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    Alistair Campbell • Royal Bank of Canada

    Alistair Campbell's questions to Pharming Group NV (PHAR) leadership

    Alistair Campbell's questions to Pharming Group NV (PHAR) leadership • Q1 2025

    Question

    Alistair Campbell of RBC Capital Markets asked about the expected net price evolution for Joenja in the U.S. for 2025, the process and timeline for converting VUS (variant of uncertain significance) patients to paid therapy, and the reason for a tax expense in a loss-making first quarter.

    Answer

    CFO Jeroen Wakkerman explained the Q1 tax expense was driven by one-off, non-deductible costs from the Abliva acquisition and is not expected to continue. CCO Stephen Toor stated that approximately 75-76% of Joenja's pricing action is expected to flow through to the net price. He added that while patient conversion is not linear due to patient complexity, they are seeing an acceleration and are confident in continued growth.

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    Alistair Campbell's questions to Pharming Group NV (PHAR) leadership • Q4 2024

    Question

    Alistair Campbell from RBC Capital Markets asked if RUCONEST's strong Q4 performance included stocking effects and what market research underpins the confidence in its growth amid new competition. He also questioned the timeline and approval pathway for the CVID trials.

    Answer

    CEO Fabrice Chouraqui and CCO Stephen Toor confirmed RUCONEST's Q4 results were driven by strong demand, not stocking, and that confidence is based on its unique profile for severe patients, validated by physician feedback. CMO Anurag Relan stated that for CVID, a Phase II study is planned, with more details on the development path to follow after the program formally begins.

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    Alistair Campbell's questions to Pharming Group NV (PHAR) leadership • Q2 2024

    Question

    Alistair Campbell asked about the pathway for converting a diagnosed Joenja patient to an enrolled, on-therapy patient in the U.S., the key hurdles in that process, and the expected pace of patient additions before the larger boluses from VUS and pediatrics arrive.

    Answer

    Chief Commercial Officer Stephen Toor described the process from diagnosis to enrollment via their patient services, noting a 98% payer approval rate. He explained that the pace of new patient starts is not linear and can be slowed by factors like comorbidities or chemotherapy. While the team works on each of the ~50 diagnosed patients in the pipeline, he could not provide a precise prediction on the pace of conversion, stating it is highly individualized.

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