Amicus (FOLD) AI Stock Analysis

• Market Cap: $4.51B
• Dividend Yield: N/A
• Average Volume (3M): 5.24M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.48
• Revenue Growth: 21.28%
• EPS Growth: 87.30%
• Country: US
• Employees: 499
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.01
• Shares Outstanding: 314,000,700
• 10 Day Avg. Volume: 3,745,311
• 30 Day Avg. Volume: 5,242,651
• PEG Ratio: 3.17
• Price to Book (P/B): 16.01
• Price to Sales (P/S): 6.92
• P/FCF Ratio: 147.11
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 7.53
• Enterprise Value/Gross Profit: 8.57
• Enterprise Value/Ebitda: 88.80
• 1Y Price Target: $14.08
• Price Target Upside: -1.95% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 8
• EPS Forecast (FY): 0.29
• Revenue Forecast (FY): $748.75M

• Rating: 62 Neutral
• Price Target: $15.00 ▲(4.46% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is driven mainly by improving operating fundamentals (notably the shift to positive operating and free cash flow) but is held back by balance-sheet leverage and still-inconsistent profitability. Technicals support the trend but look overbought, while valuation is weak due to negative earnings. Positive earnings-call guidance and the BioMarin acquisition/approval provide supportive upside and deal-floor dynamics, tempered by remaining closing and regulatory risks.

Positive Factors

Sustained revenue scaling

Amicus has delivered multi-year top-line growth, roughly doubling revenue over five years. A steady revenue base from approved therapies solidifies commercial footing, supports investment in the pipeline, and reduces execution risk tied solely to clinical readouts over the next 2–6 months.

High gross margins and positive cash flow

Very high gross margins and the 2025 inflection to positive operating and free cash flow materially lower funding risk. Reliable cash conversion from sales enables reinvestment in commercialization and trials, improving financial flexibility despite prior funding dependence.

Advanced pipeline enrollment and market expansion

Near-complete pivotal trial enrollment for DMX-200 and broader reimbursement wins signal rising probability of a new commercial asset and faster patient access. These durable clinical and market milestones improve the odds of sustainable revenue diversification beyond core products.

Negative Factors

Meaningful financial leverage

Leverage remains elevated relative to current earnings power, leaving the company vulnerable if revenue or profitability stalls. High debt increases interest and refinancing risk, which could constrain R&D or commercialization spending and reduce strategic optionality over the medium term.

Inconsistent profitability

Although operating performance improved, recurring net losses and EBITDA swings indicate profit instability. This variability complicates planning, raises the probability of future funding needs, and makes sustained margin expansion uncertain unless cost structure normalizes.

Rising cost of goods sold

An upward trend in COGS as a percent of sales signals margin pressure even with high gross margins today. If COGS escalation persists, operating margins and free cash flow could be eroded, forcing tougher trade-offs between pricing, patient access, or higher SG&A/R&D spending to sustain growth.

Amicus Business Overview & Revenue Model

Company Description

Amicus Therapeutics, Inc., a biotechnology company, focuses on discovering, developing, and delivering medicines for rare diseases. Its commercial product and product candidates include Galafold, an oral precision medicine for the treatment of adults with a confirmed diagnosis of Fabry disease and an amenable galactosidase alpha gene variant based on in vitro assay data. It also develops AT-GAA, a novel treatment paradigm for Pompe disease; enzyme replacement therapies for Pompe diseases; CLN3, which is in Phase 1/2 clinical study to evaluate the safety and efficacy of a single intrathecal administration of an AAV serotype AT-GTX-502 gene therapy in patients with CLN3; and CDKL5, a gene on the X-chromosome encoding the CDKL5 protein that regulates the expression of essential proteins for normal brain development. The company has collaboration and license agreements with Nationwide Children's Hospital; University of Pennsylvania; and GlaxoSmithKline. Amicus Therapeutics, Inc. was incorporated in 2002 and is headquartered in Philadelphia, Pennsylvania.

How the Company Makes Money

Amicus generates revenue primarily through the commercialization of its approved therapies, such as Galafold (migalastat), which is designed to treat Fabry disease. The company also earns revenue through collaborations and licensing agreements with larger pharmaceutical firms, which may involve upfront payments, milestone payments, and royalties on product sales. Additionally, Amicus may receive funding from government grants or research contracts aimed at supporting the development of its pipeline products. Strategic partnerships with other biopharmaceutical companies can further enhance its revenue streams by providing shared resources and expanding market access for its therapies.

Amicus Financial Statement Overview

Summary

Improving fundamentals driven by strong gross margins and steady revenue scaling, with a major inflection to positive operating cash flow and free cash flow in 2025. Offsetting this, profitability is still not consistently established (2025 net loss and EBITDA volatility) and leverage remains meaningful (debt-to-equity ~1.61), keeping balance-sheet risk elevated.

Income Statement

Revenue is scaling steadily, rising from $260.9M (2020) to $634.2M (2025) with 2025 growth of ~5.9% and strong, stable gross margins (~88–91%). Profitability, however, remains a work in progress: net income is still negative in 2025 (-$27.1M), though losses have narrowed materially versus 2020–2022. Operating performance has improved (EBIT turned positive in recent years), but EBITDA swung back to negative in 2025, highlighting ongoing cost pressure and earnings volatility.

