Business & Finance
Pharming Group NV incurs higher net loss EUR80.0m for 2017
7 March 2018 -

Pharmaceutical company Pharming Group NV (Euronext Amsterdam:PHARM) stated on Tuesday that it recorded a net loss EUR80.0m for the full year ended 31 December 2017.

This marks a decline in earnings when compared with a loss of EUR17.5m in 2016.

The higher loss in 2017 is due to the IFRS non-cash adjustments to fair value in respect of derivative financial liabilities, the interest on loans and borrowings and non-cash adjustments, the settlement fees associated with the refinance and redemption of the bonds as well as the increase in the provision for contingent consideration.

Revenues of EUR89.6m were generated in 2017, up from EUR15.9m in 2016. Both years include deferred license revenue released, reflecting a portion of earlier license fee payments from partners, which have been allocated across a number of financial years in accordance with accounting guidelines.

R&D costs of EUR18.7m was recorded in 2017, a rise from EUR15.4m in 2016.

In 2017, the R&D costs have mainly been incurred in developing the two new major pipeline programmes for Pompe and Fabry's disease, new routes of administration for RUCONEST, including the pediatric study in HAE and improvement in the technology platform to enable better versions of new products.