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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, 2025, were authorized for issue in
accordance with a resolution of the Board of Directors on April\u00a01, 2026. The financial statements
are subject to adoption by the Annual General Meeting of shareholders, which has been scheduled
for May\u00a028, 2026.
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 20. 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 biotechnology company that develops and commercializes
innovative therapies for rare and ultra-rare diseases with significant unmet need. We focus on
immunological and genetic conditions where our scientific and commercial expertise can help
advance care over the long term. Pharming is headquartered in Leiden, the Netherlands, with a
significant proportion of its employees based in the U.S.
Date of authorization of issue
The financial statements were signed and authorized for issue by the Board of Directors on April\u00a01,
2026. The adoption of the financial statements is reserved for the shareholders in the Annual
General Meeting of Shareholders (AGM) on May\u00a028, 2026.
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 judgment in the process of applying the Company's accounting policies.
The areas involving a higher degree of judgment 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "Pharming Group N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "Pharming Group N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "limited liability public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "Darwinweg 24 2333 CR Leiden The Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "Darwinweg 24 2333 CR Leiden The Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "Pharming Group N.V. is a global biotechnology company that develops and commercializes innovative therapies for rare and ultra-rare diseases with significant unmet need. We focus on immunological and genetic conditions where our scientific and commercial expertise can help advance care over the long term. Pharming is headquartered in Leiden, the Netherlands, with a significant proportion of its employees based in the U.S.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
Date of authorization of issue
The financial statements were signed and authorized for issue by the Board of Directors on April\u00a01,
2026. The adoption of the financial statements is reserved for the shareholders in the Annual
General Meeting of Shareholders (AGM) on May\u00a028, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "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 judgment in the process of applying the Company's accounting policies.
The areas involving a higher degree of judgment 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, 2025, as disclosed below.
\u2022 Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates titled Lack of
Exchangeability
Its 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.
At the date of authorisation of these financial statements, the company has not applied the
following new and revised IFRS Accounting Standards that have been issued but are not yet
effective:
\u2022 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of
Financial Instruments
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11: Amendments to IFRS 1 First-
time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments:
Disclosures and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial
Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows
\u2022 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity
\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.
While recognition and measurement of items will remain unchanged, the presentation in the
consolidated statement of income will be affected. In addition, the cash flow statement will also be
effected, as well as the disclosures related to these statements. New disclosure requirements are
expected to include the management\u2011defined performance measures and a breakdown of the
nature of expenses for line items presented by function in the operating category of the statement
of profit or loss for certain nature expenses. Lastly, for the first annual period of application of IFRS
18, a reconciliation for each line item in the statements of profit or loss between the restated
amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1.
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.
Non-controlling interests in subsidiaries are identified separately from the Group's equity therein.
The carrying amount of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests' share of subsequent changes in equity. Profit or loss
and each component of other comprehensive income are attributed to the owners of the parent
entity and to the non-controlling interests. Changes in the Group's interests in subsidiaries that do
not result in a loss of control are accounted for as equity transactions. The carrying amount of the
Group's interests and the non-controlling interests are adjusted to reflect the changes in their
relative interests in the subsidiaries. Any difference between the amount by which the non-
controlling interests are adjusted and the fair value of the consideration paid or received is
recognized directly in equity and attributed to the owners of the parent entity.
The following table provides an overview of the consolidated subsidiaries at December\u00a031, 2025:
Entity
Registered office
Investment %
Pharming Americas B.V.
The Netherlands
100
Pharming Intellectual Property B.V.
The Netherlands
100
Broekman Instituut B.V.
The Netherlands
100
Pharming Healthcare, Inc.
The United States
100
ProBio, Inc.
The United States
100
Pharming Technologies B.V.
The Netherlands
100
\u00a0 Pharming Research & Development B.V.
The Netherlands
100
\u00a0 Pharming Australia Pty Ltd
Australia
100
\u00a0 Pharming UK Ltd
The United Kingdom
100
\u00a0 Pharming Germany GmbH*
Germany
100
\u00a0 Pharming France SAS*
France
100
\u00a0 Abliva AB**
Sweden
100
\u00a0 \u00a0 \u00a0 \u00a0 Abliva, Inc.***
The United States
100
* This entity was established in November 2025
** This entity was acquired in February 2025
*** This entity is dissolved in January 2026
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, 2025
Average 2025
December 31, 2024
Average 2024
EUR/USD
1.1713
1.1259
1.0350
1.0804
AUD/USD
0.6699
0.6442
0.6224
0.6596
GBP/USD
1.3455
1.3181
1.2488
1.2772
SEK/USD
0.1083
0.1018
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.
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 held to maturity are measured at amortized cost in the manner described in note
14 Investments.
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 14. Investments). Fair value is determined in the manner
described in note 14. 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.
Marketable securities are measured as financial assets in the manner described in note 15.
Marketable securities.
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.
A restructuring provision is recognized when the Group has developed a detailed formal plan for
the restructuring and has raised a valid expectation in those affected that it will carry out the
restructuring by starting to implement the plan or announcing its main features to those affected
by it. The measurement of a restructuring provision includes only the direct expenditures arising
from the restructuring, which are those amounts that are both necessarily entailed by the
restructuring and not associated with the ongoing activities of the Company.
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 gains
from early termination or modification of lease agreements.
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.
Gains arising from the early termination or modification of lease arrangements are recognized in
Other income in accordance with IFRS 16. Such gains represent the difference between the carrying
amounts of the related right\u2011of\u2011use assets and lease liabilities derecognized and any consideration
paid or received as part of the termination. Further details are provided in note 13. Right-of-use
assets. If the termination or modification of lease arrangements result in a loss, it is included in
Other operating cost.
Employee retention credits represent refundable government incentives designed to support
employment. These amounts are recognized in Other income when the Company has complied
with the relevant conditions and receipt is reasonably assured. As these credits do not relate to the
Company's ordinary revenue\u2011generating activities, they are presented within Other income.
Other income may also include incidental receipts such as regulatory milestone payments or similar
items. Such income is recognized when the Company becomes entitled to the amount, the related
performance obligations (if any) have been satisfied, and collection is probable.
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 changes in equity. 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 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 employees, 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.
Judgments:
Biological Assets
The Group's manufacturing process utilizes transgenic rabbits to produce this human recombinant
protein in their milk. The rabbits are raised at specialized and regulator approved facilities with high
standards of animal husbandry, welfare and security.
The Board of Directors has assessed the accounting for these biological assets under IAS 41:
Agriculture, and concluded that the recognition criteria in IAS 41.10(c) are not met as the fair value
or cost of the asset cannot be measured reliably due to their uniqueness and very special transgenic
nature. The cost associated with raising, nurturing and milking the rabbits are expensed in profit or
loss as incurred.
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,
which represent variable revenue constraints under IFRS 15. 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 23 of the notes to the consolidated financial statements.
Identification and measurement of assets acquired and liabilities assumed on acquisition of
Abliva AB
In 2025, the Group completed the acquisition of Abliva AB (see note 4. Business Combinations and
acquisitions of non-controlling interests). The identification and measurement of the identifiable
assets acquired and liabilities assumed required the application of significant management
judgment, particularly in determining the fair value of the napazimone (KL1333) license using a
probability\u2011adjusted discounted cash flow model. These estimates involved key assumptions
regarding long\u2011term revenue forecasts, development timelines, commercialization prospects, and
discount rates as well as timing of regulatory approvals. Given the sensitivity of the valuation to
these assumptions, the purchase price allocation represents an area of significant accounting
judgment. Further details on the acquisition and the related purchase price allocation are included
in note\u202f4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "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 judgment in the process of applying the Company's accounting policies.
The areas involving a higher degree of judgment 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "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 judgment in the process of applying the Company's accounting policies.
The areas involving a higher degree of judgment 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
The Company applied for the first-time certain amendments, which are effective for annual
periods beginning on or after January\u00a01, 2025, as disclosed below.
\u2022 Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates titled Lack of
Exchangeability
Its 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.
At the date of authorisation of these financial statements, the company has not applied the
following new and revised IFRS Accounting Standards that have been issued but are not yet
effective:
\u2022 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of
Financial Instruments
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11: Amendments to IFRS 1 First-
time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments:
Disclosures and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial
Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows
\u2022 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity
\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.
While recognition and measurement of items will remain unchanged, the presentation in the
consolidated statement of income will be affected. In addition, the cash flow statement will also be
effected, as well as the disclosures related to these statements. New disclosure requirements are
expected to include the management\u2011defined performance measures and a breakdown of the
nature of expenses for line items presented by function in the operating category of the statement
of profit or loss for certain nature expenses. Lastly, for the first annual period of application of IFRS
18, a reconciliation for each line item in the statements of profit or loss between the restated
amounts presented by applying IFRS 18 and the amounts previously presented applying IAS 1.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "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.
Non-controlling interests in subsidiaries are identified separately from the Group's equity therein.
The carrying amount of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests' share of subsequent changes in equity. Profit or loss
and each component of other comprehensive income are attributed to the owners of the parent
entity and to the non-controlling interests. Changes in the Group's interests in subsidiaries that do
not result in a loss of control are accounted for as equity transactions. The carrying amount of the
Group's interests and the non-controlling interests are adjusted to reflect the changes in their
relative interests in the subsidiaries. Any difference between the amount by which the non-
controlling interests are adjusted and the fair value of the consideration paid or received is
recognized directly in equity and attributed to the owners of the parent entity.
The following table provides an overview of the consolidated subsidiaries at December\u00a031, 2025:
Entity
Registered office
Investment %
Pharming Americas B.V.
The Netherlands
100
Pharming Intellectual Property B.V.
The Netherlands
100
Broekman Instituut B.V.
The Netherlands
100
Pharming Healthcare, Inc.
The United States
100
ProBio, Inc.
The United States
100
Pharming Technologies B.V.
The Netherlands
100
\u00a0 Pharming Research & Development B.V.
The Netherlands
100
\u00a0 Pharming Australia Pty Ltd
Australia
100
\u00a0 Pharming UK Ltd
The United Kingdom
100
\u00a0 Pharming Germany GmbH*
Germany
100
\u00a0 Pharming France SAS*
France
100
\u00a0 Abliva AB**
Sweden
100
\u00a0 \u00a0 \u00a0 \u00a0 Abliva, Inc.***
The United States
100
* This entity was established in November 2025
** This entity was acquired in February 2025
*** This entity is dissolved in January 2026
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "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.
Non-controlling interests in subsidiaries are identified separately from the Group's equity therein.
The carrying amount of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests' share of subsequent changes in equity. Profit or loss
and each component of other comprehensive income are attributed to the owners of the parent
entity and to the non-controlling interests. Changes in the Group's interests in subsidiaries that do
not result in a loss of control are accounted for as equity transactions. The carrying amount of the
Group's interests and the non-controlling interests are adjusted to reflect the changes in their
relative interests in the subsidiaries. Any difference between the amount by which the non-
controlling interests are adjusted and the fair value of the consideration paid or received is
recognized directly in equity and attributed to the owners of the parent entity.
The following table provides an overview of the consolidated subsidiaries at December\u00a031, 2025:
Entity
Registered office
Investment %
Pharming Americas B.V.
The Netherlands
100
Pharming Intellectual Property B.V.
The Netherlands
100
Broekman Instituut B.V.
The Netherlands
100
Pharming Healthcare, Inc.
The United States
100
ProBio, Inc.
The United States
100
Pharming Technologies B.V.
The Netherlands
100
\u00a0 Pharming Research & Development B.V.
The Netherlands
100
\u00a0 Pharming Australia Pty Ltd
Australia
100
\u00a0 Pharming UK Ltd
The United Kingdom
100
\u00a0 Pharming Germany GmbH*
Germany
100
\u00a0 Pharming France SAS*
France
100
\u00a0 Abliva AB**
Sweden
100
\u00a0 \u00a0 \u00a0 \u00a0 Abliva, Inc.***
The United States
100
* This entity was established in November 2025
** This entity was acquired in February 2025
*** This entity is dissolved in January 2026
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
The following table provides an overview of the consolidated subsidiaries at December\u00a031, 2025:
Entity
Registered office
Investment %
Pharming Americas B.V.
The Netherlands
100
Pharming Intellectual Property B.V.
The Netherlands
100
Broekman Instituut B.V.
The Netherlands
100
Pharming Healthcare, Inc.
The United States
100
ProBio, Inc.
The United States
100
Pharming Technologies B.V.
The Netherlands
100
\u00a0 Pharming Research & Development B.V.
The Netherlands
100
\u00a0 Pharming Australia Pty Ltd
Australia
100
\u00a0 Pharming UK Ltd
The United Kingdom
100
\u00a0 Pharming Germany GmbH*
Germany
100
\u00a0 Pharming France SAS*
France
100
\u00a0 Abliva AB**
Sweden
100
\u00a0 \u00a0 \u00a0 \u00a0 Abliva, Inc.***
The United States
100
* This entity was established in November 2025
** This entity was acquired in February 2025
*** This entity is dissolved in January 2026
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "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, 2025
Average 2025
December 31, 2024
Average 2024
EUR/USD
1.1713
1.1259
1.0350
1.0804
AUD/USD
0.6699
0.6442
0.6224
0.6596
GBP/USD
1.3455
1.3181
1.2488
1.2772
SEK/USD
0.1083
0.1018
Not used
Not used
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "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, 2025
Average 2025
December 31, 2024
Average 2024
EUR/USD
1.1713
1.1259
1.0350
1.0804
AUD/USD
0.6699
0.6442
0.6224
0.6596
GBP/USD
1.3455
1.3181
1.2488
1.2772
SEK/USD
0.1083
0.1018
Not used
Not used
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "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 held to maturity are measured at amortized cost in the manner described in note
14 Investments.
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 14. Investments). Fair value is determined in the manner
described in note 14. Investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "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 held to maturity are measured at amortized cost in the manner described in note
14 Investments.
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 14. Investments). Fair value is determined in the manner
described in note 14. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "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 14. Investments). Fair value is determined in the manner
described in note 14. Investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "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 14. Investments). Fair value is determined in the manner
described in note 14. Investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "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.
A restructuring provision is recognized when the Group has developed a detailed formal plan for
the restructuring and has raised a valid expectation in those affected that it will carry out the
restructuring by starting to implement the plan or announcing its main features to those affected
by it. The measurement of a restructuring provision includes only the direct expenditures arising
from the restructuring, which are those amounts that are both necessarily entailed by the
restructuring and not associated with the ongoing activities of the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Other income
Other income consists of gains upon sale of investments, income from government grants and gains
from early termination or modification of lease agreements.
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.
Gains arising from the early termination or modification of lease arrangements are recognized in
Other income in accordance with IFRS 16. Such gains represent the difference between the carrying
amounts of the related right\u2011of\u2011use assets and lease liabilities derecognized and any consideration
paid or received as part of the termination. Further details are provided in note 13. Right-of-use
assets. If the termination or modification of lease arrangements result in a loss, it is included in
Other operating cost.
Employee retention credits represent refundable government incentives designed to support
employment. These amounts are recognized in Other income when the Company has complied
with the relevant conditions and receipt is reasonably assured. As these credits do not relate to the
Company's ordinary revenue\u2011generating activities, they are presented within Other income.
Other income may also include incidental receipts such as regulatory milestone payments or similar
items. Such income is recognized when the Company becomes entitled to the amount, the related
performance obligations (if any) have been satisfied, and collection is probable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "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 changes in equity. 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 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 employees, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "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.
Judgments:
Biological Assets
The Group's manufacturing process utilizes transgenic rabbits to produce this human recombinant
protein in their milk. The rabbits are raised at specialized and regulator approved facilities with high
standards of animal husbandry, welfare and security.
The Board of Directors has assessed the accounting for these biological assets under IAS 41:
Agriculture, and concluded that the recognition criteria in IAS 41.10(c) are not met as the fair value
or cost of the asset cannot be measured reliably due to their uniqueness and very special transgenic
nature. The cost associated with raising, nurturing and milking the rabbits are expensed in profit or
loss as incurred.
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,
which represent variable revenue constraints under IFRS 15. 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 23 of the notes to the consolidated financial statements.
Identification and measurement of assets acquired and liabilities assumed on acquisition of
Abliva AB
In 2025, the Group completed the acquisition of Abliva AB (see note 4. Business Combinations and
acquisitions of non-controlling interests). The identification and measurement of the identifiable
assets acquired and liabilities assumed required the application of significant management
judgment, particularly in determining the fair value of the napazimone (KL1333) license using a
probability\u2011adjusted discounted cash flow model. These estimates involved key assumptions
regarding long\u2011term revenue forecasts, development timelines, commercialization prospects, and
discount rates as well as timing of regulatory approvals. Given the sensitivity of the valuation to
these assumptions, the purchase price allocation represents an area of significant accounting
judgment. Further details on the acquisition and the related purchase price allocation are included
in note\u202f4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Biological Assets
The Group's manufacturing process utilizes transgenic rabbits to produce this human recombinant
protein in their milk. The rabbits are raised at specialized and regulator approved facilities with high
standards of animal husbandry, welfare and security.
The Board of Directors has assessed the accounting for these biological assets under IAS 41:
Agriculture, and concluded that the recognition criteria in IAS 41.10(c) are not met as the fair value
or cost of the asset cannot be measured reliably due to their uniqueness and very special transgenic
nature. The cost associated with raising, nurturing and milking the rabbits are expensed in profit or
loss as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Identification and measurement of assets acquired and liabilities assumed on acquisition of
Abliva AB
In 2025, the Group completed the acquisition of Abliva AB (see note 4. Business Combinations and
acquisitions of non-controlling interests). The identification and measurement of the identifiable
assets acquired and liabilities assumed required the application of significant management
judgment, particularly in determining the fair value of the napazimone (KL1333) license using a
probability\u2011adjusted discounted cash flow model. These estimates involved key assumptions
regarding long\u2011term revenue forecasts, development timelines, commercialization prospects, and
discount rates as well as timing of regulatory approvals. Given the sensitivity of the valuation to
these assumptions, the purchase price allocation represents an area of significant accounting
judgment. Further details on the acquisition and the related purchase price allocation are included
in note\u202f4.
Business combinations and acquisitions of non-controlling
interests
Acquisition of Abliva AB
On February 14, 2025, the Group acquired 88.9% of the voting shares of Abliva AB (\u201cAbliva\u201d),
a listed company based in Sweden. Abliva is a biotechnology company, based in Lund, Sweden,
focused on developing medicines for the treatment of mitochondrial disease. Pharming acquired
Abliva to further strengthen the clinical pipeline, aligning with our vision to become a leading global
rare disease company. By June 18, 2025, Pharming obtained 100% of the shares of Abliva. This
disclosure provides the financial information relating to the business combination.
At initial recognition, Pharming elected to measure the non-controlling interests in Abliva as a
proportionate share of the identifiable assets.
Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of Abliva as at the date of acquisition were:
Amounts in US$ \u2018000
Fair value recognized on acquisition
Intangible assets: KL1333
61,114
Intangible assets: Software
75
Deferred tax assets
12,397
Investments in equity instruments designated at FVTOCI
210
Trade and other receivables
1,591
Cash and cash equivalents
2,610
Assets
77,997
Deferred tax liability
(12,397)
Trade and other payables
(1,244)
Liabilities
(13,641)
Total identifiable net assets at fair value
64,356
Non-controlling interest
(7,285)
Goodwill arising on acquisition
2,903
Purchase consideration transferred
59,974
Abliva's lead product, KL1333, now known as napazimone (KL1333), a regulator of the essential co-
enzymes NAD\u207a and NADH, is in a pivotal clinical study (FALCON) in adult patients with genetically
confirmed primary mitochondrial disease (PMD) with mitochondrial DNA (mtDNA) mutations who
experience consistent, debilitating fatigue and muscle weakness (myopathy), and reduced life
expectancy. Over 30,000 patients diagnosed with mtDNA mitochondrial disease would be
potentially addressable by napazimone (KL1333) in the U.S., EU4 (France, Germany, Italy, Spain)
and the UK. Napazimone (KL1333) has shown positive clinical effects in a proof-of-concept Phase 1b
study, and a pre-planned interim analysis of the ongoing pivotal FALCON trial demonstrated
promising differences over placebo in both alternate primary efficacy endpoints. Napazimone
(KL1333) has received Fast Track designation in the U.S. and Orphan Drug Designation for the
treatment of PMD in the U.S. and EU.
The KL1333 license agreement was identified as the key intangible asset acquired in the Abliva
transaction, reflecting its status as the primary source of future economic benefits. The fair value
of this asset was determined using a probability\u2011adjusted discounted cash flow approach (MEEM),
incorporating long\u2011term revenue expectations, milestone and royalty obligations. Identified
intangible asset value of Abliva resides in the exclusive global commercialization rights embedded
in the license agreement. This analysis resulted in a fair value of US$61.1 million at the acquisition
date.
As part of the acquisition of Abliva, Pharming obtained 84,444 shares in Isomerase Therapeutics
Limited (\u201cIsomerase\u201d), representing approximately 10% of its outstanding shares. Isomerase is
a privately held U.K.-based synthetic biology firm and a former strategic partner of Abliva AB.
The investment was initially measured at fair value and subsequently sold to Isomerase in
November 2025 for GBP\u202f168,888 (US$0.2 million) within the IFRS\u202f3 measurement period.
Trade and other receivables primarily comprise short-term investments of surplus cash,
placed in interest-bearing deposits with original maturities of three to nine months.
These deposits matured in February 2025, at which point the funds were received as cash.
The deferred tax liability mainly arises from the recognition of the intangible asset napazimone
(KL1333), reflecting the associated tax effects.
The goodwill recognized as a result of the business combination represents the optionality for
Pharming to resume research projects outside of KL1333, as well as the fair value of the acquired
workforce, which does not qualify for separate recognition on the balance sheet.
Loss before tax generated by Abliva and included in the consolidated Statement of Income from
February 14, 2025 to December 31, 2025 was US$26.9 million. If the combination had taken place
at the beginning of the year, the profit before tax for the Group would have been US$27.4 million.
Abliva did not contribute any revenue during 2025.
Acquisition of remaining interest in Abliva
In the period from February 14, 2025, to June 18, 2025, Pharming acquired the remaining 11.1%
interest in the voting shares of Abliva, thereby increasing its ownership to 100%. A cash
consideration of US$7.9 million was paid to the non-controlling shareholders. Upon acquisition, the
accumulated other comprehensive income from currency translation differences (US$0.1 million)
attributed to the non-controlling interest was reclassified to other reserves. The excess of the cash
consideration paid over the carrying amount of the acquired non-controlling interest after
reclassifying the accumulated other comprehensive income, an amount of US$0.2 million, has been
recognized directly in accumulated deficit in equity. Following the acquisition of the remaining
interest in Abliva, the total consideration in cash amounts to US$68.0 million in 2025 based on the
price of SEK 0.45 paid per share.
Analysis of cash flows on acquisition
Amounts in US$ \u2018000
Acquisition of a subsidiary (included in cash flows from investing activities)
(60,087)
Net cash acquired with the subsidiary (included in cash flows from investing
activities)
2,611
Acquisition-related costs of the acquisition (included in cash flows from
operating activities)
(11,263)
Acquisition of non-controlling interests (included in cash flows from financing
activities)
(7,876)
Net cash flow on acquisition
(76,615)
Acquisition-related costs of US$10.3 million were expensed in the period and included within other
operating costs in the Consolidated Statement of Income. Moreover, acquisition-related costs of
US$1.0 million were expensed in the year ended December 31, 2024 related to this acquisition.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "Going concern assessment
In preparing the consolidated financial statements, the Board of Directors is responsible for
assessing the Group's 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.
The Group's consolidated financial statements have been prepared on a going concern basis.
The 2025 year-end balance of cash and cash equivalents, restricted cash and marketable securities
of US$181.1 million is expected to fund the Company for more than twelve months from the date
of this report.
During 2025, the Company's operating cash flows improved strongly compared to 2024, reflecting
the continued strength of RUCONEST\u00ae revenues, sustained growth of Joenja\u00ae (leniolisib), and
increased operational efficiencies. This improvement in underlying cash generation further
supports the Group\u2019s assessment of its liquidity position.
Following regulatory approvals of Joenja\u00ae (leniolisib) and the acquisition of Abliva AB in early 2025,
the Company has increased investments in strengthening its commercial function and pipeline
development. While this investment initially reduced the overall cash position, they are expected to
support long\u2011term revenue growth and operational scalability. The Company expects to make
further investments in the acquired pipeline over the coming years, which will temporarily reduce
cash resources and affect results in 2026. 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 2025 financial statements have been
prepared on the basis of a going concern assumption and no material uncertainties exist that may
cast significant doubt on the Group's ability to continue as a going concern. 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 due to various reasons. In the absence of unforeseen significant events
outside of our control 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 within the next 12 months after the date of these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "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
profit, 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, 2025 and 2024 are:
Amounts in US$ \u2018000
2025
2024
RUCONEST\u00ae
Joenja\u00ae
Total
RUCONEST\u00ae
Joenja\u00ae
Total
Revenues:
US
311,672
50,074
361,746
246,649
40,500
287,149
Europe and RoW
6,249
8,139
14,388
5,590
4,461
10,051
Total revenues
317,921
58,213
376,134
252,239
44,961
297,200
Gross profit:
US
284,542
39,775
324,317
221,093
35,136
256,229
Europe and RoW
(926)
7,243
6,317
1,126
4,446
5,572
Total gross profit
283,616
47,018
330,634
222,219
39,582
261,801
Non-current assets (excluding deferred tax assets) with a carrying amount of US$163.9 million are
located in The Netherlands", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "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
profit, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "Revenues
The increase in revenues was driven by higher sales of RUCONEST\u00ae in the U.S. market (US$311.7
million in 2025 compared to US$246.6 million in 2024) and higher sales of Joenja\u00ae worldwide
(US$58.2 million in 2025 compared to US$45.0 million in 2024). Revenues of RUCONEST\u00ae in Europe
and Rest of World amounted to US$6.2 million in 2025 compared to US$5.6 million in 2024.
Revenues of Joenja\u00ae in Europe and Rest of World amounted to US$8.1 million in 2025 compared to
US$4.5 million in 2024. These revenues include UK commercial sales and revenue from Named
Patient Programs.
Two U.S. customers represent approximately US$290.9 million (77%) of our net revenues in 2025,
per customer US$156.2 million and US$134.7 million respectively. In 2024 these two, U.S.
customers represent approximately US$227.7 million (77%) of our net revenues, per customer
US$134.8 million and US$92.9 million respectively. These customers are specialty pharmacies 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "Revenues
The increase in revenues was driven by higher sales of RUCONEST\u00ae in the U.S. market (US$311.7
million in 2025 compared to US$246.6 million in 2024) and higher sales of Joenja\u00ae worldwide
(US$58.2 million in 2025 compared to US$45.0 million in 2024). Revenues of RUCONEST\u00ae in Europe
and Rest of World amounted to US$6.2 million in 2025 compared to US$5.6 million in 2024.
Revenues of Joenja\u00ae in Europe and Rest of World amounted to US$8.1 million in 2025 compared to
US$4.5 million in 2024. These revenues include UK commercial sales and revenue from Named
Patient Programs.
Two U.S. customers represent approximately US$290.9 million (77%) of our net revenues in 2025,
per customer US$156.2 million and US$134.7 million respectively. In 2024 these two, U.S.
customers represent approximately US$227.7 million (77%) of our net revenues, per customer
US$134.8 million and US$92.9 million respectively. These customers are specialty pharmacies that
are specialized in distribution of pharmaceuticals in our and competitors' disease area and
distribute our product.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "Other income
Other income related to the following:
Amounts in US$ \u2018000
2025
2024
Gain on lease termination
3,877
\u2014
Grants
1,076
2,106
Employee retention credit refunds
1,341
\u2014
Other
234
71
Total
6,528
2,177
The gain on lease termination relates to the early termination of the DSP facility lease at Pivot Park
in Oss. Further information on the related right\u2011of\u2011use assets and lease arrangements is disclosed in
note 13. Right-of-use assets.
The received grants amounted to US$1.1 million in 2025 (US$2.1 million in 2024). 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 2025, the Company received refunds of US$1.4 million from the U.S. Treasury under the
Employee Retention Credit (ERC) program. These refunds relate to claims filed for the 2020 tax
year.
The remaining other income of US$0.2 million consists primarily out of a regulatory milestone
receipt for a clinical trial permit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "Other income
Other income related to the following:
Amounts in US$ \u2018000
2025
2024
Gain on lease termination
3,877
\u2014
Grants
1,076
2,106
Employee retention credit refunds
1,341
\u2014
Other
234
71
Total
6,528
2,177
The gain on lease termination relates to the early termination of the DSP facility lease at Pivot Park
in Oss. Further information on the related right\u2011of\u2011use assets and lease arrangements is disclosed in
note 13. Right-of-use assets.
The received grants amounted to US$1.1 million in 2025 (US$2.1 million in 2024). 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 2025, the Company received refunds of US$1.4 million from the U.S. Treasury under the
Employee Retention Credit (ERC) program. These refunds relate to claims filed for the 2020 tax
year.
The remaining other income of US$0.2 million consists primarily out of a regulatory milestone
receipt for a clinical trial permit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
Other income related to the following:
Amounts in US$ \u2018000
2025
2024
Gain on lease termination
3,877
\u2014
Grants
1,076
2,106
Employee retention credit refunds
1,341
\u2014
Other
234
71
Total
6,528
2,177
The gain on lease termination relates to the early termination of the DSP facility lease at Pivot Park
in Oss. Further information on the related right\u2011of\u2011use assets and lease arrangements is disclosed in
note 13. Right-of-use assets.
The received grants amounted to US$1.1 million in 2025 (US$2.1 million in 2024). The grants are
annual payroll-tax reimbursement granted by the Dutch and French governments for research and
development activities actually conducted by the Company in those countries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "Expenses by nature
Costs of sales
Costs of sales in 2025 and 2024 were as follows:
Amounts in US$ \u2018000
2025
2024
Cost of inventories recognized as expenses
(31,972)
(25,645)
Royalty fees
(5,793)
(4,907)
Sales milestone
(5,000)
\u2014
Obsolete inventory impairments
(2,735)
(4,847)
Total
(45,500)
(35,399)
Pharming expensed royalty fees and sales milestones to Novartis on Joenja\u00ae sales, amounting to
US$10.8 million in 2025 (2024: US$4.9 million). See note 27. Commitments and contingencies for
further information on the royalty fees to Novartis.
The sales milestone relates to achieving first\u2011time annual net sales of US$50.0 million for Joenja\u00ae.
After a sales threshold has been reached for the first year, the milestone payment for that
threshold does not recur, see note 27. Commitments and contingencies.
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$2.7 million
in 2025 (2024: US$4.8 million).
Other operating costs
Other operating costs in 2025 and 2024 were as follows:
Amounts in US$ \u2018000
2025
2024
Employee costs
(127,359)
(104,186)
Amortization costs intangible assets
(6,541)
(6,273)
Depreciation Property, plant and equipment and right of use assets
(4,184)
(4,769)
Impairment losses property, plant and equipment and right of use assets
(491)
(5,027)
Direct Operating Expenses
(143,199)
(123,080)
Other indirect costs
(29,546)
(29,264)
Total other operating costs
(311,320)
(272,599)
As percentage of net sales
(83)%
(92)%
Costs of research and development
Research and development costs are specified as follows:
Amounts in US$ \u2018000
2025
2024
Employee costs
(34,853)
(29,869)
Amortization costs intangible assets
(256)
(232)
Depreciation Property, plant and equipment and right of use assets
(1,260)
(1,449)
Direct Operating Expenses
(59,381)
(47,232)
Other indirect research and development costs
(4,617)
(4,365)
Total research and development costs
(100,367)
(83,147)
As percentage of net sales
(27)%
(28)%
Operating expenses for research and development activities increased to US$100.4 million in 2025
from US$83.1 million in 2024. The increase mainly reflects higher expenditures related to
investment in the napazimone (KL1333) program following its acquisition, including integration of
development activities and preparation for further clinical advancement.
Costs of general and administrative activities
General and administrative costs are specified as follows:
Amounts in US$ \u2018000
2025
2024
Employee costs
(36,218)
(25,526)
Amortization costs intangible assets
(634)
(617)
Depreciation property, plant and equipment and right of use assets
(2,447)
(2,926)
Impairment losses property, plant and equipment and right of use assets
(491)
(5,027)
Direct Operating Expenses
(21,893)
(18,790)
Other indirect general and administrative costs
(18,274)
(17,764)
Total general and administrative costs
(79,958)
(70,650)
As percentage of net sales
(21)%
(24)%
Operating expenses for general and administrative activities increased to US$80.0 million in 2025
from US$70.7 million in 2024. Employee costs increased primarily due to severance expenses
related to the acquired Abliva AB, restructuring activities, higher share-based compensation,
and a higher average number of full\u2011time equivalents (FTEs) for the full year.
Direct operating expenses increased primarily due to costs associated with the public cash offer in
2025 to acquire all issued and outstanding shares of Abliva AB.
Furthermore, in 2025 an additional impairment loss of US$0.5 million was recognized in connection
with the remaining right\u2011of\u2011use assets related to the cancelled downstream production capacity at
Pivot Park in Oss, the Netherlands, see note 13. Right-of-use assets for further details.
Costs of marketing and sales activities
Marketing and sales costs are specified as follows:
Amounts in US$ \u2018000
2025
2024
Employee costs
(56,288)
(48,791)
Amortization costs intangible assets
(5,651)
(5,424)
Depreciation property, plant and equipment and right of use assets
(477)
(394)
Direct Operating Expenses
(61,925)
(57,058)
Other indirect marketing and sales costs
(6,655)
(7,135)
Total marketing and sales costs
(130,995)
(118,802)
As percentage of net sales
(35)%
(40)%
Operating expenses for marketing and sales increased in 2025 to US$131.0 million from US$118.8
million in 2024. Employee costs increased primarily due to bonuses tied to sales performance.
Direct operating expenses increased, mainly due to the further expansion of the commercial
organization and infrastructure in the U.S., Europe and other key global launch markets, in view of
the anticipated approval by other regulatory authorities in 2026 and beyond.
Employee benefits
Amounts in US$ \u2018000
2025
2024
Salaries
(98,526)
(80,026)
Social security costs
(10,484)
(9,278)
Pension costs
(4,582)
(3,629)
Share-based compensation
(13,767)
(11,253)
Total
(127,359)
(104,186)
Salaries include holiday allowances and cash bonuses for staff.
Employee benefits are included in:
Amounts in US$ \u2018000
2025
2024
Research and development
(34,853)
(29,869)
General and administrative
(36,218)
(25,526)
Marketing and sales
(56,288)
(48,791)
Total
(127,359)
(104,186)
The number of employees
Average full time equivalent
2025
2024
Research and development
119
129
General and administrative
139
125
Marketing and sales
111
109
Production
40
41
Total
409
404
The average number of full time equivalents (FTEs) working outside the Netherlands was 195 (2024:
196). 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
2025
2024
Property, plant and equipment
12
(1,210)
(1,395)
Intangible assets
11
(6,541)
(6,273)
Right of use assets
13
(3,464)
(3,374)
Total
(11,216)
(11,042)
Independent auditor's fees
Both the 2025 and the 2024 audit were performed by Deloitte Accountants B.V.
Amounts in US$ \u2018000
2025
2024
Audit Fees
(1,906)
(1,690)
Audit Related Fees
\u2014
\u2014
Tax advisory
\u2014
\u2014
Total
(1,906)
(1,690)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "Expenses by nature
Costs of sales
Costs of sales in 2025 and 2024 were as follows:
Amounts in US$ \u2018000
2025
2024
Cost of inventories recognized as expenses
(31,972)
(25,645)
Royalty fees
(5,793)
(4,907)
Sales milestone
(5,000)
\u2014
Obsolete inventory impairments
(2,735)
(4,847)
Total
(45,500)
(35,399)
Pharming expensed royalty fees and sales milestones to Novartis on Joenja\u00ae sales, amounting to
US$10.8 million in 2025 (2024: US$4.9 million). See note 27. Commitments and contingencies for
further information on the royalty fees to Novartis.
The sales milestone relates to achieving first\u2011time annual net sales of US$50.0 million for Joenja\u00ae.
After a sales threshold has been reached for the first year, the milestone payment for that
threshold does not recur, see note 27. Commitments and contingencies.
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$2.7 million
in 2025 (2024: US$4.8 million).
Other operating costs
Other operating costs in 2025 and 2024 were as follows:
Amounts in US$ \u2018000
2025
2024
Employee costs
(127,359)
(104,186)
Amortization costs intangible assets
(6,541)
(6,273)
Depreciation Property, plant and equipment and right of use assets
(4,184)
(4,769)
Impairment losses property, plant and equipment and right of use assets
(491)
(5,027)
Direct Operating Expenses
(143,199)
(123,080)
Other indirect costs
(29,546)
(29,264)
Total other operating costs
(311,320)
(272,599)
As percentage of net sales
(83)%
(92)%
Costs of research and development
Research and development costs are specified as follows:
Amounts in US$ \u2018000
2025
2024
Employee costs
(34,853)
(29,869)
Amortization costs intangible assets
(256)
(232)
Depreciation Property, plant and equipment and right of use assets
(1,260)
(1,449)
Direct Operating Expenses
(59,381)
(47,232)
Other indirect research and development costs
(4,617)
(4,365)
Total research and development costs
(100,367)
(83,147)
As percentage of net sales
(27)%
(28)%
Operating expenses for research and development activities increased to US$100.4 million in 2025
from US$83.1 million in 2024. The increase mainly reflects higher expenditures related to
investment in the napazimone (KL1333) program following its acquisition, including integration of
development activities and preparation for further clinical advancement.
Costs of general and administrative activities
General and administrative costs are specified as follows:
Amounts in US$ \u2018000
2025
2024
Employee costs
(36,218)
(25,526)
Amortization costs intangible assets
(634)
(617)
Depreciation property, plant and equipment and right of use assets
(2,447)
(2,926)
Impairment losses property, plant and equipment and right of use assets
(491)
(5,027)
Direct Operating Expenses
(21,893)
(18,790)
Other indirect general and administrative costs
(18,274)
(17,764)
Total general and administrative costs
(79,958)
(70,650)
As percentage of net sales
(21)%
(24)%
Operating expenses for general and administrative activities increased to US$80.0 million in 2025
from US$70.7 million in 2024. Employee costs increased primarily due to severance expenses
related to the acquired Abliva AB, restructuring activities, higher share-based compensation,
and a higher average number of full\u2011time equivalents (FTEs) for the full year.
