Biotech company Pharming booked a net loss of €18.6m in 2006, one-third more than analysts had expected. Turnover was €147,000, well down on 2005’s sales of €405,000.

The Leiden-based company has no products on the market but relies on government subsidies and capital injections from investment funds. Pharming specialises in making therapeutic human proteins based on transgenic cows and rabbits.