,054
28,753
Additions
\u2014
1,413
1,413
Remeasurement
1,865
\u2014
1,865
Divestments
\u2014
(756)
(756)
Depreciation charges
(2,913)
(1,289)
(4,202)
Depreciation of disinvestment
\u2014
700
700
Impairment
(4,663)
\u2014
(4,663)
Currency translation - cost
873
18
891
Currency translation - accumulated depreciation
(213)
(11)
(224)
Movement 2023
(5,051)
75
(4,976)
At cost
30,959
4,009
34,968
Accumulated depreciation
(9,311)
(1,880)
(11,191)
Carrying value at December 31, 2023
21,648
2,129
23,777
Additions
\u2014
2,395
2,395
Remeasurement
338
\u2014
338
Divestments
(305)
(1,694)
(1,999)
Depreciation charges
(2,627)
(1,280)
(3,907)
Depreciation of disinvestment
186
1,515
1,701
Impairment
(5,027)
\u2014
(5,027)
Currency translation - cost
(1,431)
(41)
(1,472)
Currency translation - accumulated depreciation
557
19
576
Movement 2024
(8,309)
914
(7,395)
At cost
24,534
4,669
29,203
Accumulated depreciation
(11,195)
(1,626)
(12,821)
Carrying value at December 31, 2024
13,339
3,043
16,382
During 2022, the lease for the DSP facility at Pivot Park in Oss, the Netherlands commenced and
resulted in an investment of US$14.6 million. The intention for this facility was primarily to set up an
independent production line, which was cancelled and the building remained empty and unused
resulting in impairments for a total of US$8.6 million in 2022 and 2023. In 2024, Pharming entered
into negotiations to terminate this lease. As a result, the Company has fully impaired the
corresponding right-of-use asset, leading to an impairment expense of US$5.0 million as of
December\u00a031, 2024.
The building remeasurement is related to adjustments in the existing right-of-use assets to account
for inflation-related higher lease payments.
The Company applies for the recognition exemption for short-term leases and lease of low-value
assets. The respective lease payments are recorded in the consolidated statement of income and are
immaterial to the financial statements.
Amounts recognized in the statement of income
Depreciation charges on production related right-of-use assets of US$0.5 million in 2024 (2023:
US$0.5 million) have been included in the value of inventories and an amount of US$3.4 million of the
total 2024 depreciation costs has been charged to the statement of income (2023: US$3.7 million).
The statement of income shows the following amounts relating to leases:
Amounts in US$ \u2018000
2024
2023
Depreciation right of use buildings
(2,094)
(2,380)
Impairment right of use buildings
(5,027)
(4,663)
Depreciation right of use cars
(1,280)
(1,284)
Interest expense (note 8)
(1,038)
(1,088)
Total expense right of use assets
(9,439)
(9,415)
Lease charges
The non-cancellable leases at December\u00a031, 2024, have remaining terms of between one and thirteen
years and generally include a clause to enable upward revision of the rental charge on an annual basis
according to prevailing market conditions.
The expected lease charges after the end of the reporting year have been disclosed in note 26.
Financial risk management. Allocations of the lease charges to cost of sales or general and
administrative expenses have been based on the nature of the asset in use.
Leases
Lease liabilities can be specified as follows:
Amounts in US$ \u2018000
2024
2023
Balance at January 1
33,123
33,308
Additions
2,425
1,295
Remeasurement
338
1,865
Interest expense accrued
1,141
1,193
Payments of lease liabilities
(5,149)
(5,126)
Disposals of lease liabilities
(309)
(319)
Currency translation
(1,655)
907
Balance at December 31
29,914
33,123
- Current portion
2,946
3,616
- Non-current portion
26,968
29,507
Additions in 2023 and 2024 relate to newly leased cars and remeasurement reflects inflation-related
higher lease payments on buildings.
Future minimum lease payments as at December\u00a031, 2024 , and 2023 are as follows:
2024
2023
Amounts in US$ \u2018000
Minimum
payments
Present value
of payments
Minimum
payments
Present value
of payments
Within one year
4,730
4,650
5,071
4,995
After one year but not more than five years
15,267
13,764
16,024
14,369
More than five years
15,322
11,500
18,996
14,104
Balance at December 31
35,319
29,914
40,091
33,468
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-380": { "value": "Investments
13.1 Investments accounted for using the equity method
The investment in BioConnection group (BioConnection) announced in April 2019 provides the
Company with significant influence over BioConnection, and as such has been treated as an associate
of the Group.
As at December\u00a031, 2024, the asset relates to an investment in the ordinary shares of BioConnection
Investments B.V. During the second quarter of 2022, Pharming entered into a share purchase
agreement, following receipt of an offer for all shares in BioConnection by Gimv, a European
investment company listed on Euronext Brussels. The existing shareholders (including Pharming)
reached agreement with Gimv on the sale of all issued and outstanding shares to a new holding
company (BioConnection Investments B.V.) incorporated by Gimv, followed by a partial re-investment
by existing shareholders of the purchase price in the share capital of BioConnection Investments B.V.
The re-investment relates to the purchase of ordinary shares and a preference share. The transaction
diluted Pharming's stake in this investment from 43.85% in 2021 to 23.60% in 2022.
The Company made an assessment on the accounting treatment of the agreement and concluded
that the sale of the BioConnection ordinary shares and purchase of the BioConnection Investments
B.V. ordinary shares shall be considered as a dilution of an existing equity stake in an investment
accounted for using the equity method. Hence Pharming recognized the dilution of its equity stake as
a reduction of the carrying amount of the investment accounted for using the equity method.
The preference share is valued as an investment in debt instruments designated as at fair value with
changes through profit and loss (FVTPL).
Name of entity
Place of business
% of ownership interest
Nature of
relationship
Measurement
method
2024
2023
BioConnection
Investments B.V.
Oss, NL
23.60
23.60
Associate
Equity
Amounts in US$ \u2018000
Carrying value at January 1, 2023
2,501
Share in net profit (loss)
(289)
Currency translation
73
Carrying value at December 31, 2023
2,285
Share in net profit (loss)
(1,131)
Impairment
(629)
Currency translation
(59)
Carrying value at December 31, 2024
466
In accordance with IAS 36, the Company reviewed the carrying value of the investment in
BioConnection for impairment whenever events or changes in circumstances indicate that the
carrying value may not be recoverable. In 2024, based on a comprehensive review of the investee's
performance, financial position, expected future cash flows and market conditions, the Company
determined that an impairment is required. Basis to determine the impairment expense relates to the
required fair value calculation for the relating investment in debt instruments designated at FVTPL
(the preference share). This calculation relates to a discounted cash flow model for which more
details can be found at note 13.2. The Company will continue to monitor the performance of this
investee and assess whether additional impairments may be necessary in future periods, depending
on changes in circumstances or the performance of the investee.
Financial information of BioConnection Investments B.V. per December 31, 2023, is filed at the Dutch
Chamber of Commerce under number 85610658 (www.kvk.nl).
The latest available financial information of BioConnection Investments B.V. as filed at the Dutch
Chamber of Commerce, for the year 2023 is as follows (translated from euro to USD using the closing
rate 2024 of 1.0350 for balance sheet positions and the average rate over 2024 of 1.0804 for the
net result):
Amounts in US$ \u2018000
December 31, 2023
Total assets
61,727
Total equity
51,951
Net result
(5,339)
In the Board of Director's judgement, the investment in BioConnection constitutes an investment in
an associated company and is therefore not consolidated, as Pharming has significant influence but
does not have control of BioConnection and is embargoed by a shareholders agreement between the
shareholders of BioConnection from influencing any activity between the two parties which is in any
significant way different from the relationship which existed between the two prior to the
investment. In 2024, the ownership of Pharming remains unchanged. As a result, there were no
movements in the carrying value other than Pharming's share in net profit, incurred impairment
expenses and currency translation effects.
13.2 Investment in debt instruments designated as at FVTPL
The asset relates to the preference share as obtained as part of the agreement referred to above
relating to BioConnection Investments B.V. The Board of Directors made an assessment on the
accounting treatment of the preference share obtained. The Board of Directors concluded that the
asset should be recognized as a financial asset (debt instrument) measured at initial recognition at
fair value, subsequently measured at fair value through profit and loss. The fair value was calculated
based on a commonly accepted valuation method, the option pricing model (\"OPM\"), which
considers the share classes as call options on the total shareholders' equity value according to the
rights and preferences of each class of equity. The payoff profile of the share classes was analyzed
through a portfolio of call options, with the total equity value of a company as the underlying asset
of the options and specific terms for each option calibrated to mirror, in aggregate, the payoff profile
of the share classes. Relying on the forward-looking Black-Scholes-Merton (\"BSM\") financial
instrument pricing framework, the OPM effectively captures the full range of potential outcomes for
the share classes at exit. The OPM takes into consideration the full spectrum of risks in terms of
future potential upside or downside but does not require explicit estimates of the possible future
outcomes. The BSM model is commonly used to price assets on financial markets and allows to
estimate the theoretical value of a call option, using six key parameters, namely the underlying equity
value, strike price, time to maturity, risk free rate, expected volatility of the underlying equity and
dividend yield on the underlying equity, which is a Level 3 input in terms of IFRS 13. Significant
increases or decreases in equity value, volatility and time to maturity and below assumptions in
isolation would result in a significantly lower or higher fair value assessment.
The following assumptions were used in the BSM model to determine the fair value of the asset:
2024
2023
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
2.60%
1.99%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2024
2023
January 1
6,093
6,827
Fair value changes
(2,051)
(930)
Currency translation
(275)
196
Balance at December 31
3,767
6,093
Sensitivity analysis
To illustrate the exposure of the carrying value of the investment to further fair value movements
as a result of changes in the economic environment, a sensitivity analysis of fair value has been
prepared over the key drivers most affected by the current uncertainties. It is possible that there will
be movements in these key inputs after December\u00a031, 2024. While it is unlikely that these reported
inputs would move in isolation, these sensitivities have been performed independently to illustrate
the impact each individual input has on the reported fair value and they do not represent
management's estimate at December\u00a031, 2024.
The main assumptions in determination of the equity value are shown in below table:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
0.1
-2.0%
4.8
-5.0%
1.7
-5.0%
2.1
-1.0%
4.3
-2.5%
2.8
Base case
3.8
Base case
3.8
Base case
3.8
+5.0%
5.0
+1.0%
3.3
+2.5%
4.6
+10.0%
6.1
+2.0%
2.9
+5.0%
5.3
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
4.1
-10.0%
4.0
- 1 year
3.9
-5.0%
3.9
Base case
3.8
Base Case
3.8
+ 1 year
3.6
+5.0%
3.6
+ 2 years
3.5
+10.0%
3.4
13.3 Investments in equity instruments designated as at Fair Value Through Other
Comprehensive Income
At December 31, 2023, the Group held 0.54 percent of the ordinary share capital of Orchard
Therapeutics Plc. (Orchard), a global gene therapy leader.
On October 5, 2023, Orchard announced it had entered into a definitive agreement with Japanese
company Kyowa Kirin Co., Ltd., for the acquisition of Orchard for US$16.00 per American Depositary
Share (ADS) in cash plus an additional contingent value right (CVR) of US$1.00 per ADS (a total of
US$17.00 per ADS). The transaction was successfully completed on 24 January 2024. In 2024, the
Company also received the full amount for the CVR. Based on the total offer price of US$17.00,
the Company has received US$2.1 million for its shares held in Orchard in 2024.
Pharming has terminated the research collaboration & licensing agreement with Orchard and
discontinued the OTL-105 program.
Name of entity
Place of
business
% of ownership interest
Nature of
relationship
Measurement
method
2024
2023
Orchard Therapeutics Plc.
London, UK
\u2014%
0.54%
Investment
Fair value
The fair value as at December 31, 2023, was determined on the basis of the trading price as at that
date.
Amounts in US$ \u2018000
Carrying
amount
Carrying value at January 1, 2023
403
Fair value adjustments through OCI (pre-tax)
1,573
Disposal of investment designated as at FVOCI
\u2014
Currency translation
44
Carrying value at December 31, 2023
2,020
Fair value adjustments through OCI (pre-tax)
106
Disposal of investment designated as at FVOCI
(2,098)
Currency translation
(28)
Carrying value at December 31, 2024
\u2014
The pre-tax cumulative loss on the Orchard investment amounted to US$2.3 million and has been
recognized through other comprehensive income throughout the holding period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-382": { "value": "
13.1 Investments accounted for using the equity method
The investment in BioConnection group (BioConnection) announced in April 2019 provides the
Company with significant influence over BioConnection, and as such has been treated as an associate
of the Group.
As at December\u00a031, 2024, the asset relates to an investment in the ordinary shares of BioConnection
Investments B.V. During the second quarter of 2022, Pharming entered into a share purchase
agreement, following receipt of an offer for all shares in BioConnection by Gimv, a European
investment company listed on Euronext Brussels. The existing shareholders (including Pharming)
reached agreement with Gimv on the sale of all issued and outstanding shares to a new holding
company (BioConnection Investments B.V.) incorporated by Gimv, followed by a partial re-investment
by existing shareholders of the purchase price in the share capital of BioConnection Investments B.V.
The re-investment relates to the purchase of ordinary shares and a preference share. The transaction
diluted Pharming's stake in this investment from 43.85% in 2021 to 23.60% in 2022.
The Company made an assessment on the accounting treatment of the agreement and concluded
that the sale of the BioConnection ordinary shares and purchase of the BioConnection Investments
B.V. ordinary shares shall be considered as a dilution of an existing equity stake in an investment
accounted for using the equity method. Hence Pharming recognized the dilution of its equity stake as
a reduction of the carrying amount of the investment accounted for using the equity method.
The preference share is valued as an investment in debt instruments designated as at fair value with
changes through profit and loss (FVTPL).
Name of entity
Place of business
% of ownership interest
Nature of
relationship
Measurement
method
2024
2023
BioConnection
Investments B.V.
Oss, NL
23.60
23.60
Associate
Equity
Amounts in US$ \u2018000
Carrying value at January 1, 2023
2,501
Share in net profit (loss)
(289)
Currency translation
73
Carrying value at December 31, 2023
2,285
Share in net profit (loss)
(1,131)
Impairment
(629)
Currency translation
(59)
Carrying value at December 31, 2024
466
In accordance with IAS 36, the Company reviewed the carrying value of the investment in
BioConnection for impairment whenever events or changes in circumstances indicate that the
carrying value may not be recoverable. In 2024, based on a comprehensive review of the investee's
performance, financial position, expected future cash flows and market conditions, the Company
determined that an impairment is required. Basis to determine the impairment expense relates to the
required fair value calculation for the relating investment in debt instruments designated at FVTPL
(the preference share). This calculation relates to a discounted cash flow model for which more
details can be found at note 13.2. The Company will continue to monitor the performance of this
investee and assess whether additional impairments may be necessary in future periods, depending
on changes in circumstances or the performance of the investee.
Financial information of BioConnection Investments B.V. per December 31, 2023, is filed at the Dutch
Chamber of Commerce under number 85610658 (www.kvk.nl).
The latest available financial information of BioConnection Investments B.V. as filed at the Dutch
Chamber of Commerce, for the year 2023 is as follows (translated from euro to USD using the closing
rate 2024 of 1.0350 for balance sheet positions and the average rate over 2024 of 1.0804 for the
net result):
Amounts in US$ \u2018000
December 31, 2023
Total assets
61,727
Total equity
51,951
Net result
(5,339)
In the Board of Director's judgement, the investment in BioConnection constitutes an investment in
an associated company and is therefore not consolidated, as Pharming has significant influence but
does not have control of BioConnection and is embargoed by a shareholders agreement between the
shareholders of BioConnection from influencing any activity between the two parties which is in any
significant way different from the relationship which existed between the two prior to the
investment. In 2024, the ownership of Pharming remains unchanged. As a result, there were no
movements in the carrying value other than Pharming's share in net profit, incurred impairment
expenses and currency translation effects.
13.2 Investment in debt instruments designated as at FVTPL
The asset relates to the preference share as obtained as part of the agreement referred to above
relating to BioConnection Investments B.V. The Board of Directors made an assessment on the
accounting treatment of the preference share obtained. The Board of Directors concluded that the
asset should be recognized as a financial asset (debt instrument) measured at initial recognition at
fair value, subsequently measured at fair value through profit and loss. The fair value was calculated
based on a commonly accepted valuation method, the option pricing model (\"OPM\"), which
considers the share classes as call options on the total shareholders' equity value according to the
rights and preferences of each class of equity. The payoff profile of the share classes was analyzed
through a portfolio of call options, with the total equity value of a company as the underlying asset
of the options and specific terms for each option calibrated to mirror, in aggregate, the payoff profile
of the share classes. Relying on the forward-looking Black-Scholes-Merton (\"BSM\") financial
instrument pricing framework, the OPM effectively captures the full range of potential outcomes for
the share classes at exit. The OPM takes into consideration the full spectrum of risks in terms of
future potential upside or downside but does not require explicit estimates of the possible future
outcomes. The BSM model is commonly used to price assets on financial markets and allows to
estimate the theoretical value of a call option, using six key parameters, namely the underlying equity
value, strike price, time to maturity, risk free rate, expected volatility of the underlying equity and
dividend yield on the underlying equity, which is a Level 3 input in terms of IFRS 13. Significant
increases or decreases in equity value, volatility and time to maturity and below assumptions in
isolation would result in a significantly lower or higher fair value assessment.