Direct operating expenses increased primarily due to costs associated with the public cash offer in
2025 to acquire all issued and outstanding shares of Abliva AB.
Furthermore, in 2025 an additional impairment loss of US$0.5 million was recognized in connection
with the remaining right\u2011of\u2011use assets related to the cancelled downstream production capacity at
Pivot Park in Oss, the Netherlands, see note 13. Right-of-use assets for further details.
Costs of marketing and sales activities
Marketing and sales costs are specified as follows:
Amounts in US$ \u2018000
2025
2024
Employee costs
(56,288)
(48,791)
Amortization costs intangible assets
(5,651)
(5,424)
Depreciation property, plant and equipment and right of use assets
(477)
(394)
Direct Operating Expenses
(61,925)
(57,058)
Other indirect marketing and sales costs
(6,655)
(7,135)
Total marketing and sales costs
(130,995)
(118,802)
As percentage of net sales
(35)%
(40)%
Operating expenses for marketing and sales increased in 2025 to US$131.0 million from US$118.8
million in 2024. Employee costs increased primarily due to bonuses tied to sales performance.
Direct operating expenses increased, mainly due to the further expansion of the commercial
organization and infrastructure in the U.S., Europe and other key global launch markets, in view of
the anticipated approval by other regulatory authorities in 2026 and beyond.
Employee benefits
Amounts in US$ \u2018000
2025
2024
Salaries
(98,526)
(80,026)
Social security costs
(10,484)
(9,278)
Pension costs
(4,582)
(3,629)
Share-based compensation
(13,767)
(11,253)
Total
(127,359)
(104,186)
Salaries include holiday allowances and cash bonuses for staff.
Employee benefits are included in:
Amounts in US$ \u2018000
2025
2024
Research and development
(34,853)
(29,869)
General and administrative
(36,218)
(25,526)
Marketing and sales
(56,288)
(48,791)
Total
(127,359)
(104,186)
The number of employees
Average full time equivalent
2025
2024
Research and development
119
129
General and administrative
139
125
Marketing and sales
111
109
Production
40
41
Total
409
404
The average number of full time equivalents (FTEs) working outside the Netherlands was 195 (2024:
196). 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
2025
2024
Property, plant and equipment
12
(1,210)
(1,395)
Intangible assets
11
(6,541)
(6,273)
Right of use assets
13
(3,464)
(3,374)
Total
(11,216)
(11,042)
Independent auditor's fees
Both the 2025 and the 2024 audit were performed by Deloitte Accountants B.V.
Amounts in US$ \u2018000
2025
2024
Audit Fees
(1,906)
(1,690)
Audit Related Fees
\u2014
\u2014
Tax advisory
\u2014
\u2014
Total
(1,906)
(1,690)
Other finance income and expenses
Amounts in US$ \u2018000
2025
2024
Interest income
2,176
4,858
Foreign currency gains
\u2014
1,985
Other finance income
2,176
6,843
Amortization and interest on convertible bonds
(9,685)
(7,699)
Fees and expenses on repayment and issuance convertible bonds
\u2014
(1,151)
Interest leases
(1,034)
(1,038)
Foreign currency losses
(7,225)
\u2014
Other finance expenses
(196)
(56)
Other finance expenses
(18,140)
(9,944)
Total other finance income and expenses
(15,964)
(3,101)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible
S&P AA1-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. In 2025,
interest income decreased compared to 2024, primarily due to a lower level of excess cash
available for investments, as well as a decline in prevailing market interest rates. Reference is made
to note 15. Marketable securities for more information on these investments.
Foreign currency results
Foreign currency results primarily arise from the revaluation of intercompany balances and
transactions denominated in foreign currencies. The losses in 2025 mainly relate to currency
differences arising within the Group where the functional currency of the entity differs from the
currency in which intercompany balances and transactions are denominated.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2025 and 2024 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 20. 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
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
2025
2024
Income tax credit (expense)
Current tax
Current tax on profit or loss for the year
(7,692)
(9,287)
Adjustments for current tax of prior periods
(765)
315
Total current tax expense
(8,457)
(8,972)
Deferred income tax
Deferred tax on profit or loss for the year
(2,187)
7,469
Adjustments for deferred tax of prior periods
334
(1,846)
Total deferred tax credit (expense)
(1,853)
5,623
Income tax credit (expense)
(10,310)
(3,349)
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
2025
ETR %
2024
ETR %
Reconciliation of tax charge
Profit, (loss) before taxation
12,847
(8,492)
Profit/(loss) multiplied by
standard rate of tax in The Netherlands
(3,315)
25.8%
2,190
\u2014
Effects of:
Tax rate in other jurisdictions
255
(2.0)%
999
11.8%
Non-taxable income
1,384
(10.8)%
657
7.7%
Non deductible expenses
(2,081)
16.2%
(1,527)
(18.0)%
Share based payments
(1,490)
11.6%
(2,510)
(29.6)%
Adjustments of prior periods
(426)
3.3%
(1,531)
(18.0)%
Change in statutory applicable tax rate
\u2014
\u2014%
\u2014
\u2014%
(De)recognition of deferred tax assets
(3,613)
28.1%
(333)
(3.9)%
U.S. State taxes and other
(1,024)
8.0%
(1,294)
(15.2)%
Income tax credit (expense) for the year
(10,310)
80.3%
(3,349)
(39.4)%
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
Costs of sales
Costs of sales in 2025 and 2024 were as follows:
Amounts in US$ \u2018000
2025
2024
Cost of inventories recognized as expenses
(31,972)
(25,645)
Royalty fees
(5,793)
(4,907)
Sales milestone
(5,000)
\u2014
Obsolete inventory impairments
(2,735)
(4,847)
Total
(45,500)
(35,399)
Pharming expensed royalty fees and sales milestones to Novartis on Joenja\u00ae sales, amounting to
US$10.8 million in 2025 (2024: US$4.9 million). See note 27. Commitments and contingencies for
further information on the royalty fees to Novartis.
The sales milestone relates to achieving first\u2011time annual net sales of US$50.0 million for Joenja\u00ae.
After a sales threshold has been reached for the first year, the milestone payment for that
threshold does not recur, see note 27. Commitments and contingencies.
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$2.7 million
in 2025 (2024: US$4.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
Other operating costs
Other operating costs in 2025 and 2024 were as follows:
Amounts in US$ \u2018000
2025
2024
Employee costs
(127,359)
(104,186)
Amortization costs intangible assets
(6,541)
(6,273)
Depreciation Property, plant and equipment and right of use assets
(4,184)
(4,769)
Impairment losses property, plant and equipment and right of use assets
(491)
(5,027)
Direct Operating Expenses
(143,199)
(123,080)
Other indirect costs
(29,546)
(29,264)
Total other operating costs
(311,320)
(272,599)
As percentage of net sales
(83)%
(92)%
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
Costs of research and development
Research and development costs are specified as follows:
Amounts in US$ \u2018000
2025
2024
Employee costs
(34,853)
(29,869)
Amortization costs intangible assets
(256)
(232)
Depreciation Property, plant and equipment and right of use assets
(1,260)
(1,449)
Direct Operating Expenses
(59,381)
(47,232)
Other indirect research and development costs
(4,617)
(4,365)
Total research and development costs
(100,367)
(83,147)
As percentage of net sales
(27)%
(28)%
Operating expenses for research and development activities increased to US$100.4 million in 2025
from US$83.1 million in 2024. The increase mainly reflects higher expenditures related to
investment in the napazimone (KL1333) program following its acquisition, including integration of
development activities and preparation for further clinical advancement.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
Costs of general and administrative activities
General and administrative costs are specified as follows:
Amounts in US$ \u2018000
2025
2024
Employee costs
(36,218)
(25,526)
Amortization costs intangible assets
(634)
(617)
Depreciation property, plant and equipment and right of use assets
(2,447)
(2,926)
Impairment losses property, plant and equipment and right of use assets
(491)
(5,027)
Direct Operating Expenses
(21,893)
(18,790)
Other indirect general and administrative costs
(18,274)
(17,764)
Total general and administrative costs
(79,958)
(70,650)
As percentage of net sales
(21)%
(24)%
Operating expenses for general and administrative activities increased to US$80.0 million in 2025
from US$70.7 million in 2024. Employee costs increased primarily due to severance expenses
related to the acquired Abliva AB, restructuring activities, higher share-based compensation,
and a higher average number of full\u2011time equivalents (FTEs) for the full year.
Direct operating expenses increased primarily due to costs associated with the public cash offer in
2025 to acquire all issued and outstanding shares of Abliva AB.
Furthermore, in 2025 an additional impairment loss of US$0.5 million was recognized in connection
with the remaining right\u2011of\u2011use assets related to the cancelled downstream production capacity at
Pivot Park in Oss, the Netherlands, see note 13. Right-of-use assets for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
Employee benefits
Amounts in US$ \u2018000
2025
2024
Salaries
(98,526)
(80,026)
Social security costs
(10,484)
(9,278)
Pension costs
(4,582)
(3,629)
Share-based compensation
(13,767)
(11,253)
Total
(127,359)
(104,186)
Salaries include holiday allowances and cash bonuses for staff.
Employee benefits are included in:
Amounts in US$ \u2018000
2025
2024
Research and development
(34,853)
(29,869)
General and administrative
(36,218)
(25,526)
Marketing and sales
(56,288)
(48,791)
Total
(127,359)
(104,186)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
The number of employees
Average full time equivalent
2025
2024
Research and development
119
129
General and administrative
139
125
Marketing and sales
111
109
Production
40
41
Total
409
404
The average number of full time equivalents (FTEs) working outside the Netherlands was 195 (2024:
196). 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
Depreciation and amortization charges
Amounts in US$ \u2018000
notes
2025
2024
Property, plant and equipment
12
(1,210)
(1,395)
Intangible assets
11
(6,541)
(6,273)
Right of use assets
13
(3,464)
(3,374)
Total
(11,216)
(11,042)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
Independent auditor's fees
Both the 2025 and the 2024 audit were performed by Deloitte Accountants B.V.
Amounts in US$ \u2018000
2025
2024
Audit Fees
(1,906)
(1,690)
Audit Related Fees
\u2014
\u2014
Tax advisory
\u2014
\u2014
Total
(1,906)
(1,690)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2025
2024
Interest income
2,176
4,858
Foreign currency gains
\u2014
1,985
Other finance income
2,176
6,843
Amortization and interest on convertible bonds
(9,685)
(7,699)
Fees and expenses on repayment and issuance convertible bonds
\u2014
(1,151)
Interest leases
(1,034)
(1,038)
Foreign currency losses
(7,225)
\u2014
Other finance expenses
(196)
(56)
Other finance expenses
(18,140)
(9,944)
Total other finance income and expenses
(15,964)
(3,101)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible
S&P AA1-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. In 2025,
interest income decreased compared to 2024, primarily due to a lower level of excess cash
available for investments, as well as a decline in prevailing market interest rates. Reference is made
to note 15. Marketable securities for more information on these investments.
Foreign currency results
Foreign currency results primarily arise from the revaluation of intercompany balances and
transactions denominated in foreign currencies. The losses in 2025 mainly relate to currency
differences arising within the Group where the functional currency of the entity differs from the
currency in which intercompany balances and transactions are denominated.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2025 and 2024 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 20. 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", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2025
2024
Interest income
2,176
4,858
Foreign currency gains
\u2014
1,985
Other finance income
2,176
6,843
Amortization and interest on convertible bonds
(9,685)
(7,699)
Fees and expenses on repayment and issuance convertible bonds
\u2014
(1,151)
Interest leases
(1,034)
(1,038)
Foreign currency losses
(7,225)
\u2014
Other finance expenses
(196)
(56)
Other finance expenses
(18,140)
(9,944)
Total other finance income and expenses
(15,964)
(3,101)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible
S&P AA1-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. In 2025,
interest income decreased compared to 2024, primarily due to a lower level of excess cash
available for investments, as well as a decline in prevailing market interest rates. Reference is made
to note 15. Marketable securities for more information on these investments.
Foreign currency results
Foreign currency results primarily arise from the revaluation of intercompany balances and
transactions denominated in foreign currencies. The losses in 2025 mainly relate to currency
differences arising within the Group where the functional currency of the entity differs from the
currency in which intercompany balances and transactions are denominated.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2025 and 2024 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 20. 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", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2025
2024
Interest income
2,176
4,858
Foreign currency gains
\u2014
1,985
Other finance income
2,176
6,843
Amortization and interest on convertible bonds
(9,685)
(7,699)
Fees and expenses on repayment and issuance convertible bonds
\u2014
(1,151)
Interest leases
(1,034)
(1,038)
Foreign currency losses
(7,225)
\u2014
Other finance expenses
(196)
(56)
Other finance expenses
(18,140)
(9,944)
Total other finance income and expenses
(15,964)
(3,101)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible
S&P AA1-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. In 2025,
interest income decreased compared to 2024, primarily due to a lower level of excess cash
available for investments, as well as a decline in prevailing market interest rates. Reference is made
to note 15. Marketable securities for more information on these investments.
Foreign currency results
Foreign currency results primarily arise from the revaluation of intercompany balances and
transactions denominated in foreign currencies. The losses in 2025 mainly relate to currency
differences arising within the Group where the functional currency of the entity differs from the
currency in which intercompany balances and transactions are denominated.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2025 and 2024 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 20. 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", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2025
2024
Interest income
2,176
4,858
Foreign currency gains
\u2014
1,985
Other finance income
2,176
6,843
Amortization and interest on convertible bonds
(9,685)
(7,699)
Fees and expenses on repayment and issuance convertible bonds
\u2014
(1,151)
Interest leases
(1,034)
(1,038)
Foreign currency losses
(7,225)
\u2014
Other finance expenses
(196)
(56)
Other finance expenses
(18,140)
(9,944)
Total other finance income and expenses
(15,964)
(3,101)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible
S&P AA1-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. In 2025,
interest income decreased compared to 2024, primarily due to a lower level of excess cash
available for investments, as well as a decline in prevailing market interest rates. Reference is made
to note 15. Marketable securities for more information on these investments.
Foreign currency results
Foreign currency results primarily arise from the revaluation of intercompany balances and
transactions denominated in foreign currencies. The losses in 2025 mainly relate to currency
differences arising within the Group where the functional currency of the entity differs from the
currency in which intercompany balances and transactions are denominated.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2025 and 2024 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 20. 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", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2025
2024
Interest income
2,176
4,858
Foreign currency gains
\u2014
1,985
Other finance income
2,176
6,843
Amortization and interest on convertible bonds
(9,685)
(7,699)
Fees and expenses on repayment and issuance convertible bonds
\u2014
(1,151)
Interest leases
(1,034)
(1,038)
Foreign currency losses
(7,225)
\u2014
Other finance expenses
(196)
(56)
Other finance expenses
(18,140)
(9,944)
Total other finance income and expenses
(15,964)
(3,101)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible
S&P AA1-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. In 2025,
interest income decreased compared to 2024, primarily due to a lower level of excess cash
available for investments, as well as a decline in prevailing market interest rates. Reference is made
to note 15. Marketable securities for more information on these investments.
Foreign currency results
Foreign currency results primarily arise from the revaluation of intercompany balances and
transactions denominated in foreign currencies. The losses in 2025 mainly relate to currency
differences arising within the Group where the functional currency of the entity differs from the
currency in which intercompany balances and transactions are denominated.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2025 and 2024 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 20. 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", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2025
2024
Interest income
2,176
4,858
Foreign currency gains
\u2014
1,985
Other finance income
2,176
6,843
Amortization and interest on convertible bonds
(9,685)
(7,699)
Fees and expenses on repayment and issuance convertible bonds
\u2014
(1,151)
Interest leases
(1,034)
(1,038)
Foreign currency losses
(7,225)
\u2014
Other finance expenses
(196)
(56)
Other finance expenses
(18,140)
(9,944)
Total other finance income and expenses
(15,964)
(3,101)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible
S&P AA1-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. In 2025,
interest income decreased compared to 2024, primarily due to a lower level of excess cash
available for investments, as well as a decline in prevailing market interest rates. Reference is made
to note 15. Marketable securities for more information on these investments.
Foreign currency results
Foreign currency results primarily arise from the revaluation of intercompany balances and
transactions denominated in foreign currencies. The losses in 2025 mainly relate to currency
differences arising within the Group where the functional currency of the entity differs from the
currency in which intercompany balances and transactions are denominated.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2025 and 2024 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 20. 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", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "Other finance income and expenses
Amounts in US$ \u2018000
2025
2024
Interest income
2,176
4,858
Foreign currency gains
\u2014
1,985
Other finance income
2,176
6,843
Amortization and interest on convertible bonds
(9,685)
(7,699)
Fees and expenses on repayment and issuance convertible bonds
\u2014
(1,151)
Interest leases
(1,034)
(1,038)
Foreign currency losses
(7,225)
\u2014
Other finance expenses
(196)
(56)
Other finance expenses
(18,140)
(9,944)
Total other finance income and expenses
(15,964)
(3,101)
Interest income
Since 2023, the Company has used excess cash to invest in euro denominated readily convertible
S&P AA1-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. In 2025,
interest income decreased compared to 2024, primarily due to a lower level of excess cash
available for investments, as well as a decline in prevailing market interest rates. Reference is made
to note 15. Marketable securities for more information on these investments.
Foreign currency results
Foreign currency results primarily arise from the revaluation of intercompany balances and
transactions denominated in foreign currencies. The losses in 2025 mainly relate to currency
differences arising within the Group where the functional currency of the entity differs from the
currency in which intercompany balances and transactions are denominated.
Expenses on convertible bonds
Amortization and interest on convertible bonds in 2025 and 2024 relate to the amortized costs and
coupons on the convertible bonds as disclosed in note 20. 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", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "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
2025
2024
Income tax credit (expense)
Current tax
Current tax on profit or loss for the year
(7,692)
(9,287)
Adjustments for current tax of prior periods
(765)
315
Total current tax expense
(8,457)
(8,972)
Deferred income tax
Deferred tax on profit or loss for the year
(2,187)
7,469
Adjustments for deferred tax of prior periods
334
(1,846)
Total deferred tax credit (expense)
(1,853)
5,623
Income tax credit (expense)
(10,310)
(3,349)
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
2025
ETR %
2024
ETR %
Reconciliation of tax charge
Profit, (loss) before taxation
12,847
(8,492)
Profit/(loss) multiplied by
standard rate of tax in The Netherlands
(3,315)
25.8%
2,190
\u2014
Effects of:
Tax rate in other jurisdictions
255
(2.0)%
999
11.8%
Non-taxable income
1,384
(10.8)%
657
7.7%
Non deductible expenses
(2,081)
16.2%
(1,527)
(18.0)%
Share based payments
(1,490)
11.6%
(2,510)
(29.6)%
Adjustments of prior periods
(426)
3.3%
(1,531)
(18.0)%
Change in statutory applicable tax rate
\u2014
\u2014%
\u2014
\u2014%
(De)recognition of deferred tax assets
(3,613)
28.1%
(333)
(3.9)%
U.S. State taxes and other
(1,024)
8.0%
(1,294)
(15.2)%
Income tax credit (expense) for the year
(10,310)
80.3%
(3,349)
(39.4)%
Factors affecting current and future tax charges
The primary difference between the nominal and the effective tax for 2025 stems from U.S. profits
being taxed at a combined Federal and State tax rate of 29.4%, 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
2025
2024
Total deferred tax assets
41,498
41,923
Total deferred tax liabilities
(10,481)
(11,379)
Total net deferred tax assets (liabilities)
31,017
30,544
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, 2025, and December\u00a031, 2024, are as follows:
Amounts in US$ \u2018000
2025
2024
Intangible assets
727
3,289
Accruals
4,759
4,015
Lease liabilities
3,492
6,292
Unrealized profit in inventory
13,472
10,498
Other
8,780
5,923
Tax losses
10,268
11,906
Total deferred tax assets
41,498
41,923
Amounts in US$ \u2018000
Intangible
assets
Lease
liabilities
Accruals
Unrealized
profit in
inventory
Other
Tax losses
Total
At January 1, 2024
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
(Charged)/credited
- to profit or loss
10,724
(3,478)
743
3,247
1,432
(16,396)
(3,728)
- other movement
(12,240)
\u2014
(8)
\u2014
8
12,240
\u2014
- to accumulated deficit
\u2014
\u2014
\u2014
(1,718)
1,417
\u2014
(301)
- currency translation
(1,046)
678
9
1,445
\u2014
2,518
3,604
At December 31, 2025
727
3,492
4,759
13,472
8,780
10,268
41,498
Deferred tax assets relate primarily to historical net operating losses in the Netherlands and
Sweden. Under current tax legislation, tax losses in both jurisdictions may be carried forward
indefinitely and do not expire.
