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Pharming Group N.V. (0QCO) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Pharming Group N.V. €1.41, price €0.88, upside +60.9%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Health Care · GB

PG Thin data Sep 24, 2026

Pharming Group N.V.

0QCO · LSE

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value €1.41 · Strongly undervalued (+60.9%)
!Quality 46/100
!Mixed Growth (revenue 3y +27.5 %/yr)
!Thin margins · 3.3% net margin (TTM)
!Moderate debt
!Mixed vs. peers (5/9)
!Narrow moat 31/100
!Evidence only low, so the estimate is less certain
!Weak on past: 20 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€1.74 €0.6620 Fair Value €1.41 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range €0.6620 – €1.74 · fair‑value band €0.8500 – €1.85 · the €0.8765 price screens below the €1.41 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Pharming Group N.V., a biopharmaceutical company, develops and commercializes protein replacement therapies and precision medicines for the treatment of rare diseases in the United States, Europe, and internationally.

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Pharming Group N.V., a biopharmaceutical company, develops and commercializes protein replacement therapies and precision medicines for the treatment of rare diseases in the United States, Europe, and internationally. The company's lead product is RUCONEST, a recombinant C1 esterase inhibitor for the treatment of acute attacks in adult and adolescent patients with acute hereditary angioedema (HAE); and Joenja (leniolisib), an oral small molecule PI3K" inhibitor for the treatment of activated phosphoinositide 3-kinase delta syndrome. It also develops Joenja, an oral small molecule PI3K" inhibitor. It has a development collaboration and license agreement with Novartis. Pharming Group N.V. was incorporated in 1988 and is headquartered in Leiden, the Netherlands.

Stock analysis

Pharming Group N.V. (0QCO) currently trades at €0.8765, while our model-based Fair Value estimate is €1.41, implying the stock looks roughly 37.8% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of €2.40 per share, and 19 of the 23 models we run sit above the €0.8765 price.

Bear case: the Asset-Based group reads lowest at €0.1600, and 4 of the 23 models stay below the price. Evidence for this calculation is low.

Scenario range: €0.8500 (bear) to €1.85 (bull), the price of €0.8765 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 46/100 (below-average quality), in the Health Care sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Pharming Group N.V. reported revenue of €186M in FY2020 versus €15.9M in FY2016, a compound +84.9%/yr. Reported net income was €33.0M in FY2020.

Key figures

Market cap €501M · P/E ratio 0.5 · P/S ratio 0.10 · EPS (TTM) €0.0150 · Net margin 17.8% · Return on equity 5.0% · Return on assets (EBIT) 13.6% · Operating margin −6.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 50% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Health Care peers we cover trades at 10% fair-value upside, at 61%, 0QCO screens cheaper than that median.

Fair Value models

Bear €0.8500 Fair Value €1.41 Bull €1.85
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EPV €0.8200 €0.9300 €1.01 74
FCF DCF €0.5600 €0.7800 €1.45 72
Growth DCF €0.5300 €0.8600 €1.38 71
All 23 models by family
DCF Models
FCF DCF €0.5600 €0.7800 €1.45 72
5Y Revenue Exit €0.6800 €1.17 €2.19 64
5Y EBITDA Exit €1.13 €2.09 €3.96 66
5Y P/E Exit €0.8200 €1.80 €3.14 62
10Y Revenue Exit €0.6200 €1.35 €1.84 61
10Y EBITDA Exit €0.9500 €2.25 €4.59 58
10Y P/E Exit €0.7300 €1.62 €3.10 55
Earnings-Based
Graham-Dodd €0.3500 €2.45 €3.44 59
Lynch FV €1.27 €1.81 €2.35 57
PEG = 1.0 €1.27 €1.81 €2.35 53
EPV €0.8200 €0.9300 €1.01 74
Multiples
P/E Multiple €0.8500 €1.14 €1.42 63
P/S Multiple €0.6600 €0.8800 €1.10 58
P/B Multiple €0.6600 €0.8800 €1.10 55
EV/EBIT €1.40 €1.85 €2.29 66
EV/EBITDA €1.38 €1.82 €2.26 67
EV/Revenue €0.6800 €0.9400 €1.20 54
Asset-Based
NCAV (Graham) €0.1200 €0.1600 €0.2300 54
Growth DCF
Growth DCF €0.5300 €0.8600 €1.38 71
Rev-Margin DCF €0.7500 €1.32 €2.53 64
Economic Profit
Residual Income €0.2900 €0.4000 €0.7000 63
ROIC Compounder €0.9700 €1.30 €1.69 67
Growth Earnings
Growth-Adj P/E €1.68 €2.40 €3.12 63

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Quality Score breakdown

Overall quality 46/100

Of which business quality 52 · Market factors (momentum, volatility) 18

Profitability 68
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 54
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 51
Calm price path (market factor)
Momentum 7
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+9.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.5%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−72.7% (2016) → 35.9% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

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Compare Pharming Group N.V. with another stock

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 625 stocks

Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 46 · Above median
Fair Value upside +60.9% · Top 25%
Profitability
Return on equity (TTM) 5.0% · Above median
Return on assets 4.9% · Top 25%
Net margin (TTM) 3.3% · Below median
Operating margin (TTM) −6.8% · Below median
Growth and dividend
Revenue growth −8.4% · Below median
Balance sheet
Debt / equity 0.82× · Highest 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/E (TTM) 0.5× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)20 · sector 0
HEALTH (low debt)59 · sector 97
DIVIDEND (yield)0 · sector 22

