In This Article:
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Total Revenue: $142 million in Q3 2024, a 37% increase year over year.
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Galafold Revenue: $120 million in Q3 2024, 19% growth year over year at constant currency.
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Pompe Disease Therapy Revenue: $21 million in Q3 2024, a 33% increase from Q2 2024.
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Cost of Goods Sold: 9.4% of net sales in Q3 2024.
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GAAP Operating Expenses: $107 million in Q3 2024, a decrease of 4% from Q3 2023.
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Non-GAAP Operating Expenses: $83 million in Q3 2024, an 8% decrease from Q3 2023.
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Net Loss (GAAP): $7 million or 2 per share in Q3 2024.
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Non-GAAP Net Income: $31 million or a profit of 10 per share in Q3 2024.
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Cash and Marketable Securities: $250 million as of September 30, 2024.
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Full Year Revenue Growth Guidance: Increased to 30-32% for 2024.
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Galafold Full Year Revenue Growth Guidance: Increased to 16-18% for 2024.
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Pompe Disease Therapy Full Year Sales Guidance: Raised to $69-71 million for 2024.
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Non-GAAP Operating Expense Guidance: Lowered to $340-350 million for 2024.
Release Date: November 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Amicus Therapeutics Inc (NASDAQ:FOLD) reported a strong revenue growth of 37% year-over-year, reaching $142 million in Q3 2024.
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The company increased its full-year revenue guidance for 2024 to 30-32%, up from the previous 26-31%.
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Galafold achieved $120 million in global revenue for the quarter, marking a 19% growth from the previous year on a constant currency basis.
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Pompe disease therapy, Pombility, reported $21 million in revenue for Q3 2024, a 33% increase from Q2 2024.
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Amicus Therapeutics Inc (NASDAQ:FOLD) achieved non-GAAP profitability for the full year, with a non-GAAP net income of $31 million in Q3 2024.
Negative Points
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The company faces ongoing litigation with two remaining litigants, Aurobindo and Lupin, regarding the intellectual property of Galafold.
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There is a potential impact on gross margins in 2025 due to the transition from previously expensed inventory to new inventory costs.
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The market for Pompe disease in Japan is smaller and more fragmented compared to other regions, limiting growth potential.
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The company is still in the early stages of developing next-generation therapies for Fabry and Pompe diseases, with significant progress expected only in the coming years.
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Amicus Therapeutics Inc (NASDAQ:FOLD) has not yet achieved GAAP profitability, focusing instead on non-GAAP profitability.
Q & A Highlights
Q: Can you elaborate on the prescribing trends for Pombil AODA and the decision-making process for switching patients? Also, what is the market opportunity in Japan for Pompe disease? A: Bradley L. Campbell, CEO, explained that the breadth and depth of prescribing are increasing, with more new prescribers and repeat prescriptions. Physicians typically wait 12 to 24 months before switching treatments, assessing patient stability and improvement. Regarding Japan, Sebastien Martel, Chief Business Officer, noted that the Pompe disease market is smaller, with about 100 treated patients, unlike the larger Fabry disease market.