Pharming’s profits diminish due to the dollar exchange rate
Thursday ، 04 March 2021 07:17 AM
(ABM FN-Dow Jones) Pharming recorded more sales in 2020 than the previous year, but the sharp drop in the dollar weighed on earnings. Leiden biotech announced it the Thursday prior to the show.
Annual sales were € 185.7 million, up 9.9% from 2019. Sales growth was driven by Ruconest in the US. Sales in the United States increased by 48.1 million euros in the fourth quarter to a total of 177.4 million euros for the full year of 2020. In 2019, this was still 162.7 million euros. Pharming is spurred by strong seasonal demand and some additional Covid-related demands from patients in the fourth quarter.
U.S. sales performance in the fourth quarter prompted a newest boost of $ 25 million for Beusch Health. This latest milestone will be repaid in the second quarter of 2021, ending all obligations under the agreement with Bausch Health.
Revenue in Europe and the rest of the world increased by 69 per cent to 8.3 million euros last year, driven by increased demand in the third and fourth quarters and continued expansion of the European Union’s commercial infrastructure in new regions after the buyback of EU rights to RoConst. .
The net profit was 32.7 million euros, but it was down sharply due to the drop in the dollar. A profit of € 36.2 million was booked in 2019. According to Pharming, the negative impact on the coin was € 12.6 million.
Pharming’s cash position was € 168.3 million at the end of 2020 compared to € 68.6 million at the end of 2019. Pharming saw strong cash flows from operating activities and noted the proceeds of the convertible bond issue that were partially offset by loan repayments.
Pharming expects continued revenue growth from the sale of Ruconest for the remainder of 2021, particularly in the United States and the expanding European Union business.
In addition, the net profit will be positive during the year, and therefore Farming does not expect to require additional funding to ensure good continuity of its current operations.
No concrete financial projections issued.
ABM Financial News; [email protected]; Revised text: +31 (0) 20 26 28999.