LEIDEN, The Netherlands,
October 27, 2016 /PRNewswire/ --
Pharming Group N.V. ("Pharming" or "the Company") (Euronext
Amsterdam: PHARM) presents its (unaudited) financial report for the
nine months ended 30 September
2016.
Highlights
- Sales of RUCONEST® for the period to 30
September were up 67% overall
compared to the six months to 30
June 2016
- Sales in the US in the first nine months of 2016
were up by approximately 16%
compared to the same period last year, and up
66% compared to the first half year of
2016
- Gross Profit increased by 15% relative
to the same period last year, which was previously
Pharming's most successful period, and up
67% compared to the first half year of
2016
- Transformational acquisition of commercial rights to
Pharming's own product RUCONEST® in North America from Valeant Pharmaceuticals
International, Inc. for $60m upfront
and sales milestones of up to $65 million
- Statistically significant results from Phase II study of
RUCONEST® for prophylaxis of HAE
- Pharming agrees to market RUCONEST® directly in 21
additional EU and Middle Eastern countries in amendment with
SOBI
- The Extraordinary General Meeting of Shareholders,
held on 5 October, unanimously voted to increase
authorized share capital by 150 million shares to 800 million
shares in total.
Financial Review
For the first nine months ended 30 September:
YTD YTD H1
Amounts in EURm, except
per share data 2016 2015 % Change 2016 % Change
Income Statement
Product sales 7.0 6.8 3% 4.2 67%
License fees 1.7 1.7 - 1.1 55%
Revenue 8.7 8.5 2% 5.3 64%
Gross Profit 5.5 4.8 15% 3.3 67%
Other (non-product)
income 0.3 0.1 200% 0.2 50%
Operating Costs (15.1) (13.9) (9%) (9.7) (56%)
Operating Result (9.4) (9.1) (3%) (6.2) (52%)
Balance Sheet
Cash & marketable
securities 17.0 35.1 (52%) 21.7 (22%)
Share Information
Earnings per share (0.025) (0.014) (78%) (0.016) (56%)
Pro Forma Financial Review
If the Valeant transaction had been completed before
January 1, 2016, the highlights of
our nine-month results would have been significantly different.
Overall, the Company would have been much closer to profitability
in this period. We show on the page below an approximate pro
forma set of numbers for this hypothetical situation for
comparison and illustrative purposes only:
Amounts in EURm
(unaudited) except per Actual Pro Forma % Net Pro Forma % Net
share data YTD 2016 YTD 2016 Change 1H 2016 Change*
Income Statement
Product sales 7.0 20.5 193% 12.4 195%
License fees 1.7 0.7 (59%) 1.1 -
Revenue 8.7 21.2 144% 13.5 155%
Gross Profit 5.5 18.0 228% 11.5 248%
Other (non-product)
income 0.3 0.3 -
Costs (15.1) (21.4) (42%) (14.7) 52%
Operating Result (9.4) (3.1) 67% (3.1) 50%
Balance Sheet
Cash & marketable
securities 17.0 23.7 39% 26.3 21%
Share Information
Earnings per share (0.025) (0.010) 39% (0.013) 19%
*On the basis of the results for the first six months ended
30 June 2016, announced on 28
July 2016.
Please note that this pro forma summary represents
Pharming management estimates as well as actual figures and has not
been independently verified by the
Company's auditors. These
numbers may be subject to change if the current financial
plans or accounting treatment should
change.
- These results show a continued improvement from the 30 June and
31 August pro forma results, with annualized sales levels
based on September of €32 million versus €24.8 million based on H1
2016 results.
- At the operating result level, the 30 June pro forma
resulted in a loss of €3.1 million for H1 2016, exactly the same as
the €3.1 million loss for the total pro forma period of nine
months to September, showing that the additional profit
contribution from the US business would have resulted in an
approximately break-even position during Q3 2016 at the operating
level.
