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Mar 31, 2025
Amicus Therapeutics Q1 2025 Earnings Report
Amicus Therapeutics announced financial results for the first quarter ended March 31, 2025, reporting a 15% increase in total revenue at constant exchange rates, in-licensed a Phase 3 program for rare kidney disease, maintained Galafold guidance, updated Pombiliti + Opfolda guidance, adjusted total revenue growth guidance, and reiterated GAAP profitability during H2 2025.
Key Takeaways
Amicus Therapeutics delivered significant double-digit revenue growth in Q1 2025, driven by strong underlying patient demand for Galafold and expected acceleration in Pombiliti + Opfolda sales in the second half of the year. The company also in-licensed a Phase 3 program for FSGS, adding a third potential blockbuster to its portfolio, and remains on track for GAAP profitability in H2 2025.
Total revenue for Q1 2025 was $125.2 million, a 15% increase year-over-year at constant exchange rates.
Galafold net product sales were $104.2 million, a 5% increase year-over-year.
Pombiliti + Opfolda net product sales were $21.0 million, a 90% increase year-over-year.
GAAP net loss was $21.7 million, or $0.07 per share, compared to a net loss of $48.4 million, or $0.16 per share in Q1 2024.
Revenue by Segment
Forward Guidance
Amicus Therapeutics updated its 2025 financial guidance, including the upfront license payment for DMX-200. The company expects total revenue growth of 15% to 22% at CER, Galafold revenue growth of 10% to 15% at CER, and Pombiliti + Opfolda growth of 50% to 65% at CER. They also reiterated GAAP profitability during the second half of 2025.
Positive Outlook
- Maintaining 2025 Guidance for Galafold, reflecting strong underlying demand.
- Updating 2025 Pombiliti + Opfolda Guidance with New Patient Starts Accelerating in 2H.
- Adjusting 2025 Total Revenue Growth Guidance to 15-22% at CER.
- Reiterating GAAP Profitability During H2 2025.
- Anticipates surpassing $1 billion in total sales in 2028.
Challenges Ahead
- Adjusting 2025 revenue growth guidance range for Pombiliti + Opfolda to +50-65% at CER (from +65-85%).
- Non-GAAP Operating Expenses guidance increased to $380M to $400M (from $350M to $370M) due to the DMX-200 license payment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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