PTC Therapeutics, Inc · Q3 2023 earnings

Briefing

PTC Therapeutics reported third quarter 2023 financial results with total revenues of $197 million and provided regulatory updates for pipeline programs.

PTC Therapeutics reported total revenues of $196.6 million for the third quarter of 2023. The company finalized a strategic partnership with Royalty Pharma, strengthening its financial position. PTC is progressing with regulatory submissions for its pipeline programs, including sepiapterin in PKU, and continues enrollment in the PIVOT-HD study for PTC518 for Huntington’s disease.

• Total revenues for Q3 2023 were $196.6 million.
• DMD franchise revenue was $136 million in Q3 2023.
• PTC finalized a strategic partnership with Royalty Pharma, acquiring additional royalties of Evrysdi for $1.0 billion upfront.
• PTC expects to submit an MAA to the EMA for sepiapterin for the treatment of PKU in the first half of 2024.

Headline financials

Revenue & EPS history

PTC anticipates total revenues for full-year 2023 to be between $940 million and $1.0 billion. PTC anticipates net product revenue for the DMD franchise for full-year 2023 to be between $565 million and $595 million. PTC anticipates GAAP R&D and SG&A expenses for full-year 2023 to be between $915 million and $965 million. PTC anticipates Non-GAAP R&D and SG&A expenses for full year 2023 to be between $810 million and $860 million, excluding estimated non-cash stock-based compensation expense of $105 million. PTC expects to incur $37 million of one-time expenses related to the achievement of clinical success-based milestones from previous acquisitions and expenses associated with a rights exchange agreement, which have already been paid in equity and cash.