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PHARMING GROUP NV (PHARM.AS) Stock Fundamental Analysis

AMS:PHARM - Euronext Amsterdam - NL0010391025 - Common Stock - Currency: EUR

0.885  +0.01 (+1.43%)

Fundamental Rating

4

Taking everything into account, PHARM scores 4 out of 10 in our fundamental rating. PHARM was compared to 68 industry peers in the Biotechnology industry. Both the profitability and the financial health of PHARM get a neutral evaluation. Nothing too spectacular is happening here. PHARM is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

PHARM had negative earnings in the past year.
In the past year PHARM had a positive cash flow from operations.
In multiple years PHARM reported negative net income over the last 5 years.
In multiple years PHARM reported negative operating cash flow during the last 5 years.
PHARM.AS Yearly Net Income VS EBIT VS OCF VS FCFPHARM.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M -50M

1.2 Ratios

PHARM has a Return On Assets of -3.50%. This is in the better half of the industry: PHARM outperforms 67.65% of its industry peers.
PHARM has a better Return On Equity (-6.59%) than 69.12% of its industry peers.
Looking at the Return On Invested Capital, with a value of 1.95%, PHARM belongs to the top of the industry, outperforming 80.88% of the companies in the same industry.
Industry RankSector Rank
ROA -3.5%
ROE -6.59%
ROIC 1.95%
ROA(3y)-0.68%
ROA(5y)2.2%
ROE(3y)-1.17%
ROE(5y)5.07%
ROIC(3y)N/A
ROIC(5y)N/A
PHARM.AS Yearly ROA, ROE, ROICPHARM.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -100 -200 -300 -400

1.3 Margins

Looking at the Operating Margin, with a value of 2.63%, PHARM is in the better half of the industry, outperforming 79.41% of the companies in the same industry.
The Gross Margin of PHARM (88.98%) is better than 88.24% of its industry peers.
In the last couple of years the Gross Margin of PHARM has remained more or less at the same level.
Industry RankSector Rank
OM 2.63%
PM (TTM) N/A
GM 88.98%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.48%
GM growth 5Y0.17%
PHARM.AS Yearly Profit, Operating, Gross MarginsPHARM.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100

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5

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so PHARM is destroying value.
The number of shares outstanding for PHARM has been increased compared to 1 year ago.
PHARM has more shares outstanding than it did 5 years ago.
PHARM has a better debt/assets ratio than last year.
PHARM.AS Yearly Shares OutstandingPHARM.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M
PHARM.AS Yearly Total Debt VS Total AssetsPHARM.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

2.2 Solvency

Based on the Altman-Z score of 0.51, we must say that PHARM is in the distress zone and has some risk of bankruptcy.
With a Altman-Z score value of 0.51, PHARM perfoms like the industry average, outperforming 52.94% of the companies in the same industry.
The Debt to FCF ratio of PHARM is 23.45, which is on the high side as it means it would take PHARM, 23.45 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 23.45, PHARM belongs to the top of the industry, outperforming 80.88% of the companies in the same industry.
A Debt/Equity ratio of 0.52 indicates that PHARM is somewhat dependend on debt financing.
PHARM's Debt to Equity ratio of 0.52 is in line compared to the rest of the industry. PHARM outperforms 50.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.52
Debt/FCF 23.45
Altman-Z 0.51
ROIC/WACC0.31
WACC6.36%
PHARM.AS Yearly LT Debt VS Equity VS FCFPHARM.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M 100M 150M 200M

2.3 Liquidity

PHARM has a Current Ratio of 2.76. This indicates that PHARM is financially healthy and has no problem in meeting its short term obligations.
PHARM's Current ratio of 2.76 is fine compared to the rest of the industry. PHARM outperforms 63.24% of its industry peers.
A Quick Ratio of 2.00 indicates that PHARM should not have too much problems paying its short term obligations.
PHARM's Quick ratio of 2.00 is in line compared to the rest of the industry. PHARM outperforms 55.88% of its industry peers.
Industry RankSector Rank
Current Ratio 2.76
Quick Ratio 2
PHARM.AS Yearly Current Assets VS Current LiabilitesPHARM.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

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5

3. Growth

3.1 Past

The earnings per share for PHARM have decreased strongly by -50.00% in the last year.
The Revenue has grown by 24.13% in the past year. This is a very strong growth!
PHARM shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 10.64% yearly.
EPS 1Y (TTM)-50%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-15.79%
Revenue 1Y (TTM)24.13%
Revenue growth 3Y14.33%
Revenue growth 5Y10.64%
Sales Q2Q%42.29%

3.2 Future

PHARM is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 52.28% yearly.
PHARM is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 9.99% yearly.
EPS Next Y183.09%
EPS Next 2Y10.31%
EPS Next 3Y46.06%
EPS Next 5Y52.28%
Revenue Next Year14.32%
Revenue Next 2Y10.95%
Revenue Next 3Y10.23%
Revenue Next 5Y9.99%