CEO's Commentary
After a relatively modest start to sales of RUCONEST®
(recombinant C1 esterase inhibitor, 50 IU/kg) in 2016, revenue
growth during the third quarter has significantly increased. Sales
efforts in the US drove this growth.
We are very pleased with these results, which show Pharming is
now growing towards profitability and, together with the
transformational acquisition of the North American rights to
RUCONEST® from Valeant, means that we can achieve profitability on
an operational level during 2017.
Income from product sales increased 67% from €4.2 million in the
first half of 2016 to €7.0 million in the nine-month period to
30 September 2016. Sales of RUCONEST®
in the US was up from €1.5 million in the first quarter and €2.0
million in the second quarter to €2.3 million in the third quarter,
which is as predicted in the eight month results announcement
3 October 2016 and represents a
strong performance. Gross profit from sales has also
continued to increase; from €3.3 million in the first half of 2016
to €5.5 million in the nine-month period as a result of improving
US sales. We maintain pressure on cash expenditure, despite
the improvement in gross margins, so that resource management
continues to improve even with much greater research and
development (R&D) activity.
On 9 August 2016, the Company
announced that it has entered into a definitive agreement to
acquire all North American commercialization rights to its own
product RUCONEST® (recombinant human C1 esterase inhibitor),
including all rights in the US, Mexico and Canada, from Valeant Pharmaceuticals
International, Inc. ("Valeant") (NYSE/TSX: VRX). Under the
terms of the agreement, Pharming will pay Valeant an upfront fee of
US$60 million upon Closing, which is
expected during the fourth quarter this year. In addition,
over the coming years the Company will make one-time-only
self-funding (meaning that no external financial resources should
be necessary to finance them) payments to Valeant on the
achievement of a small number of specific sales milestones events,
totalling a maximum of US$65
million. The specific details of these additional
transaction terms are not disclosed for commercial reasons. The
transaction is subject to Pharming obtaining adequate financing
over the coming weeks.
On 18 July 2016, we also announced
compelling data from our Phase II clinical study of RUCONEST® for
prophylaxis in patients with Hereditary Angioedema ("HAE").
In the study, RUCONEST® showed a clinically relevant and
statistically significant reduction in attack frequency for both
the twice-weekly (p-value <0.0001) and once-weekly (p-value =
0.0004) treatment regimens as compared with placebo. The
secondary endpoint showed a 72% average reduction in the number of
breakthrough attacks and a response rate of up to 96% in the
twice-weekly treated per protocol group of patients, corroborating
reports from day-to-day use of RUCONEST®. The US prophylaxis
of HAE market is expected to be around $800
million in 2017, with only one product currently approved
for this market. This represents a huge potential market for
RUCONEST®, which, if approved, would be the only recombinant C1
esterase inhibitor approved for both acute attacks and prophylactic
therapy.
On 14 July 2016, we announced that
we had updated our distribution agreement with Swedish Orphan
Biovitrum AB ("SOBI") (SS: SOBI) and as of 1
October 2016, Pharming took over responsibility for direct
commercialization of RUCONEST® in a further 21 countries.
SOBI had not yet begun significant sales efforts in most of
these countries. The countries include the major EU markets
of the UK, France and Spain, and a number of countries across
Europe and the Middle East which do not yet have optimal
access to therapies for HAE. In some of these countries we
will continue to act in partnership with the HAEi Global Access
Program ("HAEi GAP").
We continue to make good progress in developing our pipeline to
produce the next generation of therapies from our platform
technology. Our first program lead for Pompe disease is now
entering its next stage of pre-clinical testing and process
development, with the second program for Fabry Disease following by
approximately six months. We will be holding an R&D
meeting later in the year after the Valeant deal, providing further
information on these programs and the timetable of their clinical
development.
At the Extraordinary General Meeting of Shareholders held on 5
October this year, we set out the reasons for the deal with Valeant
and asked shareholders to approve an increase in the authorized
capital of 150 million shares to a total of 800 million shares.
