🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

PTC Therapeutics posts 35% revenue growth in 2023

EditorAhmed Abdulazez Abdulkadir
Published 01/08/2024, 10:34 PM
© Reuters.
PTCT
-

SOUTH PLAINFIELD, N.J. - PTC Therapeutics, Inc. (NASDAQ: NASDAQ:PTCT), a biopharmaceutical company, reported a 35% year-over-year growth in unaudited total revenue for 2023, amounting to $946 million. The announcement came as part of a presentation at the 42nd Annual J.P. Morgan Healthcare Conference today, where the company discussed its financial and operational progress, as well as its research and development (R&D) pipeline.

The company's Duchenne muscular dystrophy (DMD) franchise was a significant contributor to its revenue growth, with Translarna™ (ataluren) and Emflaza® (deflazacort) generating unaudited revenues of $355 million and $255 million respectively. The growth was attributed to an increase in the number of patients and expansion into new geographies for Translarna, as well as continued new prescriptions and improved access for Emflaza.

PTC (NASDAQ:PTC) Therapeutics also highlighted its R&D achievements, including positive results from the Phase 3 APHENITY clinical trial of sepiapterin for the treatment of phenylketonuria (PKU) and the PIVOT-HD study of PTC518 for Huntington's disease (HD) patients. Looking ahead to 2024, the company is on track with its regulatory filings in the EU and US for sepiapterin, a potential treatment for PKU, which is seen as a $1 billion global commercial opportunity.

In addition to its clinical developments, PTC Therapeutics emphasized its financial restructuring efforts, which included a 25% reduction in operating expenses and a 30% reduction in headcount. The company also entered into a royalty agreement with Royalty Pharma, which involved a $1 billion upfront payment that allowed PTC to retire all outstanding debt obligations.

For 2024, PTC Therapeutics anticipates total revenues to be between $600 million and $850 million, with GAAP R&D and SG&A expenses projected to be between $740 million and $835 million. The non-GAAP projection for these expenses, excluding non-cash stock-based compensation expense, is estimated to be between $660 million and $755 million.

The company's financial results for the 2023 fiscal year are still being finalized and are subject to completion of financial closing procedures. The information provided is based on preliminary unaudited information and management estimates.

This report is based on a press release statement from PTC Therapeutics, Inc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.