In an embodiment a circuit includes a plurality of memory cells, wherein each memory cell includes a phase-change memory storage element coupled in series with a respective current-modulating transistor between a supply voltage node and a reference voltage node, the current-modulating transistors being configured to receive a drive signal at a control terminal and to inject respective programming currents into the respective phase-change memory storage element as a function of the drive signal, a driver circuit configured to produce the drive signal at a common control node, wherein the common control node is coupled to the control terminals of the current-modulating transistors, the drive signal modulating the programming currents to produce SET programming current pulses and RESET programming current pulses and at least one current generator circuit configured to inject a compensation current into the common control node in response to the current-modulating transistors injecting the programming currents into the respective phase-change memory storage elements.