All resolutions were approved unanimously by shareholders
voting at the meeting.
Based on our financial results for the first nine months of
2016, we expect that both sales and gross profits will continue to
improve during the remainder of the year and those investments in
R&D will continue to increase gradually. Subject to closing the
acquisition of the North American rights for RUCONEST® and if sales
of RUCONEST® are maintained at the levels seen in the third quarter
of 2016 to date, we would expect to become profitable at the
operating level during 2017. No further financial guidance for 2016
or 2017 is currently provided.
Sijmen de Vries
Chief Executive Officer
Operational Review
- Acquisition of Rights to RUCONEST® from
Valeant
Since the US Food and Drug Administration ("FDA") approval of
RUCONEST® on 16 July, 2014, US net
product sales have grown from $0.8
million in 2014 to an annualized rate of approximately
$35 million on the basis of the third
quarter of 2016 within the US acute hereditary angioedema ("HAE")
market of around $840 million.
Recently, RUCONEST® demonstrated positive data for prophylaxis in
patients with HAE. If approved for this indication, RUCONEST® will
have access to this additional market, estimated to be worth
$700 million. RUCONEST®, therefore,
has the potential to be the only C1 esterase inhibitor product
approved to target both the acute market and the HAE prophylaxis
market in one form.
Under the terms of the agreement, Pharming will pay Valeant an
upfront fee of US$60 million upon
Closing, which is expected during the fourth quarter of 2016. In
addition, over the coming years the Company will make one-time-only
(self-funding) payments to Valeant on achievement of a small number
of specific sales milestones events, totalling a maximum of
US$65 million. The specific
details of these self-funding additional transaction terms are not
disclosed for commercial reasons. The transaction is subject
to Pharming obtaining adequate financing via a funding round over
the coming weeks.
- Growth of sales force and supplementary marketing efforts
crucial for success
To ensure a seamless transition, Pharming anticipates that
Valeant's dedicated RUCONEST® sales force, a total of 11 people,
will accept direct offers to join Pharming to continue the
RUCONEST® sales effort in the US. The Company also plans to
increase the size of this sales force to drive growth in US product
sales, together with increased investments in medical science
liaison personnel and additional marketing activities, including
patient advocacy programmes and the provision of significant
unconditional support for the HAEA (the US HAE patient association)
and its programmes, as well as HAE centres of excellence in the US.
Valeant and Pharming will work closely on the transition for
customers and HAE patients under a transition services agreement
entered into at the same time as the transaction. This will enable
Pharming to replace core functions currently undertaken by Valeant
and its contractors in a timely manner.
- Acquisition of Rights to RUCONEST® in additional European
and Middle East and North Africa countries from
SOBI
Since the end of the third quarter on 30
September 2016, Pharming has taken over responsibility for
selling RUCONEST® in a further 21 countries: taking over
responsibility for marketing RUCONEST® in Algeria, Andorra, Bahrain, Belgium, France, Ireland, Jordan, Kuwait, Lebanon, Luxembourg, Morocco, Oman, Portugal, Qatar, Syria,
Spain, Switzerland, Tunisia, United Arab
Emirates, United Kingdom
and Yemen. Pharming is already
building up its sales force ready for the main EU markets of the
United Kingdom, France, Spain, Ireland and Portugal and is also developing its
pharmacovigilance and patient support network and functions in
order to start making significant sales in these markets, where
RUCONEST® has not historically sold in large quantities.