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $527.67 $580.44 +10%
Regeneron Pharmaceuticals, Inc REGN $752.25 $1,275 +69%
argenx SE ARGX $959.49 $918.60 −4%
CSL Limited CSL A$175.35 A$192.89 +10%
Samsung Biologics Co 207940 1,354,000 KRW 1,489,400 KRW +10%
BeOne Medicines AG ONC $360.85 $280.94 −22%
Alnylam Pharmaceuticals, Inc ALNY $255.96 $217.88 −15%
Royalty Pharma plc RPRX $58.21 $19.01 −67%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
WuXi Biologics (Cayman) Inc 2269 HK$53.00 HK$58.30 +10%

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Pharming Group N.V. · Fair Value
€1.41 +38%Fair Value
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Cite: Fair Value Calculator (2026). "Pharming Group N.V. Fair Value". https://www.fairvalue-calculator.com/stock/0QCO

Frequently asked questions

Is Pharming Group N.V. (0QCO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €1.41 versus a price of €0.8765, about +61% upside (undervalued).
What is the fair value of 0QCO?
Our model-based fair value for Pharming Group N.V. is €1.41 (as of Sep 24, 2026), built from audited fundamentals. The current price: €0.8765.
What is the quality score of 0QCO?
Pharming Group N.V. has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Pharming Group N.V. (0QCO)?
Our model-based price target is the fair value of €1.41 (as of Sep 24, 2026) from 23 valuation models. Cautious scenario €0.8500, optimistic scenario €1.85. It is a calculation from audited fundamentals, not an analyst target.
What is the Pharming Group N.V. stock forecast for 2026?
Our models put fair value at €1.41, about +61% upside versus a price of €0.8765 (undervalued). Cautious scenario €0.8500, optimistic scenario €1.85. The calculation is refreshed regularly with new filings.
What is the revenue of Pharming Group N.V. (0QCO)?
Pharming Group N.V. reported trailing-twelve-month revenue of about €369M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Pharming Group N.V. (0QCO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pharming Group N.V. it is €1.41 per share (as of Sep 24, 2026), against a price of €0.8765. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Pharming Group N.V. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0QCO trades below its calculated fair value: price €0.8765, fair value €1.41, a gap of about +61% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0QCO?
No. The price is what the market pays today (€0.8765); the fair value is what the company's own numbers justify (€1.41). For Pharming Group N.V. the two are €0.5335 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pharming Group N.V. worth?
The market values Pharming Group N.V. at about €501M (market capitalisation, as of Sep 24, 2026). Per share that is €0.8765; our models calculate a fair value of €1.41 per share.
What do the bullish and bearish scenarios say about 0QCO?
Our models span a range for Pharming Group N.V.: cautious scenario €0.8500, base €1.41, optimistic €1.85 per share (as of Sep 24, 2026, price €0.8765). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0QCO?
Pharming Group N.V. trades at a price-to-earnings ratio of 0.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €1.41 is built from several models across several years.
How solid is the balance sheet of Pharming Group N.V. (0QCO)?
Balance-sheet figures for Pharming Group N.V. (as of Sep 24, 2026): return on equity 5.0%, debt of 0.82 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 0QCO from its 52-week high?
Pharming Group N.V. trades at €0.8765, about 50% below its 52-week high of €1.74 and 1% above the low of €0.8709 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €1.41 is for.
Which stocks are comparable to Pharming Group N.V.?
From the same area (Health Care) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Pharming Group N.V. stock attractive at the current price?
The data as of Sep 24, 2026: price €0.8765, calculated fair value €1.41 (+61%), Quality Score 46/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0QCO calculated?
We run Pharming Group N.V. through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €1.41, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Pharming Group N.V. currently trades 38 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Pharming Group N.V. (0QCO)?
The closing price on Oct 2, 2026 was €0.8765. Our model-based fair value is €1.41, about +61% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pharming Group N.V. right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€0.8500 to €1.85) leaves room in how you read the outcome.

Key figures of Pharming Group N.V.

How large is the market capitalisation of Pharming Group N.V. (0QCO)?
The market capitalisation of Pharming Group N.V. is €501M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Pharming Group N.V. (0QCO)?
The price-to-sales ratio of Pharming Group N.V. is 0.10 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Pharming Group N.V. (0QCO)?
Earnings per share at Pharming Group N.V. are €0.0150 (price ÷ EPS = P/E 0.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pharming Group N.V. (0QCO)?
The net margin of Pharming Group N.V. is 17.8% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Pharming Group N.V. (0QCO)?
The return on equity (ROE) of Pharming Group N.V. is 5.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Pharming Group N.V. (0QCO)?
On an EBIT basis the return on assets of Pharming Group N.V. is 13.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Pharming Group N.V. (0QCO)?
The operating margin of Pharming Group N.V. is −6.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pharming Group N.V. (0QCO)?
Revenue at Pharming Group N.V. is growing −8.4% versus a year earlier (3y avg +27.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Pharming Group N.V. (0QCO)?
Earnings per share at Pharming Group N.V. are growing +104% versus a year earlier. How much earnings per share grew versus a year earlier.
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