Pharming Group NV (PHGUF.PK) reported that its first-quarter net loss narrowed to 5.4 million euros from 6.5 million euros prior year.
Revenues and other income decreased to 0.5 million euros from 1.0 million euros prior year. The company said the decline is due to a decrease in orders from EU partner Swedish Orphan Biovitrium for Ruconest in the quarter. The company noted that ordering by Sobi has resumed in the second quarter. Total operating costs decreased by 2.3 million euros year-over-year as a result of cost reductions following the 2012 restructuring. In addition, direct project costs for the development and registration of the company's lead product Ruconest were lower as cost associated with clinical study 1310 have decreased, Pharming Group said.
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