Positive Phase II results for
RUCONEST® in prophylaxis of
HAE
Pharming announced positive results from a Phase II clinical
study of RUCONEST® (recombinant C1 esterase inhibitor, 50 IU/kg)
for prophylaxis in patients with HAE. In the study, RUCONEST®
showed a clinically relevant and statistically significant
reduction in attack frequency for both the twice-weekly and
once-weekly treatment regimens as compared with placebo:
Placebo RUCONEST® RUCONEST®
Intent-to-Treat Analysis Once/week Twice/week
(n=32) Primary: Mean number
of attacks 7.2 4.4 2.7
Confidence
Interval (95%) 5.8-8.6 3.1-5.6 1.8-3.7
p-value 0.0004 p<0.0001
(n=31) Secondary: % Patients
with more than 50%
reduction in attack
frequency 42% 74%
Confidence
Interval (95%) 26-59 57-86
Per Protocol Analysis
(n=23) Mean number of attacks 7.5 3.8 2
Confidence
Interval (95%) 6.0-9.0 2.5-5.1 1.3-2.7
p-value p<0.0001 p<0.0001
(n=23) % Patients with
more than 50%
reduction in
attack frequency 57% 96%
Confidence
Interval (95%) 37-74 79-99
Financial Highlights
Revenues
Revenues from product sales slightly increased in the first nine
months of 2016 to €7.0 million from €6.8 million in the same period
in 2015, as a result of increased US product sales. RUCONEST® sales
in the US amounted to €5.8 million compared to €5.0 million in
2015. RUCONEST® sales in the EU and RoW amounted to €1.2
million compared to €1.7 million in 2015, as a result of SOBI
adjusting inventory levels in Q1 2016.
Outside the US, revenue was €1.2 million compared with €0.7
million in the first six months of 2016, a 71% increase, showing a
significantly improved performance in direct sales by Pharming, our
Latin American partner Cytobioteck and our EU partner SOBI.
Other license fee income amounted to €1.7 million, which was in
line with 2015. This license fee income reflects the release of
accrued deferred license fees following the receipt of €21.0
million upfront and milestone payments in 2010 and 2013 from SOBI,
Salix and CSIPI. It should be noted that the remaining license fee
income related to Salix and Santarus which has not been released by
the date of Closing of the acquisition will be released immediately
and deducted from the acquisition cost in determining the level of
intangible asset acquired. This is expected to be €4.7 million.
Gross Profit
Gross profit increased by €0.7 million to €5.5 million in the
first nine months of 2016 compared with the same period in 2015,
mainly as a result of an improving mix between US product sales,
direct sales and sales by our EU partner SOBI. Compared with the
first half of 2016, gross profit was up from €3.3 million to €5.5
million.
Operating Costs
Operating costs increased to €15.1 million in the first nine
months of 2016 from €13.9 million in the same period in 2015.
Within this increase, R&D costs increased by €0.8 million to
€11.1 million in the period, mainly due to costs for the expansion
of our R&D site in the
Netherlands and increased R&D activities related to
process development costs for the new projects.
General and administrative costs increased by €0.4 million to
€3.1 million in the first nine months of 2016 as a result of new
hires.
Marketing and sales costs almost remained equal in the first
nine months of 2016 compared to the same period in 2015 and
amounted €0.9 million. These costs are for direct commercialization
activities by Pharming in Germany,
Austria, the Netherlands and support to other countries
(outside US and EU).
Operating Result
As a result of the combination of the increase in gross profit
and the increase of operating costs due to increased investment in
new programs, the operating loss of €9.4 million in the first nine
months of 2016 was only slightly increased relative to last year's
loss for the same period (€9.1 million), even after taking into
account the significant increase in R&D activity since
then.
Financial Income and Expenses
The 2016 net loss on financial income and expenses was €1.1
million, compared with a (mainly non-cash) net gain of €3.2 million
in 2015. This is predominantly due to the gain on revaluation of
warrants of €3.2 million in 2015 and the interest expense in 2016
of €1.5 million on the loans. The gains on revaluation of warrants,
which represented the bulk of last year's gain, represented only
€0.4 million part of this year's loss, but are non-cash gains
accounted for in accordance with IFRS which cannot actually be
realized.
