In This Article:
A month has gone by since the last earnings report for Amicus Therapeutics (FOLD). Shares have lost about 11.1% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Amicus Therapeutics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Amicus' Q3 Earnings & Revenues Surpass Estimates
Amicus third-quarter 2024 adjusted earnings of 10 cents per share, beating the Zacks Consensus Estimate of 8 cents. The company had incurred a loss of 1 cent per share in the year-ago quarter.
The year-over-year improvement can be attributed to higher revenues from Galafold sales and incremental revenues from the sale of the newly approved combo drug, Pombiliti + Opfolda.
Revenues in the third quarter totaled $141.5 million, up 37% year over year on a reported basis and 36% on constant-currency (cc) basis. The figure beat the Zacks Consensus Estimate of $134 million. The top line comprised Galafold, and Pombiliti + Opfolda sales.
Quarter in Detail
In the third quarter, Galafold net product sales were $120.4 million, up 19% year over year at cc, driven by continued strong demand. Galafold sales beat the Zacks Consensus Estimate of $119 million as well as our model estimate of $114.7 million.
Net product sales of Pombiliti + Opfolda were $21.1 million, reflecting sequential growth of 33%. The figure beat the Zacks Consensus Estimate of $18.04 million and our model estimate of $18 million.
Per Amicus, as of the end of October, 203 patients were treated or are scheduled to be treated with the combo drug in five markets (the United States, Germany, the United Kingdom, Spain and Austria).
Total adjusted operating expenses of $82.6 million declined 8% from the year-ago quarter’s figure.
As of Sept 30, 2024, Amicus had cash, cash equivalents and marketable securities worth $249.8 million compared with $260.1 million as of June 30, 2024.
2024 Guidance
Given the strong business performance and continued financial discipline so far, Amicus updated its previously provided guidance for full-year 2024.
The company now expects its total revenues to grow in the range of 30 in 2024 compared with the previously guided range of 26.
Total Galafold revenues are now expected to grow in the range of 16 compared with the previous guidance of 14.
For 2024, the company expects total Pombiliti + Opfolda revenues to be in the range of $69-$71 million compared with the earlier projection of $62-$67 million.