In This Article:
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Revenue from Selling Goods: $53 million for the year ended December 31, 2024, an increase of 31% from $40.4 million in 2023.
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Revenue from License and R&D Services: $0.4 million for 2024, a decrease of 98% from $25.1 million in 2023.
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Cost of Goods Sold: $24.3 million for 2024, an increase of 6% from $23 million in 2023.
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Research and Development Expenses: $13 million for 2024, a decrease of 24% from $17.1 million in 2023.
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Selling, General and Administrative Expenses: $12.2 million for 2024, a decrease of 19% from $15 million in 2023.
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Financial Income, Net: $0.2 million for 2024, compared to financial expenses, net of $1.9 million in 2023.
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Income Taxes: $1.2 million for 2024, an increase of 300% from $0.3 million in 2023.
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Cash, Cash Equivalents, and Short-term Bank Deposits: Approximately $34.8 million as of December 31, 2024.
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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.
Release Date: March 17, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Protalix BioTherapeutics Inc (PLX) achieved record revenues in 2024, driven by increased sales to partners like Chiesi and Pfizer.
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The company fully repaid its outstanding debt, strengthening its balance sheet.
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Protalix is advancing its R&D efforts, particularly with PRX-115, which completed a successful Phase 1 trial and is preparing for Phase 2.
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The European Medicines Agency validated a new dosing regimen for Elfabrio, potentially expanding its market in the EU.
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Protalix's collaboration with Chiesi is progressing well, with expectations of significant revenue growth from royalties by 2030.
Negative Points
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Revenues from license and R&D services decreased by 98% due to the completion of the Elfabrio program.
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The company expects minimal future revenues from license and R&D services, aside from potential milestone payments.
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Net income decreased from $8.3 million in 2023 to $2.9 million in 2024, indicating a decline in profitability.
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Research and development expenses decreased by 24%, which may impact the pace of new product development.
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Protalix did not provide specific revenue guidance for 2025, creating uncertainty about future financial performance.
Q & A Highlights
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