Net Result
As a result of the above items, the net loss increased from €5.9
million in the first nine months of 2015 to €10.4 million in the
same period in 2016. The increase of the net loss was mainly
related to the increase in financial expenses as a result of
interest on the loans and reduced non-cash income from revaluation
of derivatives.
Cash and Cash Equivalents
The total cash and cash equivalent position (including
restricted cash) decreased by €14.8 million from €31.8 million at
year-end 2015 to €17.0 million at the end of September 2016. The decrease in cash mainly
relates to increased R&D spend, offset by an increase in trade
and current liabilities. In 2015, the change in cash balances was
offset by entering into a US$17
million, four-year straight debt (working capital) facility
with Oxford Finance and Silicon Valley Bank and was mainly related
to the build-up of inventories. Cash at the end of the second
quarter of 2016 was €21.7 million, and the decrease since then is
mainly attributable to inventory costs for the most recent batches
of RUCONEST® and the pre-payment of supply prices to our fill &
finish partner BioConnection.
Equity
The Company's equity position amounted to €15.0 million at the
end of September 2016 (31 December 2015: €23.8 million), mainly due to
the net loss and the share-based compensation. In addition, it
should be noted that the Company still has a significant amount of
deferred license fee income (September
2016: €8.3 million) regarding non-refundable license fees
received in 2010 and 2013 which will be recognised in the statement
of income over the term of the license agreements involved, except
that if the acquisition closes, the amount of €4.7 million will be
released immediately from the deferred license fee revenue and used
to defray the value of the acquired assets.
The number of outstanding issued shares at 30 September 2016 and reporting date was
412,605,374.
Performance of Pharming Shares
During the first nine months of the year, Pharming's stock price
fluctuated around an average price of €0.24 per share. The
period-end price was €0.21 (30 September
2015: €0.26), with a high of €0.31 in March and a low of
€0.17 occurring in June.
Outlook
For the remainder of 2016, the Company expects:
- Completion of the financing round to enable closing of the
acquisition of the North American commercialization rights to
RUCONEST® from Valeant, with the associated payment of $60 million (approximately €53.4 million)
- Investment in the production of RUCONEST® in order to ensure
continuity of supply to the growing markets in the US, Europe and the rest of the world.
- Assessment of the Phase II clinical trial results for RUCONEST®
in prophylaxis of HAE with the US FDA and EMA and the continued
development and expansion of RUCONEST®.
- We will also continue to invest carefully in the new pipeline
programs in Pompe Disease and Fabry Disease, as well as additional
development opportunities and assets as these occur.
- Increasing marketing activity where this can be profitable for
Pharming, in addition to our current territories of Austria, Germany and the
Netherlands. From October, we will begin operations in
the UK and France, followed by
Ireland, Belgium, Spain and Portugal, once reimbursement has been obtained
where necessary.
- We will continue to support all our global marketing partners
in order to enable the maximization of the sales and distribution
potential of RUCONEST® for patients in all territories, as we
continue to believe that RUCONEST® represents a fast, effective,
reliable and safe therapy option available to HAE patients.
Subject to acquisition of the North American commercialization
rights to RUCONEST® and maintenance of the current average level of
sales growth of the product seen in the US in the third quarter of
2016 so far, we expect to achieve profitability at the operating
level in the course of 2017. No further financial guidance for 2016
or 2017 is provided.
The Board of Management
Sijmen de Vries, CEO
Bruno Giannetti, COO
Robin Wright, CFO
About Pharming Group N.V.
Pharming is a specialty pharmaceutical company developing
innovative products for the safe, effective treatment of rare
diseases and unmet medical needs. Pharming's lead product,
RUCONEST® (conestat alfa) is a recombinant human C1 esterase
inhibitor approved for the treatment of acute Hereditary Angioedema
("HAE") attacks in patients in Europe, the US and rest of the world. The
product is available on a named-patient basis in other territories
where it has not yet obtained marketing authorization.
