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Jun 30, 2025
Protalix Q2 2025 Earnings Report
Estimated Revenue:$13.5M
+267.3% YoY
Key Takeaways
Protalix BioTherapeutics reported a net income of $164,000 for Q2 2025, a significant improvement from a net loss of $2.2 million in the same period last year. Total revenue increased to $15.658 million, driven by strong sales of Elfabrio to Chiesi, despite decreases in sales to Fiocruz (Brazil) and Pfizer. The company also saw a substantial increase in research and development expenses due to preparations for the PRX-115 Phase 2 clinical trial.
Net income for Q2 2025 was $164,000, a positive turnaround from a $2.2 million net loss in Q2 2024.
Total revenue increased by 16% to $15.658 million, primarily due to a significant increase in Elfabrio sales to Chiesi.
Research and development expenses doubled to $6.0 million, driven by preparations for the PRX-115 Phase 2 clinical trial.
Cash and cash equivalents and short-term bank deposits totaled $33.4 million as of June 30, 2025.
Revenue by Segment
Forward Guidance
Protalix anticipates initiating a randomized Phase 2 trial for PRX-115 in the second half of 2025, with the first patient enrollment expected in Q4 2025. The company expects continued significant and increasing R&D expenses as it advances its product candidates. Global ordering patterns for Elfabrio are expected to fluctuate quarterly as the launch matures.
Positive Outlook
- Anticipated initiation of a randomized Phase 2 trial for PRX-115 in H2 2025.
- First patient enrollment for PRX-115 Phase 2 trial expected in Q4 2025.
- Confidence in the long-term growth of the Elfabrio franchise.
- European Medicine Agency continues evaluation of Elfabrio label variation for 2 mg/kg dose.
- New CFO Gilad Mamlok brings extensive experience in healthcare and capital markets.
Challenges Ahead
- Global ordering patterns for Elfabrio are expected to fluctuate quarterly.
- Expectation of continued significant and increasing research and development expenses.
- Financial expenses, net, increased primarily due to exchange rate costs and lower interest income.
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