May 14, 2020 / 6:13 AM / 22 days ago

BRIEF-Pharming Group Q1 Operating Profit Up At 19.4 Million Euros

May 14 (Reuters) - PHARMING GROUP NV:

* PHARMING GROUP REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2020

* Q1 DELIVERED REVENUES OF €49.3 MILLION, AN INCREASE OF 40% ON Q1 2019

* Q1 OPERATING PROFIT OF €19.4 MILLION, AN INCREASE OF 59% ON Q1 2019

* DESPITE SIGNIFICANT ONE-OFF FINANCIAL EXPENSES OF €3.7 MILLION FROM FULL PAY-OFF OF LOAN, Q1 NET PROFITS INCREASED BY 25% TO €8.4 MILLION, COMPARED TO Q1 2019

* POSITIVE CASHFLOWS DURING Q1 WERE DRIVEN BY STRONG REVENUE DESPITE INTENSIFIED COMPETITION, GENERATING MORE THAN €19 MILLION OF CASH ABOVE THE CASH REQUIRED FOR OPERATING COSTS

* ON CORONAVIRUS: NO IMPACT ON (UP-SCALING OF) PRODUCTION OF RUCONEST®. COMPANY’S NEW FACILITY (APPROVED DURING Q1 2020) SIGNIFICANTLY INCREASES PRODUCTION OF PHARMING’S THERAPY FOR HAE PATIENTS GLOBALLY

* NO IMPACT ON THE AVAILABILITY OR DISTRIBUTION OF RUCONEST® TO HAE PATIENTS; WHO TYPICALLY SELF-TREAT THEIR ATTACKS AT HOME IN THE US AND IN CERTAIN EU COUNTRIES

* RECRUITMENT OF NEW PATIENTS IN ONGOING CLINICAL TRIALS HAS BEEN HALTED; PATIENTS ALREADY INCORPORATED IN CLINICAL TRIALS WILL CONTINUE TO RECEIVE TREATMENT

* AN INVESTIGATOR-SPONSORED MULTI-CENTRE RANDOMISED CONTROLLED CLINICAL TRIAL IN PATIENTS WITH CONFIRMED COVID-19 INFECTIONS IS BEING PREPARED AND EXPECTED TO START IN THE NEAR FUTURE AND THE COMPANY WILL PROVIDE AN UPDATE WHEN THE FIRST PATIENT IS TREATED

* NO DELAY IS CURRENTLY EXPECTED TO PLANNED LAUNCH OF LENIOLISIB IN H2 2022

* WE COMPLETED A HIGHLY SUCCESSFUL CONVERTIBLE BOND REFINANCING, REPLACING OUR EXISTING DEBT FACILITY, PROVIDING ADDITIONAL CASH RESOURCES AND FURTHER STRENGTHENING OUR BALANCE SHEET TO SUPPORT OUR LONG-TERM GROWTH PROSPECTS

* FOR 2020 WE EXPECT CONTINUED SALES GROWTH VERSUS LAST YEAR, DRIVEN BY INCREASING PATIENT NUMBERS AND DESPITE COMPETITIVE PRESSURE Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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