Protalix BioTherapeutics Inc (PLX) Q4 2024 Earnings Call Highlights: Record Revenue Growth ...
Revenue from Selling Goods: $53 million for the year ended December 31, 2024, an increase of 31% from $40.4 million in 2023.
Revenue from License and R&D Services: $0.4 million for 2024, a decrease of 98% from $25.1 million in 2023.
Cost of Goods Sold: $24.3 million for 2024, an increase of 6% from $23 million in 2023.
Research and Development Expenses: $13 million for 2024, a decrease of 24% from $17.1 million in 2023.
Selling, General and Administrative Expenses: $12.2 million for 2024, a decrease of 19% from $15 million in 2023.
Financial Income, Net: $0.2 million for 2024, compared to financial expenses, net of $1.9 million in 2023.
Income Taxes: $1.2 million for 2024, an increase of 300% from $0.3 million in 2023.
Cash, Cash Equivalents, and Short-term Bank Deposits: Approximately $34.8 million as of December 31, 2024.
Net Income: $2.9 million for 2024, or $0.04 per share, compared to $8.3 million or $0.12 per share basic and $0.09 per share diluted in 2023.
Warning! GuruFocus has detected 4 Warning Signs with PLX.
Release Date: March 17, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Protalix BioTherapeutics Inc (PLX) achieved record revenues in 2024, driven by increased sales to partners like Chiesi and Pfizer.
The company fully repaid its outstanding debt, strengthening its balance sheet.
Protalix is advancing its R&D efforts, particularly with PRX-115, which completed a successful Phase 1 trial and is preparing for Phase 2.
The European Medicines Agency validated a new dosing regimen for Elfabrio, potentially expanding its market in the EU.
Protalix's collaboration with Chiesi is progressing well, with expectations of significant revenue growth from royalties by 2030.
Revenues from license and R&D services decreased by 98% due to the completion of the Elfabrio program.
The company expects minimal future revenues from license and R&D services, aside from potential milestone payments.
Net income decreased from $8.3 million in 2023 to $2.9 million in 2024, indicating a decline in profitability.
Research and development expenses decreased by 24%, which may impact the pace of new product development.
Protalix did not provide specific revenue guidance for 2025, creating uncertainty about future financial performance.
Q: When do you expect to provide revenue guidance, particularly regarding the royalty stream from Elfabrio, and what can you disclose about its progress? A: Chiesi, being a private company, does not disclose patient numbers or estimated revenues. However, they are adding patients globally to Elfabrio, and we anticipate revenues north of $100 million from Chiesi by 2030. Most revenues will be royalty-based, offering higher margins. We cannot provide guidance for 2025 due to inventory sales, but Chiesi's performance is promising, and our collaboration is strategic for Protalix. - Dror Bashan, President and CEO
Q: Can you explain the differences between PRX-119 and the historical PRX-110 program, and provide insights into the market opportunity for PRX-119? A: PRX-119 is a long-acting DNase, whereas PRX-110 was an acute one. We are finalizing indication selection and will update the market soon. Once the indication is finalized, we can provide potential market size details. - Dror Bashan, President and CEO
Q: What are the expected costs and timeline for the PRX-115 Phase 2 study, and will you seek a partner for further development? A: We plan to finance the Phase 2 study with current resources, estimating costs north of $20 million for third-party expenses. Topline results are expected in about two years, depending on enrollment pace. If results are positive, we will likely seek a commercial partner. - Dror Bashan, President and CEO
Q: Can you elaborate on the mechanism of action for PRX-115 and its impact on urate crystals in gout treatment? A: PRX-115 uses a uricase from a different source than KRYSTEXXA, with a specific peg covering the enzyme. In Phase 1, it reduced uric acid levels quickly and maintained low levels for extended periods. Further results in patients with severe gout will provide more insights. - Dror Bashan, President and CEO
Q: Do you have the 4Q Elfabrio revenue number available? A: The 10-K has been filed, which includes the 4Q Elfabrio revenue details. - Eyal Rubin, CFO
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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While I won't be present for the official announcement due to a previously scheduled mental health retreat, I want to express my deep appreciation for the trust the Mayor, City Council, and community extended to me,' Cameron said. Cameron continued, 'This is not about one individual; it's about what we can accomplish together in Springfield, across the region, and throughout Missouri. I understand this decision was not unanimous, and I respect those who voted differently. Their commitment to public service is evident, and I look forward to earning their trust through our shared work ahead.' 'I want to sincerely thank the City of Republic, Mayor Franklin, City Council, dedicated staff, and the incredible community for allowing me to come back home and serve over the past nine years,' Cameron said. 'We built something special together, and I carry that same regional mindset with me into this next chapter.' 'Springfield has a strong foundation, and I'm excited to begin working alongside city staff, community leaders, and residents as we embrace a new season of growth, challenge, and opportunity,' Cameron said. In the press release with that statement, there's an additional statement by Cameron that says, 'I am very excited and honored to join the City of Springfield as its next City Manager. As a 417 Kid from Miller, Missouri, the opportunity to continue serving the region I've always loved is truly special. While I will deeply miss the Republic staff and community, where we've accomplished and transformed so much over the past nine years, I'm grateful for all we've built. I'm now excited to contribute to the growth and success of the place I've always called home in a new way. Springfield plays a pivotal role in shaping the future of southwest Missouri. I'm energized by the opportunity to work alongside Mayor Schrag, the City Council, and the City staff to lead with vision, courage and collaboration. Let's go!' Cameron's first day is July 7. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