Management has assessed the recoverability of these deferred tax assets based on the Group's
latest budget for 2026 and its long-range forecasts for the subsequent five-year period.
These forecasts indicate that the Group expects to generate sufficient taxable profits within the
next three years to utilize the available tax loss carry forwards. Accordingly, management concludes
that it remains probable that the deferred tax assets will be realized and that continued recognition
is appropriate.
Accruals represent deferred tax assets recognized for temporary differences between the carrying
amount and tax bases of accrued liabilities 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
2025
2024
Net Operating Losses - Netherlands
Net Operating Losses at year-end
37,856
46,143
Portion selected for deferred tax asset
37,856
46,143
Tax rates used:
2025 and later : 25,8% (2024: 25,8%)
9,767
11,905
Total tax effect Netherlands
9,767
11,905
Net Operating Losses - Sweden
Net Operating Losses at year-end
52,468
\u2014
Portion selected for deferred tax asset
2,429
\u2014
Tax rates used:
2025 and later : 20,6% (2024: N/A)
500
\u2014
Total tax effect Sweden
500
\u2014
Net Operating Losses - U.S.
Net Operating Losses at year-end
17
17
Portion selected for deferred tax asset
17
17
Tax rate used:
2025 and later: 7.26% (2024: 7.26%)
1
1
Total tax effect U.S.
1
1
Tax effect Netherlands - losses deferred
9,767
11,905
Tax effect Sweden - losses deferred
500
\u2014
Tax effect U.S. - losses deferred
1
1
Total deferred tax asset
10,268
11,906
The current part of the net deferred tax assets is US$17.2 million (2024: US$11.9 million).
The component and annual movement of deferred income tax liabilities as of December\u00a031, 2025,
and December\u00a031, 2024, are as follows:
Amounts in US$ \u2018000
2025
2024
Tangible fixed assets
(3,266)
(2,916)
Convertible bonds
(4,652)
(5,067)
Other liabilities
(2,563)
(3,396)
Total deferred tax liabilities
(10,481)
(11,379)
Amounts in US$ \u2018000
Tangible fixed assets
Convertible
bonds
Other liabilities
Total
At January 1, 2024
(4,865)
\u2014
(3,237)
(8,102)
(Charged)/credited
- to profit or loss
1,749
(1,038)
(160)
551
- 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)
(Charged)/credited
- to profit or loss
4
1,040
835
1,879
- currency translation
(354)
(625)
(2)
(981)
At December 31, 2025
(3,266)
(4,652)
(2,563)
(10,481)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
Deferred tax
The balance of the net deferred tax assets/(liabilities) is therefore shown below:
Amounts in US$ \u2018000
2025
2024
Total deferred tax assets
41,498
41,923
Total deferred tax liabilities
(10,481)
(11,379)
Total net deferred tax assets (liabilities)
31,017
30,544
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, 2025, and December\u00a031, 2024, are as follows:
Amounts in US$ \u2018000
2025
2024
Intangible assets
727
3,289
Accruals
4,759
4,015
Lease liabilities
3,492
6,292
Unrealized profit in inventory
13,472
10,498
Other
8,780
5,923
Tax losses
10,268
11,906
Total deferred tax assets
41,498
41,923
Amounts in US$ \u2018000
Intangible
assets
Lease
liabilities
Accruals
Unrealized
profit in
inventory
Other
Tax losses
Total
At January 1, 2024
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
(Charged)/credited
- to profit or loss
10,724
(3,478)
743
3,247
1,432
(16,396)
(3,728)
- other movement
(12,240)
\u2014
(8)
\u2014
8
12,240
\u2014
- to accumulated deficit
\u2014
\u2014
\u2014
(1,718)
1,417
\u2014
(301)
- currency translation
(1,046)
678
9
1,445
\u2014
2,518
3,604
At December 31, 2025
727
3,492
4,759
13,472
8,780
10,268
41,498
Deferred tax assets relate primarily to historical net operating losses in the Netherlands and
Sweden. Under current tax legislation, tax losses in both jurisdictions may be carried forward
indefinitely and do not expire.
Management has assessed the recoverability of these deferred tax assets based on the Group's
latest budget for 2026 and its long-range forecasts for the subsequent five-year period.
These forecasts indicate that the Group expects to generate sufficient taxable profits within the
next three years to utilize the available tax loss carry forwards. Accordingly, management concludes
that it remains probable that the deferred tax assets will be realized and that continued recognition
is appropriate.
Accruals represent deferred tax assets recognized for temporary differences between the carrying
amount and tax bases of accrued liabilities 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
2025
2024
Net Operating Losses - Netherlands
Net Operating Losses at year-end
37,856
46,143
Portion selected for deferred tax asset
37,856
46,143
Tax rates used:
2025 and later : 25,8% (2024: 25,8%)
9,767
11,905
Total tax effect Netherlands
9,767
11,905
Net Operating Losses - Sweden
Net Operating Losses at year-end
52,468
\u2014
Portion selected for deferred tax asset
2,429
\u2014
Tax rates used:
2025 and later : 20,6% (2024: N/A)
500
\u2014
Total tax effect Sweden
500
\u2014
Net Operating Losses - U.S.
Net Operating Losses at year-end
17
17
Portion selected for deferred tax asset
17
17
Tax rate used:
2025 and later: 7.26% (2024: 7.26%)
1
1
Total tax effect U.S.
1
1
Tax effect Netherlands - losses deferred
9,767
11,905
Tax effect Sweden - losses deferred
500
\u2014
Tax effect U.S. - losses deferred
1
1
Total deferred tax asset
10,268
11,906
The current part of the net deferred tax assets is US$17.2 million (2024: US$11.9 million).
The component and annual movement of deferred income tax liabilities as of December\u00a031, 2025,
and December\u00a031, 2024, are as follows:
Amounts in US$ \u2018000
2025
2024
Tangible fixed assets
(3,266)
(2,916)
Convertible bonds
(4,652)
(5,067)
Other liabilities
(2,563)
(3,396)
Total deferred tax liabilities
(10,481)
(11,379)
Amounts in US$ \u2018000
Tangible fixed assets
Convertible
bonds
Other liabilities
Total
At January 1, 2024
(4,865)
\u2014
(3,237)
(8,102)
(Charged)/credited
- to profit or loss
1,749
(1,038)
(160)
551
- 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)
(Charged)/credited
- to profit or loss
4
1,040
835
1,879
- currency translation
(354)
(625)
(2)
(981)
At December 31, 2025
(3,266)
(4,652)
(2,563)
(10,481)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "Intangible assets
Amounts in US$ \u2018000
RUCONEST\u00ae
for HAE (EU)
RUCONEST\u00ae
licenses
Joenja\u00ae
license
KL1333 license
Goodwill
Software
Total
At cost
581
69,709
24,447
\u2014
\u2014
4,772
99,509
Accumulated amortization
(581)
(24,437)
(1,326)
\u2014
\u2014
(1,898)
(28,242)
Carrying value at January 1, 2024
\u2014
45,272
23,121
\u2014
\u2014
2,874
71,267
\u2014
Amortization charges
\u2014
(3,686)
(1,735)
\u2014
\u2014
(852)
(6,273)
Assets acquired
\u2014
\u2014
\u2014
\u2014
\u2014
6
6
Divestments - cost
(570)
\u2014
\u2014
\u2014
\u2014
\u2014
(570)
Divestment - accumulated amortization
570
\u2014
\u2014
\u2014
\u2014
\u2014
570
Currency translation - cost
(11)
(4,131)
(1,449)
\u2014
\u2014
(283)
(5,874)
Currency translation - amortization
11
1,603
151
\u2014
\u2014
148
1,913
Movement 2024
\u2014
(6,214)
(3,033)
\u2014
\u2014
(981)
(10,228)
At cost
\u2014
65,578
22,998
\u2014
\u2014
4,495
93,071
Accumulated amortization
\u2014
(26,520)
(2,910)
\u2014
\u2014
(2,602)
(32,032)
Carrying value at January 1, 2025
\u2014
39,058
20,088
\u2014
\u2014
1,893
61,039
Amortization charges
\u2014
(3,839)
(1,809)
\u2014
\u2014
(893)
(6,541)
Assets acquired
\u2014
\u2014
\u2014
61,114
2,903
87
64,104
Currency translation - cost
\u2014
8,636
3,029
8,745
416
592
21,418
Currency translation - amortization
\u2014
(3,647)
(456)
\u2014
\u2014
(379)
(4,482)
Movement 2025
\u2014
1,150
764
69,859
3,319
(593)
74,499
At cost
\u2014
74,214
26,027
69,859
3,319
5,174
178,593
Accumulated amortization
\u2014
(34,006)
(5,175)
\u2014
\u2014
(3,874)
(43,055)
Carrying value at December 31, 2025
\u2014
40,208
20,852
69,859
3,319
1,300
135,538
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
11 years
RUCONEST\u00ae license
RUCONEST\u00ae license for HAE (EU)
7 years
1 year
Joenja\u00ae license
Joenja\u00ae license for APDS
14 years
11 years
KL1333 license
KL1333 license for mitochondrial disease
N/A
N/A
Goodwill
Goodwill on acquisition Abliva AB
N/A
N/A
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.
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. The remaining useful life and residual value of the RUCONEST\u00ae license for HAE
(EU) were reassessed after the strategic decision to withdraw the product from the non-US
markets.
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.
Napazimone (KL1333) license
Following the acquisition of Abliva AB in February 2025, Pharming obtained the exclusive global
rights (excluding South Korea and Japan) to develop and commercialize napazimone (KL1333) under
a license agreement. Napazimone (KL1333) is a novel oral therapy targeting mitochondrial DNA-
driven primary mitochondrial diseases and is currently in a pivotal clinical trial, for which the
Independent Data Monitoring Committee (IDMC) supported continuation of the FALCON study
without and modifications. The product has received Fast Track designation in the U.S. and Orphan
Drug Designation in both the U.S. and EU. As napazimone (KL1333) is still in development and not
yet approved for sale, the intangible asset is not amortized. The asset is tested for impairment
annually or when indicators arise, in accordance with IAS 36. Amortization will commence once the
product is available for use, which is expected upon regulatory approval and market launch.
Goodwill
Goodwill arose from the acquisition of Abliva AB, as further described in note 4. Business
Combinations and acquisitions of non-controlling interests. The goodwill represents
the expected future economic benefits arising from assets that are not individually identified and
separately recognized. Goodwill is recognized as an intangible asset with an indefinite useful life
and is not amortized, but is tested for impairment annually or more frequently if indicators of
impairment arise, in accordance with IAS 36.
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
4,913
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
Depreciation charges
(355)
(266)
(756)
(900)
\u2014
(2,277)
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 January 1, 2025
1,095
2,827
2,565
1,120
145
7,752
Investments
\u2014
173
188
388
\u2014
749
Internal transfer - cost
\u2014
144
\u2014
\u2014
(145)
(1)
Divestments
\u2014
\u2014
(143)
\u2014
\u2014
(143)
Depreciation charges
(360)
(333)
(659)
(706)
\u2014
(2,058)
Depreciation of disinvestment
\u2014
\u2014
96
\u2014
\u2014
96
Currency translation - cost
609
654
1,226
343
\u2014
2,832
Currency translation - accumulated depreciation
(479)
(333)
(909)
(273)
\u2014
(1,994)
Movement 2025
(230)
305
(201)
(248)
(145)
(519)
At cost
5,231
6,403
10,568
6,115
\u2014
28,317
Accumulated depreciation
(4,366)
(3,271)
(8,204)
(5,243)
\u2014
(21,084)
Carrying value at December 31, 2025
865
3,132
2,364
872
\u2014
7,233
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 2025, the Company had capital expenditures of US$0.7 million (2024: US$0.8 million), mainly
related to new machinery and equipment.
Depreciation charges on production related property, plant and equipment of US$0.7 million in
2025 (2024: US$0.8 million) have been included in the value of inventories and an amount of
US$1.4 million of the total 2025 depreciation costs has been charged to the statement of income
(2024: 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
30,959
4,009
34,968
Accumulated depreciation
(9,311)
(1,880)
(11,191)
Carrying value at January 1, 2024
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 January 1, 2025
13,339
3,043
16,382
Additions
\u2014
551
551
Remeasurement
2,393
\u2014
2,393
Divestments
(1,367)
(1,174)
(2,541)
Depreciation charges
(2,345)
(1,194)
(3,540)
Depreciation of disinvestment
1,367
1,009
2,376
Impairment
(491)
\u2014
(491)
Currency translation - cost
2,877
91
2,968
Currency translation - accumulated depreciation
(1,324)
(37)
(1,360)
Movement 2025
1,110
(754)
356
At cost
27,946
4,136
32,082
Accumulated depreciation
(13,497)
(1,847)
(15,344)
Carrying value at December 31, 2025
14,449
2,289
16,738
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.
Since 2024, Pharming has entered into negotiations to terminate this lease. Consequently, the
Company fully impaired the related right-of-use asset. Impairment charges totaled US$13.6 million
over the period 2022 to 2024. Following an inflation-related increase in lease payments in 2025,
the right-of-use asset was remeasured upward by US$0.5 million and immediately impaired, given
the continued unused status of the facility. At the end of 2025, the Company entered into a
termination agreement to cancel the lease related to the respective asset. As the associated
right\u2011of\u2011use asset had previously been fully impaired, its carrying amount at the time of termination
was nil. The termination agreement resulted in a book gain of US$3.9 million, which has been
recognized in the consolidated statement of income under \u2018Other income\u2019.
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$0.6 million in 2025 (2024:
US$0.5 million) have been included in the value of inventories and an amount of US$3.0 million of
the total 2025 depreciation costs has been charged to the statement of income (2024: US$3.4
million).
The statement of income shows the following amounts relating to leases:
Amounts in US$ \u2018000
2025
2024
Depreciation right of use buildings
(1,779)
(2,094)
Impairment right of use buildings
(491)
(5,027)
Depreciation right of use cars
(1,194)
(1,280)
Interest expense (note 9)
(1,034)
(1,038)
Gain on termination of lease agreement (note 7)
3,877
\u2014
Total
(621)
(9,439)
Lease charges
The non-cancellable leases at December\u00a031, 2025, have remaining terms of between one and
twelve 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 28.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "Intangible assets
Amounts in US$ \u2018000
RUCONEST\u00ae
for HAE (EU)
RUCONEST\u00ae
licenses
Joenja\u00ae
license
KL1333 license
Goodwill
Software
Total
At cost
581
69,709
24,447
\u2014
\u2014
4,772
99,509
Accumulated amortization
(581)
(24,437)
(1,326)
\u2014
\u2014
(1,898)
(28,242)
Carrying value at January 1, 2024
\u2014
45,272
23,121
\u2014
\u2014
2,874
71,267
\u2014
Amortization charges
\u2014
(3,686)
(1,735)
\u2014
\u2014
(852)
(6,273)
Assets acquired
\u2014
\u2014
\u2014
\u2014
\u2014
6
6
Divestments - cost
(570)
\u2014
\u2014
\u2014
\u2014
\u2014
(570)
Divestment - accumulated amortization
570
\u2014
\u2014
\u2014
\u2014
\u2014
570
Currency translation - cost
(11)
(4,131)
(1,449)
\u2014
\u2014
(283)
(5,874)
Currency translation - amortization
11
1,603
151
\u2014
\u2014
148
1,913
Movement 2024
\u2014
(6,214)
(3,033)
\u2014
\u2014
(981)
(10,228)
At cost
\u2014
65,578
22,998
\u2014
\u2014
4,495
93,071
Accumulated amortization
\u2014
(26,520)
(2,910)
\u2014
\u2014
(2,602)
(32,032)
Carrying value at January 1, 2025
\u2014
39,058
20,088
\u2014
\u2014
1,893
61,039
Amortization charges
\u2014
(3,839)
(1,809)
\u2014
\u2014
(893)
(6,541)
Assets acquired
\u2014
\u2014
\u2014
61,114
2,903
87
64,104
Currency translation - cost
\u2014
8,636
3,029
8,745
416
592
21,418
Currency translation - amortization
\u2014
(3,647)
(456)
\u2014
\u2014
(379)
(4,482)
Movement 2025
\u2014
1,150
764
69,859
3,319
(593)
74,499
At cost
\u2014
74,214
26,027
69,859
3,319
5,174
178,593
Accumulated amortization
\u2014
(34,006)
(5,175)
\u2014
\u2014
(3,874)
(43,055)
Carrying value at December 31, 2025
\u2014
40,208
20,852
69,859
3,319
1,300
135,538
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
11 years
RUCONEST\u00ae license
RUCONEST\u00ae license for HAE (EU)
7 years
1 year
Joenja\u00ae license
Joenja\u00ae license for APDS
14 years
11 years
KL1333 license
KL1333 license for mitochondrial disease
N/A
N/A
Goodwill
Goodwill on acquisition Abliva AB
N/A
N/A
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.
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. The remaining useful life and residual value of the RUCONEST\u00ae license for HAE
(EU) were reassessed after the strategic decision to withdraw the product from the non-US
markets.
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.
Napazimone (KL1333) license
Following the acquisition of Abliva AB in February 2025, Pharming obtained the exclusive global
rights (excluding South Korea and Japan) to develop and commercialize napazimone (KL1333) under
a license agreement. Napazimone (KL1333) is a novel oral therapy targeting mitochondrial DNA-
driven primary mitochondrial diseases and is currently in a pivotal clinical trial, for which the
Independent Data Monitoring Committee (IDMC) supported continuation of the FALCON study
without and modifications. The product has received Fast Track designation in the U.S. and Orphan
Drug Designation in both the U.S. and EU. As napazimone (KL1333) is still in development and not
yet approved for sale, the intangible asset is not amortized. The asset is tested for impairment
annually or when indicators arise, in accordance with IAS 36. Amortization will commence once the
product is available for use, which is expected upon regulatory approval and market launch.