RUCONEST® is commercialized by Pharming in Algeria, Andorra, Austria, Bahrain, Belgium, France, Germany, Ireland, Jordan, Kuwait, Lebanon, Luxembourg, Morocco, Netherlands, Oman, Portugal, Qatar, Syria,
Spain, Switzerland, Tunisia, United Arab
Emirates, United Kingdom
and Yemen.
RUCONEST® is distributed by Swedish Orphan Biovitrum AB (publ)
(SS: SOBI) in the other EU countries, and in Azerbaijan, Belarus, Georgia, Iceland, Kazakhstan, Liechtenstein, Norway, Russia, Serbia, and Ukraine.
RUCONEST® is distributed in the United
States by a subsidiary of Valeant Pharmaceuticals
International, Inc. (NYSE: VRX/TSX: VRX), following Valeant's
acquisition of Salix Pharmaceuticals, Ltd.
RUCONEST® is distributed in Argentina, Colombia, Costa
Rica, the Dominican
Republic, Panama and
Venezuela by Cytobioteck, in
South Korea by HyupJin Corporation
and in Israel by Megapharm.
RUCONEST® is also being investigated in a Phase II clinical
trial for the treatment of HAE in young children (2-13 years of
age) and evaluated for various additional follow-on
indications.
Pharming's technology platform includes a unique, GMP-compliant,
validated process for the production of pure recombinant human
proteins that has proven capable of producing industrial quantities
of high quality recombinant human proteins in a more economical and
less immunogenetic way compared with current cell-line based
methods. Leads for enzyme replacement therapy ("ERT") for Pompe and
Fabry's diseases are being optimized at present, with additional
programs not involving ERT also being explored at an early stage at
present.
Pharming has a long-term partnership with the Shanghai Institute
of Pharmaceutical Industry ("SIPI"), a Sinopharm company, for joint
global development of new products, starting with recombinant human
Factor VIII for the treatment of Haemophilia A. Pre-clinical
development and manufacturing will take place to global standards
at SIPI and are funded by SIPI. Clinical development will be shared
between the partners with each partner taking the costs for their
territories under the partnership.
Pharming has declared that the
Netherlands is its "Home Member State" pursuant to the
amended article 5:25a paragraph 2 of the Dutch Financial
Supervision Act.
Additional information is available on the Pharming website:
http://www.pharming.com
Forward-looking Statements
Pharming Group N.V.
Consolidated Interim Financial Statements (Unaudited)
For the first nine months ended 30
September 2016
Consolidated statement of income
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated Statement of Income
For the first nine months ended 30 September
Amounts in EUR'000, except per share data YTD 2016 YTD 2015
Product sales 7,034 6,829
Release of deferred license fee income 1,656 1,655
Revenues 8,690 8,484
Costs of product sales (3,022) (3,882)
Inventory impairments (209) 150
Costs of sales (3,231) (3,732)
Gross profit 5,459 4,752
Other income 265 106
Research and development (11,080) (10,315)
General and administrative (3,120) (2,747)
Marketing and sales (911) (867)
Costs (15,111) (13,929)
Operating result (9,387) (9,070)
Fair value gain/(loss) on revaluation
derivatives 411 3,152
Other financial income and expenses (1,463) 19
Financial income and expenses (1,052) 3,171
Result before income tax (10,439) (5,899)
Income tax expense - -
Net result for the period (10,439) (5,899)
Attributable to:
Owners of the parent (10,439) (5,899)
Total net result (10,439) (5,899)
Basic and diluted earnings per share (EUR) (0.025) (0.014)
Consolidated Statement of Comprehensive Income
For the first nine months ended 30 September
Amounts in EUR'000 YTD 2016 YTD 2015
Net result for the period (10,439) (5,899)
Currency translation differences (2) 6
Items that may be subsequently reclassified to
profit or loss (2) 6
Other comprehensive income, net of tax (2) 6
