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Jun 30, 2023
Protalix Q2 2023 Earnings Report
Protalix reported a net income and increased revenues driven by Elfabrio regulatory approvals and sales.
Key Takeaways
Protalix BioTherapeutics reported a strong second quarter in 2023, marked by regulatory approvals for Elfabrio in the U.S. and EU, leading to a significant increase in revenues and a net income of $19.3 million, a substantial improvement compared to the net loss in the same period last year.
Elfabrio received regulatory approval in both the U.S. and European Union for treating adult patients with Fabry disease.
Protalix recorded revenues from selling goods of $15.1 million, a 344% increase compared to the previous year, driven by Elfabrio sales.
Revenues from license and R&D services reached $20.0 million, a 270% increase year-over-year, including a $20.0 million milestone payment from Chiesi due to the FDA approval of Elfabrio.
Net income for the quarter was $19.3 million, or $0.29 per share basic and $0.21 per share diluted, compared to a net loss of $5.3 million in the same period last year.
Forward Guidance
No specific forward guidance was provided in the earnings report.
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