On February 28, 2025 PharmaMar Group (MSE: PHM) reported to have closed fiscal year 2024 with a total revenue of €174.9 million, representing an 11% increase compared to the previous year (Press release, PharmaMar, FEB 28, 2025, View Source [SID1234650753]). Recurring revenue, which includes net sales plus royalties received from partners, grew 3% year-over-year, reaching €127.9 million as of year-end 2024.

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As of December 31st, 2024, total oncology sales amounted to €66.5 million, compared to €70.7 million in the previous year. This difference is due to fluctuations in Yondelis (trabectedin) sales and the reversal of the provision recorded in 2023 on Zepzelca (lurbinectedin) revenue from the compassionate use program in France.

Total lurbinectedin sales in 2024 reached €35.3 million, including revenue from the compassionate use program—mainly in France—of €22.2 million, commercial sales in Europe of €6.4 million, and active ingredient sales of €6.7 million. In comparison, in 2023, total lurbinectedin sales amounted to €36.7 million, a figure that included an accounting adjustment of €10.4 million due to the reversal of a provision for unapplied discounts.
Excluding this adjustment, total lurbinectedin sales in 2024 would have shown an approximate 34% growth.

Total Yondelis revenue in 2024 grew 15%, reaching €54.4 million. This figure includes Yondelis sales, which totaled €31.3 million in 2024 compared to €34.1 million in the previous year, as well as royalties and license agreement revenue, detailed below.

Trabectedin sales include commercial sales in Europe, which reached €18.0 million in 2024, compared to €26.1 million the previous year, and active ingredient sales to partners, which amounted to €13.3 million in 2024, up from €7.9 million in 2023. The increase in active ingredient sales to partners has offset the pricing impact caused by the entry of generics in Europe.

As of December 31st, 2024, PharmaMar Group’s oncology royalty revenue reached €61.3 million, representing an 18% increase compared to the previous year. This growth was driven by royalties received from Jazz Pharmaceuticals for lurbinectedin sales in the U.S., which grew 15% to €55.8 million.

In addition to the royalties received from Jazz Pharmaceuticals through December 31st, 2024, trabectedin royalties from partners in the U.S. and Japan amounted to €5.2 million, representing a 36.4% increase over total trabectedin royalties received in 2023.

Regarding non-recurring revenue from license agreements, as of the end of 2024, this totaled €46.5 million, reflecting a 38.5% increase compared to the previous year. Of this total, €23 million corresponds to deferred revenue recognition from the 2019 agreement with Jazz Pharmaceuticals for lurbinectedin, a similar figure to the previous year. Additionally, €17.9 million came from payments related to the trabectedin license agreement with Janssen (compared to €9.4 million as of December 2023), and €4.4 million corresponded to revenue from the lurbinectedin license agreement with Luye.

PharmaMar Group’s R&D investment in 2024 grew 4% compared to the previous year, reaching €103.5 million.

Of the total R&D investment, the oncology segment saw a 13% increase, reaching €94.4 million. This growth was mainly driven by the advancement of ongoing clinical trials during 2024, such as LAGOON (a Phase III trial for second-line small cell lung cancer treatment) and SaLuDo (a Phase IIb/III trial for leiomyosarcoma treatment). The LAGOON trial completed patient enrolment in the last quarter of 2024.

Additionally, the Company continues investing in the clinical development of early-stage molecules. In this regard, two Phase II clinical trials are ongoing with ecubectedin, along with Phase I trials with PM534 and PM54, all focused on solid tumor treatment.

Thanks to revenue growth in 2024, PharmaMar Group reached an EBITDA of €13.0 million, compared to €2.1 million in 2023.

The Company’s net profit increased to €26.1 million at the end of 2024, compared to €1.1 million in 2023.

As of December 31st, 2024, PharmaMar Group reported a cash and cash equivalents balance of €157 million, with a total financial debt of €47.8 million, reflecting an increase of nearly €8 million compared to the previous year, due to the acquisition of a €15 million long-term bank loan. As a result, the net cash position at the year-end stood at €109 million.

PharmaMar will host a conference call with analysts and investors on February 28th, 2025, at 1:30 PM (CET). To join the conference call, it is recommended to register at this link to receive access numbers and a personalized PIN.

To access the call without prior registration, use the following numbers: +34 919 01 16 44 (Spain), +1 646 233 4753 (USA) o +44 20 3936 2999 (UK). Conference number: 883194.