Slides
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1 Second quarter and first half 2026 financial results NASDAQ: PHAR EURONEXT Amsterdam: PHARM JULY 30, 2026
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2 2 Fabrice Chouraqui Chief Executive Officer Introduction CEO
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3 Chief Executive Officer Chief Commercial Officer Chief Medical Officer Chief Financial Officer Fabrice Chouraqui Leverne Marsh Anurag Relan, MD Kenneth Lynard Speakers
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4 This presentation may contain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. These forward-looking statements are identified by their use of terms and phrases such as “aim” , “ambition” , ‘ ‘anticipate’’ , ‘ ‘believe’’ , ‘ ‘could’’ , ‘ ‘estimate’’ , ‘ ‘expect’’ , ‘ ‘goals’’ , ‘ ‘intend’’ , ‘‘may’’ , “milestones” , ‘ ‘objectives’’ , ‘ ‘outlook’’ , ‘ ‘plan’’ , ‘ ‘probably’’ , ‘ ‘project’’ , ‘ ‘risks’’ , “schedule” , ‘ ‘seek’’ , ‘ ‘should’’ , ‘ ‘target’’ , ‘ ‘will’’ and similar terms and phrases. Examples of forward-looking statements may include statements with respect to timing and progress of Pharming's preclinical studies and clinical trials of its product candidates, Pharming's clinical and commercial prospects, and Pharming's expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming's clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory, commercial, competitive and technical developments.In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming's 2025 Annual Report and the Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming's actual results could differ materially and adversely from those anticipated or implied thereby.All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Any forward-looking statements speak only as of the date of this presentation and are based on information available to Pharming as of the date of this presentation. Pharming does not undertake any obligation to publicly update or revise any forward- looking statement as a result of new information, future events or other information. Forward-looking statements
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5 • APDS: Geographic, pediatric and prevalence1 expansion • PIDs / CVID: Two Phase II studies (readout Q4 2026) • Cornerstone on-demand therapy for high-burden HAE patients • mtDNA mitochondrial disease: FALCON pivotal study with positive futility analysis (readout 2027) Strong commercial foundation with high-value pipeline HAE Hereditary Angioedema RUCONEST® Joenja® (leniolisib) PIDs Primary Immunodeficiencies with immune dysregulation napazimone (KL1333) PMD Primary Mitochondrial Disease These product candidates are under investigation, and their safety and efficacy have not been established. There is no guarantee that these products will receive health authority approval or become commercially available for the uses being investigated. HAE: Hereditary Angioedema, PIDs: Primary Immunodeficiencies, PMD: Primary Mitochondrial Disease, CVID: Common Variable Immunodeficiency 1. Walsh et al., Scalable generation and functional classification of genetic variants in inborn errors of immunity to accelerate clinical diagnosis and treatment, Cell (2025), https://doi.org/10.1016/j.cell.2025.05.037 >$1B revenue potential>$1B revenue potentialDurable cash flow CLINICAL APPROVED for acute HAE for APDSAPPROVED
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6 Q2 2026 updates RUCONEST resilience Joenja growth momentum • Patient base 93% of year-ago level • Renewed strength in new enrollments • New prescriber additions • 40% revenue growth in APDS • Geographic expansion accelerating • Pediatric expansion – additional growth catalyst80.4 72.3 12.8 17.9 Amounts in US$ million Revenues RUCONEST Joenja -3% 90.293.2 Revised full-year 2026 financial guidance • Revenue – US$375-395M, lowered by US$30M • Operating Expenses – US$315-320M, improved by US$15M Q2 2025 Q2 2026
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7 Key near-term milestones Joenja for APDS Joenja (leniolisib) for additional PIDs RUCONEST for HAE Revenues expected to stabilize with return to growth during 2H 2026 Geographic expansion Pediatric label expansion (U.S.) Two Phase II trial readouts for the broader CVID patient population
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8 8 Leverne Marsh Chief Commercial Officer Commercial update CCO
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9 17 new prescribers 84 new patient enrollments Improvement in underlying demand RUCONEST Q2 performance Revenue: $72.3M -10% vs. Q2 2025 +24% vs. Q1 2026 Stabilization with return to revenue growth expected by year-end Financial performance Resilient patient base Active RUCONEST Patients Dynamic Patients 93% YoY New Starts Restarts Switches Drop Offs
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10 RUCONEST – durable market position in high-burden HAE Overwhelming majority of RUCONEST patients remain on therapy one year into oral competitor launch Differentiated value proposition • Targets the root cause of HAE across all pathways • Efficacy and reliability of IV self administration Mostly used by patients experiencing more severe / frequent attacks Highly specific manufacturing process