The following assumptions were used in the BSM model to determine the fair value of the asset:
2024
2023
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
2.60%
1.99%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2024
2023
January 1
6,093
6,827
Fair value changes
(2,051)
(930)
Currency translation
(275)
196
Balance at December 31
3,767
6,093
Sensitivity analysis
To illustrate the exposure of the carrying value of the investment to further fair value movements
as a result of changes in the economic environment, a sensitivity analysis of fair value has been
prepared over the key drivers most affected by the current uncertainties. It is possible that there will
be movements in these key inputs after December\u00a031, 2024. While it is unlikely that these reported
inputs would move in isolation, these sensitivities have been performed independently to illustrate
the impact each individual input has on the reported fair value and they do not represent
management's estimate at December\u00a031, 2024.
The main assumptions in determination of the equity value are shown in below table:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
0.1
-2.0%
4.8
-5.0%
1.7
-5.0%
2.1
-1.0%
4.3
-2.5%
2.8
Base case
3.8
Base case
3.8
Base case
3.8
+5.0%
5.0
+1.0%
3.3
+2.5%
4.6
+10.0%
6.1
+2.0%
2.9
+5.0%
5.3
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
4.1
-10.0%
4.0
- 1 year
3.9
-5.0%
3.9
Base case
3.8
Base Case
3.8
+ 1 year
3.6
+5.0%
3.6
+ 2 years
3.5
+10.0%
3.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-381": { "value": "
13.1 Investments accounted for using the equity method
The investment in BioConnection group (BioConnection) announced in April 2019 provides the
Company with significant influence over BioConnection, and as such has been treated as an associate
of the Group.
As at December\u00a031, 2024, the asset relates to an investment in the ordinary shares of BioConnection
Investments B.V. During the second quarter of 2022, Pharming entered into a share purchase
agreement, following receipt of an offer for all shares in BioConnection by Gimv, a European
investment company listed on Euronext Brussels. The existing shareholders (including Pharming)
reached agreement with Gimv on the sale of all issued and outstanding shares to a new holding
company (BioConnection Investments B.V.) incorporated by Gimv, followed by a partial re-investment
by existing shareholders of the purchase price in the share capital of BioConnection Investments B.V.
The re-investment relates to the purchase of ordinary shares and a preference share. The transaction
diluted Pharming's stake in this investment from 43.85% in 2021 to 23.60% in 2022.
The Company made an assessment on the accounting treatment of the agreement and concluded
that the sale of the BioConnection ordinary shares and purchase of the BioConnection Investments
B.V. ordinary shares shall be considered as a dilution of an existing equity stake in an investment
accounted for using the equity method. Hence Pharming recognized the dilution of its equity stake as
a reduction of the carrying amount of the investment accounted for using the equity method.
The preference share is valued as an investment in debt instruments designated as at fair value with
changes through profit and loss (FVTPL).
Name of entity
Place of business
% of ownership interest
Nature of
relationship
Measurement
method
2024
2023
BioConnection
Investments B.V.
Oss, NL
23.60
23.60
Associate
Equity
Amounts in US$ \u2018000
Carrying value at January 1, 2023
2,501
Share in net profit (loss)
(289)
Currency translation
73
Carrying value at December 31, 2023
2,285
Share in net profit (loss)
(1,131)
Impairment
(629)
Currency translation
(59)
Carrying value at December 31, 2024
466
In accordance with IAS 36, the Company reviewed the carrying value of the investment in
BioConnection for impairment whenever events or changes in circumstances indicate that the
carrying value may not be recoverable. In 2024, based on a comprehensive review of the investee's
performance, financial position, expected future cash flows and market conditions, the Company
determined that an impairment is required. Basis to determine the impairment expense relates to the
required fair value calculation for the relating investment in debt instruments designated at FVTPL
(the preference share). This calculation relates to a discounted cash flow model for which more
details can be found at note 13.2. The Company will continue to monitor the performance of this
investee and assess whether additional impairments may be necessary in future periods, depending
on changes in circumstances or the performance of the investee.
Financial information of BioConnection Investments B.V. per December 31, 2023, is filed at the Dutch
Chamber of Commerce under number 85610658 (www.kvk.nl).
The latest available financial information of BioConnection Investments B.V. as filed at the Dutch
Chamber of Commerce, for the year 2023 is as follows (translated from euro to USD using the closing
rate 2024 of 1.0350 for balance sheet positions and the average rate over 2024 of 1.0804 for the
net result):
Amounts in US$ \u2018000
December 31, 2023
Total assets
61,727
Total equity
51,951
Net result
(5,339)
In the Board of Director's judgement, the investment in BioConnection constitutes an investment in
an associated company and is therefore not consolidated, as Pharming has significant influence but
does not have control of BioConnection and is embargoed by a shareholders agreement between the
shareholders of BioConnection from influencing any activity between the two parties which is in any
significant way different from the relationship which existed between the two prior to the
investment. In 2024, the ownership of Pharming remains unchanged. As a result, there were no
movements in the carrying value other than Pharming's share in net profit, incurred impairment
expenses and currency translation effects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-386": { "value": "
13.2 Investment in debt instruments designated as at FVTPL
The asset relates to the preference share as obtained as part of the agreement referred to above
relating to BioConnection Investments B.V. The Board of Directors made an assessment on the
accounting treatment of the preference share obtained. The Board of Directors concluded that the
asset should be recognized as a financial asset (debt instrument) measured at initial recognition at
fair value, subsequently measured at fair value through profit and loss. The fair value was calculated
based on a commonly accepted valuation method, the option pricing model (\"OPM\"), which
considers the share classes as call options on the total shareholders' equity value according to the
rights and preferences of each class of equity. The payoff profile of the share classes was analyzed
through a portfolio of call options, with the total equity value of a company as the underlying asset
of the options and specific terms for each option calibrated to mirror, in aggregate, the payoff profile
of the share classes. Relying on the forward-looking Black-Scholes-Merton (\"BSM\") financial
instrument pricing framework, the OPM effectively captures the full range of potential outcomes for
the share classes at exit. The OPM takes into consideration the full spectrum of risks in terms of
future potential upside or downside but does not require explicit estimates of the possible future
outcomes. The BSM model is commonly used to price assets on financial markets and allows to
estimate the theoretical value of a call option, using six key parameters, namely the underlying equity
value, strike price, time to maturity, risk free rate, expected volatility of the underlying equity and
dividend yield on the underlying equity, which is a Level 3 input in terms of IFRS 13. Significant
increases or decreases in equity value, volatility and time to maturity and below assumptions in
isolation would result in a significantly lower or higher fair value assessment.
The following assumptions were used in the BSM model to determine the fair value of the asset:
2024
2023
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
2.60%
1.99%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2024
2023
January 1
6,093
6,827
Fair value changes
(2,051)
(930)
Currency translation
(275)
196
Balance at December 31
3,767
6,093
Sensitivity analysis
To illustrate the exposure of the carrying value of the investment to further fair value movements
as a result of changes in the economic environment, a sensitivity analysis of fair value has been
prepared over the key drivers most affected by the current uncertainties. It is possible that there will
be movements in these key inputs after December\u00a031, 2024. While it is unlikely that these reported
inputs would move in isolation, these sensitivities have been performed independently to illustrate
the impact each individual input has on the reported fair value and they do not represent
management's estimate at December\u00a031, 2024.
The main assumptions in determination of the equity value are shown in below table:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
0.1
-2.0%
4.8
-5.0%
1.7
-5.0%
2.1
-1.0%
4.3
-2.5%
2.8
Base case
3.8
Base case
3.8
Base case
3.8
+5.0%
5.0
+1.0%
3.3
+2.5%
4.6
+10.0%
6.1
+2.0%
2.9
+5.0%
5.3
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
4.1
-10.0%
4.0
- 1 year
3.9
-5.0%
3.9
Base case
3.8
Base Case
3.8
+ 1 year
3.6
+5.0%
3.6
+ 2 years
3.5
+10.0%
3.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-385": { "value": "
13.2 Investment in debt instruments designated as at FVTPL
The asset relates to the preference share as obtained as part of the agreement referred to above
relating to BioConnection Investments B.V. The Board of Directors made an assessment on the
accounting treatment of the preference share obtained. The Board of Directors concluded that the
asset should be recognized as a financial asset (debt instrument) measured at initial recognition at
fair value, subsequently measured at fair value through profit and loss. The fair value was calculated
based on a commonly accepted valuation method, the option pricing model (\"OPM\"), which
considers the share classes as call options on the total shareholders' equity value according to the
rights and preferences of each class of equity. The payoff profile of the share classes was analyzed
through a portfolio of call options, with the total equity value of a company as the underlying asset
of the options and specific terms for each option calibrated to mirror, in aggregate, the payoff profile
of the share classes. Relying on the forward-looking Black-Scholes-Merton (\"BSM\") financial
instrument pricing framework, the OPM effectively captures the full range of potential outcomes for
the share classes at exit. The OPM takes into consideration the full spectrum of risks in terms of
future potential upside or downside but does not require explicit estimates of the possible future
outcomes. The BSM model is commonly used to price assets on financial markets and allows to
estimate the theoretical value of a call option, using six key parameters, namely the underlying equity
value, strike price, time to maturity, risk free rate, expected volatility of the underlying equity and
dividend yield on the underlying equity, which is a Level 3 input in terms of IFRS 13. Significant
increases or decreases in equity value, volatility and time to maturity and below assumptions in
isolation would result in a significantly lower or higher fair value assessment.
The following assumptions were used in the BSM model to determine the fair value of the asset:
2024
2023
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
2.60%
1.99%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2024
2023
January 1
6,093
6,827
Fair value changes
(2,051)
(930)
Currency translation
(275)
196
Balance at December 31
3,767
6,093
Sensitivity analysis
To illustrate the exposure of the carrying value of the investment to further fair value movements
as a result of changes in the economic environment, a sensitivity analysis of fair value has been
prepared over the key drivers most affected by the current uncertainties. It is possible that there will
be movements in these key inputs after December\u00a031, 2024. While it is unlikely that these reported
inputs would move in isolation, these sensitivities have been performed independently to illustrate
the impact each individual input has on the reported fair value and they do not represent
management's estimate at December\u00a031, 2024.
The main assumptions in determination of the equity value are shown in below table:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
0.1
-2.0%
4.8
-5.0%
1.7
-5.0%
2.1
-1.0%
4.3
-2.5%
2.8
Base case
3.8
Base case
3.8
Base case
3.8
+5.0%
5.0
+1.0%
3.3
+2.5%
4.6
+10.0%
6.1
+2.0%
2.9
+5.0%
5.3
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
4.1
-10.0%
4.0
- 1 year
3.9
-5.0%
3.9
Base case
3.8
Base Case
3.8
+ 1 year
3.6
+5.0%
3.6
+ 2 years
3.5
+10.0%
3.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-384": { "value": "
13.2 Investment in debt instruments designated as at FVTPL
The asset relates to the preference share as obtained as part of the agreement referred to above
relating to BioConnection Investments B.V. The Board of Directors made an assessment on the
accounting treatment of the preference share obtained. The Board of Directors concluded that the
asset should be recognized as a financial asset (debt instrument) measured at initial recognition at
fair value, subsequently measured at fair value through profit and loss. The fair value was calculated
based on a commonly accepted valuation method, the option pricing model (\"OPM\"), which
considers the share classes as call options on the total shareholders' equity value according to the
rights and preferences of each class of equity. The payoff profile of the share classes was analyzed
through a portfolio of call options, with the total equity value of a company as the underlying asset
of the options and specific terms for each option calibrated to mirror, in aggregate, the payoff profile
of the share classes. Relying on the forward-looking Black-Scholes-Merton (\"BSM\") financial
instrument pricing framework, the OPM effectively captures the full range of potential outcomes for
the share classes at exit. The OPM takes into consideration the full spectrum of risks in terms of
future potential upside or downside but does not require explicit estimates of the possible future
outcomes. The BSM model is commonly used to price assets on financial markets and allows to
estimate the theoretical value of a call option, using six key parameters, namely the underlying equity
value, strike price, time to maturity, risk free rate, expected volatility of the underlying equity and
dividend yield on the underlying equity, which is a Level 3 input in terms of IFRS 13. Significant
increases or decreases in equity value, volatility and time to maturity and below assumptions in
isolation would result in a significantly lower or higher fair value assessment.
The following assumptions were used in the BSM model to determine the fair value of the asset:
2024
2023
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
2.60%
1.99%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2024
2023
January 1
6,093
6,827
Fair value changes
(2,051)
(930)
Currency translation
(275)
196
Balance at December 31
3,767
6,093
Sensitivity analysis
To illustrate the exposure of the carrying value of the investment to further fair value movements
as a result of changes in the economic environment, a sensitivity analysis of fair value has been
prepared over the key drivers most affected by the current uncertainties. It is possible that there will
be movements in these key inputs after December\u00a031, 2024. While it is unlikely that these reported
inputs would move in isolation, these sensitivities have been performed independently to illustrate
the impact each individual input has on the reported fair value and they do not represent
management's estimate at December\u00a031, 2024.
The main assumptions in determination of the equity value are shown in below table:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
0.1
-2.0%
4.8
-5.0%
1.7
-5.0%
2.1
-1.0%
4.3
-2.5%
2.8
Base case
3.8
Base case
3.8
Base case
3.8
+5.0%
5.0
+1.0%
3.3
+2.5%
4.6
+10.0%
6.1
+2.0%
2.9
+5.0%
5.3
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
4.1
-10.0%
4.0
- 1 year
3.9
-5.0%
3.9
Base case
3.8
Base Case
3.8
+ 1 year
3.6
+5.0%
3.6
+ 2 years
3.5
+10.0%
3.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-383": { "value": "
13.2 Investment in debt instruments designated as at FVTPL
The asset relates to the preference share as obtained as part of the agreement referred to above
relating to BioConnection Investments B.V. The Board of Directors made an assessment on the
accounting treatment of the preference share obtained. The Board of Directors concluded that the
asset should be recognized as a financial asset (debt instrument) measured at initial recognition at
fair value, subsequently measured at fair value through profit and loss. The fair value was calculated
based on a commonly accepted valuation method, the option pricing model (\"OPM\"), which
considers the share classes as call options on the total shareholders' equity value according to the
rights and preferences of each class of equity. The payoff profile of the share classes was analyzed
through a portfolio of call options, with the total equity value of a company as the underlying asset
of the options and specific terms for each option calibrated to mirror, in aggregate, the payoff profile
of the share classes. Relying on the forward-looking Black-Scholes-Merton (\"BSM\") financial
instrument pricing framework, the OPM effectively captures the full range of potential outcomes for
the share classes at exit. The OPM takes into consideration the full spectrum of risks in terms of
future potential upside or downside but does not require explicit estimates of the possible future
outcomes. The BSM model is commonly used to price assets on financial markets and allows to
estimate the theoretical value of a call option, using six key parameters, namely the underlying equity
value, strike price, time to maturity, risk free rate, expected volatility of the underlying equity and
dividend yield on the underlying equity, which is a Level 3 input in terms of IFRS 13. Significant
increases or decreases in equity value, volatility and time to maturity and below assumptions in
isolation would result in a significantly lower or higher fair value assessment.
The following assumptions were used in the BSM model to determine the fair value of the asset:
2024
2023
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
2.60%
1.99%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2024
2023
January 1
6,093
6,827
Fair value changes
(2,051)
(930)
Currency translation
(275)
196
Balance at December 31
3,767
6,093
Sensitivity analysis
To illustrate the exposure of the carrying value of the investment to further fair value movements
as a result of changes in the economic environment, a sensitivity analysis of fair value has been
prepared over the key drivers most affected by the current uncertainties. It is possible that there will
be movements in these key inputs after December\u00a031, 2024. While it is unlikely that these reported
inputs would move in isolation, these sensitivities have been performed independently to illustrate
the impact each individual input has on the reported fair value and they do not represent
management's estimate at December\u00a031, 2024.
The main assumptions in determination of the equity value are shown in below table:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
0.1
-2.0%
4.8
-5.0%
1.7
-5.0%
2.1
-1.0%
4.3
-2.5%
2.8
Base case
3.8
Base case
3.8
Base case
3.8
+5.0%
5.0
+1.0%
3.3
+2.5%
4.6
+10.0%
6.1
+2.0%
2.9
+5.0%
5.3
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
4.1
-10.0%
4.0
- 1 year
3.9
-5.0%
3.9
Base case
3.8
Base Case
3.8
+ 1 year
3.6
+5.0%
3.6
+ 2 years
3.5
+10.0%
3.4
13.3 Investments in equity instruments designated as at Fair Value Through Other
Comprehensive Income
At December 31, 2023, the Group held 0.54 percent of the ordinary share capital of Orchard
Therapeutics Plc. (Orchard), a global gene therapy leader.
On October 5, 2023, Orchard announced it had entered into a definitive agreement with Japanese
company Kyowa Kirin Co., Ltd., for the acquisition of Orchard for US$16.00 per American Depositary
Share (ADS) in cash plus an additional contingent value right (CVR) of US$1.00 per ADS (a total of
US$17.00 per ADS). The transaction was successfully completed on 24 January 2024. In 2024, the
Company also received the full amount for the CVR. Based on the total offer price of US$17.00,
the Company has received US$2.1 million for its shares held in Orchard in 2024.
Pharming has terminated the research collaboration & licensing agreement with Orchard and
discontinued the OTL-105 program.
Name of entity
Place of
business
% of ownership interest
Nature of
relationship
Measurement
method
2024
2023
Orchard Therapeutics Plc.
