PHARM.AS Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	620.3M EUR	850.75M EUR	1.01B EUR	1B EUR
Enterprise Value	575.31M EUR	805.77M EUR	1.08B EUR	971.07M EUR
Valuation Multiples
Trailing P/E	87.64x	91.75x	82.15x	57.04x
Forward P/E	35.08x	--	--	--
Price to Sales	1.69x	2.32x	2.74x	3.37x
Price to Book	2.67x	3.15x	3.77x	3.61x
EV/Revenue	1.57x	2.2x	2.91x	3.27x
EV/EBITDA	17.5x	18.89x	24.65x	22.78x
Price to FCF (P/FCF)	16.46x	24.75x	18.18x	18.53x
EV/FCF	15.27x	23.45x	19.32x	17.98x
FCF Yield	6.08%	4.04%	5.5%	5.4%