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11 RUCONEST – rapid, reliable, complete attack resolution References: 1. RUCONEST. Prescribing information. Pharming Healthcare Inc; 2020. 2. Bernstein JA, et al. Ann Allergy Asthma I mmunol. 2017;118(4):452-453. 3. Riedl MA, et al. Adv Ther. Published online May 20, 2026. doi:10.1007/s12325-026-03625-0. The most common adverse reactions (incidence ≥2%) were headache, nausea and diarrhea. The most serious adverse reaction reported in clinical trials was anaphylaxis. 4.5 HOURS Median time to complete attack resolution with RUCONEST3 1 DOSE 97% of acute attacks needed just one dose of RUCONEST1 3 DAYS Stopped 93% of attacks for at least 3 days2
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12 Joenja Q2 update – strong global momentum in APDS ahead of geographic and pediatric expansion expected this year Revenue +40% 132 patients on therapy in US (+16% vs 2Q25) +16 U.S. patients identified Geographic expansion accelerating 11.8 15.4 1.0 2.5 2Q 2025 2Q 2026 Amounts in US$ million Joenja revenue (global) U.S. EU & RoW 96 102 114 116 120 127 132 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 U.S. patients on Joenja +150%12.8 17.9 +31%
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13 13 Established APDS Commercial Base • 132 APDS Patients on Therapy (U.S.)* U.S. APDS Expansion • Pediatric (4-11 yrs) launch • VUS reclassification International APDS Expansion • Focused geo- expansion that doubles addressable opportunity Broad PIDs/CVID Opportunity*** • Genetic PIDs with immune dysregulation (>2,500 U.S. patients) • CVID with immune dysregulation (>13,000 U.S. patients) Joenja expansion from APDS foundation into broad blockbuster immunology opportunity *APDS prevalence est. ~1.5 patients / million in U.S. and Core 8 ex-US markets. Patients identified: 298 patients in the U.S. (198 eligible 12+, 60 eligible 4-11), 1042 globally (as of June 30, 2026). **Previously launched in U.K. ***Prevalence overlap: CVID prevalence est. ~39 patients / million. Genetic PIDs prevalence est. ~7.5 patients / million (4.5 patients / million of which are included in CVID prevalence) Sequential Growth Drivers to Blockbuster Potential Pediatric sNDA accepted (Oct. 24, 2026 PDUFA) Filed lower dose sNDA CVID expanded access clinical experience U.S. patients +16% (Q2’26 vs ’25) Recent approvals**: Germany launch July ‘26 Japan launch Q3’26 PhII trial readouts Q4’26
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14 14 Anurag Relan Chief Medical Officer R&D update CMO
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15 PI3Kẟ is a master regulator of the immune system and imbalance contributes to immune dysregulation PI3Kẟ is a master regulator of the immune system Immune dysregulation pathology Lymphoproliferation Autoimmunity GI Disease Pulmonary Disease p110δ p85ɑ AKT/PKB FOXO mTOR PI3Kδ Cell proliferation Cell Differentiation Cell trafficking Apoptosis inhibition/survival Cell Growth
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16 PI3Kδ inhibition validated in APDS Joenja (leniolisib) APPROVED for APDS Sustained, durable efficacy Lymph-node and spleen volume reduced, sustained through multi-year OLE† Established safety and tolerability* Clinically meaningful improvements** Reduced infections, fewer hospitalizations, and lower treatment burden Primarily mild-to-moderate adverse events; no treatment- related SAEs with up to 7 years of therapy *Based on Phase III clinical trial and open label extension **Based on post-hoc analysis and real-world evidence †OLE: Open Label Extension
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17 Shared clinical manifestations across all three populations Autoimmunity GI Disease Pulmonary DiseaseLymphoproliferation Leniolisib opportunity: Targeting shared PI3Kδ-driven immune dysregulation across primary immunodeficiencies (PIDs) Genetic PIDs with immune dysregulation linked to PI3Kẟ CVID with immune dysregulation Two Phase II trials Expanding the addressable market Joenja (leniolisib) APDS APPROVED
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18 Leniolisib Phase II trials in CVID and PIDs: Fully enrolled, readouts 4Q 20265 CVID with immune dysregulation N = 20 Open-label, single-arm, multi-center NCT06897358 Genetic PIDs with immune dysregulation N = 12 Open-label, single-arm basket trial at NIH (ALPS-FAS, CTLA4, NFKB1, PTEN, SOCS1, NRAS/KRAS RALD) NCT06549114 E N D P O I N T S Lymph-node & spleen size Blood cell counts Lung & liver (end-organ) Novel and indication- specific patient / clinician outcomes Biomarkers (CXCL13, B cells) W H A T W E A I M T O D E M O N S T R A T E Clinically meaningful reductions in lymphoproliferation and cytopenias, end-organ stabilization and supportive biomarker shifts — establishing proof of concept and confirming dose. Fully enrolled Topline Q4 2026 Dose-ranging: 10 mg / 30 mg / 70 mg twice daily · shared 3-year open-label extension