London, UK
\u2014%
0.54%
Investment
Fair value
The fair value as at December 31, 2023, was determined on the basis of the trading price as at that
date.
Amounts in US$ \u2018000
Carrying
amount
Carrying value at January 1, 2023
403
Fair value adjustments through OCI (pre-tax)
1,573
Disposal of investment designated as at FVOCI
\u2014
Currency translation
44
Carrying value at December 31, 2023
2,020
Fair value adjustments through OCI (pre-tax)
106
Disposal of investment designated as at FVOCI
(2,098)
Currency translation
(28)
Carrying value at December 31, 2024
\u2014
The pre-tax cumulative loss on the Orchard investment amounted to US$2.3 million and has been
recognized through other comprehensive income throughout the holding period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-387": { "value": "Marketable securities
Amounts in US$ \u2018000
2024
2023
Government treasury certificates
50,525
151,683
Money market funds
62,424
\u2014
Total marketable securities
112,949
151,683
Government treasury certificates, denominated in euros, are readily convertible, carry an S&P AAA
rating, and have a maturity of six months or less from the acquisition date. These certificates are
classified as held-to-maturity and measured at amortized costs. We have considered the expected
credit loss and recognized no impairment losses, due to the AAA credit ratings. Reference is made to
note 26. Financial risk management showing the difference between the carrying amount and the fair
value. Since 2024, the Company has also invested in SEC Rule 2a-7 compliant institutional money
market funds, which offer enhanced financial flexibility.
The carrying value of the marketable securities include accrued interest and dividends of US$0.4
million in 2024 (2023: US$0.7 million ).
Restricted cash, cash and cash equivalents
Amounts in US$ \u2018000
2024
2023
Restricted cash (non-current)
1,505
1,528
Cash and cash equivalents
54,944
61,741
Total restricted cash, cash and cash equivalents
56,449
63,269
Cash is free at disposal of the Company, except for restricted cash, which amounts to US$1.5 million
in 2024 (2023: US$1.5 million). Restricted cash includes deposits for rent.
For purposes of the cash flow statement, restricted cash is not considered as \"cash and cash
equivalents\".
Trade and other receivables
Amounts in US$ \u2018000
2024
2023
Trade receivables
41,531
35,408
Prepaid expenses
4,651
3,543
Value added tax
3,638
3,804
Other receivables
1,596
2,145
Taxes and social securities
3,407
1,258
Balance at December 31
54,823
46,158
Trade receivables are amounts due from customers for goods sold in the ordinary course of business.
They are generally due for settlement within 30-60 days and therefore are all classified as current.
The Company's outstanding trade receivables are mainly related to the sales in the U.S. The increase
in trade receivables relates to the increased sales in the fourth quarter as compared to the same
period in 2023 and timing of customer orders and payments around year-end.
The Company did not recognize any expected credit losses. Pharming measures the loss allowance for
trade receivables at an amount equal to lifetime ECL. The expected credit losses on trade receivables
are estimated using a provision matrix by reference to past default experience of the debtor and an
analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors,
general economic conditions of the industry in which the debtors operate and an assessment of both
the current as well as the forecast direction of conditions at the reporting date. Pharming has a
limited number of customers with long-term relationships, without a history of shortfalls. As a result,
no loss allowance for expected credit losses is recognized.
Due to the short-term nature of the current receivables, their carrying amount is considered to be the
same as their fair value.
Convertible bonds
Recognition and movements of the convertible bonds were as follows:
Amounts in US$ \u2018000
2024
2023
Balance at January 1
138,422
133,386
Repurchase
(134,924)
\u2014
Carrying value initial recognition
81,785
\u2014
Interest paid (cash flow)
(4,457)
(4,046)
Amortization
5,725
830
Accrued interest
1,972
4,046
Currency translation
(6,124)
4,206
Balance at December 31
82,399
138,422
- Current portion
4,245
1,824
- Non-current portion
78,154
136,598
In April 2024, the Company offered \u20ac100 million (US$104\u00a0million) of senior unsecured convertible
bonds due 2029 (the \"New Bonds\") convertible into new and/or existing ordinary shares in the capital
of the Company. The offer was fully subscribed. The net proceeds of the issue of the bonds were used
for the repurchase of the outstanding \u20ac125 million (US$129\u00a0million) 3.00% senior unsecured
convertible bonds due 2025 issued on January 21, 2020 (ISIN: XS2105716554), which has been
launched concurrently to the offering of the New Bonds to strengthen its financial position while
enhancing flexibility for the continued execution of its business strategy over the next several years.
The New Bonds have a principal amount of \u20ac100,000 each. The New Bonds are issued at par and
carry a coupon of 4.50% per annum payable semi-annually in arrears in equal installments on April 25
and October 25 of each year, commencing on October 25, 2024. Unless previously converted,
redeemed or purchased and cancelled, the New Bonds will be redeemed at par on April 25, 2029.
The initial conversion price has been set at \u20ac1.2271 (US$1.2700), representing a premium of 37.5%
above the volume weighted average price (VWAP) of a Share on Euronext Amsterdam between
opening of trading on the launch date and the pricing of the offering (i.e. \u20ac0.8924 (US$0.9236)).
The initial conversion price of the New Bonds will be subject to customary adjustment provisions as
set out in the terms and conditions. The number of ordinary shares initially underlying the New Bonds
is 81,492,951, representing 12% of the Company's current issued share capital. The New Bonds are
listed on the Frankfurt Exchange (ISIN: XS2763018889).
The New Bonds are classified as hybrid financial instruments under IAS 32 and pursuant to it the debt
host contract and the embedded derivative for the fair value of the conversion rights into Pharming
shares (the \"conversion option\") are recognized separately. Initial recognition values for the
individual components were determined as follows:
\u2022 the conversion option at recognition was measured using a pricing model. As the Company did not
have sufficient placement capacity to fulfil conversion of the New Bonds into ordinary shares at
the date of issue, the conversion option was recognized as a financial liability derivative.
During the shareholder's meeting on May 21, 2024, the Company received shareholder approval
to increase share capital to support the potential conversion. At the Physical settlement notice
date of June 11, 2024,\u00a0when the New Bond holders were notified that the cash settlement
alternative would no longer be available, the conversion option was reclassified to equity at fair
value, which resulted in a fair value gain of US$7.0 million immediately prior to the reclassification.
Subsequently, the value of this equity component is not remeasured and amounts to US$12.2
million, net of income tax effects, at December\u00a031, 2024.
\u00a0 \u00a0 \u00a0 Parameters used in determination of fair value of the conversion option:
Parameter
At initial recognition
Immediately prior to
reclassification
Share price
0.8924
0.7690
Conversion price per share
1.2271
1.2271
Dividend yield
\u2014%
\u2014%
Expected term in years
5.00
4.85
Risk-free rate
2.90%
3.01%
Volatility
44.34%
43.99%
Barrier price per share
1.5952
1.5952
\u2022 the debt host contract component was measured as the difference between the proceeds from
the bond and the value of the conversion option at initial recognition. This debt host contract is
subsequently measured at amortized cost, which amounts to US$82.4 million at December\u00a031,
2024.
Direct costs associated with the issue of the New Bonds were allocated to the debt host contract
(US$2.2 million) and the conversion option (US$0.6 million) in amounts proportional to the above-
mentioned initial value. They were accounted for respectively in the amortized cost (debt host
contract) and in the income statement (conversion option).
Trade and other payables
Amounts in US$ \u2018000
2024
2023
Accounts payable
10,103
16,022
Taxes and social security
3,284
6,234
Other accruals
13,917
15,634
Accruals for employees
16,117
16,019
Accruals for rebates and discounts
14,631
11,643
Accrual for production
8,559
6,976
Balance at December 31
66,611
72,528
The decrease in accounts payable is mainly due to timing of payments. The Other accruals relate
to general expenses for which no invoice was received yet. Accruals for employees mainly relate
to bonuses for employees, holiday allowances and non-taken vacation days and increased due to
an increase in the number of employees, partly offset by a decrease on bonuses for employees.
The accrual for rebates and discounts has increased, mainly due to the increase of revenues and
timing of settlements. Finally, accruals for production relate to production activities by our CMOs for
which no invoice is received yet. The increase is mainly related to timing of invoicing by these CMOs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-389": { "value": "Restricted cash, cash and cash equivalents
Amounts in US$ \u2018000
2024
2023
Restricted cash (non-current)
1,505
1,528
Cash and cash equivalents
54,944
61,741
Total restricted cash, cash and cash equivalents
56,449
63,269
Cash is free at disposal of the Company, except for restricted cash, which amounts to US$1.5 million
in 2024 (2023: US$1.5 million). Restricted cash includes deposits for rent.
For purposes of the cash flow statement, restricted cash is not considered as \"cash and cash
equivalents\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-388": { "value": "Restricted cash, cash and cash equivalents
Amounts in US$ \u2018000
2024
2023
Restricted cash (non-current)
1,505
1,528
Cash and cash equivalents
54,944
61,741
Total restricted cash, cash and cash equivalents
56,449
63,269
Cash is free at disposal of the Company, except for restricted cash, which amounts to US$1.5 million
in 2024 (2023: US$1.5 million). Restricted cash includes deposits for rent.
For purposes of the cash flow statement, restricted cash is not considered as \"cash and cash
equivalents\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-390": { "value": "Inventories
Inventories mainly include batches RUCONEST\u00ae and Joenja\u00ae and work in progress available for
production of RUCONEST\u00ae and Joenja\u00ae.
Amounts in US$ \u2018000
2024
2023
Finished goods
16,297
18,349
Work in progress
39,002
37,706
Raw materials
425
705
Balance at December 31
55,724
56,760
Changes in the adjustment to net realizable value:
Amounts in US$ \u2018000
2024
2023
Balance at January 1
(4,276)
(1,971)
Addition to impairment
(7,608)
(3,878)
Release of impairment
15
\u2014
Usage of impairment
2,749
1,673
Currency translation
457
(100)
Balance at December 31
(8,663)
(4,276)
The inventory valuation at December\u00a031, 2024, of US$55.7 million (2023 : US$56.8 million) is stated
net of an impairment of US$8.7 million (2023: US$4.3 million). The impairment primarily relates to
products no longer eligible for commercial sales.
Inventories are available for use in commercial, preclinical and clinical activities. Estimates have been
made with respect to the ultimate use or sale of product, taking into account current and expected
sales as well as preclinical and clinical programs. These estimates are reflected in the additions to
the impairment. The releases to the impairment relate to amendments to the estimates as a result
of the fact that actual sales can differ from forecasted sales and the fact that vials allocated to
preclinical and clinical programs can be returned to inventory. The costs of vials used in preclinical
and clinical programs are presented under the research and development costs. Usage of impairment
relates to the destruction of inventory previously impaired.
Cost of inventories recognized as expenses included in the cost of sales in 2024 amounted US$25.6
million (2023: US$21.4\u00a0million). The main portion of inventories at December\u00a031, 2024, have
expiration dates starting beyond 2025 and are generally expected to be sold and/or used before
expiration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-393": { "value": "Trade and other receivables
Amounts in US$ \u2018000
2024
2023
Trade receivables
41,531
35,408
Prepaid expenses
4,651
3,543
Value added tax
3,638
3,804
Other receivables
1,596
2,145
Taxes and social securities
3,407
1,258
Balance at December 31
54,823
46,158
Trade receivables are amounts due from customers for goods sold in the ordinary course of business.
They are generally due for settlement within 30-60 days and therefore are all classified as current.
The Company's outstanding trade receivables are mainly related to the sales in the U.S. The increase
in trade receivables relates to the increased sales in the fourth quarter as compared to the same
period in 2023 and timing of customer orders and payments around year-end.
The Company did not recognize any expected credit losses. Pharming measures the loss allowance for
trade receivables at an amount equal to lifetime ECL. The expected credit losses on trade receivables
are estimated using a provision matrix by reference to past default experience of the debtor and an
analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors,
general economic conditions of the industry in which the debtors operate and an assessment of both
the current as well as the forecast direction of conditions at the reporting date. Pharming has a
limited number of customers with long-term relationships, without a history of shortfalls. As a result,
no loss allowance for expected credit losses is recognized.
Due to the short-term nature of the current receivables, their carrying amount is considered to be the
same as their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-392": { "value": "Trade and other receivables
Amounts in US$ \u2018000
2024
2023
Trade receivables
41,531
35,408
Prepaid expenses
4,651
3,543
Value added tax
3,638
3,804
Other receivables
1,596
2,145
Taxes and social securities
3,407
1,258
Balance at December 31
54,823
46,158
Trade receivables are amounts due from customers for goods sold in the ordinary course of business.
They are generally due for settlement within 30-60 days and therefore are all classified as current.
The Company's outstanding trade receivables are mainly related to the sales in the U.S. The increase
in trade receivables relates to the increased sales in the fourth quarter as compared to the same
period in 2023 and timing of customer orders and payments around year-end.
The Company did not recognize any expected credit losses. Pharming measures the loss allowance for
trade receivables at an amount equal to lifetime ECL. The expected credit losses on trade receivables
are estimated using a provision matrix by reference to past default experience of the debtor and an
analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors,
general economic conditions of the industry in which the debtors operate and an assessment of both
the current as well as the forecast direction of conditions at the reporting date. Pharming has a
limited number of customers with long-term relationships, without a history of shortfalls. As a result,
no loss allowance for expected credit losses is recognized.
Due to the short-term nature of the current receivables, their carrying amount is considered to be the
same as their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-391": { "value": "Trade and other receivables
Amounts in US$ \u2018000
2024
2023
Trade receivables
41,531
35,408
Prepaid expenses
4,651
3,543
Value added tax
3,638
3,804
Other receivables
1,596
2,145
Taxes and social securities
3,407
1,258
Balance at December 31
54,823
46,158
Trade receivables are amounts due from customers for goods sold in the ordinary course of business.
They are generally due for settlement within 30-60 days and therefore are all classified as current.
The Company's outstanding trade receivables are mainly related to the sales in the U.S. The increase
in trade receivables relates to the increased sales in the fourth quarter as compared to the same
period in 2023 and timing of customer orders and payments around year-end.
The Company did not recognize any expected credit losses. Pharming measures the loss allowance for
trade receivables at an amount equal to lifetime ECL. The expected credit losses on trade receivables
are estimated using a provision matrix by reference to past default experience of the debtor and an
analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors,
general economic conditions of the industry in which the debtors operate and an assessment of both
the current as well as the forecast direction of conditions at the reporting date. Pharming has a
limited number of customers with long-term relationships, without a history of shortfalls. As a result,
no loss allowance for expected credit losses is recognized.
Due to the short-term nature of the current receivables, their carrying amount is considered to be the
same as their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-394": { "value": "
The Company did not recognize any expected credit losses. Pharming measures the loss allowance for
trade receivables at an amount equal to lifetime ECL. The expected credit losses on trade receivables
are estimated using a provision matrix by reference to past default experience of the debtor and an
analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors,
general economic conditions of the industry in which the debtors operate and an assessment of both
the current as well as the forecast direction of conditions at the reporting date. Pharming has a
limited number of customers with long-term relationships, without a history of shortfalls. As a result,
no loss allowance for expected credit losses is recognized.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-395": { "value": "Shareholders' equity
The Company's authorized share capital amounts to US$10.9 million (\u20ac10.6 million ), exchange rate
(EUR:US$) equals 1:1.0350) and is divided into 1,056,000,000 ordinary shares with a nominal value of
\u20ac0.01 each. All 680,308,735 (\u20ac6.8 million) shares outstanding at December\u00a031, 2024, have been fully
paid-up. Other reserves include those reserves related to currency translation, fair value revaluation,
participating interest, capitalized development costs and the conversion option of the convertible
bond as disclosed in 19. Convertible bonds. Please refer to the Consolidated statement of changes in
equity and to note 27. Earnings per share and diluted shares. The Consolidated statement of changes
in equity and note 27. Earnings per share and diluted shares further describe the background of the
main equity movements in 2024 and 2023.
Net result and accumulated deficit
Article 21.1 of the articles of association reads as follows: 'the Board of Directors shall annually
determine the amount of the distributable profit \u2013 the surplus on the profit and loss account \u2013 to be
reserved.' The Board of Directors has proposed to forward the net loss for the year 2024 to the
accumulated deficit. Anticipating the adoption of the financial statements by the shareholders at the
Annual General Meeting of shareholders, this proposal has already been reflected in the financial
statements.
Share-based compensation
Share-based compensation within equity includes those transactions with third parties, the board of
directors and employees in which payment is based in shares or options, based on current or future
performance. For 2024 these transactions were valued at US$11.2 million and for 2023 at US$9.3
million (see note 22. Share-based compensation).
Value conversion rights of convertible bonds
The equity component of the convertible bond as recorded at the physical settlement date amounts
to US$12.2 million, net of tax. Reference is made to note 19. Convertible bonds.
Options exercised / LTIP shares issued
In 2024, options were exercised and LTIP shares were issued for a total of 9,235,492 shares. In 2023,
options were exercised and LTIP shares were issued for a total of 14,725,018 shares.
Adjustment to share capital
On May 17, 2023, the AGM approved a 20% increase of the Company's authorized capital. As a result
the share capital increased from 880,000,000 ordinary shares with a nominal value of \u20ac0.01 each to
1,056,000,000 ordinary shares with a nominal value of \u20ac0.01 each. There were no adjustments to the
authorized share capital in 2024.
