PTC Therapeutics, Inc. (NASDAQ: PTCT) provided an update on its commercial progress and research and development (R&D) pipeline at the 42nd Annual J.P. Morgan Healthcare Conference, including unaudited 2023 total revenue of $946 million, representing a 35% year-over-year growth.
Matthew B. Klein, M.D., Chief Executive Officer of PTC, highlighted the company's accomplishments in 2023 and potential value-creating milestones for 2024. Klein stated, "2023 was a transformational year for PTC as we made necessary and important changes to become a leaner, more focused and financially stronger company positioned for future success. We look forward to a successful 2024, with anticipated key global regulatory submissions for our PKU program and multiple data readouts, including from our PTC518 HD program."
Key 2023 corporate highlights include unaudited net product revenue of $661 million, with strong year-over-year growth for the Duchenne Muscular Dystrophy (DMD) franchise. Additionally, PTC announced positive readouts from key programs in its clinical pipeline, strategic portfolio prioritizations, and a significant royalty agreement.
Looking ahead to 2024, PTC anticipates several key clinical and regulatory events, such as the submission of regulatory filings in the EU and US for sepiapterin in PKU, as well as multiple study readouts, including 12-month interim data from the pivot-HD study of PTC518 in HD patients.
Regarding unaudited 2023 financial results, PTC reported total unaudited net revenue of approximately $946 million, with total unaudited net product revenue of approximately $661 million. The company also provided 2024 financial guidance, anticipating total revenues for the full year 2024 to be between $600 million and $850 million.
PTC Therapeutics, Inc. is a science-driven, global biopharmaceutical company focused on the discovery, development, and commercialization of clinically differentiated medicines for patients with rare disorders.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $264,734 | $306,980 | $380,766 | $538,593 | $698,801 | $798,179 |
| Revenue Growth | n/a | 15.96% | 24.04% | 41.45% | 29.75% | 14.22% |
| Operating Margins | -44% | -79% | -112% | -70% | -64% | -81% |
| Net Margins | -48% | -82% | -114% | -97% | -80% | -80% |
| Net Income (k) | -$128,081 | -$251,576 | -$438,160 | -$523,901 | -$559,017 | -$641,701 |
| Net Interest Expense (k) | -$12,554 | -$12,491 | -$56,352 | -$86,022 | -$90,871 | -$109,407 |
| Depreciation & Amort. (k) | $26,087 | $32,180 | $43,490 | $9,400 | $12,300 | $194,750 |
| Earnings Per Share | $46576313.0 | -$4.27 | $66027908.0 | -$7.43 | -$7.79 | -$8.65 |
| EPS Growth | n/a | -100.0% | 1546321130.44% | -100.0% | -4.85% | -11.04% |
| Diluted Shares (k) | 46,576,313 | 58,863 | 66,028 | 70,466 | 71,729 | 75,378 |
| Free Cash Flow (k) | -$34,738 | -$112,396 | -$211,914 | -$279,545 | -$388,670 | -$255,587 |
| Capital Expenditures | $7,097 | $13,757 | $17,843 | $28,213 | $32,016 | $31,494 |
| Current Ratio | 1.92 | 3.3 | 4.44 | 1.87 | 1.71 | 1.1 |
