On October 29, 2026 PharmaMar Group (MSE:PHM) reported a 12% increase in total revenue during the first nine months of the year, reaching €146.9 million. Recurring revenue, calculated as net sales plus royalties received from our partners, grew by 30% to €137.4 million.

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As of September 30th, 2026, net sales increased by 20.4% to €75.1 million. This growth was driven by commercial sales of Zepzelca (lurbinectedin) in Europe following its launch in Germany and Austria last July, adding to sales in Switzerland, where it had already been commercialized since the previous year (commercial sales in Switzerland have been recorded since 2023). Combined sales across these markets reached €14.9 million, representing a 54.7% increase compared with the same period of the previous year. Meanwhile, sales of raw materials increased by 29.6% to €24.6 million, driven by the strong performance of lurbinectedin raw material sales, which reached €11.2 million, up 60.8% compared with the same period last year.

From January through September of this year, oncology royalty revenues increased by 44.4% compared with the same period of the previous year, reaching €62.4 million. Of the total royalties, €51.3 million[1] were generated from lurbinectedin sales in the United States, representing a 56.0% increase compared with the same period of the prior year. In addition, royalties from trabectedin sales by our partners in the United States and Japan amounted to €11.1 million.

As of September 30th, 2026, non-recurring revenue totaled €9.5 million, compared with €25.3 million as of September 30th, 2025. This decrease was primarily due to the fact that non-recurring revenue reported in the nine months of 2025 included the proportional recognition of a €21 million upfront payment received from Merck under the licensing agreement for lurbinectedin in Japan.

During the first nine months of 2026, the PharmaMar Group’s R&D investment amounted to €72.1 million, compared with €69.6 million as of September 30th, 2025.

Of the total R&D investment, the oncology segment accounted for €68.6 million, compared with €66.0 million in September 2025. Investment during the period increased by 3% year over year, primarily driven by investing in the Phase III SaLuDo trial, evaluating lurbinectedin in combination with doxorubicin as a first-line treatment for leiomyosarcoma, for which patient enrollment was completed during this semester. The increase also reflects greater investment in PM54 and PM534, both of which are at their earlier stages of development.

PharmaMar Group’s EBITDA up to September 30th, 2026, reached €13.3 million, compared with €23.1 million recorded during the same period of the previous year. The difference between the two periods is primarily attributable to the lurbinectedin licensing income in Japan, along with the recognition in 2025 of €16.7 million from the grant awarded to Sylentis under the European IPCEI program.

As a result of the above, PharmaMar Group reported a net profit of €8.7 million, compared with €15.3 million in the same period of the previous year, when €37.7 million in extraordinary income and grants was recognized.

As of September 30th, 2026, PharmaMar Group’s cash, cash equivalents and financial investments increased by €9.1 million to €176.9 million. Total financial debt increased by €20.6 million following the execution of a new €25.0 million loan agreement in July. As a result, the Group’s net cash position stood at €109.8 million at the end of this period.

[1]The reported royalties for Zepzelca (U.S.) for this third quarter are an estimate, as sales data from Jazz Pharmaceuticals is not available as of the date of this report. Any discrepancies will be corrected in the following quarter.

(Press release, PharmaMar, OCT 29, 2026, View Source [SID1234673955])