Total comprehensive income for the period (10,441) (5,893)
Attributable to:
Owners of the parent (10,441) (5,893)
Consolidated Balance Sheet
As at date shown
Amounts in EUR'000 30 September 31 December
2016 2015
Intangible assets 685 724
Property, plant and equipment 5,909 5,661
Restricted cash 248 200
Long term prepayment 1,000 -
Non-current assets 7,842 6,585
Inventories 18,379 16,229
Trade and other receivables 5,872 3,220
Cash and cash equivalents 16,764 31,643
Current assets 41,015 51,092
Total assets 48,857 57,677
Share capital 4,126 4,120
Share premium 283,538 283,396
Legal reserves 64 66
Accumulated deficit (272,746) (263,743)
Shareholders' equity 14,982 23,839
Loans and borrowings 8,647 11,757
Deferred license fees income 6,214 7,808
Finance lease liabilities 726 798
Non-current liabilities 15,587 20,363
Loans and borrowings 5,636 3,047
Deferred license fees income 2,145 2,207
Derivative financial liabilities 534 953
Trade and other payables 9,714 7,005
Finance lease liabilities 259 263
Current liabilities 18,288 13,475
Total equity and liabilities 48,857 57,677
Consolidated Statement of Cash Flows
For the first nine months ended 30 September
Amounts in EUR'000 YTD 2016 YTD 2015
Operating result (9,387) (9,070)
Non-cash adjustments:
Depreciation, amortization 447 397
Accrued employee benefits 1,435 2,041
Deferred license fees (1,656) (1,655)
Operating cash flows before changes in working
capital (9,161) (8,287)
Changes in working capital:
Inventories (2,150) (3,272)
Trade and other receivables (2,652) (2,580)
Payables and other current liabilities 2,709 316
Total changes in working capital (2,093) (5,536)
Changes in non-current assets, liabilities and
equity (764) 343
Net cash flows used in operating activities (12,018) (13,480)
Capital expenditure for property, plant and
equipment (922) (666)
Divestments of assets - 2
Net cash flows used in investing activities (922) (664)
Proceeds of debt loans - 15,524
Payments of transaction fees and expenses - (608)
Repayment and interest on loans (1,567) (88)
Proceeds of equity and warrants 14 4
Interest received 5 102
Net cash flows from financing activities (1,549) 14,933
Increase (decrease) of cash (14,489) 789
Exchange rate effects (343) (122)
Cash and cash equivalents at 1 January 31,843 34,385
Total cash at 30 September 17,012 35,052
Of which restricted cash 248 200
Cash and cash equivalents at 30 September 16,764 34,852
This press release of Pharming Group N.V. and its subsidiaries
(“Pharming”, the “Company” or the “Group”) may contain
forward-looking statements including without limitation those
regarding Pharming’s financial projections, market expectations,
developments, partnerships, plans, strategies and capital
expenditures.
The Company cautions that such forward-looking statements may
involve certain risks and uncertainties, and actual results may
differ. Risks and uncertainties include without limitation the
effect of competitive, political and economic factors, legal
claims, the Company’s ability to protect intellectual property,
fluctuations in exchange and interest rates, changes in taxation
laws or rates, changes in legislation or accountancy practices and
the Company’s ability to identify, develop and successfully
commercialize new products, markets or technologies.
As a result, the Company’s actual performance, position and
financial results and statements may differ materially from the
plans, goals and expectations set forth in such forward-looking
statements. The Company assumes no obligation to update any
forward-looking statements or information, which should be taken as
of their respective dates of issue, unless required by laws or
regulations.
Forward-looking Statements
Contact
Sijmen de Vries, CEO: T: +31-71-524-7400
Robin Wright, CFO: T:
+31-71-524-7432
FTI Consulting
Julia Phillips/ Victoria Foster Mitchell, T:
+44-203-727-1136
PRN NLD