Goodwill
Goodwill arose from the acquisition of Abliva AB, as further described in note 4. Business
Combinations and acquisitions of non-controlling interests. The goodwill represents
the expected future economic benefits arising from assets that are not individually identified and
separately recognized. Goodwill is recognized as an intangible asset with an indefinite useful life
and is not amortized, but is tested for impairment annually or more frequently if indicators of
impairment arise, in accordance with IAS 36.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "Intangible assets
Amounts in US$ \u2018000
RUCONEST\u00ae
for HAE (EU)
RUCONEST\u00ae
licenses
Joenja\u00ae
license
KL1333 license
Goodwill
Software
Total
At cost
581
69,709
24,447
\u2014
\u2014
4,772
99,509
Accumulated amortization
(581)
(24,437)
(1,326)
\u2014
\u2014
(1,898)
(28,242)
Carrying value at January 1, 2024
\u2014
45,272
23,121
\u2014
\u2014
2,874
71,267
\u2014
Amortization charges
\u2014
(3,686)
(1,735)
\u2014
\u2014
(852)
(6,273)
Assets acquired
\u2014
\u2014
\u2014
\u2014
\u2014
6
6
Divestments - cost
(570)
\u2014
\u2014
\u2014
\u2014
\u2014
(570)
Divestment - accumulated amortization
570
\u2014
\u2014
\u2014
\u2014
\u2014
570
Currency translation - cost
(11)
(4,131)
(1,449)
\u2014
\u2014
(283)
(5,874)
Currency translation - amortization
11
1,603
151
\u2014
\u2014
148
1,913
Movement 2024
\u2014
(6,214)
(3,033)
\u2014
\u2014
(981)
(10,228)
At cost
\u2014
65,578
22,998
\u2014
\u2014
4,495
93,071
Accumulated amortization
\u2014
(26,520)
(2,910)
\u2014
\u2014
(2,602)
(32,032)
Carrying value at January 1, 2025
\u2014
39,058
20,088
\u2014
\u2014
1,893
61,039
Amortization charges
\u2014
(3,839)
(1,809)
\u2014
\u2014
(893)
(6,541)
Assets acquired
\u2014
\u2014
\u2014
61,114
2,903
87
64,104
Currency translation - cost
\u2014
8,636
3,029
8,745
416
592
21,418
Currency translation - amortization
\u2014
(3,647)
(456)
\u2014
\u2014
(379)
(4,482)
Movement 2025
\u2014
1,150
764
69,859
3,319
(593)
74,499
At cost
\u2014
74,214
26,027
69,859
3,319
5,174
178,593
Accumulated amortization
\u2014
(34,006)
(5,175)
\u2014
\u2014
(3,874)
(43,055)
Carrying value at December 31, 2025
\u2014
40,208
20,852
69,859
3,319
1,300
135,538
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
11 years
RUCONEST\u00ae license
RUCONEST\u00ae license for HAE (EU)
7 years
1 year
Joenja\u00ae license
Joenja\u00ae license for APDS
14 years
11 years
KL1333 license
KL1333 license for mitochondrial disease
N/A
N/A
Goodwill
Goodwill on acquisition Abliva AB
N/A
N/A
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.
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. The remaining useful life and residual value of the RUCONEST\u00ae license for HAE
(EU) were reassessed after the strategic decision to withdraw the product from the non-US
markets.
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.
Napazimone (KL1333) license
Following the acquisition of Abliva AB in February 2025, Pharming obtained the exclusive global
rights (excluding South Korea and Japan) to develop and commercialize napazimone (KL1333) under
a license agreement. Napazimone (KL1333) is a novel oral therapy targeting mitochondrial DNA-
driven primary mitochondrial diseases and is currently in a pivotal clinical trial, for which the
Independent Data Monitoring Committee (IDMC) supported continuation of the FALCON study
without and modifications. The product has received Fast Track designation in the U.S. and Orphan
Drug Designation in both the U.S. and EU. As napazimone (KL1333) is still in development and not
yet approved for sale, the intangible asset is not amortized. The asset is tested for impairment
annually or when indicators arise, in accordance with IAS 36. Amortization will commence once the
product is available for use, which is expected upon regulatory approval and market launch.
Goodwill
Goodwill arose from the acquisition of Abliva AB, as further described in note 4. Business
Combinations and acquisitions of non-controlling interests. The goodwill represents
the expected future economic benefits arising from assets that are not individually identified and
separately recognized. Goodwill is recognized as an intangible asset with an indefinite useful life
and is not amortized, but is tested for impairment annually or more frequently if indicators of
impairment arise, in accordance with IAS 36.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "Property, plant and equipment
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
Depreciation charges
(355)
(266)
(756)
(900)
\u2014
(2,277)
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 January 1, 2025
1,095
2,827
2,565
1,120
145
7,752
Investments
\u2014
173
188
388
\u2014
749
Internal transfer - cost
\u2014
144
\u2014
\u2014
(145)
(1)
Divestments
\u2014
\u2014
(143)
\u2014
\u2014
(143)
Depreciation charges
(360)
(333)
(659)
(706)
\u2014
(2,058)
Depreciation of disinvestment
\u2014
\u2014
96
\u2014
\u2014
96
Currency translation - cost
609
654
1,226
343
\u2014
2,832
Currency translation - accumulated depreciation
(479)
(333)
(909)
(273)
\u2014
(1,994)
Movement 2025
(230)
305
(201)
(248)
(145)
(519)
At cost
5,231
6,403
10,568
6,115
\u2014
28,317
Accumulated depreciation
(4,366)
(3,271)
(8,204)
(5,243)
\u2014
(21,084)
Carrying value at December 31, 2025
865
3,132
2,364
872
\u2014
7,233
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 2025, the Company had capital expenditures of US$0.7 million (2024: US$0.8 million), mainly
related to new machinery and equipment.
Depreciation charges on production related property, plant and equipment of US$0.7 million in
2025 (2024: US$0.8 million) have been included in the value of inventories and an amount of
US$1.4 million of the total 2025 depreciation costs has been charged to the statement of income
(2024: US$1.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "Right-of-use assets
This note provides information for leases where the Group is a lessee.
The balance sheet shows the following amounts relating to leases:
Amounts in US$ \u2018000
Buildings
Cars
Total
At cost
30,959
4,009
34,968
Accumulated depreciation
(9,311)
(1,880)
(11,191)
Carrying value at January 1, 2024
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 January 1, 2025
13,339
3,043
16,382
Additions
\u2014
551
551
Remeasurement
2,393
\u2014
2,393
Divestments
(1,367)
(1,174)
(2,541)
Depreciation charges
(2,345)
(1,194)
(3,540)
Depreciation of disinvestment
1,367
1,009
2,376
Impairment
(491)
\u2014
(491)
Currency translation - cost
2,877
91
2,968
Currency translation - accumulated depreciation
(1,324)
(37)
(1,360)
Movement 2025
1,110
(754)
356
At cost
27,946
4,136
32,082
Accumulated depreciation
(13,497)
(1,847)
(15,344)
Carrying value at December 31, 2025
14,449
2,289
16,738
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.
Since 2024, Pharming has entered into negotiations to terminate this lease. Consequently, the
Company fully impaired the related right-of-use asset. Impairment charges totaled US$13.6 million
over the period 2022 to 2024. Following an inflation-related increase in lease payments in 2025,
the right-of-use asset was remeasured upward by US$0.5 million and immediately impaired, given
the continued unused status of the facility. At the end of 2025, the Company entered into a
termination agreement to cancel the lease related to the respective asset. As the associated
right\u2011of\u2011use asset had previously been fully impaired, its carrying amount at the time of termination
was nil. The termination agreement resulted in a book gain of US$3.9 million, which has been
recognized in the consolidated statement of income under \u2018Other income\u2019.
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$0.6 million in 2025 (2024:
US$0.5 million) have been included in the value of inventories and an amount of US$3.0 million of
the total 2025 depreciation costs has been charged to the statement of income (2024: US$3.4
million).
The statement of income shows the following amounts relating to leases:
Amounts in US$ \u2018000
2025
2024
Depreciation right of use buildings
(1,779)
(2,094)
Impairment right of use buildings
(491)
(5,027)
Depreciation right of use cars
(1,194)
(1,280)
Interest expense (note 9)
(1,034)
(1,038)
Gain on termination of lease agreement (note 7)
3,877
\u2014
Total
(621)
(9,439)
Lease charges
The non-cancellable leases at December\u00a031, 2025, have remaining terms of between one and
twelve 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 28.
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
2025
2024
Balance at January 1
29,914
33,123
Additions
551
2,425
Remeasurement
2,393
338
Interest expense accrued
1,130
1,141
Payments of lease liabilities
(5,376)
(5,149)
Disposals of lease liabilities
(13,687)
(309)
Currency translation
2,794
(1,655)
Balance at December 31
17,719
29,914
- Current portion
3,369
2,946
- Non-current portion
14,351
26,968
Additions in 2024 and 2025 relate to newly leased cars and remeasurement reflects adjustments
due to lease extensions and inflation-related higher lease payments on buildings. The disposal of
lease liabilities relates to the early termination of the DSP facility lease at Pivot Park in Oss. Further
information is disclosed in note 13. Right-of-use assets.
Future minimum lease payments as at December\u00a031, 2025, and 2024 are as follows:
2025
2024
Amounts in US$ \u2018000
Minimum
payments
Present value
of payments
Minimum
payments
Present value
of payments
Within one year
3,860
3,734
4,730
4,650
After one year but not more than five years
10,180
9,494
15,267
13,764
More than five years
5,048
4,491
15,322
11,500
Balance at December 31
19,088
17,719
35,319
29,914
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "Investments
14.1 Investments accounted for using the equity method
The investment in BioConnection group (BioConnection) provides the Company with significant
influence over BioConnection, and as such has been treated as an associate of the Group.
As at December\u00a031, 2025, 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. At December\u00a031, 2025, Pharming's stake in this investment is 23.00%.
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
2025
2024
BioConnection
Investments B.V.
Oss, NL
23.00
23.60
Associate
Equity
Amounts in US$ \u2018000
Carrying value at January 1, 2024
2,285
Share in net profit (loss)
(1,131)
Impairment
(629)
Currency translation
(59)
Carrying value at December 31, 2024
466
Share in net profit (loss)
623
Contributions
739
Currency translation
116
Carrying value at December 31, 2025
1,944
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 14.2. 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, 2024, 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 2024 is as follows (translated from euro to USD using the
closing rate 2025 of 1.1713 for balance sheet positions and the average rate over 2025 of 1.1259
for the net result):
Amounts in US$ \u2018000
December 31, 2024
Total assets
61,920
Total equity
49,843
Net result
(8,602)
In the Board of Director's judgment, 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 2025, Pharming's ownership interest decreased from 23.60% to 23.00% following
the execution of warrants by other shareholders, despite two capital contributions made by the
Company totaling US$0.7 million. The Company continues to hold its own warrants, which remain
exercisable in 2026. The movement in the carrying amount of the investment during the year
reflects these capital contributions, Pharming's share in the investee's net profit, and currency
translation effects.
14.2 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:
2025
2024
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
3.48%
2.60%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2025
2024
January 1
3,767
6,093
Fair value changes
2,345
(2,051)
Currency translation
591
(275)
Balance at December 31
6,703
3,767
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, 2025. 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, 2025.
The main assumptions used in the determination of the equity value and the sensitivity of these
assumptions is shown in the table below:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
3.4
-0.02
7.6
-5.0%
4.8
-5.0%
5.3
-0.01
7.1
-2.5%
5.9
Base case
6.7
Base case
6.7
Base case
6.7
+5.0%
7.8
+1.0%
6.3
+2.5%
7.5
+10.0%
8.7
+2.0%
6.0
+5.0%
8.1
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
7.6
-10.0%
7.4
- 1 year
7.1
-5.0%
7.0
Base case
6.7
Base Case
6.7
+ 1 year
6.3
+5.0%
6.3
+ 2 years
6.0
+10.0%
6.0
14.3 Investments in equity instruments designated as at Fair Value Through Other
Comprehensive Income
Orchard Therapeutics Plc
In 2024, the Company received US$0.2 million from the sale of its 0.54% shareholding in Orchard
Therapeutics Plc following its acquisition by Kyowa Kirin Co., Ltd. The research collaboration and
licensing agreement with Orchard was terminated, and the OTL-105 program discontinued.
Isomerase
As part of the acquisition of Abliva AB in 2025, the Company obtained an interest in Isomerase.
This interest was subsequently disposed of in the same year, resulting in a net position of zero.
Amounts in US$ \u2018000
Carrying
amount
Carrying value at January 1, 2024
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
Initial recognition from a business combination
220
Disposal of investment designated as at FVOCI
(220)
Carrying value at December 31, 2025
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
14.1 Investments accounted for using the equity method
The investment in BioConnection group (BioConnection) provides the Company with significant
influence over BioConnection, and as such has been treated as an associate of the Group.
As at December\u00a031, 2025, 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. At December\u00a031, 2025, Pharming's stake in this investment is 23.00%.
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
2025
2024
BioConnection
Investments B.V.
Oss, NL
23.00
23.60
Associate
Equity
Amounts in US$ \u2018000
Carrying value at January 1, 2024
2,285
Share in net profit (loss)
(1,131)
Impairment
(629)
Currency translation
(59)
Carrying value at December 31, 2024
466
Share in net profit (loss)
623
Contributions
739
Currency translation
116
Carrying value at December 31, 2025
1,944
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 14.2. 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, 2024, 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 2024 is as follows (translated from euro to USD using the
closing rate 2025 of 1.1713 for balance sheet positions and the average rate over 2025 of 1.1259
for the net result):
Amounts in US$ \u2018000
December 31, 2024
Total assets
61,920
Total equity
49,843
Net result
(8,602)
In the Board of Director's judgment, 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 2025, Pharming's ownership interest decreased from 23.60% to 23.00% following
the execution of warrants by other shareholders, despite two capital contributions made by the
Company totaling US$0.7 million. The Company continues to hold its own warrants, which remain
exercisable in 2026. The movement in the carrying amount of the investment during the year
reflects these capital contributions, Pharming's share in the investee's net profit, and currency
translation effects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
14.1 Investments accounted for using the equity method
The investment in BioConnection group (BioConnection) provides the Company with significant
influence over BioConnection, and as such has been treated as an associate of the Group.
As at December\u00a031, 2025, 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. At December\u00a031, 2025, Pharming's stake in this investment is 23.00%.
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
2025
2024
BioConnection
Investments B.V.
Oss, NL
23.00
23.60
Associate
Equity
Amounts in US$ \u2018000
Carrying value at January 1, 2024
2,285
Share in net profit (loss)
(1,131)
Impairment
(629)
Currency translation
(59)
Carrying value at December 31, 2024
466
Share in net profit (loss)
623
Contributions
739
Currency translation
116
Carrying value at December 31, 2025
1,944
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 14.2. 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, 2024, 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 2024 is as follows (translated from euro to USD using the
closing rate 2025 of 1.1713 for balance sheet positions and the average rate over 2025 of 1.1259
for the net result):
Amounts in US$ \u2018000
December 31, 2024
Total assets
61,920
Total equity
49,843
Net result
(8,602)
In the Board of Director's judgment, 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 2025, Pharming's ownership interest decreased from 23.60% to 23.00% following
the execution of warrants by other shareholders, despite two capital contributions made by the
Company totaling US$0.7 million. The Company continues to hold its own warrants, which remain
exercisable in 2026. The movement in the carrying amount of the investment during the year
reflects these capital contributions, Pharming's share in the investee's net profit, and currency
translation effects.
14.2 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:
2025
2024
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
3.48%
2.60%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2025
2024
January 1
3,767
6,093
Fair value changes
2,345
(2,051)
Currency translation
591
(275)
Balance at December 31
6,703
3,767
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, 2025. 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, 2025.
The main assumptions used in the determination of the equity value and the sensitivity of these
assumptions is shown in the table below:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
3.4
-0.02
7.6
-5.0%
4.8
-5.0%
5.3
-0.01
7.1
-2.5%
5.9
Base case
6.7
Base case
6.7
Base case
6.7
+5.0%
7.8
+1.0%
6.3
+2.5%
7.5
+10.0%
8.7
+2.0%
6.0
+5.0%
8.1
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
7.6
-10.0%
7.4
- 1 year
7.1
-5.0%
7.0
Base case
6.7
Base Case
6.7
+ 1 year
6.3
+5.0%
6.3
+ 2 years
6.0
+10.0%
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
14.2 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:
2025
2024
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
3.48%
2.60%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2025
2024
January 1
3,767
6,093
Fair value changes
2,345
(2,051)
Currency translation
591
(275)
Balance at December 31
6,703
3,767
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, 2025. 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, 2025.
The main assumptions used in the determination of the equity value and the sensitivity of these
assumptions is shown in the table below:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
3.4
-0.02
7.6
-5.0%
4.8
-5.0%
5.3
-0.01
7.1
-2.5%
5.9
Base case
6.7
Base case
6.7
Base case
6.7
+5.0%
7.8
+1.0%
6.3
+2.5%
7.5
+10.0%
8.7
+2.0%
6.0
+5.0%
8.1
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
7.6
-10.0%
7.4
- 1 year
7.1
-5.0%
7.0
Base case
6.7
Base Case
6.7
+ 1 year
6.3
+5.0%
6.3
+ 2 years
6.0
+10.0%
6.0
14.3 Investments in equity instruments designated as at Fair Value Through Other
Comprehensive Income
Orchard Therapeutics Plc
In 2024, the Company received US$0.2 million from the sale of its 0.54% shareholding in Orchard
Therapeutics Plc following its acquisition by Kyowa Kirin Co., Ltd. The research collaboration and
licensing agreement with Orchard was terminated, and the OTL-105 program discontinued.
Isomerase
As part of the acquisition of Abliva AB in 2025, the Company obtained an interest in Isomerase.
This interest was subsequently disposed of in the same year, resulting in a net position of zero.
Amounts in US$ \u2018000
Carrying
amount
Carrying value at January 1, 2024
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
Initial recognition from a business combination
220
Disposal of investment designated as at FVOCI
(220)
Carrying value at December 31, 2025
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
14.2 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:
2025
2024
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
3.48%
2.60%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2025
2024
January 1
3,767
6,093
Fair value changes
2,345
(2,051)
Currency translation
591
(275)
Balance at December 31
6,703
3,767
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, 2025. 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, 2025.
The main assumptions used in the determination of the equity value and the sensitivity of these
assumptions is shown in the table below:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
3.4
-0.02
7.6
-5.0%
4.8
-5.0%
5.3
-0.01
7.1
-2.5%
5.9
Base case
6.7
Base case
6.7
Base case
6.7
+5.0%
7.8
+1.0%
6.3
+2.5%
7.5
+10.0%
8.7
+2.0%
6.0
+5.0%
8.1
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
7.6
-10.0%
7.4
- 1 year
7.1
-5.0%
7.0
Base case
6.7
Base Case
6.7
+ 1 year
6.3
+5.0%
6.3
+ 2 years
6.0
+10.0%
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
14.2 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:
2025
2024
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
3.48%
2.60%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2025
2024
January 1
3,767
6,093
Fair value changes
2,345
(2,051)
Currency translation
591
(275)
Balance at December 31
6,703
3,767
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, 2025. 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, 2025.