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
PHARM.AS Yearly Revenue VS EstimatesPHARM.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 100M 200M 300M 400M
PHARM.AS Yearly EPS VS EstimatesPHARM.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 0.1 -0.1

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3

4. Valuation

4.1 Price/Earnings Ratio

PHARM reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for PHARM. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
PHARM.AS Price Earnings VS Forward Price EarningsPHARM.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20 40 -40 60

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of PHARM indicates a rather cheap valuation: PHARM is cheaper than 98.53% of the companies listed in the same industry.
Based on the Price/Free Cash Flow ratio, PHARM is valued cheaply inside the industry as 89.71% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 13.93
EV/EBITDA 1.63
PHARM.AS Per share dataPHARM.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2 3 4

4.3 Compensation for Growth

A more expensive valuation may be justified as PHARM's earnings are expected to grow with 46.06% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y10.31%
EPS Next 3Y46.06%

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0

5. Dividend

5.1 Amount

No dividends for PHARM!.
Industry RankSector Rank
Dividend Yield N/A

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PHARMING GROUP NV

AMS:PHARM (7/15/2025, 5:29:46 PM)

0.885

+0.01 (+1.43%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Earnings (Last)05-08 2025-05-08/bmo
Earnings (Next)07-31 2025-07-31
Inst Owners10.96%
Inst Owner ChangeN/A
Ins Owners1.41%
Ins Owner ChangeN/A
Market Cap60.53M
Analysts88.57
Price Target6.24 (605.08%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-34.81%
Min EPS beat(2)-42.39%
Max EPS beat(2)-27.22%
EPS beat(4)1
Avg EPS beat(4)-61.09%
Min EPS beat(4)-197.09%
Max EPS beat(4)22.33%
EPS beat(8)3
Avg EPS beat(8)-66.01%
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)12.4%
Min Revenue beat(2)11.43%
Max Revenue beat(2)13.37%
Revenue beat(4)2
Avg Revenue beat(4)3.98%
Min Revenue beat(4)-5.54%
Max Revenue beat(4)13.37%
Revenue beat(8)5
Avg Revenue beat(8)1.21%
Revenue beat(12)5
Avg Revenue beat(12)-2.03%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)-10.97%
EPS NQ rev (1m)-233.33%
EPS NQ rev (3m)-233.33%
EPS NY rev (1m)0%
EPS NY rev (3m)156.12%
Revenue NQ rev (1m)4.67%
Revenue NQ rev (3m)4.67%
Revenue NY rev (1m)0%
Revenue NY rev (3m)4.67%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.22
P/FCF 13.93
P/OCF 11.63
P/B 0.33
P/tB 0.94
EV/EBITDA 1.63
EPS(TTM)-0.02
EYN/A
EPS(NY)-0.02
Fwd EYN/A
FCF(TTM)0.06
FCFY7.18%
OCF(TTM)0.08
OCFY8.6%
SpS4.01
BVpS2.68
TBVpS0.94
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -3.5%
ROE -6.59%
ROCE 2.59%
ROIC 1.95%
ROICexc 2.9%
ROICexgc 7.97%
OM 2.63%
PM (TTM) N/A
GM 88.98%
FCFM 1.58%
ROA(3y)-0.68%
ROA(5y)2.2%
ROE(3y)-1.17%
ROE(5y)5.07%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.48%
GM growth 5Y0.17%
F-Score5
Asset Turnover0.8
Health
Industry RankSector Rank
Debt/Equity 0.52
Debt/FCF 23.45
Debt/EBITDA 5.21
Cap/Depr 7.89%
Cap/Sales 0.31%
Interest Coverage 2.2
Cash Conversion 28.73%
Profit Quality N/A
Current Ratio 2.76
Quick Ratio 2
Altman-Z 0.51
F-Score5
WACC6.36%
ROIC/WACC0.31
Cap/Depr(3y)9.71%
Cap/Depr(5y)59.68%
Cap/Sales(3y)0.61%
Cap/Sales(5y)3.49%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-50%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-15.79%
EPS Next Y183.09%
EPS Next 2Y10.31%
EPS Next 3Y46.06%
EPS Next 5Y52.28%
Revenue 1Y (TTM)24.13%
Revenue growth 3Y14.33%
Revenue growth 5Y10.64%
Sales Q2Q%42.29%
Revenue Next Year14.32%
Revenue Next 2Y10.95%
Revenue Next 3Y10.23%
Revenue Next 5Y9.99%
EBIT growth 1Y128.99%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year21.21%
EBIT Next 3Y76.77%
EBIT Next 5Y85.48%
FCF growth 1Y284.53%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y750%
OCF growth 3YN/A
OCF growth 5YN/A