This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Pharming Group NV develops and commercializes treatments for rare diseases and conditions. Its core business model relies on preclinical animal testing as a standard phase of pharmaceutical development, as acknowledged in its financial reporting where providing data from "pre-clinical animal studies" is noted as a requirement for regulatory submissions. The company's 2024 Code of Conduct states it treats animals "respectfully" and aims to refine procedures and reduce discomfort, which confirms the ongoing use of animals in its research and development operations. This places its activities within the commercial exploitation of animals for product development, a practice excluded under the animal exploitation category.
Research Sources
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.