Other reserves
Amounts in US$ \u2018000
Legal Reserve
Currency
translation
reserve (CTA)
Legal Reserve
Capitalized
development
cost
Legal Reserve
participating
interest
Reserve Fair
value
revaluation
Reserve
Convertible
bond
Total
Balance at January 1, 2023
(6,384)
402
233
(2,988)
\u2014
(8,737)
Reserves
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other comprehensive income (loss) for the year
6,042
18
(124)
1,167
\u2014
7,103
Other reserves
\u2014
(314)
(109)
\u2014
\u2014
(423)
Value conversion rights of convertible bonds
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance at December 31, 2023
(342)
106
\u2014
(1,821)
\u2014
(2,057)
Reserves
(187)
\u2014
\u2014
1,742
\u2014
1,555
Other comprehensive income (loss) for the year
(11,980)
\u2014
\u2014
79
\u2014
(11,901)
Other reserves
(1)
(30)
\u2014
\u2014
\u2014
(31)
Value conversion rights of convertible bonds
\u2014
\u2014
\u2014
\u2014
12,225
12,225
Balance at December 31, 2024
(12,510)
76
\u2014
\u2014
12,225
(209)
The other reserves concern the reserve fair value revaluation, reserve participating interest,
currency translation differences of foreign investments, capitalized development costs and the
conversion option of the convertible bond as disclosed in 19. Convertible bonds.
Adjustments to the reserve participating interest relate to the undistributed profits of the
participating interest.
Adjustments to the currency translation reserve reflect the effect of translating euro operations
denominated in euro since their functional currency is different from the reporting currency.
The legal reserves for capitalized development costs has decreased in 2023, as the Company
discontinued the Pompe disease program and hence the related legal reserve was released.
The remaining legal reserve for capitalized costs relates to the ERP system SAP S/4HANA.
For more information, reference is made to note 10. Intangible assets. There were no additional
internally developed capitalized costs in 2024.
The other reserve fair value revaluation related to the changes in fair value between the acquisition
date and balance sheet date on our investment in equity instruments designated at fair value through
OCI, which were disposed of in 2024 as disclosed in 13. Investments.
The other reserve convertible bond relates to the conversion option of the convertible bond as
disclosed in 19. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-396": { "value": "
The Company's authorized share capital amounts to US$10.9 million (\u20ac10.6 million ), exchange rate
(EUR:US$) equals 1:1.0350) and is divided into 1,056,000,000 ordinary shares with a nominal value of
\u20ac0.01 each. All 680,308,735 (\u20ac6.8 million) shares outstanding at December\u00a031, 2024, have been fully
paid-up. Other reserves include those reserves related to currency translation, fair value revaluation,
participating interest, capitalized development costs and the conversion option of the convertible
bond as disclosed in 19. Convertible bonds. Please refer to the Consolidated statement of changes in
equity and to note 27. Earnings per share and diluted shares. The Consolidated statement of changes
in equity and note 27. Earnings per share and diluted shares further describe the background of the
main equity movements in 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-397": { "value": "
Share-based compensation
Share-based compensation within equity includes those transactions with third parties, the board of
directors and employees in which payment is based in shares or options, based on current or future
performance. For 2024 these transactions were valued at US$11.2 million and for 2023 at US$9.3
million (see note 22. Share-based compensation).
Share-based compensation
The remuneration policy for the Board of Directors was adopted by the Annual General Meeting of
Shareholders held on May 21, 2024, and governs the remuneration of both the Executive and the
Non-Executive Directors (hereafter referred to as the \"Remuneration Policy\"). In accordance with
Dutch law, the policy must be submitted to our shareholders for adoption every four years.
The Policy refers to an undefined number of Executive Directors and Non-Executive Directors.
Since May 19, 2021, the Board of Directors is composed of one Executive Director (i.e., the CEO)
and seven Non-Executive Directors. In case of future appointments of additional Executive Directors,
the Policy shall also be applicable to the remuneration packages for these additional Directors, if any,
in accordance with the terms thereof. Therefore, any reference below to Executive Director in the
singular also includes the plural, and vice-versa, subject to more restrictive deviations in the Policy
and except for specific references to the CEO.
The remuneration packages of the individual Directors are determined by the Board of Directors,
without the involvement of the Executive Director in the deliberations and decision-making
concerning his own remuneration, and each time within the restrictions set by the remuneration
policy.
Arrangements in the form of shares or rights to subscribe for shares will each time remain subject to
the approval of the shareholders at the General Meeting, notwithstanding the adopted policy.
On December 11, 2020, the shareholders approved the proposals that were submitted accordingly
for the new long-term incentive program for the Executive Director, as described in the
Remuneration Policy, and the one-off transition arrangement for the implementation of that new
program. Our shareholders also authorized the Board of Directors, for a period of eighteen months,
as the company body authorized to grant and issue the ordinary shares to the Executive Director
under the new long-term incentive program and the one-off transition arrangement, respectively,
and to exclude any preemptive rights of existing shareholders in connection with these issuances.
The total expense recognized in 2024 for share-based payment plans amounts to US$11.2 million
(2023: US$9.3 million).
The total expenses for share-based payment plans in 2024 is specified as follows:
Share-based compensation (in U.S.$ '000)
2024
2023
Non-executive directors' remuneration
238
246
Employee options
703
1,654
Long term incentive plan
4,153
4,006
Restricted stock units
6,154
3,345
Balance at December 31
11,248
9,251
The employee options expense decreased due to a change in the employee share-based
compensation plans where since 2022 RSU's have been granted instead of employee options.
No new employee option grants were applicable for 2024. The restricted stock units expense
increased significantly as the program was introduced in 2022 and is now active for two full years
over a 4-year vesting period per grant.
22.1 Models and assumptions
IFRS 2 describes a hierarchy of permitted valuation methods for share-based payment transactions.
If possible, an entity should use market prices at measurement date to determine the fair value of its
equity instruments. If market prices are unavailable, as is the case with Pharming's option plans and
long-term incentive plan, the entity shall estimate the fair value of the equity instruments granted.
A valuation technique should be used to estimate the value or price of those equity instruments as it
would have been at the measurement date in an arm's length transaction between knowledgeable,
willing parties.
The valuation technique shall be consistent with generally accepted valuation methodologies for
pricing financial instruments and shall incorporate all factors and assumptions that knowledgeable
market participants would consider in setting the price.
Whatever pricing model is selected, it should, as a minimum, take into account the following elements:
\u2022 The exercise price of the option;
\u2022 The expected time to maturity of the option;
\u2022 The current price of the underlying shares;
\u2022 The expected volatility of the share price;
\u2022 The dividends expected on the shares; and
\u2022 The risk-free interest rate for the expected time to maturity of the option.
Models and assumptions option plans
The costs of option plans are measured by reference to the fair value of the options at the grant date
of the option. Note that during 2024 no options were granted to employees.
The six elements above are all incorporated in the Black-Scholes model used to determine the fair
value of options. The exercise price of the option and the share price are known at grant date.
Volatility is based on the historical end-of-month closing share prices over a period prior to the option
grant date being equal to the expected option life, with a minimum of 3 years. It is assumed no
dividend payments are expected.
The total number of shares with respect to which options may be granted pursuant to the option
plans accumulated, shall be determined by Pharming, but shall not exceed 10% of all issued and
outstanding shares of Pharming on a diluted basis. Shares transferred or to be transferred, upon
exercise of options shall be applied to reduce the maximum number of shares reserved under the
plans. Unexercised options can be re-used for granting of options under the option plans.
Pharming may grant options to a member of the Executive Committee or an employee:
\u2022 At the time of a performance review;
\u2022 Only in relation to an individual: a date within the first month of his or her employment;
\u2022 In case of an extraordinary achievement; and
\u2022 In case of a promotion to a new function within Pharming.
The option exercise price is the price of the Pharming shares on the stock exchange on the trading
day prior to the date of grant. Vested options can be exercised at any time within five years following
the date of grant. Unexercised options shall be deemed lapsed and shall cease to exist automatically
after five years. Exercise of options is subject to compliance with laws and regulations in the
Netherlands. Exercise of options is including withholding taxes. Each option is equal to one share
unless otherwise stated. Options are not applicable for early retirement.
The following assumptions were used in the Black-Scholes model to determine the fair value of
options at grant date:
2024
2023
Expected time to maturity
n/a
1-4 years
Volatility
n/a
38% - 46%
Risk-free interest rate
n/a
2.20% - 2.68%
Option plan employees
Article 2.1 of the option plan for employees' states: Pharming may grant options to any employee.
The criteria for the granting of the options up to December 11, 2020, was determined by the Board of
Supervisory Directors of Pharming, at its sole discretion. Up to December 11, 2020, the Board of
Management proposed (i) whether the criteria for granting an option have been met by a potential
participant and (ii) the number of options to be granted. As from December 11, 2020, the execution
of the Company's remuneration policy and other benefits policies and incentive programs, as
approved by the Board of Directors (to the extent required), for all staff members of the Company
and its subsidiaries, excluding the CEO and the other members of the Executive Committee, is
delegated to the Chief Executive Officer.
Article 4.4 of the employee option plan deals with the vesting scheme of employee options and reads
as follows: in case of the termination of the employment of a participant, except for retirement and
death, Pharming at its sole discretion is entitled to decide that the options of the participant shall
lapse. The following schedule shall apply for the cancellation:
\u2022 In the event of termination of employment within one year as of a date of grant, all options
shall lapse;
\u2022 In the event of termination of employment after the first year as of a date of grant, all options,
less 1/4 of the number of options shall be lapsed. The number of options to be cancelled
decreases for each month that the employment continued for more than one year as of that date
of grant by 1/48 of the number of options granted of that date of grant.
Models and assumptions Long Term Incentive Plan
For the long-term incentive plan, the following elements of Pharming and/or the peer group are
included in order to determine the fair value of long-term incentive plan share awards, using Monte
Carlo simulation:
\u2022 Start and end date of performance period;
\u2022 The grant date;
\u2022 The share prices;
\u2022 Exchange rates;
\u2022 Expected volatilities;
\u2022 Expected correlations;
\u2022 Expected dividend yields; and
\u2022 Risk free interest rates.
Volatilities are based on the historical end-of-month closing share prices over the 3 years.
Correlations are based on 3 years of historical correlations based on end-of-month closing quotes,
taking into account exchange rates. Expected dividend yields for peers and risk-free interest rates
(depending on the currency) are obtained from Bloomberg.
Under the LTIP, restricted shares are granted conditionally each year with shares vesting based on the
market condition in which the total shareholder return performance of the Pharming share is
compared to the total shareholder return of a peer group of other European biotech companies.
During 2024, there were no LTIP grants other than the grants for the executive directors and
members of the executive committee as disclosed below.
Long Term Incentive Plan for the Executive Directors and members of the Executive committee
As part of the Remuneration Policy, the Long Term Incentive Program is applicable to Executive
Directors and has been aligned with prevailing \"best practices\" and is performance related only.
For the Executive Directors, the on-target value of the shares to be awarded under the newly
designed LTI Program, as described in the remuneration policy, is set at 300% of the gross annual
salary for the CEO (representing 50% below the lowest quartile of the U.S. benchmark group and just
below the top quartile of the EU benchmark group for the executive directors) and 200% for the
members of the Executive committee (representing between 20 and 30% below the lowest quartile
of the U.S. benchmark group and just in the top quartile of the EU benchmark group for the Executive
Directors).
EU and U.S. benchmark group:
Company Location
Location
Europe
ADC Therapeutics
Epalinges, Switzerland
Alliance Pharma
Chippenham, United Kingdom
Autolus Therapeutics
London, United Kingdom
Basilea Pharmaceutica
Basel, Switzerland
Bavarian Nordic
Hellerup, Denmark
BioGaia
Stockholm, Sweden
Biotest
Dreieich, Germany
Camurus
Lund, Sweden
Cosmo Pharmaceuticals
Dublin, Ireland
Galapagos
Mechelen, Belgium
Innate Pharma
Marseille, France
Merus
Utrecht, the Netherlands
Oxford Biomedica
Oxford, United Kingdom
uniQure
Amsterdam, the Netherlands
Valneva
Saint-Herblain, France
Zealand Pharma
Copenhagen, Denmark
Company Location
Location
U.S.
Anika Therapeutics
Bedford, MA
BioCryst Pharmaceuticals
Durham, NC
Coherus BioSciences
Redwood City, CA
Collegium Pharmaceutical
Stoughton, MA
Enanta Pharmaceuticals
Watertown, MA
Heron Therapeutics
San Diego, CA
Ironwood Pharmaceuticals
Boston, MA
Karyopharm Therapeutics
Newton, MA
Ligand Pharmaceuticals
San Diego, CA
MannKind
Danbury, CT
Mirum Pharmaceuticals
Foster City, CA
Rigel Pharmaceuticals
South San Francisco, CA
Supernus Pharmaceuticals
Rockville, MD
Travere Therapeutics
San Diego, CA
Vanda Pharmaceuticals
Washington, DC
The maximum value of the shares that can vest under the LTI program is set at 450% of the gross
annual salary for the CEO and 300% for other Executive Directors and Officers. Executive Directors are
required to retain the shares awarded under the LTI program for a minimum of five years from the
date of grant.
The shares granted to the Executive Directors under the LTI program will vest in three years after the
grant date, subject to the achievement of the targets set by the Board of Directors, upon proposal of
the Remuneration Committee, for the three-year performance period (i.e., double-trigger vesting),
their relative weightings and the pay-out limits. All shares awarded will be subject to a retention
period of five years from the date of grant (i.e., two years after vesting), in accordance with the best
practice provisions of the DCGC.
The performance objectives include the Total Shareholder Return (40% weighing) and the
achievement of long-term strategy-oriented objectives (60% weighing). The peer group used to
determine the Total Shareholder Return is composed of the companies included in the AScX Index
and the NASDAQ Biotechnology Index, represented by the IBB ETF, respectively, equally weighted,
at the time of the determination.
The thresholds and payout percentages for the LTI program are given by the following table, as to be
determined for each of the AScX and IBB indices separately (each weighted at 50% of pay-out):
TSR equal to index
80% pay-out
TSR 10% above index
90% pay-out
TSR 20% above index
100% pay-out
TSR 40% above index
110% pay-out
TSR 60% above index
120% pay-out
TSR 80% above index
130% pay-out
TSR 100% above index
150% pay-out
TSR below index
0% pay-out
The range of assumptions used in the Monte Carlo simulation to determine the fair value of long-
term incentive plan share awards at grant date were:
2024
2023
Volatilities
40.5%
42%
Risk-free interest rates
2.53%
2.34%
Dividend yields
0.00%
0.00%
Restricted Stock Units
Article 2.1 of the plan states: This Plan is effective as of October 26, 2022, and shall be executed in
compliance with the Articles of Association and applicable law and concerns Pharming's (senior)
management. The RSU plans are not applicable for the board of directors, nor the executive
committee. For each participant, the RSU's granted to them will vest in four equal tranches of twelve
months, provided that at the time of vesting such participant is still an employee. No performance
criteria are applicable to this plan. The fair value of the grant is, in line with IFRS 2, the actual share
price at date of the grant. The relating expense will be charged to Pharming's results over the vesting
for the following tranches:
a. a first tranche of 25% of the RSU's granted,
vesting twelve months after the Vesting Commencement Date;
b. a second tranche of 25% of the RSU's granted,
vesting two years after the Vesting Commencement Date;
c. a third tranche of 25% of the RSU's granted,
vesting three years after the Vesting Commencement Date; and
d. a fourth tranche of 25% of the RSU\u2019s granted,
vesting four years after the Vesting Commencement Date.
One-off transition arrangement for the Chief Executive Officer
In 2020, the implementation of a new three-year vesting scheme under the LTIP had a major impact
on the remuneration packages of existing Executive Directors for the period 2020-2023, as the
Executive Directors' packages feature annual option and share grants. The share-based compensation
under these packages and plans over this three-year period would have resulted in three option
grants, with guaranteed vesting of a total of 8,400,000 options for the CEO on the basis of continued
tenure over the three-year period. In addition, the CEO would have been eligible for three annual
restricted share grants pursuant to the LTIP of up to 30% of the base salary.
To mitigate the described impact, the Company has agreed to a one-off transition arrangement with
the CEO as approved at the General Meeting of Shareholders on December 11, 2020. This one-off
transition arrangement provides for (i) the conversion of the total number of 8,400,000 options for
the CEO (i.e., the total number of share options that was expected to be granted in 2021, 2022 and
2023 without the arrangement) into one grant for a total number of 4,200,000 shares for 2020,
which vesting will be governed by the performance-based criteria of the new LTI program, and (ii)
the vesting of the performance shares in three annual tranches in the first quarter of 2021, 2022 and
2023, subject to the performance-based criteria of the new LTI program for Executive Directors as
described above in the Long Term Incentive Plan for the Executive Directors paragraph.
In addition, the grant and each of the three potential vestings of the granted shares under the
Long-term Incentive One-Off Arrangement is subject to:
i. a five-year retention period for the granted shares;
ii. the annual pro-rata satisfaction upon vesting of the set long-term performance targets, as
determined by the Board of Directors; and
iii. the other terms and conditions applicable to the LTI Program pursuant to the Remuneration Policy
for the Board of Directors dated December 11, 2020.
Pursuant to the one-off transition arrangement, the CEO has waived all his rights for the grant of
restricted shares and option rights, respectively, under the LTIP and the existing option plans for the
financial year 2020. On December 22, 2020, a total number of 4,200,000 (restricted) shares was
granted to the CEO in accordance with the terms of the one-off transition arrangement.
