Pharming Group N.V. has published its (unaudited) financial report for Q1 2015 ended 31 March 2015.
From the financial highlights:
Ruconest sales in the US amounted to 0.6 million EUR and sales by Sobi in the EU amounted to 0.4 million EUR. Alongside Pharming realised initial direct sales in Austria, Germany and the Netherlands. Product sales in the first quarter of 2014 were a result of Sobi sales for the EU only.
From the operational highlights:
- Following the completed acquisition of Pharming’s US partner, Salix, by Valeant Pharmaceuticals, the Ruconest US commercial infrastructure remains intact and commercialisation efforts remain unaffected.
- A steady inflow of new patients into Ruconest Solutions (the US total care program under which Ruconest is made available to HAE patients in the US) continued during the quarter, creating the basis for continued revenue growth from sales in the US.
- Patient enrollment for the randomised double blind placebo controlled Phase II clinical trial to investigate Ruconest for the prophylaxis of HAE was initiated in January and continued during the quarter.
- In February, Dr. Perry Calias was appointed as Chief Scientific Officer. Calias will have overall responsibility for the Company’s new Enzyme Replacement Therapy (ERT) programs, achieving the scientific milestones set in the business plan, enhancing the IP portfolio, overseeing new product development and contributing to the overall strategic direction of the Company.
Sijmen de Vries, Pharming’s CEO, commented: “Pharming’s performance during the first quarter of 2015 has started to reflect some of the transformational changes made in 2014. In particular, we have seen the beginning of increasing and profitable Ruconest sales in the US following the product launch in November. Also as result of these US sales and the first sales from the direct commercialisation of Ruconest in the EU, no additional impairments of inventories were incurred this quarter. We therefore expect revenues and gross profits to improve due to markedly improved sales during the remainder of the year.”