Pharming's CEO Leaves Over Strategy, Two Co-CEOs Step In
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Boards and chief executives usually describe a parting of ways in the gentlest possible language. Pharming was a little more direct. On September 29, 2026, the biotech company said that chief executive Fabrice Chouraqui would step down as CEO and executive director with immediate effect, after the two sides disagreed on how best to pursue the company's strategic priorities for its next phase.
One job, two people
Instead of naming a single interim chief, the board split the role. Chief commercial officer Leverne Marsh and chief financial officer Kenneth Lynard became interim co-CEOs: Marsh oversees patient-focused operations, while Lynard runs global corporate functions. The board is searching for a permanent successor. Chairman Richard Peters thanked Chouraqui for his contributions and said the immediate priority is continuity in both leadership and strategy. Chouraqui said it had been a privilege to lead the company and voiced confidence in its teams. Pharming stressed that its strategy, pipeline and commitment to patients have not changed, which raises the gentle question of what exactly the disagreement was about.
The numbers behind the mood
The financial backdrop helps. With its second-quarter results, Pharming cut its 2026 revenue guidance by $30 million to $375–$395 million and narrowed expected operating expenses to $315–$320 million, a $15 million improvement. Second-quarter revenue was $90.2 million, down 3% from a year earlier.
- Sales of Ruconest declined in the quarter.
- Revenue from Joenja (leniolisib) rose 40%.
- The company expects Ruconest to stabilize and return to growth in the second half of 2026.
The co-CEO model is a familiar stopgap, and it tends to work best when the two leaders have clearly separate lanes, which Pharming has tried to draw. The real test will be the permanent hire, who will need to agree with the board on the very question that ended the last tenure.