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19 19 Kenneth Lynard Chief Financial Officer Financial results and outlook CFO
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20 11.7 (9.7) Amounts in US$ million Cash flow from operations Financial highlights: Q2 2026 vs Q2 2025 * Adjusted operating profit for 2Q 2025 excludes US$2.1 million of non-recurring Abliva acquisition-related expenses. For 2Q 2026 adjusted operating profit excludes US$4.9 million in one-time manufacturing-related impairments of inventory and US$1.7 million in expenses associated with the planned closure of the production-support site in Évry, France. • Revenues of US$90.2 million (-3%). • Strong Joenja revenue growth (+40%). RUCONEST lower (-10%) YoY and up 24% sequentially. • Adjusted Operating Profit impacted by one-time manufacturing inventory impairments and lower revenue. Operating Expenses +1.5% YoY . • Cash and Marketable Securities US$159.5M, down US$12.3M vs. Q1 2026, primarily due to working capital movements. 80.4 72.3 12.8 17.9 Amounts in US$ million Revenues RUCONEST Joenja 12.9 7.9 Amounts in US$ million Adjusted (Non-GAAP) Operating profit (loss)* -3% Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 93.2 90.2
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21 12.0 (7.7) Amounts in US$ million Cash flow from operations 13.7 3.0 Amounts in US$ million Adjusted (Non-GAAP) Operating profit (loss)* Financial highlights: H1 2026 vs H1 2025 * Adjusted operating profit for H1 2025 excludes US$9.9 million of non-recurring Abliva acquisition-related expenses. For H1 2026 adjusted operating profit excludes US$4.9 million in one-time manufacturing-related impairments of inventory and US$1.7 million in expenses associated with the planned closure of the production-support site in Évry, France. • Revenues of US$162.7 million (-6%). Strong Joenja® revenue growth (+37%). RUCONEST® lower (-12%). • Adjusted Operating Profit primarily impacted by one-time manufacturing inventory impairments and lower revenue. Operating Expenses marginally above PY , +1%. • Cash and marketable securities decreased by US$21.6M to US$159.5M in H1, primarily due to working capital changes, payments of income taxes, and -US$12.3M for DSP lease termination. 149.0 130.7 23.3 32.0 Amounts in US$ million Revenues RUCONEST Joenja H1 2025 H1 2026 H1 2025 H1 2026 172.3 162.7 -6% H1 2025 H1 2026
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22 Significant and accelerating Joenja growth, and RUCONEST revenue stabilization and return to growth during 2H 2026. Strong financial discipline, and prioritized investments to drive near- and long-term value creation. Available cash and future cash flows expected to cover current pipeline and pre-launch costs. Revenue and operating expenses (in constant currency): 2026 financial guidance and long-term capital outlook FY 2026 Guidance Notes Total Revenues US$375 - 395 million • 0 - 5% growth Operating Expenses US$315 - 320 million • 1 – 3% growth • +US$40 million R&D to advance pipeline • -US$9 million from G&A structural cost reductions (as announced in October 2025)
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23 23 Fabrice Chouraqui Chief Executive Officer Conclusion CEO
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24 • Lowered Revenue guidance to US$375-395M • Improved Operating expense guidance to US$315-320M • RUCONEST resilience • Joenja sales momentum Updated 2026 outlook with solid fundamentals and compelling near-term clinical catalysts • Geographic, pediatric and prevalence expansion Joenja - commercial Significant growth opportunities Building a leading rare disease companyQ2 updates/overview Pipeline - blockbuster potential Q4 2026: Two Phase II readouts with leniolisib for PIDs/CVID 2027: FALCON pivotal study with napazimone in mtDNA mitochondrial disease • More disciplined operating model • Scalable organization • Value creation focus
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25 Chief Executive Officer Chief Commercial Officer Chief Medical Officer Chief Financial Officer Fabrice Chouraqui Leverne Marsh Anurag Relan, MD Kenneth Lynard Q&A
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26 The Netherlands Pharming Group Vondellaan 47 2332 AA Leiden The Netherlands United States Pharming Healthcare, Inc. 10 Independence Blvd Suite 401, Warren NJ 07059 United States WWW.PHARMING.COM Thank you! Joenja® and RUCONEST® are registered trademarks owned by or licensed to Pharming Group N.V. or its affiliates. Other trademarks and trade names are the property of their respective owners.
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27 27 Appendix
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28 Statement of profit and loss
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29 Balance sheet – assets
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30 Balance sheet – liabilities
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31 Cash flow (1/2) 1 Comparative presentation updated for consistency.
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32 Cash flow (2/2)