Balance Sheet

Leverage is meaningful for the company’s current earnings profile, with debt of ~$442M against equity of ~$274M in 2025 (debt-to-equity ~1.61). While equity improved versus 2022–2024 and total assets increased to ~$950M, the capital structure still looks stretched given continued net losses, and prior years showed even higher leverage (debt-to-equity above 2x–3x). Overall, the balance sheet is improving but remains a key risk factor if profitability stalls.

Cash Flow

Cash generation improved sharply: operating cash flow turned positive in 2025 (~$33.1M) after multiple years of negative operating cash flow, and free cash flow was also positive (~$29.8M). This is a notable inflection and reduces funding risk versus prior years, though cash flow strength is not yet deeply robust relative to revenue and has been inconsistent historically. Free cash flow was close to net income in 2025, indicating better cash discipline even while reported earnings remain slightly negative.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	634.21M	528.29M	399.36M	329.23M	305.51M
Gross Profit	553.82M	475.35M	362.03M	290.63M	271.05M
EBITDA	53.81M	29.39M	-92.08M	-199.58M	-202.87M
Net Income	-27.11M	-56.11M	-151.58M	-236.57M	-250.46M
Balance Sheet
Total Assets	949.87M	785.03M	777.88M	724.17M	905.14M
Cash, Cash Equivalents and Short-Term Investments	293.54M	249.95M	286.20M	293.60M	482.50M
Total Debt	483.32M	443.64M	445.06M	452.12M	440.13M
Total Liabilities	675.63M	590.99M	617.71M	601.12M	597.77M
Stockholders Equity	274.24M	194.04M	160.17M	123.05M	307.37M
Cash Flow
Free Cash Flow	29.85M	-37.44M	-76.53M	-170.34M	-206.38M
Operating Cash Flow	33.15M	-33.89M	-69.09M	-166.57M	-202.49M
Investing Cash Flow	-46.43M	-560.00K	98.06M	92.32M	78.76M
Financing Cash Flow	610.00K	5.12M	61.68M	-7.46M	212.07M

Amicus Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.36
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FOLD, the sentiment is Positive. The current price of 14.36 is above the 20-day moving average (MA) of 14.34, above the 50-day MA of 14.31, and above the 200-day MA of 9.49, indicating a bullish trend. The MACD of 0.08 indicates Positive momentum. The RSI at 68.67 is Neutral, neither overbought nor oversold. The STOCH value of 73.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FOLD.

Amicus Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CPRX	84 Outperform	$3.03B	13.32	24.32%	―	25.56%	44.42%
FOLD	62 Neutral	$4.51B	-161.97	-12.02%	―	21.28%	87.30%
IMVT	62 Neutral	$5.23B	―	-65.80%	―	―	-27.70%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OCUL	48 Neutral	$2.15B	-8.55	-71.66%	―	-9.21%	-8.84%
TVTX	47 Neutral	$2.64B	-67.82	-79.16%	―	114.22%	77.02%
IRON	43 Neutral	$2.53B	-13.21	-32.80%	―	―	-34.96%

Amicus Corporate Events

Amicus Stockholders Approve BioMarin Acquisition at Special Meeting

On March 3, 2026, stockholders of Amicus Therapeutics approved the company’s acquisition by BioMarin Pharmaceutical, with approximately 74.79% of eligible shares represented at a special virtual meeting and an overwhelming majority voting in favor of the merger agreement. Shareholders also backed, on an advisory basis, the merger-related executive compensation package, and with stockholder approval and early termination of the U.S. Hart-Scott-Rodino waiting period granted on February 11, 2026, the transaction now depends on remaining regulatory clearances, including in certain European jurisdictions and Japan, and is expected to close in the second quarter of 2026, potentially reshaping Amicus’s ownership structure and integration into BioMarin’s rare-disease portfolio.

The most recent analyst rating on (FOLD) stock is a Hold with a $15.00 price target. To see the full list of analyst forecasts on Amicus stock, see the FOLD Stock Forecast page.

Amicus Therapeutics to Be Acquired by BioMarin

On December 19, 2025, Amicus Therapeutics agreed to be acquired by BioMarin Pharmaceutical in an all-cash transaction valuing Amicus at approximately $4.8 billion, or $14.50 per share, a premium of up to 58% over recent trading averages; following closing—expected in the second quarter of 2026 pending antitrust clearances and shareholder approval—Amicus will become a wholly owned BioMarin subsidiary, with Amicus shareholders cashed out and equity awards converted to cash. The deal will add Galafold and Pombiliti + Opfolda to BioMarin’s rare-disease portfolio, immediately boosting revenue growth, diversifying its enzyme therapy franchise and, according to the companies, becoming accretive to non-GAAP EPS within 12 months of closing and substantially accretive from 2027, financed via a mix of cash and about $3.7 billion of new debt; a $175 million termination fee and a suite of no-shop and fiduciary-out provisions govern competing bids, while a separate settlement of U.S. patent litigation over Galafold grants generic challengers licenses starting in 2037, effectively extending U.S. market exclusivity and bolstering the long-term value of the asset within BioMarin’s portfolio.

The most recent analyst rating on (FOLD) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on Amicus stock, see the FOLD Stock Forecast page.