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Mar 31, 2024
PTC Therapeutics Q1 2024 Earnings Report
PTC Therapeutics reported strong revenue performance across its product portfolio and achieved planned clinical and regulatory milestones in Q1 2024.
Key Takeaways
PTC Therapeutics announced a strong start to 2024, with total revenues of $210.1 million for the first quarter, driven by solid commercial performance and the achievement of key clinical and regulatory milestones, including the submission of the MAA for sepiapterin and the BLA for Upstaza.
Total revenues for the first quarter of 2024 were $210.1 million, compared to $220.4 million for the first quarter of 2023.
DMD franchise revenue was $161 million, with Translarna net product revenue at $104 million and Emflaza net product revenue at $57 million.
The company submitted an MAA to the EMA for sepiapterin for PKU and a BLA to the FDA for Upstaza for AADC deficiency in March 2024.
PTC reaffirmed its full-year 2024 total revenue guidance to be between $600 million and $680 million.
PTC Therapeutics
PTC Therapeutics
PTC Therapeutics Revenue by Segment
Revenue by Segment
Translarna Revenue
CapyFin.comEmflaza Revenue
CapyFin.comEvrysdi Royalty Revenue
CapyFin.com Forward Guidance
PTC anticipates total revenues for full year 2024 to be between $600 million and $680 million. PTC anticipates GAAP R&D and SG&A expense for full year 2024 to be between $740 and $835 million. PTC anticipates Non-GAAP R&D and SG&A expense for full year 2024 to be between $660 and $755 million, including expected R&D expense milestone payments of up to $65 million and excluding estimated non-cash, stock-based compensation expense of $80 million.
Positive Outlook
- Full year 2024 total revenue is expected to be between $600 million and $680 million.
- GAAP R&D and SG&A expenses are projected to be between $740 million and $835 million.
- Non-GAAP R&D and SG&A expenses are anticipated to be between $660 million and $755 million.
- Includes up to $65 million in expected R&D expense milestone payments.
- Excludes an estimated $80 million in non-cash, stock-based compensation expense.
Challenges Ahead
- Full year revenue guidance indicates a potential decrease compared to the previous year.
- GAAP R&D and SG&A expenses are expected to remain high, impacting profitability.
- Non-GAAP expenses, while lower, still represent a significant investment in R&D and SG&A.
- Milestone payments could further strain financials if regulatory and sales targets are met.
- Stock-based compensation expense continues to be a significant non-cash expense.