The main assumptions used in the determination of the equity value and the sensitivity of these
assumptions is shown in the table below:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
3.4
-0.02
7.6
-5.0%
4.8
-5.0%
5.3
-0.01
7.1
-2.5%
5.9
Base case
6.7
Base case
6.7
Base case
6.7
+5.0%
7.8
+1.0%
6.3
+2.5%
7.5
+10.0%
8.7
+2.0%
6.0
+5.0%
8.1
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
7.6
-10.0%
7.4
- 1 year
7.1
-5.0%
7.0
Base case
6.7
Base Case
6.7
+ 1 year
6.3
+5.0%
6.3
+ 2 years
6.0
+10.0%
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
14.2 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:
2025
2024
Expected time to maturity
4 years
4 years
Volatility
50%
50%
Risk-free interest rate
3.48%
2.60%
The carrying amount of this investment has changed as follows:
Amounts in US$ \u2018000
2025
2024
January 1
3,767
6,093
Fair value changes
2,345
(2,051)
Currency translation
591
(275)
Balance at December 31
6,703
3,767
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, 2025. 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, 2025.
The main assumptions used in the determination of the equity value and the sensitivity of these
assumptions is shown in the table below:
Preference share BioConnection (in million US$)
Revenue level
Fair value
Discount rate
Fair value
EBITDA margin
Fair value
-10.0%
3.4
-0.02
7.6
-5.0%
4.8
-5.0%
5.3
-0.01
7.1
-2.5%
5.9
Base case
6.7
Base case
6.7
Base case
6.7
+5.0%
7.8
+1.0%
6.3
+2.5%
7.5
+10.0%
8.7
+2.0%
6.0
+5.0%
8.1
The impact of the remaining variables on the BSM model are shown in below table:
Preference share BioConnection (in million US$)
Time to maturity
Fair value
Volatility
Fair value
- 2 years
7.6
-10.0%
7.4
- 1 year
7.1
-5.0%
7.0
Base case
6.7
Base Case
6.7
+ 1 year
6.3
+5.0%
6.3
+ 2 years
6.0
+10.0%
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "Marketable securities
Amounts in US$ \u2018000
2025
2024
Government treasury certificates
\u2014
50,525
Money market funds
33,796
62,424
Total marketable securities
33,796
112,949
The decrease in marketable securities reflects a rebalancing to increase immediately available
liquidity following the Abliva acquisition, supporting integration activities and the expansion of
commercial activities in 2025.
Government treasury certificates, denominated in euros, are readily convertible, carry an S&P AA1
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 AA1 credit ratings. Reference is made
to note 28. 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$0.1 million in 2025 (2024: US$0.4 million).
Restricted cash, cash and cash equivalents
Amounts in US$ \u2018000
2025
2024
Restricted cash (non-current)
1,227
1,505
Restricted cash (current)
761
\u2014
Cash and cash equivalents
145,305
54,944
Total restricted cash, cash and cash equivalents
147,293
56,449
Cash is free at disposal of the Company, except for restricted cash, which amounts to US$2.0 million
in 2025 (2024: 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
2025
2024
Trade receivables
41,767
41,531
Prepaid expenses
6,263
4,651
Value added tax
2,176
3,638
Other receivables
1,932
1,596
Taxes and social security
2,566
3,407
Balance at December 31
54,704
54,823
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 trade receivables remained relatively stable compared to 2024, driven by the 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.
The taxes and social security receivable includes US$2.3 million of corporate income tax receivable
(2024: US$2.8 million).
Due to the short-term nature of the current receivables, their carrying amount is considered to be
the same as their fair value.
Convertible bonds
Recognition and movements of the convertible bonds were as follows:
Amounts in US$ \u2018000
2025
2024
Bond component (classified as liability)
98,056
82,399
Option component (classified as equity)
13,835
12,225
Balance at December 31
111,890
94,624
Bond component:
Amounts in US$ \u2018000
2025
2024
Balance at January 1
82,399
138,422
Repurchase
\u2014
(134,924)
Carrying value initial recognition
\u2014
81,785
Interest paid (cash flow)
(5,067)
(4,457)
Amortization
8,752
5,725
Accrued interest
933
1,972
Currency translation
11,038
(6,124)
Balance at December 31
98,056
82,399
- Current portion
5,336
4,245
- Non-current portion
92,719
78,154
Option component:
Amounts in US$ \u2018000
2025
2024
Balance at January 1
12,225
\u2014
Carrying value initial recognition derivative liability
\u2014
23,517
Fair value loss (gain) upon reclassification to equity
\u2014
(7,040)
Income tax recorded in other comprehensive income
\u2014
(4,251)
Currency translation
1,610
\u2014
Balance at December 31
13,835
12,225
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, commenced 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.
The conversion option was measured at initial recognition 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, apart from currency
revaluation, and amounts to US$13.8 million, net of income tax effects, at December\u00a031, 2025.
\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
The debt host contract component was measured at initial recognition 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$98.1 million at
December\u00a031, 2025.
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
2025
2024
Accounts payable
8,545
10,103
Taxes and social security
6,043
3,284
Other accruals
34,356
13,917
Accruals for employees
21,795
16,117
Accruals for rebates and discounts
19,342
14,631
Accrual for production
15,819
8,559
Balance at December 31
105,899
66,611
The increase in trade and other payables is mainly due to timing of payments. The Other accruals
relate to general expenses for which no invoice was received yet and include at December 31, 2025,
the fee payable for the termination of the DSP facility lease and the sales milestone payable to
Novartis on Joenja\u00ae sales. 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 Contracted Manufacturing
Organizations (CMOs), for which no invoice is received yet. The increase is mainly related to timing
of invoicing by these CMOs.
The taxes and social security payable includes US$3.9 million of corporate income tax payable
(2024: US$0.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "Restricted cash, cash and cash equivalents
Amounts in US$ \u2018000
2025
2024
Restricted cash (non-current)
1,227
1,505
Restricted cash (current)
761
\u2014
Cash and cash equivalents
145,305
54,944
Total restricted cash, cash and cash equivalents
147,293
56,449
Cash is free at disposal of the Company, except for restricted cash, which amounts to US$2.0 million
in 2025 (2024: US$1.5 million). Restricted cash includes deposits for rent.
For purposes of the cash flow statement, restricted cash is not considered as \"cash and cash
equivalents\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "Restricted cash, cash and cash equivalents
Amounts in US$ \u2018000
2025
2024
Restricted cash (non-current)
1,227
1,505
Restricted cash (current)
761
\u2014
Cash and cash equivalents
145,305
54,944
Total restricted cash, cash and cash equivalents
147,293
56,449
Cash is free at disposal of the Company, except for restricted cash, which amounts to US$2.0 million
in 2025 (2024: US$1.5 million). Restricted cash includes deposits for rent.
For purposes of the cash flow statement, restricted cash is not considered as \"cash and cash
equivalents\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "Inventories
Inventories mainly include batches RUCONEST\u00ae and Joenja\u00ae and work in progress available for
production of RUCONEST\u00ae and Joenja\u00ae.
Amounts in US$ \u2018000
2025
2024
Finished goods
18,214
16,297
Work in progress
46,688
39,002
Raw materials
\u2014
425
Balance at December 31
64,902
55,724
Changes in the adjustment to net realizable value:
Amounts in US$ \u2018000
2025
2024
Balance at January 1
(8,663)
(4,276)
Addition to impairment
(6,193)
(7,608)
Release of impairment
538
15
Usage of impairment
2,522
2,749
Currency translation
(1,263)
457
Balance at December 31
(13,060)
(8,663)
The inventory valuation at December\u00a031, 2025, of US$64.9 million (2024: US$55.7 million) is stated
net of an impairment of US$13.1 million (2024: US$8.7 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 of the impairment relate to amendments to the
estimates as a result of actual sales differing from forecasted sales, the fact that vials allocated
to preclinical and clinical programs can be returned to inventory, and quality issues in the
manufacturing process can be reevaluated once more information is known. The costs of vials used
in preclinical and clinical programs are presented under the research and development costs. Usage
of impairment relates to the usage of material not sold that had been previously impaired.
Cost of inventories recognized as expenses included in the cost of sales in 2025 amounted US$32.0
million (2024: US$25.6\u00a0million). The main portion of inventories at December\u00a031, 2025, have
expiration dates starting beyond 2026 and are generally expected to be sold and/or used before
expiration.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "Trade and other receivables
Amounts in US$ \u2018000
2025
2024
Trade receivables
41,767
41,531
Prepaid expenses
6,263
4,651
Value added tax
2,176
3,638
Other receivables
1,932
1,596
Taxes and social security
2,566
3,407
Balance at December 31
54,704
54,823
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 trade receivables remained relatively stable compared to 2024, driven by the 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.
The taxes and social security receivable includes US$2.3 million of corporate income tax receivable
(2024: US$2.8 million).
Due to the short-term nature of the current receivables, their carrying amount is considered to be
the same as their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "Trade and other receivables
Amounts in US$ \u2018000
2025
2024
Trade receivables
41,767
41,531
Prepaid expenses
6,263
4,651
Value added tax
2,176
3,638
Other receivables
1,932
1,596
Taxes and social security
2,566
3,407
Balance at December 31
54,704
54,823
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 trade receivables remained relatively stable compared to 2024, driven by the 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.
The taxes and social security receivable includes US$2.3 million of corporate income tax receivable
(2024: US$2.8 million).
Due to the short-term nature of the current receivables, their carrying amount is considered to be
the same as their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "Trade and other receivables
Amounts in US$ \u2018000
2025
2024
Trade receivables
41,767
41,531
Prepaid expenses
6,263
4,651
Value added tax
2,176
3,638
Other receivables
1,932
1,596
Taxes and social security
2,566
3,407
Balance at December 31
54,704
54,823
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 trade receivables remained relatively stable compared to 2024, driven by the 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.
The taxes and social security receivable includes US$2.3 million of corporate income tax receivable
(2024: US$2.8 million).
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "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.
The taxes and social security receivable includes US$2.3 million of corporate income tax receivable
(2024: US$2.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "Shareholders' equity
The Company's authorized share capital amounts to US$12.4 million (\u20ac10.6 million), exchange rate
(EUR:US$) equals 1:1.1713) and is divided into 1,056,000,000 ordinary shares with a nominal value
of \u20ac0.01 each. The movement in number of ordinary shares outstanding during the year is
summarized as follows:
Number of shares outstanding
2025
2024
Balance at January 1
680,308,735
671,073,243
Options exercised / LTIP shares issued
21,371,705
9,235,492
Balance at December 31
701,680,440
680,308,735
All shares outstanding 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 note 20. Convertible bonds. Please refer to the Consolidated statement of
changes in equity and to note 29. Earnings per share and diluted shares. The Consolidated
statement of changes in equity and note 29. Earnings per share and diluted shares further describe
the background of the main equity movements in 2025 and 2024.
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 profit for the year 2025 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.
Acquisition of remaining interest in Abliva
In the period from February 14, 2025, to June 18, 2025, Pharming acquired the remaining 11.1%
interest in the voting shares of Abliva, thereby increasing its ownership to 100%. A cash
consideration of US$7.9 million was paid to the non-controlling shareholders. The carrying amount
of the acquired non-controlling interest was US$7.8 million before the disposal. The difference of
US$0.2 million, has been recognized directly in accumulated deficit in equity. Following the
acquisition of the remaining interest in Abliva, the total consideration in cash amounts to US$68.0
million in 2025 based on the price of SEK 0.45 paid per share.
Non controlling interest
NCI movements during the year relate solely to the full acquisition of the remaining Abliva shares,
reducing the NCI balance to zero.
Amounts in US$ \u2018000
Carrying value at Carrying value 1 January 2025
\u2014
Acquisition of subsidiary
7,285
Share of loss attributable to NCI
(313)
Equity contributions by parent attributed to NCI
706
Currency translation differences (OCI) attributable to NCI
83
Acquisition of NCI
(7,761)
Carrying value at Carrying value 31 December 2025
\u2014
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 2025 these transactions were valued at US$13.8 million and for 2024 at
US$11.2 million (see note 24. 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$13.8 million, net of tax. Reference is made to note 20. Convertible bonds.
Options exercised / LTIP shares issued
In 2025, options were exercised and LTIP shares were issued for a total of 21,371,705 shares,
resulting in a cashflow of US$19.8 million for the company. In 2024, options were exercised and
LTIP shares were issued for a total of 9,235,492 shares resulting in a cashflow of US$5.6 million for
the company.
Adjustment to share capital
On May 17, 2023, the AGM approved a 20% increase of the Company's authorized capital.
As a result the share capital increased from 880,000,000 ordinary shares with a nominal value of
\u20ac0.01 each to 1,056,000,000 ordinary shares with a nominal value of \u20ac0.01 each. There were no
adjustments to the authorized share capital in 2025.
Other reserves
Amounts in US$ \u2018000
Legal Reserve
Currency
translation
reserve (CTA)
Legal Reserve
Capitalized
development
cost
Legal Reserve
Fair value
revaluation
Reserve
Convertible
bond
Total
Balance at January 1, 2024
(342)
106
(1,821)
\u2014
(2,057)
Reserves
(187)
\u2014
1,742
\u2014
1,555
Other comprehensive income (loss) for the year
(11,980)
\u2014
79
\u2014
(11,901)
Other reserves
(1)
(30)
\u2014
\u2014
(31)
Value conversion rights of convertible bonds
\u2014
\u2014
\u2014
12,225
12,225
Balance at December 31, 2024
(12,510)
76
\u2014
12,225
(209)
Other comprehensive income (loss) for the year
27,367
\u2014
\u2014
1,610
28,977
Reclassification of accumulated OCI upon acquisition of NCI
83
\u2014
\u2014
\u2014
83
Other reserves
\u2014
(32)
\u2014
\u2014
(32)
Balance at December 31, 2025
14,941
44
\u2014
13,835
28,819
The other reserves concern the (legal) reserves for currency translation differences, capitalized
development cost and fair valuation revaluations, as well as the conversion option of the
convertible bond as disclosed in note 20. Convertible bonds. Under Dutch law, legal reserves are
not freely distributable to shareholders and must be maintained when determining the amount of
distributable equity.
Adjustments to the currency translation reserve reflect the effect of translating foreign operations
into the functional currency of the parent company of the Group (euro), as well as the effect from
translating the financial statements into the presentation currency (US dollar). The increase in the
reserve is primarily driven by the strengthening of the euro against the US dollar.
The remaining legal reserve for capitalized costs relates to the ERP system SAP S/4HANA.
For more information, reference is made to note 11. Intangible assets. There were no additional
internally developed capitalized costs in 2025.
The legal 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, as disclosed in note 14. Investments.
The other reserve convertible bond relates to the conversion option of the convertible bond as
disclosed in note 20. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
The Company's authorized share capital amounts to US$12.4 million (\u20ac10.6 million), exchange rate
(EUR:US$) equals 1:1.1713) and is divided into 1,056,000,000 ordinary shares with a nominal value
of \u20ac0.01 each. The movement in number of ordinary shares outstanding during the year is
summarized as follows:
Number of shares outstanding
2025
2024
Balance at January 1
680,308,735
671,073,243
Options exercised / LTIP shares issued
21,371,705
9,235,492
Balance at December 31
701,680,440
680,308,735
All shares outstanding 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 note 20. Convertible bonds. Please refer to the Consolidated statement of
changes in equity and to note 29. Earnings per share and diluted shares. The Consolidated
statement of changes in equity and note 29. Earnings per share and diluted shares further describe
the background of the main equity movements in 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
Non controlling interest
NCI movements during the year relate solely to the full acquisition of the remaining Abliva shares,
reducing the NCI balance to zero.
Amounts in US$ \u2018000
Carrying value at Carrying value 1 January 2025
\u2014
Acquisition of subsidiary
7,285
Share of loss attributable to NCI
(313)
Equity contributions by parent attributed to NCI
706
Currency translation differences (OCI) attributable to NCI
83
Acquisition of NCI
(7,761)
Carrying value at Carrying value 31 December 2025
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "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 2025 these transactions were valued at US$13.8 million and for 2024 at
US$11.2 million (see note 24. 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 24, 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.
The Board of Directors is composed of six Non\u2011Executive Directors (seven until June 11, 2025).
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 June 11, 2025, 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 long-term incentive program and the transition arrangement, respectively,
and to exclude any preemptive rights of existing shareholders in connection with these issuances.
The total expense recognized in 2025 for share-based payment plans amounts to US$13.8 million
(2024: US$11.2 million).
The total expenses for share-based payment plans in 2025 is specified as follows:
Amounts in U.S.$ '000
2025
2024
Non-executive directors' remuneration
(229)
(238)
Employee options
(364)
(703)
Long term incentive plan
(5,725)
(4,153)
Restricted stock units
(7,449)
(6,154)
Share-based compensation expense
(13,767)
(11,248)
The employee options expense decreased due to a change in the employee share-based
compensation plans where since 2022 Restricted Stock Units (RSU's) have been granted instead of
employee options. No new employee option grants were applicable for 2025.
The restricted stock units expense increased significantly as the program was introduced in 2022
and is now active for four full years over a 4-year vesting period per grant.
24.1 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 and 2025 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.
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 2025, there were no LTIP grants other than the grants for the executive directors and
members of the executive committee as disclosed below.
Upon a change of control, all remaining LTIP shares will vest automatically.
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 LTI Program,
as described in the remuneration policy, is set at 300% of the gross annual salary for the CEO
(individual level of 425% was approved by EGM for the CEO, Mr. Fabrice Chouraqui) and 200% for
the members of the Executive committee (representing around 50th percentile (second 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
Autolus Therapeutics
London, United Kingdom
Basilea Pharmaceutica
Allschwil, Switzerland
Bavarian Nordic
Hellerup, Denmark
BioGaia
Stockholm, Sweden
Biotest
Dreieich, Denmark
Cosmo Pharmaceuticals
Dublin, Ireland
Formycon
Planegg, Denmark
Galapagos
Mechelen, Belgium
Idorsia
Allschwil, Switzerland
Immunocore
Abingdon, United Kingdom
Kiniksa Pharmaceuticals
London, United Kingdom
Merus
Utrecht, the Netherlands
Oxford Biomedica
Oxford, United Kingdom
Santhera Pharmaceuticals
Pratteln, Switzerland
uniQure
Amsterdam, the Netherlands
Valneva
Saint-Herblain, France
Company Location
Location
U.S.
Akebia Therapeutics
Cambridge, MA
Anika Therapeutics
Bedford, MA
Ardelyx
Waltham, MA
BioCryst Pharmaceuticals
Durham, NC
Coherus Oncology
Redwood City, CA
Collegium Pharmaceutical
Stoughton, MA
Esperion Therapeutics
Ann Arbor, MI
Harmony Biosciences
Plymouth Meeting, PA
Heron Therapeutics
Cary, NC
Ligand Pharmaceuticals
Jupiter, FL
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
Xeris Biopharma
Chicago, IL
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 (individual level of 637.5% was approved for the CEO,
Mr. Fabrice Chouraqui, by the EGM) 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 AMX
Index (or AScX Index for the period until promotion to the AMX Index in September 2025) 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 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:
2025
2024
Volatilities
43.3%
40.5%
Risk-free interest rates
2.04%
2.53%
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's granted,
vesting four years after the Vesting Commencement Date.
