Pharmaceutical company Pharming Group NV (Euronext Amsterdam:PHARM) disclosed on Wednesday its net profit of EUR3.3m for the first quarter ended 31 March 2018.

This reflects growth when compared with a loss of EUR5.7m in 2017, mainly as a result of the strong sales performance as well as a reduction in non-cash financing expenses required to be shown under IFRS associated with the various convertible bonds which were converted or redeemed around the year end.

Total revenues of EUR29.5m, including EUR0.2m of license revenue, were generated in the first quarter 2018, up 90% over revenues of EUR15.5m, including EUR0.3m in license revenue, in the first quarter 2017.

Operating profit of EUR8.2m were recorded for the first quarter ended 31 March 2018, an increase by 110% from operating profit of EUR3.9m in the first quarter 2017, despite increased marketing costs in the US and increased R&D expenses.