Protalix Biotherapeutics ( (PLX) ) has released its Q4 earnings. Here is a breakdown of the information Protalix Biotherapeutics presented to its investors.
Protalix BioTherapeutics, Inc. is a biopharmaceutical company specializing in the development and commercialization of recombinant therapeutic proteins using its proprietary plant cell-based expression system, ProCellEx. The company is notable for being the first to gain FDA approval for a protein produced through this unique method.
In its fiscal year 2024 earnings report, Protalix BioTherapeutics announced record revenues from selling goods, driven by increased sales across its partnerships with Chiesi, Pfizer, and Brazil. The company also highlighted significant progress in its clinical pipeline, particularly with its gout candidate, PRX-115, and the repayment of its outstanding debt, strengthening its financial position.
Key financial highlights include a 31% increase in revenues from selling goods, totaling $53 million, while revenues from license and R&D services saw a significant decrease due to the completion of regulatory milestones in 2023. The company reported a net income of $2.9 million, a decrease from the previous year, attributed to reduced revenues from license and R&D services and increased income taxes.
Strategically, Protalix completed a phase I clinical trial for PRX-115, showing potential as a treatment for uncontrolled gout, and is planning further trials. Additionally, a variation submission for pegunigalsidase alfa was validated by the EMA, potentially allowing for less frequent dosing for Fabry disease patients.
Looking forward, Protalix’s management remains optimistic about continuing its strategic initiatives, supported by a stronger balance sheet and ongoing clinical developments. The company aims to build on its current momentum and explore further opportunities in the biopharmaceutical sector.