24.2 Option plans
An overview of activity in the number of options for the year 2025 is as follows (please also refer to
note 29. 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 (2025: 1:1.1713)):
2025
2024
Number
Weighted Average
Exercise Price (US$)
Number
Weighted Average
Exercise Price (US$)
Balance at January 1
24,238,937
0.932
34,482,312
0.952
Forfeited
(439,592)
1.010
(634,874)
0.896
Expired
(751,001)
1.358
(3,707,334)
0.840
Exercised
(14,568,436)
1.074
(5,901,167)
0.784
Balance at December 31
8,479,908
0.998
24,238,937
0.932
- Vested
7,573,658
0.990
19,816,437
0.942
- Unvested
906,250
1.065
4,422,500
0.889
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 (2025: 1:1.1713):
2025
2024
Range of exercise prices (US$)
0.83 - 1.54
0.73 - 1.54
Weighted average remaining contractual life (years)
1.07
1.41
Exercised options 2025
In 2025 a total of 14,568,436 options have been exercised with an average exercise price of
US$1.07. In 2024 a total of 5,901,167 options have been exercised with an average exercise price of
US$0.78.
All options outstanding at December\u00a031, 2025, are exercisable with the exception of the unvested
options granted to the employees still in service.
Exercise prices of options outstanding at December\u00a031, 2025, and the exercise values are in the
following ranges (note that the exercise value in US$ is translated using the closing exchange rate
for the respective year (2025: 1:1.1713)):
2025
2024
Exercise prices in US$
Number
Exercise value
in US$ \u2019000
Number
Exercise value
in US$\u2019000
0.57 \u2013 0.85
350,000
296
10,460,750
8,555
0.85 \u2013 1.54
8,129,908
8,168
13,778,187
14,045
Balance at December 31
8,479,908
8,465
24,238,937
22,600
Granted options
In 2025, the Company granted no options to employees (2024: 0).
24.3 Long Term Incentive Plan
An overview of the number of LTIP shares granted in 2022-2025 and in total as well as the fair value
per share award is as follows (note that the fair value per share award in US$ is translated using the
closing exchange rate for the respective year (2025: 1:1.1713)):
Participant category
2022
2023
2024
2025
Total
Executive Members of
the Board of Directors
2,363,455
1,681,570
1,824,602
3,614,572
9,484,199
Executive Committee
5,816,083
4,221,870
4,997,299
6,952,793
21,988,045
Total
8,179,538
5,903,440
6,821,901
10,567,365
31,472,244
Fair value per share
award (US$)
0.517
0.880
0.896
0.636
The following table provides an overview of LTIP shares granted, forfeited or issued in 2022-2025 as
well as the number of LTIP shares reserved at December\u00a031, 2025:
Participant category
Granted
Issued
Forfeited /
Unvested
Reserved at
December 31, 2025
Executive Members of the Board
of Directors
9,484,199
\u2014
(3,621,658)
5,862,541
Executive Committee
21,988,045
(4,193,981)
(4,019,809)
13,774,255
Total
31,472,244
(4,193,981)
(7,641,467)
19,636,796
This table includes LTI shares held by individuals who ceased employment during 2025.
24.4 Restricted Stock Units
An overview of the granted RSU's to the Company's (senior) managers, as well as the number of
RSU's reserved at December\u00a031, 2025, is as follows:
Grant year
Granted
Issued
Forfeited /
Unvested
Reserved at
December 31,
2025
Reserved at
Weighted
average fair value
per share in US$
2025
8,272,308
\u2014
\u2014
8,272,308
1.244
2024
12,091,227
(2,810,032)
(1,627,603)
7,653,592
0.903
2023
7,979,250
(3,339,765)
(1,631,263)
3,008,222
1.304
2022
4,931,000
(3,202,582)
(808,872)
919,546
1.136
Total
33,273,785
(9,352,379)
(4,067,738)
19,853,668
1.117
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
Other reserves
Amounts in US$ \u2018000
Legal Reserve
Currency
translation
reserve (CTA)
Legal Reserve
Capitalized
development
cost
Legal Reserve
Fair value
revaluation
Reserve
Convertible
bond
Total
Balance at January 1, 2024
(342)
106
(1,821)
\u2014
(2,057)
Reserves
(187)
\u2014
1,742
\u2014
1,555
Other comprehensive income (loss) for the year
(11,980)
\u2014
79
\u2014
(11,901)
Other reserves
(1)
(30)
\u2014
\u2014
(31)
Value conversion rights of convertible bonds
\u2014
\u2014
\u2014
12,225
12,225
Balance at December 31, 2024
(12,510)
76
\u2014
12,225
(209)
Other comprehensive income (loss) for the year
27,367
\u2014
\u2014
1,610
28,977
Reclassification of accumulated OCI upon acquisition of NCI
83
\u2014
\u2014
\u2014
83
Other reserves
\u2014
(32)
\u2014
\u2014
(32)
Balance at December 31, 2025
14,941
44
\u2014
13,835
28,819
The other reserves concern the (legal) reserves for currency translation differences, capitalized
development cost and fair valuation revaluations, as well as the conversion option of the
convertible bond as disclosed in note 20. Convertible bonds. Under Dutch law, legal reserves are
not freely distributable to shareholders and must be maintained when determining the amount of
distributable equity.
Adjustments to the currency translation reserve reflect the effect of translating foreign operations
into the functional currency of the parent company of the Group (euro), as well as the effect from
translating the financial statements into the presentation currency (US dollar). The increase in the
reserve is primarily driven by the strengthening of the euro against the US dollar.
The remaining legal reserve for capitalized costs relates to the ERP system SAP S/4HANA.
For more information, reference is made to note 11. Intangible assets. There were no additional
internally developed capitalized costs in 2025.
The legal 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, as disclosed in note 14. Investments.
The other reserve convertible bond relates to the conversion option of the convertible bond as
disclosed in note 20. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "Convertible bonds
Recognition and movements of the convertible bonds were as follows:
Amounts in US$ \u2018000
2025
2024
Bond component (classified as liability)
98,056
82,399
Option component (classified as equity)
13,835
12,225
Balance at December 31
111,890
94,624
Bond component:
Amounts in US$ \u2018000
2025
2024
Balance at January 1
82,399
138,422
Repurchase
\u2014
(134,924)
Carrying value initial recognition
\u2014
81,785
Interest paid (cash flow)
(5,067)
(4,457)
Amortization
8,752
5,725
Accrued interest
933
1,972
Currency translation
11,038
(6,124)
Balance at December 31
98,056
82,399
- Current portion
5,336
4,245
- Non-current portion
92,719
78,154
Option component:
Amounts in US$ \u2018000
2025
2024
Balance at January 1
12,225
\u2014
Carrying value initial recognition derivative liability
\u2014
23,517
Fair value loss (gain) upon reclassification to equity
\u2014
(7,040)
Income tax recorded in other comprehensive income
\u2014
(4,251)
Currency translation
1,610
\u2014
Balance at December 31
13,835
12,225
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, commenced 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.
The conversion option was measured at initial recognition 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, apart from currency
revaluation, and amounts to US$13.8 million, net of income tax effects, at December\u00a031, 2025.
\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
The debt host contract component was measured at initial recognition 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$98.1 million at
December\u00a031, 2025.
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$0.6 million) in amounts proportional to the above-
mentioned initial value. They were accounted for respectively in the amortized cost (debt host
contract) and in the income statement (conversion option).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "Convertible bonds
Recognition and movements of the convertible bonds were as follows:
Amounts in US$ \u2018000
2025
2024
Bond component (classified as liability)
98,056
82,399
Option component (classified as equity)
13,835
12,225
Balance at December 31
111,890
94,624
Bond component:
Amounts in US$ \u2018000
2025
2024
Balance at January 1
82,399
138,422
Repurchase
\u2014
(134,924)
Carrying value initial recognition
\u2014
81,785
Interest paid (cash flow)
(5,067)
(4,457)
Amortization
8,752
5,725
Accrued interest
933
1,972
Currency translation
11,038
(6,124)
Balance at December 31
98,056
82,399
- Current portion
5,336
4,245
- Non-current portion
92,719
78,154
Option component:
Amounts in US$ \u2018000
2025
2024
Balance at January 1
12,225
\u2014
Carrying value initial recognition derivative liability
\u2014
23,517
Fair value loss (gain) upon reclassification to equity
\u2014
(7,040)
Income tax recorded in other comprehensive income
\u2014
(4,251)
Currency translation
1,610
\u2014
Balance at December 31
13,835
12,225
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, commenced 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.
The conversion option was measured at initial recognition 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, apart from currency
revaluation, and amounts to US$13.8 million, net of income tax effects, at December\u00a031, 2025.
\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
The debt host contract component was measured at initial recognition 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$98.1 million at
December\u00a031, 2025.
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$0.6 million) in amounts proportional to the above-
mentioned initial value. They were accounted for respectively in the amortized cost (debt host
contract) and in the income statement (conversion option).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "Provisions
Amounts in US$ \u2018000
Restructuring
Total
At 1 January 2025
\u2014
\u2014
Arising during the year
3,521
3,521
Utilized
(2,335)
(2,335)
At 31 December 2025
1,187
1,187
- Current portion
1,187
1,187
- Non-current portion
\u2014
\u2014
Restructuring
Pharming Group recorded a restructuring provision during the year, of US$1.2\u00a0million is unutilized
as at December\u00a031, 2025.
The provision relates principally to the elimination of certain non-commercial and non-medical staff
positions as part of a cost optimization program.
The restructuring plan was agreed upon with the Company's Works Council and announced to
employees in October 2025, when the provision was recognized in the financial statements.
The restructuring is expected to be substantially completed by 2026.
The provision was measured at the best estimate of the expenditure required to settle the present
obligation at the reporting date, based on formal plans and communication to affected employees.
No reimbursement is expected.
The expected cash outflows related to the restructuring provision are anticipated to occur primarily
in 2026. The provision does not include costs associated with future operating activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "Trade and other payables
Amounts in US$ \u2018000
2025
2024
Accounts payable
8,545
10,103
Taxes and social security
6,043
3,284
Other accruals
34,356
13,917
Accruals for employees
21,795
16,117
Accruals for rebates and discounts
19,342
14,631
Accrual for production
15,819
8,559
Balance at December 31
105,899
66,611
The increase in trade and other payables is mainly due to timing of payments. The Other accruals
relate to general expenses for which no invoice was received yet and include at December 31, 2025,
the fee payable for the termination of the DSP facility lease and the sales milestone payable to
Novartis on Joenja\u00ae sales. 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 Contracted Manufacturing
Organizations (CMOs), for which no invoice is received yet. The increase is mainly related to timing
of invoicing by these CMOs.
The taxes and social security payable includes US$3.9 million of corporate income tax payable
(2024: US$0.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "Trade and other payables
Amounts in US$ \u2018000
2025
2024
Accounts payable
8,545
10,103
Taxes and social security
6,043
3,284
Other accruals
34,356
13,917
Accruals for employees
21,795
16,117
Accruals for rebates and discounts
19,342
14,631
Accrual for production
15,819
8,559
Balance at December 31
105,899
66,611
The increase in trade and other payables is mainly due to timing of payments. The Other accruals
relate to general expenses for which no invoice was received yet and include at December 31, 2025,
the fee payable for the termination of the DSP facility lease and the sales milestone payable to
Novartis on Joenja\u00ae sales. 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 Contracted Manufacturing
Organizations (CMOs), for which no invoice is received yet. The increase is mainly related to timing
of invoicing by these CMOs.
The taxes and social security payable includes US$3.9 million of corporate income tax payable
(2024: US$0.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "Trade and other payables
Amounts in US$ \u2018000
2025
2024
Accounts payable
8,545
10,103
Taxes and social security
6,043
3,284
Other accruals
34,356
13,917
Accruals for employees
21,795
16,117
Accruals for rebates and discounts
19,342
14,631
Accrual for production
15,819
8,559
Balance at December 31
105,899
66,611
The increase in trade and other payables is mainly due to timing of payments. The Other accruals
relate to general expenses for which no invoice was received yet and include at December 31, 2025,
the fee payable for the termination of the DSP facility lease and the sales milestone payable to
Novartis on Joenja\u00ae sales. 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 Contracted Manufacturing
Organizations (CMOs), for which no invoice is received yet. The increase is mainly related to timing
of invoicing by these CMOs.
The taxes and social security payable includes US$3.9 million of corporate income tax payable
(2024: US$0.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "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. F. 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
until June 11, 2025
Dr. M. Pykett
Vice Chair of the Board of Directors and Non-Executive Board Member
as of June 11, 2025
Ms. B. Yanni
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
until June 11, 2025
Dr. E. Sullivan
Non-Executive Board Member
as of June 11, 2025
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 2025 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
101,331
45,036
Non-Executive Director
45,000
30,000
50,666
33,777
Chair Audit Committee
15,000
16,889
Member Audit Committee
7,500
8,444
Chair Remuneration Committee
12,500
14,074
Member Remuneration Committee
6,250
7,037
Chair of the Transaction Committee
12,500
14,074
Member of the Transaction Committee
6,250
7,037
Chair Governance Committee
12,500
14,074
Member Governance Committee
6,250
7,037
*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$1,126) per day in case of extraordinary activities, as
determined by the Chair of the Board of Directors. Compensation of the Non-Executive members of
the Board of Directors for 2025 and 2024 was as follows:
Amounts in US$ \u2018000
Year
Cash
Share-Based
Payment
Total
Dr. Richard Peters
2025
122
45
167
2024
111
43
154
Ms. Deborah Jorn
2025
30
15
45
2024
64
32
96
Ms. Barbara Yanni
2025
80
34
114
2024
77
32
109
Dr. Mark Pykett
2025
66
34
100
2024
63
32
95
Ms. Jabine van der Meijs
2025
80
34
114
2024
77
32
109
Mr. Leonard Kruimer
2025
75
34
109
2024
72
32
104
Mr. Steven Baert
2025
36
15
51
2024
69
32
101
Dr. Elaine Sullivan
2025
50
23
73
2024
\u2014
\u2014
\u2014
Total
2025
539
234
773
2024
533
235
768
Shares
At December\u00a031, 2025, the Non-Executive members of the Board of Directors held the following
numbers of shares:
December 31, 2025
Ordinary shares
Dr. Richard Peters
104,742
Dr. Mark Pykett
177,469
Ms. Barbara Yanni
177,469
Mr. Leonard Kruimer
152,631
Ms. Jabine van der Meijs
152,631
Dr. Elaine Sullivan
21,163
Total
786,105
All shares held by the Non-Executive members of the Board of Directors are unrestricted.
Loans or guarantees
During the year 2025, 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, 2025.
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.
Mr. Sijmen de Vries served as Executive Board Member and CEO until March 4, 2025. Thereafter, he
continued to provide services to the Company in a consulting capacity from March 4, 2025 to
December 31, 2025. The compensation disclosed below reflects his remuneration for the entire
year 2025, up to and including December 31, 2025:
Amounts in
US$ \u2018000
Year
Fixed
remuneration
Short term
variable:
annual bonus
Share based
payments
Post-
employment
benefits
Other
Total
Mr. Sijmen de
Vries
2025
$724
$132
$858
$176
$36
$1,926
2024
$694
$414
$987
$116
$35
$2,246
Mr. Fabrice Chouraqui commenced employment on February 1, 2025, and served as Executive
Board Member and CEO from March 4, 2025 through December 31, 2025. The compensation
disclosed below reflects his remuneration for the full 2025 financial year, up to and including
December 31, 2025:
Amounts in
US$ \u2018000
Year
Fixed
remuneration
Short term
variable:
annual bonus
Share based
payments
Post-
employment
benefits
Other
Total
Mr. Fabrice
Chouraqui
2025
$688
$760
$1,335
$8
$388
$3,179
Options
The Executive Board Members did not hold options during 2025.
Shares
At December\u00a031, 2025, the executive members of the board held the following numbers of
unvested restricted shares under the Long term Incentive Plan and Restricted Stock Units Plan:
Shares held
As at December\u00a031, 2025
Mr. Fabrice Chouraqui
4,637,834
Long term Incentive Plan
Year
Granted
Settled
Forfeited /
Unvested
December 31,
2025
Mr. Fabrice Chouraqui
2025
3,614,572
\u2014
\u2014
3,614,572
Restricted Stock Units
Year
Granted
Settled
Forfeited /
Unvested
December 31,
2025
Mr. Fabrice Chouraqui
2025
1,023,302
\u2014
\u2014
1,023,302
Loans or guarantees
During the year 2025, no loans or guarantees have been granted to the Executive members of the
Board of Directors. No loans or guarantees to the Executive member of the Board of Directors were
outstanding at December\u00a031, 2025.
The Executive member of the Board of Director is the sole statutory director.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "Related party transactions
Related parties' disclosure relates mainly to key management compensation and to transactions
with the associated company BioConnection Investments B.V. (BioConnection).
Key management includes members of the Board of Directors:
Amounts in US$ \u2018000
2025
2024
Salaries and other short-term employee benefits
3,267
1,676
Post-employment benefits
184
116
Share-based compensation
2,427
1,222
Total
5,878
3,014
All direct transactions with members of the Board of Directors have been disclosed in notes 24.
Share-based compensation and 25. 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$5.4 million in 2025 (2024: US$4.6 million ). At December\u00a031,
2025, the Company owed BioConnection US$1.3 million (2024: US$1.5 million) for fill & finish
services supplied. In addition, BioConnection owed US$0.0 million (2024: US$0.3 million) to the
Company at December\u00a031, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "Commitments and contingencies
Material agreements
At the end of 2025 the Company had several agreements with third parties related to the
manufacturing of RUCONEST\u00ae and Joenja\u00ae. In these agreements certain minimum volumes are
committed. Total future commitments under these agreements are approximately US$40.1 million
(2024: US$41.6 million), of which US$33.4 million relates to 2026 and US$6.7 million relates to 2027
and further. All expenditures relate to the cost of goods.
License agreements
The Group is a licensee under agreements with third parties regarding the development and
marketing of its pipeline products. Under these agreements, the Group is obligated to make
milestone payments whenever specified development, regulatory and commercial milestones are
met, and to pay royalties to the licensors based on future sales levels. As both the timing and
achievement of milestones and future sales levels are uncertain, the financial effect of these
agreements cannot be estimated reliably.
License agreement for the development and commercialization of leniolisib
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). Pharming received FDA approval for the commercialization
of leniolisib in the United States of America in March 2023 and received a positive CHMP's opinion
in March 2026 on the leniolisib regulatory filing submitted to EMA.
The license agreement includes the following milestone and royalty payments:
\u2022 Phased development and regulatory milestone payments totaling in the low-double digit
millions of US dollars, of which US$10.4 million has been incurred up through the reporting date.
\u2022 Sales milestone payments totaling in the low-triple digit millions of US dollars, of which US$5.0
million has been incurred up through the reporting date.
\u2022 Royalty payments for a term of 10 years on the net sales of licensed products at a rate in the low
double-digit range, gradually increasing if net sales reach certain levels. In 2025, the Company
incurred US$10.8 million of royalty payments to Novartis (2024: US$4.9 million).
License agreement for the development and commercialization of napazimone (KL1333)
Following acquisition of Abliva AB in February 2025, Pharming has now become party to a license
agreement with Yungjin Pharmaceutical to develop and commercialize napazimone (KL1333),
a small molecule treatment candidate for primary mitochondrial diseases.
The license agreement includes the following milestone and royalty payments:
\u2022 Phased development and regulatory milestone payments totaling in the mid-double digit
millions of US dollars.
\u2022 Sales milestone payments totaling in the low-triple digit millions of US dollars.
