Protalix BioTherapeutics (PLX) Reports Q3 Revenues Beat

Protalix BioTherapeutics (NYSE: PLX) reported Q3 revenue for the quarter came in at $10.8 million versus the consensus estimate of $10.08 million.

Third Quarter 2020 Financial Highlights

• The Company recorded revenues from selling goods of $3.3 million during the three months ended September 30, 2020, a decrease of $1.8 million, or 36%, compared to revenues of $5.1 million for the same period of 2019. The decrease resulted primarily from a timing difference in sales to Brazil in 2020 compared to 2019, which was partially offset by an increase in sales to Pfizer Inc.
• Revenues from license and R&D services for the three months ended September 30, 2020 were $7.5 million, a decrease of $1.6 million, or 18%, compared to $9.1 million for the same period of 2019. Revenues from license and R&D services are comprised primarily of revenues the Company recognized in connection with its license and supply agreements with Chiesi. The decrease is primarily due to the completion of two out of the three phase III clinical trials of PRX–102 as well as lower costs related to the Company's phase III BALANCE clinical trial of PRX–102 for the treatment of Fabry disease.

"This quarter, we delivered on another important milestone for the Company with the FDA's acceptance of, and grant of Priority Review designation to, the biologics license application (BLA) submitted for PRX–102 for the treatment of Fabry disease," said Dror Bashan, Protalix's President and Chief Executive Officer. "We continue to build-out our clinical data profile for PRX–102. The last patient has completed treatment in the BRIGHT study, and we expect to report top-line data from the study by the end of the first quarter, 2021. We remain focused on advancing our earlier stage pipeline as well. We are proud of our team's continued dedication and collaboration in progressing on our corporate mission during these challenging times of the pandemic."

For earnings history and earnings-related data on Protalix BioTherapeutics (PLX) click here.

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