Protalix Biotherapeutics Inc (NYSE-A:PLX) reported higher quarterly revenue and reaffirmed its long-term growth outlook on Thursday, pointing to expanding demand for its Fabry disease treatment Elfabrio and upcoming clinical milestones for its pipeline.
The Israeli biopharmaceutical company said revenue from selling goods rose 16% to $15.4 million in the quarter ended June 30, driven largely by increased sales of Elfabrio to Italian drugmaker Chiesi.
First-half sales of goods jumped 50% from a year earlier.
The company posted net income of $164,000, compared with a $2.2 million loss a year earlier.
“Chiesi is an ideally suited partner for commercialization of Elfabrio for Fabry disease, which represents a global market of about $2.3 billion today and is forecast to grow to $3.2 billion by 2030,” CEO Dror Bashan said in a statement. “We are confident in the growth of our Elfabrio franchise over the long term.”
The company said it expects quarterly ordering patterns to fluctuate in the near term as the launch phase matures, with underlying demand stabilizing and market share increasing over time.
Protalix also advanced its second key program, PRX-115, a recombinant PEGylated uricase candidate for uncontrolled gout. It plans to initiate a randomized Phase 2 trial in the second half of 2025 and enroll the first patient by the fourth quarter.
In corporate developments, the company named Gilad Mamlok as its new chief financial officer, effective August 24, to succeed Eyal Rubin, who is stepping down after six years. Protalix was also added to the Russell 3000 and Russell 2000 indexes in June.
The company ended the quarter with $33.4 million in cash, cash equivalents and short-term deposits.