On October 30, 2025 PharmaMar Group (MSE: PHM) reported a 3% increase in total revenue during the first nine months of this year, reaching €130.9 million. Recurring revenue, resulting from the sum of net sales plus royalties received from our partners, grew by 6% to €105.6 million as of September 30th, 2025.
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As of September 30th this year, total sales in oncology amounted to €62.4 million, representing a 9% increase over the same period last year. These sales include commercial sales of Yondelis (trabectedin) in Europe, sales of raw materials to our partners, both trabectedin and lurbinectedin, and the positive performance of Zepzelca (lurbinectedin) in Europe, whose revenues increased by 34.7% in the first nine months of this year, reaching €31.4 million. Of particular note are revenues from lurbinectedin under the compassionate use program—mainly in France—which increased by 22% to €21.8 million, and commercial sales of Zepzelca in Switzerland, which amounted to €9.6 million, representing growth of 76% compared to the same period in 2024.
As of September 30th, 2025, oncology royalty income grew by 2% to €43.2 million. This amount corresponds mainly to royalties received from sales of lurbinectedin by our partners Jazz Pharmaceuticals and Luye Pharma, which together amounted to €35.0 million[1].. Added to this amount are royalties from sales of trabectedin by our partners in the US and Japan, totaling €8.2 million.
Non-recurring income from licensing agreements amounted to €25.3 million at the end of the first nine months of 2025, compared to €26.9 million in the same period last year. Noteworthy is the lurbinectedin licensing agreement for Japan signed with Merck for €21.0 million in April 2025, together with €3.0 million in deferred revenue from the 2019 agreement signed with Jazz Pharmaceuticals in relation to lurbinectedin. In the current fiscal year, the annual revenue recognition for the latter agreement is estimated at €4 million, while the total amount to be recognized in the previous fiscal year was approximately €23 million. Of the total €300 million in revenue received in 2020 in relation to the agreement signed with Jazz Pharmaceuticals, 94% of the total has been recognized in the income statement.
PharmaMar group’s investment in R&D stood at €69.6 million as of September 30, compared to €75.98 million for the first nine months of the previous year.
Of the total R&D investment for the period, the oncology segment recorded €66.0 million, compared to €70.0 million as of September 30, 2024. This variation is mainly due to the completion, in December 2024, of recruitment for the LAGOON Phase III clinical trial with lurbinectedin in small cell lung cancer.
The Company continues to invest in the clinical development of other molecules in earlier Phase I stages with PM534 and PM54, all for the treatment of solid tumors.
The RNAi segment recorded €3.6 million in R&D as of September 30, 2025, compared to €6.0 million in the same period of the previous year. This variation is due to the completion in the first months of 2024 of the PIVO1 Phase III clinical trial with tivanisiran for dry eye.
As of September 30th, 2025, the Group’s EBITDA reached €23.1 million, compared to €6.3 million in the same period of the previous year.
As a result of all the above, the PharmaMar Group doubled its net profit compared to the same period last year, reaching €15.3 million vs. €7.4 million.
(Press release, PharmaMar, OCT 30, 2025, View Source [SID1234657164])