On February 27, 2026 PharmaMar Group (MSE:PHM) reported to have closed the 2025 financial year with a 27% increase in total revenues, reaching €221.4 million. Recurring revenues, resulting from the sum of net sales plus royalties received from its partners, increased by 12% compared to the previous year, reaching €143.5 million. Non-recurring revenues increased by 66% compared to the end of December 2024, reaching €77.9 million.
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Net sales in oncology closed the year with a growth of 20%, reaching €79.7 million. This growth was driven by a 31% increase in revenue from Zepzelca (lurbinectedin) in Europe to €37.5 million. This section saw growth in revenue both from the compassionate use program, which totaled €26.2 million (+18%) and sales in Switzerland, which reached €11.3 million in 2025 (+77%).
Sales of raw materials to our partners of both lurbinectedin and Yondelis (trabectedin) grew by 37% to €27.5 million. Commercial sales of trabectedin in Europe were €14.7 million, compared to €18.0 million in the same period last year.
As of December 31st, 2025, oncology royalty income increased by 4% to €63.8 million compared to the same period last year.
Royalties received from our partners for sales of lurbinectedin, mainly from our partner Jazz Pharmaceuticals in the US, reached €51.6 million compared to €56.1 million in December 2024. In this regard, it is important to note that last October, lurbinectedin in combination with atezolizumab (Tecentriq) was approved by the US Food and Drug Administration (FDA) to expand its use to first-line maintenance treatment in extensive-stage small cell lung cancer. As a result, lurbinectedin revenues in the fourth quarter in the US were approximately $90 million, making it the highest quarterly sales since the launch of lurbinectedin in the US and representing a 15% year-on-year growth compared to the fourth quarter of 2024. This sales growth was primarily driven by the initial demand for first-line maintenance treatment.
It is also worth noting the significant increase in royalties received from sales of trabectedin in the US, which more than doubled the €4.5 million recorded in 2024 to achieve €11.6 million. These sales have been boosted since its inclusion in the NCCN treatment guidelines in that country for first-line use following positive results from a Phase III trial in combination with doxorubicin.
As for non-recurring income from licensing agreements, at the end of 2025, this increased by 67% to €77.8 million. Of this total amount, €42.5 million ($50 million) corresponds to the milestone payment achieved for FDA’s full approval of lurbinectedin, €21.3 million relates to the upfront payment for the lurbinectedin licensing agreement in Japan and another €8.6 million ($10 million) corresponds to the payment of a commercial milestone established in the trabectedin licensing agreement in the US. In addition, €4.0 million correspond to the deferred revenue portion of the 2019 agreement with Jazz Pharmaceuticals, another €1.3 million correspond to revenue from several minor agreements.
As of December 31st, 2025, PharmaMar Group’s investment in R&D stood at €95.2 million, compared to €103.5 million as of December 31st, 2024. This investment represents 43% of PharmaMar Group’s total revenue.
Of the total investment in R&D during the year, the oncology segment reached €92.4 million, compared to €94.4 million in December 2024. This difference is due to the completion of patient recruitment for the Phase III LAGOON trial for second-line treatment of small cell lung cancer, with results expected in the third quarter of 2026. Meanwhile, the Phase III SaLuDo clinical trial with lurbinectedin in the first-line treatment of metastatic leiomyosarcoma continues to progress, with recruitment expected to be completed in the middle of this year with data expected in the 1st half of 2027.
In addition, the Company continues to invest in the clinical development of other molecules at earlier stages. Phase I clinical trials are underway with PM534 and PM54 for the treatment of solid tumors. In December 2025, the FDA approved the start of a Phase I/II trial with PM54 in combination with immunotherapy in solid tumors.
The significant growth in revenues enabled PharmaMar Group to achieve EBITDA of €68.1 million at December 31st, 2025, compared with €13.0 million in 2024.
As a result, the Company will increase its net profit by 187% to €75.0 million.
As of December 31st, 2025, PharmaMar Group’s cash and cash equivalents balance increased by €10.8 million to €167.8 million. Total financial debt was reduced by €1.3 million to €46.6 million. As a result, the net cash position at year-end stood at €121.2 million.
The Board of Directors of Pharma Mar, S.A. will propose to the General Shareholders’ Meeting the distribution of a dividend of €1.00 per outstanding share that will be charged to unrestricted reserves (share premium), up to a maximum amount of 18,000,000.00 Euros.
PharmaMar is organizing a conference call with analysts and investors on February 27th, 2026, at 1:30 p.m. (CET). To join the conference call, please register at this link to receive the access numbers and a personalized PIN.
To access without prior registration, use the following numbers: +34 919 01 16 44 (Spain), +1 646 233 4753 (US or Canada), or +44 20 3936 2999 (UK). Conference number: 636061.
(Press release, PharmaMar, FEB 27, 2026, View Source [SID1234663131])