During 2024, no one-off transition grants, nor payments, nor share deliveries occurred.
22.2 Option plans
An overview of activity in the number of options for the year 2024 is as follows (please also refer to
note 27. Earnings per share and diluted shares in respect of movements since the reporting
date)(note that the dollar weighted average exercise price is translated using the closing exchange
rate for the respective year (2024: 1:1.0350)):
2024
2023
Number
Weighted Average
Exercise Price (US$)
Number
Weighted Average
Exercise Price (US$)
Balance at January 1
34,482,312
0.952
47,596,801
0.897
Forfeited
(634,874)
0.896
(1,423,375)
0.992
Expired
(3,707,334)
0.840
(205,000)
0.847
Granted
\u2014
\u2014
270,000
1.349
Exercised
(5,901,167)
0.784
(11,756,114)
0.857
Balance at December 31
24,238,937
0.932
34,482,312
0.952
- Vested
19,816,437
0.942
9,284,834
0.856
- Unvested
4,422,500
0.889
25,197,478
0.987
For the options outstanding at the end of the year, the range of exercise prices and weighted average
remaining contractual life is as follows (note that the range of exercise prices is translated using the
closing exchange rate for the respective year (2024: 1:1.0350):
2024
2023
Range of exercise prices (US$)
0.73 - 1.54
0.78 - 1.63
Weighted average remaining contractual life (years)
1.41
1.91
Exercised options 2024
In 2024 a total of 5,901,167 options have been exercised with an average exercise price of US$0.78.
In 2023 a total of 11,756,114 options have been exercised with an average exercise price of US$0.86.
All options outstanding at December\u00a031, 2024, are exercisable with the exception of the unvested
options granted to the employees still in service. The 2024 share options for the employees, vest
after one year under the condition the employees are still in service at vesting date.
Exercise prices of options outstanding at December\u00a031, 2024, and the exercise values are in the
following ranges (note that the exercise value in US$ is translated using the closing exchange rate for
the respective year (2024: 1:1.0350)):
2024
2023
Exercise prices in US$
Number
Exercise value
in US$ \u2019000
Number
Exercise value
in US$\u2019000
0.57 \u2013 0.85
10,460,750
8,555
6,739,000
4,967
0.85 \u2013 1.63
13,778,187
14,045
27,743,312
24,862
Balance at December 31
24,238,937
22,600
34,482,312
29,828
Granted options
In 2024, the Company granted no options to employees. In 2023, the Company granted 270,000
options to employees with a weighted average exercise price of US$1.35; fair values for options
granted in 2023 were in the range of US$0.223 - US$0.581.
22.3 Long Term Incentive Plan
An overview of the number of LTIP shares granted in 2021-2024 and in total as well as the fair value
per share award is as follows (note that the fair value per share award in US$ is translated using the
closing exchange rate for the respective year (2024: 1:1.0350)):
Participant category
2021
2022
2023
2024
Total
Executive Members of the Board of Directors
1,337,888
2,363,455
1,681,570
1,824,602
7,207,515
Executive Committee
6,301,400
5,816,083
4,221,870
4,997,299
21,336,652
Senior managers
812,500
\u2014
\u2014
\u2014
812,500
Total
8,451,788
8,179,538
5,903,440
6,821,901
29,356,667
Fair value per share award (US$)
0.887
0.517
0.880
0.896
The following table provides an overview of LTIP shares granted, forfeited or issued in 2021-2024 as
well as the number of LTIP shares reserved at December\u00a031, 2024:
Participant category
Granted
Issued
Forfeited /
Unvested
Reserved at
December 31, 2024
Executive Members of the Board of Directors
7,207,515
(403,353)
(2,195,941)
4,608,221
Executive Committee
21,336,652
(1,877,545)
(5,301,855)
14,157,252
Senior managers
812,500
(77,613)
(734,887)
\u2014
Total
29,356,667
(2,358,511)
(8,232,683)
18,765,473
22.4 Restricted Stock Units
An overview of the granted RSU's to the Company's (senior) managers, as well as the number of
RSU's reserved at December 31, 2024, is as follows:
Grant year
Granted
Issued
Forfeited /
Unvested
Reserved at
December 31,
2024
Reserved at
Weighted
average fair value
per share in US$
2024
12,091,227
\u2014
(42,112)
12,049,115
0.797
2023
7,979,250
(1,764,059)
(705,875)
5,509,316
1.155
2022
4,931,000
(2,243,622)
(509,500)
2,177,878
1.004
Total
25,001,477
(4,007,681)
(1,257,487)
19,736,309
0.919
22.5 Transition arrangement for the Chief Executive Officer
On December 22, 2020, a total number of 4,200,000 (restricted) shares was granted to the CEO in
accordance with the terms of the one-off transition arrangement. These shares vested in three equal
annual tranches in 1Q 2021, 1Q 2022 and 1Q 2023, subject to the pro-rata achievement of the long-
term targets under the new LTI program.
The third year of the 3-year performance period for the 2021 share grant pursuant to the LTI one-off
transition arrangement, ended on December 31, 2022. Accordingly the Board of Directors, upon a
recommendation of the Remuneration Committee, determined in the first quarter of 2023 the
vesting of the second annual tranche of the total number of 4,200,000 shares conditionally granted to
the Chief Executive Officer (i.e., 1,400,000 shares).
The performance on both the TSR and the strategic corporate objectives, applying the respective
weightings, led to the following vesting level under the One-Off Transition Arrangement for the CEO
(i.e., second annual tranche of 1,400,000 shares):
Metric definition
Achievement
Weighting
Vesting level
TSR
115%
40%
46%
Strategic Objectives
90%
60%
54%
Total
100%
100%
In accordance with the resulting 100% vesting level, a total number of 1,400,000 shares vested in
2023 for the CEO for the third annual tranche of the shares granted under the LTI One-Off Transition
Arrangement. These shares are subject to a retention period of five years.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-398": { "value": "
Other reserves
Amounts in US$ \u2018000
Legal Reserve
Currency
translation
reserve (CTA)
Legal Reserve
Capitalized
development
cost
Legal Reserve
participating
interest
Reserve Fair
value
revaluation
Reserve
Convertible
bond
Total
Balance at January 1, 2023
(6,384)
402
233
(2,988)
\u2014
(8,737)
Reserves
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other comprehensive income (loss) for the year
6,042
18
(124)
1,167
\u2014
7,103
Other reserves
\u2014
(314)
(109)
\u2014
\u2014
(423)
Value conversion rights of convertible bonds
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance at December 31, 2023
(342)
106
\u2014
(1,821)
\u2014
(2,057)
Reserves
(187)
\u2014
\u2014
1,742
\u2014
1,555
Other comprehensive income (loss) for the year
(11,980)
\u2014
\u2014
79
\u2014
(11,901)
Other reserves
(1)
(30)
\u2014
\u2014
\u2014
(31)
Value conversion rights of convertible bonds
\u2014
\u2014
\u2014
\u2014
12,225
12,225
Balance at December 31, 2024
(12,510)
76
\u2014
\u2014
12,225
(209)
The other reserves concern the reserve fair value revaluation, reserve participating interest,
currency translation differences of foreign investments, capitalized development costs and the
conversion option of the convertible bond as disclosed in 19. Convertible bonds.
Adjustments to the reserve participating interest relate to the undistributed profits of the
participating interest.
Adjustments to the currency translation reserve reflect the effect of translating euro operations
denominated in euro since their functional currency is different from the reporting currency.
The legal reserves for capitalized development costs has decreased in 2023, as the Company
discontinued the Pompe disease program and hence the related legal reserve was released.
The remaining legal reserve for capitalized costs relates to the ERP system SAP S/4HANA.
For more information, reference is made to note 10. Intangible assets. There were no additional
internally developed capitalized costs in 2024.
The other reserve fair value revaluation related to the changes in fair value between the acquisition
date and balance sheet date on our investment in equity instruments designated at fair value through
OCI, which were disposed of in 2024 as disclosed in 13. Investments.
The other reserve convertible bond relates to the conversion option of the convertible bond as
disclosed in 19. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-400": { "value": "Convertible bonds
Recognition and movements of the convertible bonds were as follows:
Amounts in US$ \u2018000
2024
2023
Balance at January 1
138,422
133,386
Repurchase
(134,924)
\u2014
Carrying value initial recognition
81,785
\u2014
Interest paid (cash flow)
(4,457)
(4,046)
Amortization
5,725
830
Accrued interest
1,972
4,046
Currency translation
(6,124)
4,206
Balance at December 31
82,399
138,422
- Current portion
4,245
1,824
- Non-current portion
78,154
136,598
In April 2024, the Company offered \u20ac100 million (US$104\u00a0million) of senior unsecured convertible
bonds due 2029 (the \"New Bonds\") convertible into new and/or existing ordinary shares in the capital
of the Company. The offer was fully subscribed. The net proceeds of the issue of the bonds were used
for the repurchase of the outstanding \u20ac125 million (US$129\u00a0million) 3.00% senior unsecured
convertible bonds due 2025 issued on January 21, 2020 (ISIN: XS2105716554), which has been
launched concurrently to the offering of the New Bonds to strengthen its financial position while
enhancing flexibility for the continued execution of its business strategy over the next several years.
The New Bonds have a principal amount of \u20ac100,000 each. The New Bonds are issued at par and
carry a coupon of 4.50% per annum payable semi-annually in arrears in equal installments on April 25
and October 25 of each year, commencing on October 25, 2024. Unless previously converted,
redeemed or purchased and cancelled, the New Bonds will be redeemed at par on April 25, 2029.
The initial conversion price has been set at \u20ac1.2271 (US$1.2700), representing a premium of 37.5%
above the volume weighted average price (VWAP) of a Share on Euronext Amsterdam between
opening of trading on the launch date and the pricing of the offering (i.e. \u20ac0.8924 (US$0.9236)).
The initial conversion price of the New Bonds will be subject to customary adjustment provisions as
set out in the terms and conditions. The number of ordinary shares initially underlying the New Bonds
is 81,492,951, representing 12% of the Company's current issued share capital. The New Bonds are
listed on the Frankfurt Exchange (ISIN: XS2763018889).
The New Bonds are classified as hybrid financial instruments under IAS 32 and pursuant to it the debt
host contract and the embedded derivative for the fair value of the conversion rights into Pharming
shares (the \"conversion option\") are recognized separately. Initial recognition values for the
individual components were determined as follows:
\u2022 the conversion option at recognition was measured using a pricing model. As the Company did not
have sufficient placement capacity to fulfil conversion of the New Bonds into ordinary shares at
the date of issue, the conversion option was recognized as a financial liability derivative.
During the shareholder's meeting on May 21, 2024, the Company received shareholder approval
to increase share capital to support the potential conversion. At the Physical settlement notice
date of June 11, 2024,\u00a0when the New Bond holders were notified that the cash settlement
alternative would no longer be available, the conversion option was reclassified to equity at fair
value, which resulted in a fair value gain of US$7.0 million immediately prior to the reclassification.
Subsequently, the value of this equity component is not remeasured and amounts to US$12.2
million, net of income tax effects, at December\u00a031, 2024.
\u00a0 \u00a0 \u00a0 Parameters used in determination of fair value of the conversion option:
Parameter
At initial recognition
Immediately prior to
reclassification
Share price
0.8924
0.7690
Conversion price per share
1.2271
1.2271
Dividend yield
\u2014%
\u2014%
Expected term in years
5.00
4.85
Risk-free rate
2.90%
3.01%
Volatility
44.34%
43.99%
Barrier price per share
1.5952
1.5952
\u2022 the debt host contract component was measured as the difference between the proceeds from
the bond and the value of the conversion option at initial recognition. This debt host contract is
subsequently measured at amortized cost, which amounts to US$82.4 million at December\u00a031,
2024.
Direct costs associated with the issue of the New Bonds were allocated to the debt host contract
(US$2.2 million) and the conversion option (US$0.6 million) in amounts proportional to the above-
mentioned initial value. They were accounted for respectively in the amortized cost (debt host
contract) and in the income statement (conversion option).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-399": { "value": "Convertible bonds
Recognition and movements of the convertible bonds were as follows:
Amounts in US$ \u2018000
2024
2023
Balance at January 1
138,422
133,386
Repurchase
(134,924)
\u2014
Carrying value initial recognition
81,785
\u2014
Interest paid (cash flow)
(4,457)
(4,046)
Amortization
5,725
830
Accrued interest
1,972
4,046
Currency translation
(6,124)
4,206
Balance at December 31
82,399
138,422
- Current portion
4,245
1,824
- Non-current portion
78,154
136,598
In April 2024, the Company offered \u20ac100 million (US$104\u00a0million) of senior unsecured convertible
bonds due 2029 (the \"New Bonds\") convertible into new and/or existing ordinary shares in the capital
of the Company. The offer was fully subscribed. The net proceeds of the issue of the bonds were used
for the repurchase of the outstanding \u20ac125 million (US$129\u00a0million) 3.00% senior unsecured
convertible bonds due 2025 issued on January 21, 2020 (ISIN: XS2105716554), which has been
launched concurrently to the offering of the New Bonds to strengthen its financial position while
enhancing flexibility for the continued execution of its business strategy over the next several years.
The New Bonds have a principal amount of \u20ac100,000 each. The New Bonds are issued at par and
carry a coupon of 4.50% per annum payable semi-annually in arrears in equal installments on April 25
and October 25 of each year, commencing on October 25, 2024. Unless previously converted,
redeemed or purchased and cancelled, the New Bonds will be redeemed at par on April 25, 2029.
The initial conversion price has been set at \u20ac1.2271 (US$1.2700), representing a premium of 37.5%
above the volume weighted average price (VWAP) of a Share on Euronext Amsterdam between
opening of trading on the launch date and the pricing of the offering (i.e. \u20ac0.8924 (US$0.9236)).
The initial conversion price of the New Bonds will be subject to customary adjustment provisions as
set out in the terms and conditions. The number of ordinary shares initially underlying the New Bonds
is 81,492,951, representing 12% of the Company's current issued share capital. The New Bonds are
listed on the Frankfurt Exchange (ISIN: XS2763018889).
The New Bonds are classified as hybrid financial instruments under IAS 32 and pursuant to it the debt
host contract and the embedded derivative for the fair value of the conversion rights into Pharming
shares (the \"conversion option\") are recognized separately. Initial recognition values for the
individual components were determined as follows:
\u2022 the conversion option at recognition was measured using a pricing model. As the Company did not
have sufficient placement capacity to fulfil conversion of the New Bonds into ordinary shares at
the date of issue, the conversion option was recognized as a financial liability derivative.
During the shareholder's meeting on May 21, 2024, the Company received shareholder approval
to increase share capital to support the potential conversion. At the Physical settlement notice
date of June 11, 2024,\u00a0when the New Bond holders were notified that the cash settlement
alternative would no longer be available, the conversion option was reclassified to equity at fair
value, which resulted in a fair value gain of US$7.0 million immediately prior to the reclassification.
Subsequently, the value of this equity component is not remeasured and amounts to US$12.2
million, net of income tax effects, at December\u00a031, 2024.
\u00a0 \u00a0 \u00a0 Parameters used in determination of fair value of the conversion option:
Parameter
At initial recognition
Immediately prior to
reclassification
Share price
0.8924
0.7690
Conversion price per share
1.2271
1.2271
Dividend yield
\u2014%
\u2014%
Expected term in years
5.00
4.85
Risk-free rate
2.90%
3.01%
Volatility
44.34%
43.99%
Barrier price per share
1.5952
1.5952
\u2022 the debt host contract component was measured as the difference between the proceeds from
the bond and the value of the conversion option at initial recognition. This debt host contract is
subsequently measured at amortized cost, which amounts to US$82.4 million at December\u00a031,
2024.
Direct costs associated with the issue of the New Bonds were allocated to the debt host contract
(US$2.2 million) and the conversion option (US$0.6 million) in amounts proportional to the above-
mentioned initial value. They were accounted for respectively in the amortized cost (debt host
contract) and in the income statement (conversion option).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-403": { "value": "Trade and other payables
Amounts in US$ \u2018000
2024
2023
Accounts payable
10,103
16,022
Taxes and social security
3,284
6,234
Other accruals
13,917
15,634
Accruals for employees
16,117
16,019
Accruals for rebates and discounts
14,631
11,643
Accrual for production
8,559
6,976
Balance at December 31
66,611
72,528
The decrease in accounts payable is mainly due to timing of payments. The Other accruals relate
to general expenses for which no invoice was received yet. Accruals for employees mainly relate
to bonuses for employees, holiday allowances and non-taken vacation days and increased due to
an increase in the number of employees, partly offset by a decrease on bonuses for employees.
The accrual for rebates and discounts has increased, mainly due to the increase of revenues and
timing of settlements. Finally, accruals for production relate to production activities by our CMOs for
which no invoice is received yet. The increase is mainly related to timing of invoicing by these CMOs.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-402": { "value": "Trade and other payables
Amounts in US$ \u2018000
2024
2023
Accounts payable
10,103
16,022
Taxes and social security
3,284
6,234
Other accruals
13,917
15,634
Accruals for employees
16,117
16,019
Accruals for rebates and discounts
14,631
11,643
Accrual for production
8,559
6,976
Balance at December 31
66,611
72,528
The decrease in accounts payable is mainly due to timing of payments. The Other accruals relate
to general expenses for which no invoice was received yet. Accruals for employees mainly relate
to bonuses for employees, holiday allowances and non-taken vacation days and increased due to
an increase in the number of employees, partly offset by a decrease on bonuses for employees.