\u2022 Royalty payments for a term of 10 years on the net sales of licensed products at a rate gradually
increasing if net sales reach certain levels, from a single-digit to a low double-digit range.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "Commitments and contingencies
Material agreements
At the end of 2025 the Company had several agreements with third parties related to the
manufacturing of RUCONEST\u00ae and Joenja\u00ae. In these agreements certain minimum volumes are
committed. Total future commitments under these agreements are approximately US$40.1 million
(2024: US$41.6 million), of which US$33.4 million relates to 2026 and US$6.7 million relates to 2027
and further. All expenditures relate to the cost of goods.
License agreements
The Group is a licensee under agreements with third parties regarding the development and
marketing of its pipeline products. Under these agreements, the Group is obligated to make
milestone payments whenever specified development, regulatory and commercial milestones are
met, and to pay royalties to the licensors based on future sales levels. As both the timing and
achievement of milestones and future sales levels are uncertain, the financial effect of these
agreements cannot be estimated reliably.
License agreement for the development and commercialization of leniolisib
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). Pharming received FDA approval for the commercialization
of leniolisib in the United States of America in March 2023 and received a positive CHMP's opinion
in March 2026 on the leniolisib regulatory filing submitted to EMA.
The license agreement includes the following milestone and royalty payments:
\u2022 Phased development and regulatory milestone payments totaling in the low-double digit
millions of US dollars, of which US$10.4 million has been incurred up through the reporting date.
\u2022 Sales milestone payments totaling in the low-triple digit millions of US dollars, of which US$5.0
million has been incurred up through the reporting date.
\u2022 Royalty payments for a term of 10 years on the net sales of licensed products at a rate in the low
double-digit range, gradually increasing if net sales reach certain levels. In 2025, the Company
incurred US$10.8 million of royalty payments to Novartis (2024: US$4.9 million).
License agreement for the development and commercialization of napazimone (KL1333)
Following acquisition of Abliva AB in February 2025, Pharming has now become party to a license
agreement with Yungjin Pharmaceutical to develop and commercialize napazimone (KL1333),
a small molecule treatment candidate for primary mitochondrial diseases.
The license agreement includes the following milestone and royalty payments:
\u2022 Phased development and regulatory milestone payments totaling in the mid-double digit
millions of US dollars.
\u2022 Sales milestone payments totaling in the low-triple digit millions of US dollars.
\u2022 Royalty payments for a term of 10 years on the net sales of licensed products at a rate gradually
increasing if net sales reach certain levels, from a single-digit to a low double-digit range.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "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:
Amounts in US$ \u2018000
2025
2024
Cash and cash equivalents
145,305
54,944
Restricted cash
1,988
1,505
Marketable securities
33,796
112,949
Convertible bond - current
(5,336)
(4,245)
Convertible bond - non-current
(92,719)
(78,154)
Net cash (debt)
83,034
86,999
Cash and cash equivalents
145,305
54,944
Restricted cash
1,988
1,505
Marketable securities
33,796
112,949
Gross debt - fixed interest rates
(98,056)
(82,399)
Gross debt - variable interest rates
\u2014
\u2014
Net cash (debt)
83,034
86,999
Reconciliation of liabilities arising from financing activities:
Amounts in US$\u2019000
Convertible
Bond (liability)
Lease
Liabilities
Total
Carrying value 1 January 2025
82,399
29,914
112,313
Movements from financing cash flows:
Interest payments
(5,067)
(1,130)
(6,197)
Principal repayments
\u2014
(4,245)
(4,245)
(5,067)
(5,376)
(10,442)
Other movements:
New leases, remeasurements and disposals
\u2014
(10,743)
(10,743)
Accrued interest
9,685
1,130
10,815
Currency translation
11,038
2,794
13,833
20,723
(6,819)
13,904
Carrying value 31 December 2025
98,056
17,719
115,775
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, 2025, the Group's
cash and cash equivalents, including restricted cash, and marketable securities amounted to
US$181.1 million. This balance consists of cash assets denominated in euro for a total amount of
US$79.9 million or \u20ac68.2 million (applying an exchange rate EUR/USD at December\u00a031, 2025,
of 1.1713) and cash assets in U.S. Dollars for a total amount of US$96.5 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$4.7 million) is primarily denominated in British
pounds, Australian dollars and Swedish krona, 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$146.4 million (\u20ac125.0 million), respectively US$32.8
million (\u20ac28.0 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$113.6 million, a 10% weakening of the euro
versus US dollar would have an impact of US$11.4 million on the Group's gain (weakening 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 20. 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, 2025, 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, 2025, amounted to US$147.3 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, 2025, amounted to US$33.8 million (2024: US$112.9
million). As of December\u00a031, 2025, the Company held no government treasury certificates
(2024:US$50.5 million). 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,
2025, these investments amounted to US$33.8 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, 2025 , amounted to US$54.7 million. As at the date of
these financial statements, these amounts have largely been settled, including receipts in cash and
receipt of goods and services in exchange of prepaid expense items. Based on the credit ratings of
cash and cash equivalents (including restricted cash) as well as the positions taken with respect to
marketable securities and trade and other receivables, the Company considers that this risk is
adequately managed.
Liquidity risk
The liquidity risk refers to the risk that an entity will encounter difficulty in meeting obligations
associated with financial liabilities. Pharming's objective is to maintain a minimum level and certain
ratio of cash and cash equivalents (including short-term deposits and SEC Rule 2a-7 compliant
institutional money market funds). The strategy of the Company is to repay its obligations through
generation of cash income from operating activities such as product sales. In case such cash flows
are insufficient, the Company relies on financing cash flows as provided through the issuance
of shares or incurring financial liabilities. Note 3. Going concern assesment of these financial
statements more extensively describes the Company's going concern assessment.
The following table presents the financial liabilities at year-end 2025, showing the remaining
undiscounted contractual amounts due including nominal interest. Liabilities denominated in
foreign currency have been converted at the exchange rate at December\u00a031, 2025.
The following table provides the maturity profile of financial liabilities, the amounts presented are
the gross undiscounted contractual cash flows due:
Amounts in US$ \u2019000
Within one
year
In 2-4 years
Beyond 4
years
Total
Prior year
total
Trade and other payables
105,899
\u2014
\u2014
105,899
66,611
Lease Liabilities
3,860
9,086
6,142
19,088
35,319
Convertible Bonds
5,271
130,307
\u2014
135,578
129,118
Total
115,030
139,393
6,142
260,565
231,048
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 (adjusted) 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 2025 and 2024:
2025
2024
Amounts in US$ \u2019000
Level 1
Level 3
Total
Level 1
Level 3
Total
Marketable securities
(money market funds)
33,796
\u2014
33,796
62,424
\u2014
62,424
Investments in debt
instruments designated as
at FVTPL
\u2014
6,703
6,703
\u2014
3,767
3,767
Balance at December 31
33,796
6,703
40,499
62,424
3,767
66,191
The following table includes carrying values and the estimated fair values of financial instruments
not measured at fair value:
Amounts in US$ \u2018000
2025
2024
Carrying value
Fair value
Carrying value
Fair value
Assets:
Cash and cash equivalents, including
restricted cash
147,293
147,293
56,449
56,449
Trade and other receivables
54,704
54,704
54,823
54,823
Liabilities:
Convertible Bond (incl. equity
component)
111,890
157,481
94,624
107,899
Lease Liabilities
17,719
17,719
29,914
29,914
Trade and other payables
105,899
105,899
66,611
66,611
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "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:
Amounts in US$ \u2018000
2025
2024
Cash and cash equivalents
145,305
54,944
Restricted cash
1,988
1,505
Marketable securities
33,796
112,949
Convertible bond - current
(5,336)
(4,245)
Convertible bond - non-current
(92,719)
(78,154)
Net cash (debt)
83,034
86,999
Cash and cash equivalents
145,305
54,944
Restricted cash
1,988
1,505
Marketable securities
33,796
112,949
Gross debt - fixed interest rates
(98,056)
(82,399)
Gross debt - variable interest rates
\u2014
\u2014
Net cash (debt)
83,034
86,999
Reconciliation of liabilities arising from financing activities:
Amounts in US$\u2019000
Convertible
Bond (liability)
Lease
Liabilities
Total
Carrying value 1 January 2025
82,399
29,914
112,313
Movements from financing cash flows:
Interest payments
(5,067)
(1,130)
(6,197)
Principal repayments
\u2014
(4,245)
(4,245)
(5,067)
(5,376)
(10,442)
Other movements:
New leases, remeasurements and disposals
\u2014
(10,743)
(10,743)
Accrued interest
9,685
1,130
10,815
Currency translation
11,038
2,794
13,833
20,723
(6,819)
13,904
Carrying value 31 December 2025
98,056
17,719
115,775
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, 2025, the Group's
cash and cash equivalents, including restricted cash, and marketable securities amounted to
US$181.1 million. This balance consists of cash assets denominated in euro for a total amount of
US$79.9 million or \u20ac68.2 million (applying an exchange rate EUR/USD at December\u00a031, 2025,
of 1.1713) and cash assets in U.S. Dollars for a total amount of US$96.5 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$4.7 million) is primarily denominated in British
pounds, Australian dollars and Swedish krona, 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$146.4 million (\u20ac125.0 million), respectively US$32.8
million (\u20ac28.0 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$113.6 million, a 10% weakening of the euro
versus US dollar would have an impact of US$11.4 million on the Group's gain (weakening 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 20. 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, 2025, 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, 2025, amounted to US$147.3 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, 2025, amounted to US$33.8 million (2024: US$112.9
million). As of December\u00a031, 2025, the Company held no government treasury certificates
(2024:US$50.5 million). 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,
2025, these investments amounted to US$33.8 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, 2025 , amounted to US$54.7 million. As at the date of
these financial statements, these amounts have largely been settled, including receipts in cash and
receipt of goods and services in exchange of prepaid expense items. Based on the credit ratings of
cash and cash equivalents (including restricted cash) as well as the positions taken with respect to
marketable securities and trade and other receivables, the Company considers that this risk is
adequately managed.
Liquidity risk
The liquidity risk refers to the risk that an entity will encounter difficulty in meeting obligations
associated with financial liabilities. Pharming's objective is to maintain a minimum level and certain
ratio of cash and cash equivalents (including short-term deposits and SEC Rule 2a-7 compliant
institutional money market funds). The strategy of the Company is to repay its obligations through
generation of cash income from operating activities such as product sales. In case such cash flows
are insufficient, the Company relies on financing cash flows as provided through the issuance
of shares or incurring financial liabilities. Note 3. Going concern assesment of these financial
statements more extensively describes the Company's going concern assessment.
The following table presents the financial liabilities at year-end 2025, showing the remaining
undiscounted contractual amounts due including nominal interest. Liabilities denominated in
foreign currency have been converted at the exchange rate at December\u00a031, 2025.
The following table provides the maturity profile of financial liabilities, the amounts presented are
the gross undiscounted contractual cash flows due:
Amounts in US$ \u2019000
Within one
year
In 2-4 years
Beyond 4
years
Total
Prior year
total
Trade and other payables
105,899
\u2014
\u2014
105,899
66,611
Lease Liabilities
3,860
9,086
6,142
19,088
35,319
Convertible Bonds
5,271
130,307
\u2014
135,578
129,118
Total
115,030
139,393
6,142
260,565
231,048
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 (adjusted) 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 2025 and 2024:
2025
2024
Amounts in US$ \u2019000
Level 1
Level 3
Total
Level 1
Level 3
Total
Marketable securities
(money market funds)
33,796
\u2014
33,796
62,424
\u2014
62,424
Investments in debt
instruments designated as
at FVTPL
\u2014
6,703
6,703
\u2014
3,767
3,767
Balance at December 31
33,796
6,703
40,499
62,424
3,767
66,191
The following table includes carrying values and the estimated fair values of financial instruments
not measured at fair value:
Amounts in US$ \u2018000
2025
2024
Carrying value
Fair value
Carrying value
Fair value
Assets:
Cash and cash equivalents, including
restricted cash
147,293
147,293
56,449
56,449
Trade and other receivables
54,704
54,704
54,823
54,823
Liabilities:
Convertible Bond (incl. equity
component)
111,890
157,481
94,624
107,899
Lease Liabilities
17,719
17,719
29,914
29,914
Trade and other payables
105,899
105,899
66,611
66,611
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "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, 2025, the Group's
cash and cash equivalents, including restricted cash, and marketable securities amounted to
US$181.1 million. This balance consists of cash assets denominated in euro for a total amount of
US$79.9 million or \u20ac68.2 million (applying an exchange rate EUR/USD at December\u00a031, 2025,
of 1.1713) and cash assets in U.S. Dollars for a total amount of US$96.5 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$4.7 million) is primarily denominated in British
pounds, Australian dollars and Swedish krona, 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$146.4 million (\u20ac125.0 million), respectively US$32.8
million (\u20ac28.0 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$113.6 million, a 10% weakening of the euro
versus US dollar would have an impact of US$11.4 million on the Group's gain (weakening 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 20. Convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "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, 2025, the Group's
cash and cash equivalents, including restricted cash, and marketable securities amounted to
US$181.1 million. This balance consists of cash assets denominated in euro for a total amount of
US$79.9 million or \u20ac68.2 million (applying an exchange rate EUR/USD at December\u00a031, 2025,
of 1.1713) and cash assets in U.S. Dollars for a total amount of US$96.5 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$4.7 million) is primarily denominated in British
pounds, Australian dollars and Swedish krona, 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$146.4 million (\u20ac125.0 million), respectively US$32.8
million (\u20ac28.0 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$113.6 million, a 10% weakening of the euro
versus US dollar would have an impact of US$11.4 million on the Group's gain (weakening 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "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, 2025, 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, 2025, amounted to US$147.3 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, 2025, amounted to US$33.8 million (2024: US$112.9
million). As of December\u00a031, 2025, the Company held no government treasury certificates
(2024:US$50.5 million). 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,
2025, these investments amounted to US$33.8 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, 2025 , amounted to US$54.7 million. As at the date of
these financial statements, these amounts have largely been settled, including receipts in cash and
receipt of goods and services in exchange of prepaid expense items. Based on the credit ratings of
cash and cash equivalents (including restricted cash) as well as the positions taken with respect to
marketable securities and trade and other receivables, the Company considers that this risk is
adequately managed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
Liquidity risk
The liquidity risk refers to the risk that an entity will encounter difficulty in meeting obligations
associated with financial liabilities. Pharming's objective is to maintain a minimum level and certain
ratio of cash and cash equivalents (including short-term deposits and SEC Rule 2a-7 compliant
institutional money market funds). The strategy of the Company is to repay its obligations through
generation of cash income from operating activities such as product sales. In case such cash flows
are insufficient, the Company relies on financing cash flows as provided through the issuance
of shares or incurring financial liabilities. Note 3. Going concern assesment of these financial
statements more extensively describes the Company's going concern assessment.
The following table presents the financial liabilities at year-end 2025, showing the remaining
undiscounted contractual amounts due including nominal interest. Liabilities denominated in
foreign currency have been converted at the exchange rate at December\u00a031, 2025.
The following table provides the maturity profile of financial liabilities, the amounts presented are
the gross undiscounted contractual cash flows due:
Amounts in US$ \u2019000
Within one
year
In 2-4 years
Beyond 4
years
Total
Prior year
total
Trade and other payables
105,899
\u2014
\u2014
105,899
66,611
Lease Liabilities
3,860
9,086
6,142
19,088
35,319
Convertible Bonds
5,271
130,307
\u2014
135,578
129,118
Total
115,030
139,393
6,142
260,565
231,048
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "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 (adjusted) 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 2025 and 2024:
2025
2024
Amounts in US$ \u2019000
Level 1
Level 3
Total
Level 1
Level 3
Total
Marketable securities
(money market funds)
33,796
\u2014
33,796
62,424
\u2014
62,424
Investments in debt
instruments designated as
at FVTPL
\u2014
6,703
6,703
\u2014
3,767
3,767
Balance at December 31
33,796
6,703
40,499
62,424
3,767
66,191
The following table includes carrying values and the estimated fair values of financial instruments
not measured at fair value:
Amounts in US$ \u2018000
2025
2024
Carrying value
Fair value
Carrying value
Fair value
Assets:
Cash and cash equivalents, including
restricted cash
147,293
147,293
56,449
56,449
Trade and other receivables
54,704
54,704
54,823
54,823
Liabilities:
Convertible Bond (incl. equity
component)
111,890
157,481
94,624
107,899
Lease Liabilities
17,719
17,719
29,914
29,914
Trade and other payables
105,899
105,899
66,611
66,611
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "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 (adjusted) 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 2025 and 2024:
2025
2024
Amounts in US$ \u2019000
Level 1
Level 3
Total
Level 1
Level 3
Total
Marketable securities
(money market funds)
33,796
\u2014
33,796
62,424
\u2014
62,424
Investments in debt
instruments designated as
at FVTPL
\u2014
6,703
6,703
\u2014
3,767
3,767
Balance at December 31
33,796
6,703
40,499
62,424
3,767
66,191
The following table includes carrying values and the estimated fair values of financial instruments
not measured at fair value:
Amounts in US$ \u2018000
2025
2024
Carrying value
Fair value
Carrying value
Fair value
Assets:
Cash and cash equivalents, including
restricted cash
147,293
147,293
56,449
56,449
Trade and other receivables
54,704
54,704
54,823
54,823
Liabilities:
Convertible Bond (incl. equity
component)
111,890
157,481
94,624
107,899
Lease Liabilities
17,719
17,719
29,914
29,914
Trade and other payables
105,899
105,899
66,611
66,611
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "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 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 2025 and 2024, the basic and diluted earnings per share are:
2025
2024
Net profit (loss) attributable to equity owners of the parent (in US$ \u2019000)
2,851
(11,841)
Weighted average shares outstanding
688,773,370
671,347,279
Basic profit (loss) per share (in US$)
0.004
(0.018)
Weighted average diluted shares outstanding
746,866,045
785,412,134
Diluted profit (loss) per share (in US$)
0.004
(0.018)
The diluted net profit used in the calculation of dilutive profit per share amounts to US$2.9 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, 2025, and the date of these financial statements is provided in the
following table.
Movements of shares and other instruments between December\u00a031, 2025, and April\u00a01, 2026, are
shown in the table below:
December 31, 2025
Shares issued
Other
April 1, 2026
Shares
701,680,440
4,571,860
\u2014
706,252,300
RSU
19,853,668
(298,494)
(1,339,365)
18,215,809
Convertible bonds
81,492,951
\u2014
\u2014
81,492,951
Options
8,479,908
(1,968,750)
(30,000)
6,481,158
LTIP
19,636,796
(2,304,616)
2,960,584
20,292,764
Issued
831,143,763
\u2014
1,591,219
832,734,982
Available for issue
224,856,237
\u2014
(1,591,219)
223,265,018
Authorized share capital
1,056,000,000
\u2014
\u2014
1,056,000,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "-11841000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-488": { "value": "Events after the reporting period
On January 15, 2026, the Certificate of Dissolution of Abliva Inc., a wholly owned subsidiary of the
Group, was filed with the Secretary of State of the State of Delaware. The filing confirms that Abliva
Inc. was duly dissolved in accordance with Section 275 of the Delaware General Corporation Law.
The subsidiary was non\u2011operational, and its dissolution has no material impact on the Company\u2019s
financial position, results of operations, cash flows, or internal organization.
The Board of Directors did not identify any other events after the reporting period affecting the
2025 financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500DCJ9MPG74JEH91", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }