On April 29, 2026 PharmaMar Group (MSE:PHM) reported the first quarter of 2026, with total revenue growing by 10% to €42.9 million over the same period in 2025. Recurring revenue, calculated by adding net sales to royalties received from our partners, increased by 7%, reaching €40.5 million. Meanwhile, non-recurring revenue grew by 137% to €2.4 million during the first quarter of 2026.

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As of March 31st, 2026, net sales increased by 2.5% to €23.7 million. This growth was driven by revenue from Zepzelca (lurbinectedin) in Europe, where revenue from compassionate use rose by 44.4%—primarily in France—to €11.5 million. Sales of raw materials to our partners, including both lurbinectedin and Yondelis (trabectedin), grew by 30.2% to €7.4 million.

At the end of the first quarter of 2026, oncology royalty revenue increased by 14.0% to €16.8 million compared to the same period last year. This amount corresponds primarily to royalties received from sales of lurbinectedin by our partner Jazz Pharmaceuticals totaling €13.3 million[1]. Royalty estimates for the first quarter of 2025 (€12.7 million) were €3 million higher than the royalties ultimately received. These €3 million were adjusted in this following quarter. If, for comparative purposes, we were to eliminate that excess, sales for the first quarter of 2026 would be 40% higher than those for the same period of the previous fiscal year. Meanwhile, royalties received from trabectedin sales in the U.S. increased by 72.7%, reaching €3.5 million during the first quarter of the year. These sales continue the upward trend that began following the inclusion of trabectedin in U.S. National Comprehensive Cancer Network (NCCN) treatment guidelines for first-line use in combination with doxorubicin, following the positive results of a Phase III trial presented at ESMO (Free ESMO Whitepaper) 2023.

Non-recurring revenue from licensing agreements increased by 137% as of March 31st, 2026, reaching €2.4 million.

At the end of the first quarter of 2026, the PharmaMar Group’s R&D investment totaled €20.9 million, compared with €21.3 million as of March 31st, 2025.

Of the total R&D investment, the oncology segment reached €20.2 million, compared to €19.8 million in March 2025. This 2.0% increase is primarily driven by investment in the Phase III SaLuDo trial of lurbinectedin in combination with doxorubicin for the first-line treatment of leiomyosarcoma. Patient enrollment for this trial is expected to be completed during the second quarter of 2026. Additionally, the Company continues to invest in the development of the other two compounds in earlier stages of development, PM54 and PM534, for the treatment of solid tumors.

As of March 31st, 2026, the PharmaMar Group’s EBITDA reached €2.7 million, compared with -€1.1 million in the same period of 2025.

As a result of all this, the PharmaMar Group increased its net profit to €1.5 million, compared with a loss of €3.9 million at the end of the first quarter of the previous year.

As of March 31st, 2026, the PharmaMar Group’s cash and cash equivalents increased by €0.7 million to €168.5 million. Meanwhile, total financial debt decreased by €1.9 million to €44.7 million. Consequently, the net cash position at the end of first quarter 2026 stood at €123.8 million.

[1] The reported royalties for Zepzelca (U.S.) for this first 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, APR 29, 2026, View Source [SID1234664896])