The accrual for rebates and discounts has increased, mainly due to the increase of revenues and
timing of settlements. Finally, accruals for production relate to production activities by our CMOs for
which no invoice is received yet. The increase is mainly related to timing of invoicing by these CMOs.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-401": { "value": "Trade and other payables
Amounts in US$ \u2018000
2024
2023
Accounts payable
10,103
16,022
Taxes and social security
3,284
6,234
Other accruals
13,917
15,634
Accruals for employees
16,117
16,019
Accruals for rebates and discounts
14,631
11,643
Accrual for production
8,559
6,976
Balance at December 31
66,611
72,528
The decrease in accounts payable is mainly due to timing of payments. The Other accruals relate
to general expenses for which no invoice was received yet. Accruals for employees mainly relate
to bonuses for employees, holiday allowances and non-taken vacation days and increased due to
an increase in the number of employees, partly offset by a decrease on bonuses for employees.
The accrual for rebates and discounts has increased, mainly due to the increase of revenues and
timing of settlements. Finally, accruals for production relate to production activities by our CMOs for
which no invoice is received yet. The increase is mainly related to timing of invoicing by these CMOs.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-404": { "value": "Board of Directors
In connection with the listing of our ADSs on Nasdaq, we converted our two-tier board structure into
a one-tier board structure, with a single board of directors consisting of the executive director and
non-executive directors. The new structure became effective on December 11, 2020. Since that date,
the Board of Directors is jointly responsible for the management of the Company. The daily
management of the Company and the execution of the strategy are entrusted to the CEO, as the only
Executive Director. The CEO is supported by the non-statutory Executive Committee in the execution
of his tasks and responsibilities. The Non-Executive Directors share statutory management
responsibility but focus on the supervision on the policy and functioning of the performance of the
duties by the Executive Director and the Company's general state of affairs.
Dr. S. de Vries was the Company's sole Executive member of the Board of Directors during 2024 and
continued to be the Chief Executive Officer until March 4, 2025, after which he was succeeded by
Mr. Fabrice Chouraqui. The Board of Directors has the following members:
Name
Position
Dr. R. Peters
Chair of the Board of Directors and Non-Executive Board Member
Ms. D. Jorn
Vice Chair of the Board of Directors and Non-Executive Board Member
Ms. B. Yanni
Non-Executive Board Member
Dr. M. Pykett
Non-Executive Board Member
Ms. J. van der Meijs
Non-Executive Board Member
Mr. L. Kruimer
Non-Executive Board Member
Mr. S. Baert
Non-Executive Board Member
Dr. S. de Vries
Executive Board Member and Chief Executive Officer
until March 4, 2025
Mr. F. Chouraqui
Executive Board Member and Chief Executive Officer
as of March 4, 2025
Non-Executive members Board of Directors
Remuneration
For 2024 the annual compensation of the non-executive members of the Board of Directors was
as follows:
Responsibility
Cash in Euro's
(per annum)
Ordinary
shares in
Euro's *
(per annum)
Cash in US
Dollars
(per annum)
Ordinary
shares in US
Dollars *
(per annum)
Chair of the Board of Directors
90,000
40,000
97,236
43,216
Non-Executive Director
45,000
30,000
48,618
32,412
Chair Audit Committee
15,000
16,206
Member Audit Committee
7,500
8,103
Chair Remuneration Committee
12,500
13,505
Member Remuneration Committee
6,250
6,753
Chair of the Transaction Committee
12,500
13,505
Member of the Transaction Committee
6,250
6,753
Chair Governance Committee
12,500
13,505
Member Governance Committee
6,250
6,753
*All shares to be valued at the 20 day VWAP preceding the Annual General Meeting of Shareholders, without further
restrictions or grant.
An additional compensation of EUR1,000 (US$1,080) per day in case of extraordinary activities, as
determined by the Chair of the Board of Directors. Compensation of the Non-Executive members of
the Board of Directors for 2024 and 2023 was as follows:
Amounts in US$ \u2018000
Year
Cash
Share-Based
Payment
Total
Dr. Richard Peters
2024
111
43
154
2023
26
20
46
Mr. Paul Sekhri
2024
\u2014
\u2014
\u2014
2023
55
32
87
Ms. Deborah Jorn
2024
64
32
96
2023
55
32
87
Ms. Barbara Yanni
2024
77
32
109
2023
62
32
94
Dr. Mark Pykett
2024
63
32
95
2023
55
32
87
Ms. Jabine van der Meijs
2024
77
32
109
2023
62
32
94
Mr. Leonard Kruimer
2024
72
32
104
2023
58
32
90
Mr. Steven Baert
2024
69
32
101
2023
58
32
90
Total
2024
533
235
768
2023
431
244
675
Shares
At December\u00a031, 2024, the Non-Executive members of the Board of Directors held the following
numbers of shares:
December 31, 2024
Ordinary shares
Dr. Richard Peters
62,875
Ms. Deborah Jorn
161,660
Mr. Leonard Kruimer
121,231
Dr. Mark Pykett
146,069
Mr. Steven Baert
121,231
Ms. Jabine van der Meijs
121,231
Ms. Barbara Yanni
146,069
Total
880,366
All shares held by the Non-Executive members of the Board of Directors are unrestricted.
Loans or guarantees
During the year 2024, the Company has not granted loans or guarantees to any member of the
Non- Executive members of the Board of Directors. No loans or guarantees to Non-Executive
members of the Board of Directors were outstanding at December\u00a031, 2024.
Executive members Board of Directors
Remuneration
The Executive Board Member is entitled to the following remuneration packages:
I) Fixed remuneration: annual base salary;
II) Variable remuneration: the variable remuneration components are (a) an annual bonus in cash as
a percentage of the fixed component (short-term incentive) and (b) a (share- based) long-term
incentive; and
III) Others: contribution pension premiums, travel allowance and holiday allowance.
Compensation was as follows and includes the entire year 2024, up to December 31, 2024:
Amounts in
US$ \u2018000
Year
Fixed
remuneration
Short term
variable:
annual bonus
Share based
payments
Post-
employment
benefits
Other
Total
Mr. Sijmen de Vries
2024
$694
$414
$987
$116
$35
$2,246
2023
$673
$615
$1,371
$115
$35
$2,809
Options
The following table gives an overview of movements in number of option holdings of the individual
members of the executive board of directors in 2024, the exercise prices and expiration dates up to
December 31, 2024, (note that the exercise price in US$ is translated using 2024 closing exchange
rate (1:1.0350)):
January 1,
2024
Granted
2024
Exercised
2024
Forfeited/
expired 2024
December
31, 2024
Exercise
price (US$)
Expiration
date
Mr. Sijmen de
Vries
2,800,000
\u2014
2,800,000
\u2014
\u2014
0.833
May 22,
2024
Shares
At December 31, 2024, the executive members of the board held the following numbers of shares:
Shares held
As at December 31, 2024
Mr. Sijmen de Vries
8,594,721
Long term Incentive Plan
Year
Granted
Settled
Forfeited /
Unvested
December 31,
2024
Mr. Sijmen de Vries
2024
1,824,602
\u2014
(948,127)
876,475
2023
1,681,570
\u2014
(313,279)
1,368,291
2022
2,363,455
\u2014
\u2014
2,363,455
The forfeited / unvested category relates to an adjustment to the service period in relation to the
announcement by Mr. Sijmen de Vries on October 24, 2024, that he would not be available for
reappointment upon the scheduled expiration of his term.
Loans or guarantees
During the year 2024, no loans or guarantees have been granted to the Executive members of the
Board of Directors. No loans or guarantees to the Executive member of the Board of Directors were
outstanding at December\u00a031, 2024. The Executive member of the Board of Director is the sole
statutory director.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-405": { "value": "Related party transactions
Related parties' disclosure relates mainly to key management compensation and to transactions with
the associated company BioConnection Investments B.V. (BioConnection).
Key management includes members of the Board of Directors:
Amounts in US$ \u2018000
2024
2023
Salaries and other short-term employee benefits
1,676
1,756
Post-employment benefits
116
115
Share-based compensation
1,222
1,615
Total
3,014
3,486
All direct transactions with members of the Board of Directors have been disclosed in notes 22.
Share-based compensation and 23. Board of Directors of these financial statements.
Related party transactions with BioConnection are in the ordinary course of that company's fill &
finish business and amounted to US$4.6 million in 2024 (2023: US$4.7 million). At December\u00a031,
2024, the Company owed BioConnection US$1.5 million (2023: US$1.7 million) for fill & finish services
supplied. In addition, BioConnection owed US$0.3 million (2023: US$0.5 million) to the Company at
December\u00a031, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-407": { "value": "Commitments and contingencies
Material agreements
At the end of 2024 the Company had several agreements with third parties related to the
manufacturing of RUCONEST\u00ae and Joenja\u00ae and development of new products. In these agreements
certain minimum volumes are committed. Total future commitments under these agreements are
approximately US$41.6 million (2023: US$58.3 million), of which US$24.8 million relates to 2025 and
US$16.8 million relates to 2026 and further. All expenditures relate to the cost of goods.
Leniolisib milestone commitments
In August 2019, Pharming entered into a development collaboration and license agreement with
Novartis to develop and commercialize leniolisib, a small molecule phosphoinositide 3-kinase delta
(PI3K\u03b4) inhibitor being developed by Novartis to treat patients with activated phosphoinositide 3-
kinase delta (PI3K\u03b4) syndrome (APDS). In November 2022, Pharming submitted regulatory filings to
the FDA and EMA for the purpose to commercialize leniolisib. On March 24, 2023, Pharming received
FDA approval for the commercialization of leniolisib in the United States of America. Pharming is
awaiting CHMP's opinion on the leniolisib regulatory filing submitted to EMA.
Pharming has agreed upon phased Development and Regulatory Milestone payments of US$20.5
million. As a result of the first commercial sale in the US, Pharming has paid US$10.4 million in
Development and Regulatory Milestone payments in 2023.
Furthermore, Pharming is committed to one-off Sales Milestone payments when annual net sales
exceed set thresholds for the first time. The total commitment equals US$180.0 million when yearly
net sales reach US$500.0 million. The first milestone equals US$5.0 million when yearly net sales
reach US$50.0 million. After a sales threshold has been reached for the first year, the milestone
payment for that threshold does not recur. In 2024, the Company has not reached the first sales
milestone of yearly net sales of US$50.0 million and therefore did not make any sales milestone
payment.
In addition to these milestone payments, the Company has agreed to pay royalty fees to Novartis on
net sales in jurisdictions where regulatory approval has been obtained. These royalties are calculated
as a fixed percentage over net sales, growing to a maximum of 18% when net sales exceed US$300.0
million. These royalty payments have a term of 10 years. The minimum royalty liability of 12% is
applicable for sales up until US$150.0 million. The timing of the milestone payments and royalty
payments is uncertain as these are highly dependent on the enrollment of new patients for leniolisib.
In 2024, the Company has made US$4.9 million in royalty payments to Novartis (2023: US$2.1
million).
Public cash offer Abliva AB (\"Abliva\")
On December 15, 2024, Pharming announced a recommended public cash offer to the shareholders
of Abliva to acquire all issued and outstanding shares of Abliva. Pharming, through its wholly-owned
subsidiary Pharming Technologies B.V., offered the shareholders SEK 0.45 in cash per share in Abliva.
The transaction was valued at approximately US$66.1 million. In February 2025, the deal was
completed and for further details, reference is made to note 28. Events after the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-406": { "value": "Commitments and contingencies
Material agreements
At the end of 2024 the Company had several agreements with third parties related to the
manufacturing of RUCONEST\u00ae and Joenja\u00ae and development of new products. In these agreements
certain minimum volumes are committed. Total future commitments under these agreements are
approximately US$41.6 million (2023: US$58.3 million), of which US$24.8 million relates to 2025 and
US$16.8 million relates to 2026 and further. All expenditures relate to the cost of goods.
Leniolisib milestone commitments
In August 2019, Pharming entered into a development collaboration and license agreement with
Novartis to develop and commercialize leniolisib, a small molecule phosphoinositide 3-kinase delta
(PI3K\u03b4) inhibitor being developed by Novartis to treat patients with activated phosphoinositide 3-
kinase delta (PI3K\u03b4) syndrome (APDS). In November 2022, Pharming submitted regulatory filings to
the FDA and EMA for the purpose to commercialize leniolisib. On March 24, 2023, Pharming received
FDA approval for the commercialization of leniolisib in the United States of America. Pharming is
awaiting CHMP's opinion on the leniolisib regulatory filing submitted to EMA.
Pharming has agreed upon phased Development and Regulatory Milestone payments of US$20.5
million. As a result of the first commercial sale in the US, Pharming has paid US$10.4 million in
Development and Regulatory Milestone payments in 2023.
Furthermore, Pharming is committed to one-off Sales Milestone payments when annual net sales
exceed set thresholds for the first time. The total commitment equals US$180.0 million when yearly
net sales reach US$500.0 million. The first milestone equals US$5.0 million when yearly net sales
reach US$50.0 million. After a sales threshold has been reached for the first year, the milestone
payment for that threshold does not recur. In 2024, the Company has not reached the first sales
milestone of yearly net sales of US$50.0 million and therefore did not make any sales milestone
payment.
In addition to these milestone payments, the Company has agreed to pay royalty fees to Novartis on
net sales in jurisdictions where regulatory approval has been obtained. These royalties are calculated
as a fixed percentage over net sales, growing to a maximum of 18% when net sales exceed US$300.0
million. These royalty payments have a term of 10 years. The minimum royalty liability of 12% is
applicable for sales up until US$150.0 million. The timing of the milestone payments and royalty
payments is uncertain as these are highly dependent on the enrollment of new patients for leniolisib.
In 2024, the Company has made US$4.9 million in royalty payments to Novartis (2023: US$2.1
million).
Public cash offer Abliva AB (\"Abliva\")
On December 15, 2024, Pharming announced a recommended public cash offer to the shareholders
of Abliva to acquire all issued and outstanding shares of Abliva. Pharming, through its wholly-owned
subsidiary Pharming Technologies B.V., offered the shareholders SEK 0.45 in cash per share in Abliva.
The transaction was valued at approximately US$66.1 million. In February 2025, the deal was
completed and for further details, reference is made to note 28. Events after the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-409": { "value": "Financial risk management
General
Pharming is exposed to several financial risks: market risks (being currency risk and interest rate risk),
credit risks and liquidity risks. The Board of Directors and the Executive Committee are responsible
for the management of currency, interest, credit and liquidity risks and as such ultimately responsible
for decisions taken in this field.
Capital risk management
The Company manages its capital to ensure that it will be able to continue as a going concern.
This includes a regular review of cash flow forecasts and, if deemed appropriate, subsequent raising
of funds through execution of equity and/or debt transactions. In doing so, the Board of Directors'
and Executive Committees' strategy is to achieve a capital structure which takes into account the best
interests of all stakeholders. Pharming's capital structure includes cash and cash equivalents,
marketable securities, debt and equity. Compared to last year the Company has allocated a portion of
the euro denominated readily convertible S&P AAA-rated government treasury certificates with a
maturity of six months or less, to SEC Rule 2a-7 compliant institutional money market funds, which
offer enhanced financial flexibility.
Currency risk
This is the risk that the fair value of assets, liabilities and especially the future cash flows of financial
instruments will fluctuate because of changes in foreign exchange rates. Pharming's policy for the
management of foreign currency risks is aimed at protecting the operating profit and positions held
or recorded in foreign currencies, in particular of the United States Dollar (USD) for the Group.
Certain payments and sales in the U.S. are being and will be received in USD. Some direct payments
of U.S. activities are carried in USD through the Dutch entities. At December\u00a031, 2024, the Group's
cash and cash equivalents, including restricted cash, and marketable securities amounted to
US$169.4 million . This balance consists of cash assets denominated in euro for a total amount of
US$146.2 million or \u20ac141.3 million (applying an exchange rate EUR/USD at December\u00a031, 2024,
of 1.0350) and cash assets in U.S. Dollars for a total amount of US$22.2 million. The US Dollar cash
balance will mainly be used for the commercialization activities of the U.S. organization.
The remaining cash balance (equivalent to US$1.0 million) is denominated in British pounds and
Australian dollars, and is utilized by the respective local entities.
Cash and cash equivalents (including restricted cash), accounts receivables and inventories
denominated in USD amounted in total to US$71.9 million (\u20ac69.5 million), respectively US$28.7
million (\u20ac27.7 million) for the trade and other payables denominated in USD. Pharming performed a
sensitivity analysis by applying an adjustment to the spot rate at year-end. As the balance of the cash
and cash equivalents (including restricted cash), accounts receivables, inventories, trade and other
payables, denominated in USD, at year-end is US$43.2 million, a 10% strengthening or weakening
of the euro versus US dollar would have an impact of US$4.3 million on the Group's gain (weakening
of the euro) or loss (strengthening of the euro). The balance sheet positions denominated in other
foreign currencies are minimal, resulting in a correspondingly low currency risk.
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. Pharming's interest rate risk policy is aimed at
minimizing the interest rate risks associated with the financing of the Company and thus at the same
time optimizing the net interest costs. This policy translates into a certain desired profile of fixed-
interest and floating interest positions, including those generated by cash and cash equivalents and
marketable securities and those paid on finance lease liabilities. As the interest rate on the
convertible bond is a fixed percentage, Pharming concluded that the total risk on interest is
not material.
The issue of the Convertible Bonds due 2029 at a fixed interest rate of 4.50% p.a. has rendered this
concern obsolescent. The interest on the vast majority of the Company's financial instruments is not
variable with market interest rates. More information on the Convertible Bonds due 2029 can be
found in note 19. Convertible bonds.
Credit risk
Credit risk is defined as the risk that one party to a financial instrument will cause a financial loss for
the other party by failing to discharge obligations. Pharming manages credit risk exposure through
the selection of financial institutions having a high credit rating, using credit rating reports issued by
institutions such as Standard & Poor's and Moody's. The exposure to credit risk at December\u00a031,
2024, is represented by the carrying amounts of cash and cash equivalents, marketable securities and
trade and other receivables.
The carrying amounts of the cash and cash equivalents (including restricted cash) as at December\u00a031,
2024, amounted to US$56.4 million and was held through financial institutions with a A- to A rating
from Standard & Poor's, A3 to Aa3 ratings from Moody's and A to AA- ratings from Fitch.
Marketable securities at December\u00a031, 2024, amounted to US$112.9 million (2023: US$151.7 million).
As of December\u00a031, 2024, US$50.5 million was held in S&P AAA-rated government treasury
certificates with a maturity of six months or less from the date of acquisition (2023:US$151.7 million).
We have considered the expected credit loss and recognized no losses, due to the AAA credit ratings.
Since 2024, the Company has also invested in SEC Rule 2a-7 compliant institutional money market
funds, which offer enhanced financial flexibility. As of December\u00a031, 2024, these investments
amounted to US$62.4 million. Complying with SEC Rule 2a-7, these funds ensure liquidity and stability
through requirements on liquidity, maturity limits, credit quality and diversification.
Trade and other receivables at December\u00a031, 2024, amounted to US$54.8 million. As at the date of
these financial statements, these amounts have largely been settled, including receipts in cash and
receipt of goods and services in exchange of prepaid expense items. Based on the credit ratings of
cash and cash equivalents (including restricted cash) as well as the positions taken with respect to
marketable securities and trade and other receivables, the Company considers that this risk is
adequately managed.
Liquidity risk
The liquidity risk refers to the risk that an entity will encounter difficulty in meeting obligations
associated with financial liabilities. Pharming's objective is to maintain a minimum level and certain
ratio of cash and cash equivalents (including short-term deposits and readily convertible S&P AAA-
rated government treasury certificates with a maturity of six months or less and SEC Rule 2a-7
compliant institutional money market funds). The strategy of the Company is to repay its obligations
through generation of cash income from operating activities such as product sales. In case such cash
flows are insufficient, the Company relies on financing cash flows as provided through the issuance
of shares or incurring financial liabilities. Note 3. Going concern assessment of these financial
statements more extensively describes the Company's going concern assessment.
The following table presents the financial liabilities at year-end 2024, showing the remaining
undiscounted contractual amounts due including nominal interest. Liabilities denominated in
foreign currency have been converted at the exchange rate at December\u00a031, 2024.
Maturity profile of financial liabilities:
Amounts in US$ \u2019000
2025
2026
2027
2028
2029 and
onwards
Total
Prior year
total
Trade and other payables
66,611
\u2014
\u2014
\u2014
\u2014
66,611
72,528
Lease Liabilities
4,730
4,688
4,257
3,738
17,906
35,319
40,091
Convertible Bonds
4,658
4,658
4,658
4,658
110,486
129,118
143,714
Total
75,999
9,346
8,915
8,396
128,392
231,048
256,333
Fair value estimation
The Company uses the following hierarchy for determining the fair value of financial instruments measured at fair value:
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3: Inputs for the asset or liability that are not based on observable market data or which are based on the probability of future events occurring (that is, unobservable inputs).
The following table presents the assets that are measured at fair value at year-end 2024 and 2023:
2024
2023
Amounts in US$ \u2019000
Level 1
Level 3
Total
Level 1
Level 3
Total
Investments in equity instruments designated as at FVTOCI
\u2014
\u2014
\u2014
2,020
\u2014
2,020
Investments in debt instruments designated as at FVTPL
\u2014
3,767
3,767
\u2014
6,093
6,093
Balance at December 31
\u2014
3,767
3,767
2,020
6,093
8,113
The following table includes carrying values and the estimated fair values of financial instruments:
Amounts in US$ \u2018000
2024
2023
Carrying value
Fair value
Carrying value
Fair value
Assets:
Cash and cash equivalents, including restricted cash
56,449
56,449
63,269
63,269
Marketable securities
112,949
112,949
151,683
151,746
Trade and other receivables
54,823
54,823
46,158
46,158
Liabilities:
Convertible Bond
82,399
82,399
138,422
138,422
Lease Liabilities
29,914
29,914
33,123
33,123
Trade and other payables
66,611
66,611
72,528
72,528
The fair value of the Marketable securities is based on observable market information (level 1
valuation).
The above other fair values of financial instruments are based on internal calculations. Cash and cash
equivalents, trade and other receivables as well as trade and other payables are stated at carrying
amount, which approximates the fair value in view of the short maturity of these instruments.
The fair values of finance lease liabilities (both non-current and current portion) are based on arm's
length transactions.
The following table sets out an analysis for each of the period presented of the net position of the
convertible bond, cash and cash equivalents and marketable securities, showing the remaining
undiscounted contractual amounts due including nominal interest.
Amounts in US$ \u2018000
2024
2023
Cash and cash equivalents
54,944
61,741
Restricted cash
1,505
1,528
Marketable securities
112,949
151,683
Convertible bond - current
(4,245)
(1,824)
Convertible bond - non-current
(78,154)
(136,598)
Net cash (debt)
86,999
76,530
Cash and cash equivalents
54,944
61,741
Restricted cash
1,505
1,528
Marketable securities
112,949
151,683
Gross debt - fixed interest rates
(82,399)
(138,422)
Gross debt - variable interest rates
\u2014
\u2014
Net cash (debt)
86,999
76,530
Reconciliation of liabilities arising from financing activities:
2023
Cashflows
Non - Cash changes
2024
Amounts in US$ \u2019000
Acquisition,
disposal and
reclassification
Interest
Expense
Accrued
Amortized
costs
Fair Value
Changes
Foreign exchange
effects and other
Convertible Bond
138,422
(4,457)
(53,139)
1,972
5,725
\u2014
(6,124)
82,399
Lease Liabilities
33,123
(5,149)
2,425
1,141
\u2014
\u2014
(1,626)
29,914
Derivative financial liabilities
\u2014
\u2014
7,041
\u2014
\u2014
(7,041)
\u2014
\u2014
Total liabilities from financing activities
171,545
(9,606)
(43,673)
3,113
5,725
(7,041)
(7,750)
112,313
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-408": { "value": "Financial risk management
General
Pharming is exposed to several financial risks: market risks (being currency risk and interest rate risk),
credit risks and liquidity risks. The Board of Directors and the Executive Committee are responsible
for the management of currency, interest, credit and liquidity risks and as such ultimately responsible
for decisions taken in this field.
Capital risk management
The Company manages its capital to ensure that it will be able to continue as a going concern.
This includes a regular review of cash flow forecasts and, if deemed appropriate, subsequent raising
of funds through execution of equity and/or debt transactions. In doing so, the Board of Directors'
and Executive Committees' strategy is to achieve a capital structure which takes into account the best
interests of all stakeholders. Pharming's capital structure includes cash and cash equivalents,
marketable securities, debt and equity. Compared to last year the Company has allocated a portion of
the euro denominated readily convertible S&P AAA-rated government treasury certificates with a
maturity of six months or less, to SEC Rule 2a-7 compliant institutional money market funds, which
offer enhanced financial flexibility.
Currency risk
This is the risk that the fair value of assets, liabilities and especially the future cash flows of financial
instruments will fluctuate because of changes in foreign exchange rates. Pharming's policy for the
management of foreign currency risks is aimed at protecting the operating profit and positions held
or recorded in foreign currencies, in particular of the United States Dollar (USD) for the Group.
Certain payments and sales in the U.S. are being and will be received in USD. Some direct payments
of U.S. activities are carried in USD through the Dutch entities. At December\u00a031, 2024, the Group's
cash and cash equivalents, including restricted cash, and marketable securities amounted to
US$169.4 million . This balance consists of cash assets denominated in euro for a total amount of
US$146.2 million or \u20ac141.3 million (applying an exchange rate EUR/USD at December\u00a031, 2024,
of 1.0350) and cash assets in U.S. Dollars for a total amount of US$22.2 million. The US Dollar cash
balance will mainly be used for the commercialization activities of the U.S. organization.
The remaining cash balance (equivalent to US$1.0 million) is denominated in British pounds and
Australian dollars, and is utilized by the respective local entities.
Cash and cash equivalents (including restricted cash), accounts receivables and inventories
denominated in USD amounted in total to US$71.9 million (\u20ac69.5 million), respectively US$28.7
million (\u20ac27.7 million) for the trade and other payables denominated in USD. Pharming performed a
sensitivity analysis by applying an adjustment to the spot rate at year-end. As the balance of the cash
and cash equivalents (including restricted cash), accounts receivables, inventories, trade and other
payables, denominated in USD, at year-end is US$43.2 million, a 10% strengthening or weakening
of the euro versus US dollar would have an impact of US$4.3 million on the Group's gain (weakening
of the euro) or loss (strengthening of the euro). The balance sheet positions denominated in other
foreign currencies are minimal, resulting in a correspondingly low currency risk.
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. Pharming's interest rate risk policy is aimed at
minimizing the interest rate risks associated with the financing of the Company and thus at the same
time optimizing the net interest costs. This policy translates into a certain desired profile of fixed-
interest and floating interest positions, including those generated by cash and cash equivalents and
marketable securities and those paid on finance lease liabilities. As the interest rate on the
convertible bond is a fixed percentage, Pharming concluded that the total risk on interest is
not material.
The issue of the Convertible Bonds due 2029 at a fixed interest rate of 4.50% p.a. has rendered this
concern obsolescent. The interest on the vast majority of the Company's financial instruments is not
variable with market interest rates. More information on the Convertible Bonds due 2029 can be
found in note 19. Convertible bonds.
Credit risk
Credit risk is defined as the risk that one party to a financial instrument will cause a financial loss for
the other party by failing to discharge obligations. Pharming manages credit risk exposure through
the selection of financial institutions having a high credit rating, using credit rating reports issued by
institutions such as Standard & Poor's and Moody's. The exposure to credit risk at December\u00a031,
2024, is represented by the carrying amounts of cash and cash equivalents, marketable securities and
trade and other receivables.
The carrying amounts of the cash and cash equivalents (including restricted cash) as at December\u00a031,
2024, amounted to US$56.4 million and was held through financial institutions with a A- to A rating
from Standard & Poor's, A3 to Aa3 ratings from Moody's and A to AA- ratings from Fitch.
Marketable securities at December\u00a031, 2024, amounted to US$112.9 million (2023: US$151.7 million).
As of December\u00a031, 2024, US$50.5 million was held in S&P AAA-rated government treasury
certificates with a maturity of six months or less from the date of acquisition (2023:US$151.7 million).
We have considered the expected credit loss and recognized no losses, due to the AAA credit ratings.
Since 2024, the Company has also invested in SEC Rule 2a-7 compliant institutional money market
funds, which offer enhanced financial flexibility. As of December\u00a031, 2024, these investments
amounted to US$62.4 million. Complying with SEC Rule 2a-7, these funds ensure liquidity and stability
through requirements on liquidity, maturity limits, credit quality and diversification.
Trade and other receivables at December\u00a031, 2024, amounted to US$54.8 million. As at the date of
these financial statements, these amounts have largely been settled, including receipts in cash and
receipt of goods and services in exchange of prepaid expense items. Based on the credit ratings of
cash and cash equivalents (including restricted cash) as well as the positions taken with respect to
marketable securities and trade and other receivables, the Company considers that this risk is
adequately managed.
Liquidity risk
The liquidity risk refers to the risk that an entity will encounter difficulty in meeting obligations
associated with financial liabilities. Pharming's objective is to maintain a minimum level and certain
ratio of cash and cash equivalents (including short-term deposits and readily convertible S&P AAA-
rated government treasury certificates with a maturity of six months or less and SEC Rule 2a-7
compliant institutional money market funds). The strategy of the Company is to repay its obligations
through generation of cash income from operating activities such as product sales. In case such cash
flows are insufficient, the Company relies on financing cash flows as provided through the issuance
of shares or incurring financial liabilities. Note 3. Going concern assessment of these financial
statements more extensively describes the Company's going concern assessment.
The following table presents the financial liabilities at year-end 2024, showing the remaining
undiscounted contractual amounts due including nominal interest. Liabilities denominated in
foreign currency have been converted at the exchange rate at December\u00a031, 2024.
Maturity profile of financial liabilities:
Amounts in US$ \u2019000
2025
2026
2027
2028
2029 and
onwards
Total
Prior year
total
Trade and other payables
66,611
\u2014
\u2014
\u2014
\u2014
66,611
72,528
Lease Liabilities
4,730
4,688
4,257
3,738
17,906
35,319
40,091
Convertible Bonds
4,658
4,658
4,658
4,658
110,486
129,118
143,714
Total
75,999
9,346
8,915
8,396
128,392
231,048
256,333
Fair value estimation
The Company uses the following hierarchy for determining the fair value of financial instruments measured at fair value:
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3: Inputs for the asset or liability that are not based on observable market data or which are based on the probability of future events occurring (that is, unobservable inputs).
The following table presents the assets that are measured at fair value at year-end 2024 and 2023:
2024
2023
Amounts in US$ \u2019000
Level 1
Level 3
Total
Level 1
Level 3
Total
Investments in equity instruments designated as at FVTOCI
\u2014
\u2014
\u2014
2,020
\u2014
2,020
Investments in debt instruments designated as at FVTPL
\u2014
3,767
3,767
\u2014
6,093
6,093
Balance at December 31
\u2014
3,767
3,767
2,020
6,093
8,113
The following table includes carrying values and the estimated fair values of financial instruments:
Amounts in US$ \u2018000
2024
2023
Carrying value
Fair value
Carrying value
Fair value
Assets:
Cash and cash equivalents, including restricted cash
56,449
56,449
63,269
63,269
Marketable securities
112,949
112,949
151,683
151,746
Trade and other receivables
54,823
54,823
46,158
46,158
Liabilities:
Convertible Bond
82,399
82,399
138,422
138,422
Lease Liabilities
29,914
29,914
33,123
33,123
Trade and other payables
66,611
66,611
72,528
72,528
The fair value of the Marketable securities is based on observable market information (level 1
valuation).
The above other fair values of financial instruments are based on internal calculations. Cash and cash
equivalents, trade and other receivables as well as trade and other payables are stated at carrying
amount, which approximates the fair value in view of the short maturity of these instruments.
The fair values of finance lease liabilities (both non-current and current portion) are based on arm's
length transactions.
The following table sets out an analysis for each of the period presented of the net position of the
convertible bond, cash and cash equivalents and marketable securities, showing the remaining
undiscounted contractual amounts due including nominal interest.
Amounts in US$ \u2018000
2024
2023
Cash and cash equivalents
54,944
61,741
Restricted cash
1,505
1,528
Marketable securities
112,949
151,683
Convertible bond - current
(4,245)
(1,824)
Convertible bond - non-current
(78,154)
(136,598)
Net cash (debt)
86,999
76,530
Cash and cash equivalents
54,944
61,741
Restricted cash
1,505
1,528
Marketable securities
112,949
151,683
Gross debt - fixed interest rates
(82,399)
(138,422)
Gross debt - variable interest rates
\u2014
\u2014
Net cash (debt)
86,999
76,530
Reconciliation of liabilities arising from financing activities:
2023
Cashflows
Non - Cash changes
2024
Amounts in US$ \u2019000
Acquisition,
disposal and
reclassification
Interest
Expense
Accrued
Amortized
costs
Fair Value
Changes
Foreign exchange
effects and other
Convertible Bond
138,422
(4,457)
(53,139)
1,972
5,725
\u2014
(6,124)
82,399
Lease Liabilities
33,123
(5,149)
2,425
1,141
\u2014
\u2014
(1,626)
29,914
Derivative financial liabilities
\u2014
\u2014
7,041
\u2014
\u2014
(7,041)
\u2014
\u2014
Total liabilities from financing activities
171,545
(9,606)
(43,673)
3,113
5,725
(7,041)
(7,750)
112,313
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-410": { "value": "
Currency risk
This is the risk that the fair value of assets, liabilities and especially the future cash flows of financial
instruments will fluctuate because of changes in foreign exchange rates. Pharming's policy for the
management of foreign currency risks is aimed at protecting the operating profit and positions held
or recorded in foreign currencies, in particular of the United States Dollar (USD) for the Group.
Certain payments and sales in the U.S. are being and will be received in USD. Some direct payments
of U.S. activities are carried in USD through the Dutch entities. At December\u00a031, 2024, the Group's
cash and cash equivalents, including restricted cash, and marketable securities amounted to
US$169.4 million . This balance consists of cash assets denominated in euro for a total amount of
US$146.2 million or \u20ac141.3 million (applying an exchange rate EUR/USD at December\u00a031, 2024,
of 1.0350) and cash assets in U.S. Dollars for a total amount of US$22.2 million. The US Dollar cash
balance will mainly be used for the commercialization activities of the U.S. organization.
The remaining cash balance (equivalent to US$1.0 million) is denominated in British pounds and
Australian dollars, and is utilized by the respective local entities.
