As a two-year-old, he won one minor race in his first four starts but then defeated an all-aged field to win the Group One Prix de la Forêt.
Lyphard went on to become a very successful breeding stallion in both Europe and North America, siring Three Troikas, Dancing Brave and Manila.
In the Poule d'Essai des Poulains over the same course and distance three weeks later he started at odds of 9.25/1 and finished second of the six runners, three lengths behind Blushing Groom.
Starting at odds of 4.3/1 he appeared well-suited by the step up in distance and won by three-quarters of a length from Crystal Palace, with Water Boy finishing third ahead of Carwhite.
With Blushing Groom being sent to England for The Derby, Pharly was regarded as a leading contender for the French equivalent, the Prix du Jockey Club over 2400 metres at Chantilly Racecourse on 5 June, starting at odds of 3.25/1 behind the Guy de Rothschild entry consisting of Crystal Palace and Concertino.
[6] Pharly was off the racecourse for ten weeks before returning in the Prix du Rond Point over 1600 metres at Longchamp on 4 September.
On 23 October, Pharly was made 4/5 favourite against nine opponents as he attempted to repeat his 1976 success in the Prix de la Forêt but was beaten two lengths by Sanedtki after meeting some interference in the straight.
[6] There was no International Classification of European two-year-olds in 1976: the official handicappers of Britain, Ireland and France compiled separate rankings for horses which competed in those countries.
[3] In the inaugural International Classification of European three-year-olds, Pharly was rated the joint-sixth best colt behind Alleged, Blushing Groom, The Minstrel, Crystal Palace and Artaius.