Cash and cash equivalents (including restricted cash), accounts receivables and inventories
denominated in USD amounted in total to US$71.9 million (\u20ac69.5 million), respectively US$28.7
million (\u20ac27.7 million) for the trade and other payables denominated in USD. Pharming performed a
sensitivity analysis by applying an adjustment to the spot rate at year-end. As the balance of the cash
and cash equivalents (including restricted cash), accounts receivables, inventories, trade and other
payables, denominated in USD, at year-end is US$43.2 million, a 10% strengthening or weakening
of the euro versus US dollar would have an impact of US$4.3 million on the Group's gain (weakening
of the euro) or loss (strengthening of the euro). The balance sheet positions denominated in other
foreign currencies are minimal, resulting in a correspondingly low currency risk.
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. Pharming's interest rate risk policy is aimed at
minimizing the interest rate risks associated with the financing of the Company and thus at the same
time optimizing the net interest costs. This policy translates into a certain desired profile of fixed-
interest and floating interest positions, including those generated by cash and cash equivalents and
marketable securities and those paid on finance lease liabilities. As the interest rate on the
convertible bond is a fixed percentage, Pharming concluded that the total risk on interest is
not material.
The issue of the Convertible Bonds due 2029 at a fixed interest rate of 4.50% p.a. has rendered this
concern obsolescent. The interest on the vast majority of the Company's financial instruments is not
variable with market interest rates. More information on the Convertible Bonds due 2029 can be
found in note 19. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-411": { "value": "
Currency risk
This is the risk that the fair value of assets, liabilities and especially the future cash flows of financial
instruments will fluctuate because of changes in foreign exchange rates. Pharming's policy for the
management of foreign currency risks is aimed at protecting the operating profit and positions held
or recorded in foreign currencies, in particular of the United States Dollar (USD) for the Group.
Certain payments and sales in the U.S. are being and will be received in USD. Some direct payments
of U.S. activities are carried in USD through the Dutch entities. At December\u00a031, 2024, the Group's
cash and cash equivalents, including restricted cash, and marketable securities amounted to
US$169.4 million . This balance consists of cash assets denominated in euro for a total amount of
US$146.2 million or \u20ac141.3 million (applying an exchange rate EUR/USD at December\u00a031, 2024,
of 1.0350) and cash assets in U.S. Dollars for a total amount of US$22.2 million. The US Dollar cash
balance will mainly be used for the commercialization activities of the U.S. organization.
The remaining cash balance (equivalent to US$1.0 million) is denominated in British pounds and
Australian dollars, and is utilized by the respective local entities.
Cash and cash equivalents (including restricted cash), accounts receivables and inventories
denominated in USD amounted in total to US$71.9 million (\u20ac69.5 million), respectively US$28.7
million (\u20ac27.7 million) for the trade and other payables denominated in USD. Pharming performed a
sensitivity analysis by applying an adjustment to the spot rate at year-end. As the balance of the cash
and cash equivalents (including restricted cash), accounts receivables, inventories, trade and other
payables, denominated in USD, at year-end is US$43.2 million, a 10% strengthening or weakening
of the euro versus US dollar would have an impact of US$4.3 million on the Group's gain (weakening
of the euro) or loss (strengthening of the euro). The balance sheet positions denominated in other
foreign currencies are minimal, resulting in a correspondingly low currency risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-412": { "value": "
Credit risk
Credit risk is defined as the risk that one party to a financial instrument will cause a financial loss for
the other party by failing to discharge obligations. Pharming manages credit risk exposure through
the selection of financial institutions having a high credit rating, using credit rating reports issued by
institutions such as Standard & Poor's and Moody's. The exposure to credit risk at December\u00a031,
2024, is represented by the carrying amounts of cash and cash equivalents, marketable securities and
trade and other receivables.
The carrying amounts of the cash and cash equivalents (including restricted cash) as at December\u00a031,
2024, amounted to US$56.4 million and was held through financial institutions with a A- to A rating
from Standard & Poor's, A3 to Aa3 ratings from Moody's and A to AA- ratings from Fitch.
Marketable securities at December\u00a031, 2024, amounted to US$112.9 million (2023: US$151.7 million).
As of December\u00a031, 2024, US$50.5 million was held in S&P AAA-rated government treasury
certificates with a maturity of six months or less from the date of acquisition (2023:US$151.7 million).
We have considered the expected credit loss and recognized no losses, due to the AAA credit ratings.
Since 2024, the Company has also invested in SEC Rule 2a-7 compliant institutional money market
funds, which offer enhanced financial flexibility. As of December\u00a031, 2024, these investments
amounted to US$62.4 million. Complying with SEC Rule 2a-7, these funds ensure liquidity and stability
through requirements on liquidity, maturity limits, credit quality and diversification.
Trade and other receivables at December\u00a031, 2024, amounted to US$54.8 million. As at the date of
these financial statements, these amounts have largely been settled, including receipts in cash and
receipt of goods and services in exchange of prepaid expense items. Based on the credit ratings of
cash and cash equivalents (including restricted cash) as well as the positions taken with respect to
marketable securities and trade and other receivables, the Company considers that this risk is
adequately managed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-413": { "value": "
Liquidity risk
The liquidity risk refers to the risk that an entity will encounter difficulty in meeting obligations
associated with financial liabilities. Pharming's objective is to maintain a minimum level and certain
ratio of cash and cash equivalents (including short-term deposits and readily convertible S&P AAA-
rated government treasury certificates with a maturity of six months or less and SEC Rule 2a-7
compliant institutional money market funds). The strategy of the Company is to repay its obligations
through generation of cash income from operating activities such as product sales. In case such cash
flows are insufficient, the Company relies on financing cash flows as provided through the issuance
of shares or incurring financial liabilities. Note 3. Going concern assessment of these financial
statements more extensively describes the Company's going concern assessment.
The following table presents the financial liabilities at year-end 2024, showing the remaining
undiscounted contractual amounts due including nominal interest. Liabilities denominated in
foreign currency have been converted at the exchange rate at December\u00a031, 2024.
Maturity profile of financial liabilities:
Amounts in US$ \u2019000
2025
2026
2027
2028
2029 and
onwards
Total
Prior year
total
Trade and other payables
66,611
\u2014
\u2014
\u2014
\u2014
66,611
72,528
Lease Liabilities
4,730
4,688
4,257
3,738
17,906
35,319
40,091
Convertible Bonds
4,658
4,658
4,658
4,658
110,486
129,118
143,714
Total
75,999
9,346
8,915
8,396
128,392
231,048
256,333
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-415": { "value": "
Fair value estimation
The Company uses the following hierarchy for determining the fair value of financial instruments measured at fair value:
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3: Inputs for the asset or liability that are not based on observable market data or which are based on the probability of future events occurring (that is, unobservable inputs).
The following table presents the assets that are measured at fair value at year-end 2024 and 2023:
2024
2023
Amounts in US$ \u2019000
Level 1
Level 3
Total
Level 1
Level 3
Total
Investments in equity instruments designated as at FVTOCI
\u2014
\u2014
\u2014
2,020
\u2014
2,020
Investments in debt instruments designated as at FVTPL
\u2014
3,767
3,767
\u2014
6,093
6,093
Balance at December 31
\u2014
3,767
3,767
2,020
6,093
8,113
The following table includes carrying values and the estimated fair values of financial instruments:
Amounts in US$ \u2018000
2024
2023
Carrying value
Fair value
Carrying value
Fair value
Assets:
Cash and cash equivalents, including restricted cash
56,449
56,449
63,269
63,269
Marketable securities
112,949
112,949
151,683
151,746
Trade and other receivables
54,823
54,823
46,158
46,158
Liabilities:
Convertible Bond
82,399
82,399
138,422
138,422
Lease Liabilities
29,914
29,914
33,123
33,123
Trade and other payables
66,611
66,611
72,528
72,528
The fair value of the Marketable securities is based on observable market information (level 1
valuation).
The above other fair values of financial instruments are based on internal calculations. Cash and cash
equivalents, trade and other receivables as well as trade and other payables are stated at carrying
amount, which approximates the fair value in view of the short maturity of these instruments.
The fair values of finance lease liabilities (both non-current and current portion) are based on arm's
length transactions.
The following table sets out an analysis for each of the period presented of the net position of the
convertible bond, cash and cash equivalents and marketable securities, showing the remaining
undiscounted contractual amounts due including nominal interest.
Amounts in US$ \u2018000
2024
2023
Cash and cash equivalents
54,944
61,741
Restricted cash
1,505
1,528
Marketable securities
112,949
151,683
Convertible bond - current
(4,245)
(1,824)
Convertible bond - non-current
(78,154)
(136,598)
Net cash (debt)
86,999
76,530
Cash and cash equivalents
54,944
61,741
Restricted cash
1,505
1,528
Marketable securities
112,949
151,683
Gross debt - fixed interest rates
(82,399)
(138,422)
Gross debt - variable interest rates
\u2014
\u2014
Net cash (debt)
86,999
76,530
Reconciliation of liabilities arising from financing activities:
2023
Cashflows
Non - Cash changes
2024
Amounts in US$ \u2019000
Acquisition,
disposal and
reclassification
Interest
Expense
Accrued
Amortized
costs
Fair Value
Changes
Foreign exchange
effects and other
Convertible Bond
138,422
(4,457)
(53,139)
1,972
5,725
\u2014
(6,124)
82,399
Lease Liabilities
33,123
(5,149)
2,425
1,141
\u2014
\u2014
(1,626)
29,914
Derivative financial liabilities
\u2014
\u2014
7,041
\u2014
\u2014
(7,041)
\u2014
\u2014
Total liabilities from financing activities
171,545
(9,606)
(43,673)
3,113
5,725
(7,041)
(7,750)
112,313
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-414": { "value": "
Fair value estimation
The Company uses the following hierarchy for determining the fair value of financial instruments measured at fair value:
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and
\u2022 Level 3: Inputs for the asset or liability that are not based on observable market data or which are based on the probability of future events occurring (that is, unobservable inputs).
The following table presents the assets that are measured at fair value at year-end 2024 and 2023:
2024
2023
Amounts in US$ \u2019000
Level 1
Level 3
Total
Level 1
Level 3
Total
Investments in equity instruments designated as at FVTOCI
\u2014
\u2014
\u2014
2,020
\u2014
2,020
Investments in debt instruments designated as at FVTPL
\u2014
3,767
3,767
\u2014
6,093
6,093
Balance at December 31
\u2014
3,767
3,767
2,020
6,093
8,113
The following table includes carrying values and the estimated fair values of financial instruments:
Amounts in US$ \u2018000
2024
2023
Carrying value
Fair value
Carrying value
Fair value
Assets:
Cash and cash equivalents, including restricted cash
56,449
56,449
63,269
63,269
Marketable securities
112,949
112,949
151,683
151,746
Trade and other receivables
54,823
54,823
46,158
46,158
Liabilities:
Convertible Bond
82,399
82,399
138,422
138,422
Lease Liabilities
29,914
29,914
33,123
33,123
Trade and other payables
66,611
66,611
72,528
72,528
The fair value of the Marketable securities is based on observable market information (level 1
valuation).
The above other fair values of financial instruments are based on internal calculations. Cash and cash
equivalents, trade and other receivables as well as trade and other payables are stated at carrying
amount, which approximates the fair value in view of the short maturity of these instruments.
The fair values of finance lease liabilities (both non-current and current portion) are based on arm's
length transactions.
The following table sets out an analysis for each of the period presented of the net position of the
convertible bond, cash and cash equivalents and marketable securities, showing the remaining
undiscounted contractual amounts due including nominal interest.
Amounts in US$ \u2018000
2024
2023
Cash and cash equivalents
54,944
61,741
Restricted cash
1,505
1,528
Marketable securities
112,949
151,683
Convertible bond - current
(4,245)
(1,824)
Convertible bond - non-current
(78,154)
(136,598)
Net cash (debt)
86,999
76,530
Cash and cash equivalents
54,944
61,741
Restricted cash
1,505
1,528
Marketable securities
112,949
151,683
Gross debt - fixed interest rates
(82,399)
(138,422)
Gross debt - variable interest rates
\u2014
\u2014
Net cash (debt)
86,999
76,530
Reconciliation of liabilities arising from financing activities:
2023
Cashflows
Non - Cash changes
2024
Amounts in US$ \u2019000
Acquisition,
disposal and
reclassification
Interest
Expense
Accrued
Amortized
costs
Fair Value
Changes
Foreign exchange
effects and other
Convertible Bond
138,422
(4,457)
(53,139)
1,972
5,725
\u2014
(6,124)
82,399
Lease Liabilities
33,123
(5,149)
2,425
1,141
\u2014
\u2014
(1,626)
29,914
Derivative financial liabilities
\u2014
\u2014
7,041
\u2014
\u2014
(7,041)
\u2014
\u2014
Total liabilities from financing activities
171,545
(9,606)
(43,673)
3,113
5,725
(7,041)
(7,750)
112,313
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-416": { "value": "Earnings per share and diluted shares
Basic earnings per share is calculated based on the weighted average number of ordinary shares
outstanding during the year. Diluted earnings per share is normally computed based on the weighted
average number of ordinary shares outstanding including the dilutive effect of shares to be issued in
the future under certain arrangements such as option plans. However, as the net result represents a
loss in 2024, the diluted earnings per share are equal to the basic earnings per share for 2024.
For 2024 and 2023, the basic and diluted earnings per share are:
2024
2023
Net profit (loss) attributable to equity owners of the parent (in US$ \u2019000)
(11,841)
(10,548)
Weighted average shares outstanding
671,347,279
657,020,521
Basic profit (loss) per share (in US$)
(0.018)
(0.016)
Weighted average diluted shares outstanding
785,412,134
725,463,948
Diluted profit (loss) per share (in US$)
(0.018)
(0.016)
The diluted net loss used in the calculation of dilutive profit per share amounts to US$11.8 million.
Difference between the weighted average shares outstanding and the weighted average diluted
shares outstanding used for basic profits calculations per share relates to restricted stock units (RSU),
options and LTIP. The 81,492,951 shares related to the convertible bonds are anti-dilutive and are
therefore excluded from the weighted average number of ordinary shares for the purpose of diluted
earnings per share.
Diluted shares
The composition of the number of shares and share rights outstanding as well as authorized share
capital as per December\u00a031, 2024, and the date of these financial statements is provided in the
following table.
Movements of shares and other instruments between December\u00a031, 2024, and April\u00a02, 2025, are
shown in the table below:
December 31, 2024
Shares issued
Other
April 2, 2025
Shares
680,308,735
3,622,343
\u2014
683,931,078
RSU
19,736,309
(89,378)
401,989
20,048,920
Options
24,238,937
(255,000)
(530,716)
23,453,221
Convertible bonds
81,492,951
\u2014
\u2014
81,492,951
LTIP
18,765,473
(3,277,965)
6,418,792
21,906,300
Issued
824,542,405
\u2014
6,290,065
830,832,470
Available for issue
231,457,595
\u2014
(6,290,065)
225,167,530
Authorized share capital
1,056,000,000
\u2014
\u2014
1,056,000,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-417": { "value": "-10548000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-418": { "value": "Events after the reporting period
New Chief Executive Officer and Executive Director
On January 21, 2025, we announced that the Board of Directors had nominated biopharmaceutical
leader Mr. Fabrice Chouraqui as Pharming's new Chief Executive Officer and Executive Director,
succeeding Mr. Sijmen de Vries. Mr. Chouraqui was appointed for a term of four years at the
Extraordinary General Meeting of Shareholders (EGM) that took place on March 4, 2025. Upon the
appointment of Mr. Chouraqui, Mr. Sijmen de Vries resigned from the Board of Directors. To ensure a
smooth hand-over of tasks and responsibilities, Mr. de Vries will remain a strategic advisor to the new
CEO until December 31, 2025.
Acquisition of Abliva AB
On February 20, 2025, we announced ownership of shares and voting rights in Abliva AB exceeding
90% and thereby initiated the necessary activities to delist the Company from the Nasdaq Stockholm
exchange. Following delisting, we expect to be able to start the second wave of patient recruitment
for the ongoing pivotal FALCON clinical trial for KL1333 for the treatment of mtDNA-driven primary
mitochondrial diseases. Pharming has initiated a compulsory acquisition procedure in respect of the
remaining shares in Abliva under the Swedish Companies Act. On March 3, 2025, Nasdaq Stockholm
approved Abliva's application for delisting and the last day of trading was on March 17, 2025. With
these events, the acquisition of Abliva was completed. As of March 31, 2025, the Company holds
97.47% of ordinary shares of Abliva AB.
The acquisition of Abliva will be accounted for as a business combination. Substantially all of the
value of the acquisition is concentrated in a single asset, KL1333. Following delisting in March 2025,
the acquisition will be reflected in our financial statements beginning with the first quarter 2025.
As of the reporting date, the Purchase Price Allocation (PPA) for the acquisition is in progress.
Consequently, further disclosures regarding goodwill, as well as the fair value of assets and liabilities,
have not yet been completed. The PPA process is ongoing, and once finalized, the appropriate
adjustments and disclosures will be made. At this point we expect the US$66.1 million acquisition
price to be allocated to the fair value of the acquired identifiable assets and liabilities, with any excess
to be recorded as goodwill. We do not expect any P&L impact at the acquisition date, besides
recognition of acquisition costs incurred in 2025. At the reporting date, a total of US$2.3 million was
incurred in other operating expenses in relation to this transaction.
The Board of Directors identified no other events after the reporting period affecting the 2024
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }