PTC Therapeutics (NASDAQ: PTCT) reported Q1 EPS of ($1.81), $0.49 worse than the analyst estimate of ($1.32). Revenue for the quarter came in at $68.26 million versus the consensus estimate of $81.94 million.

Financial Highlights:

• Total revenues were $68.3 million for the first quarter of 2020, compared to total revenues of $53.6 million for the first quarter of 2019.
• Translarna net product revenues were $40.5 million for the first quarter of 2020, compared to $35.3 million for the first quarter of 2019. These results reflect an increase in net product sales in existing markets as well as continued geographic expansion into new territories.
• Emflaza net product revenues were $27.5 million for the first quarter of 2020, compared to $17.8 million for the first quarter of 2019. These results reflect new patient growth driven in part by diagnostic and educational efforts as well as ongoing operational improvements.
• Generally accepted accounting principles in the United States (GAAP) research and development (R&D) expenses were $90.1 million for the first quarter of 2020, compared to $52.6 million for the first quarter of 2019. The increase in R&D expenses reflects costs associated with advancing the gene therapy and Bio-e platforms and increased investment in research programs as well as advancements of the clinical pipeline.
• Non-GAAP R&D expenses were $81.9 million for the first quarter of 2020, excluding $8.2 million in non-cash stock-based compensation expense, compared to $47.9 million for the first quarter of 2019, excluding $4.7 million in non-cash stock-based compensation expense.
• GAAP selling, general and administrative (SG&A) expenses were $58.2 million for the first quarter of 2020, compared to $40.6 million for the first quarter of 2019, reflecting continued investment to support our commercial activities including our expanding commercial portfolio.
• Non-GAAP SG&A expenses were $51.2 million for the first quarter of 2020, excluding $7.0 million in non-cash stock-based compensation expense, compared to $36.0 million for the first quarter of 2019, excluding $4.6 million in non-cash stock-based compensation expense.
• Change in the fair value of deferred and contingent consideration was $0.9 million for the first quarter of 2020, compared to $21.2 million for the first quarter of 2019. The change in fair value of deferred and contingent consideration is related to the fair valuation of potential future consideration to be paid to former equity holders of Agilis Biotherapeutics, Inc. (Agilis) in connection with PTC's acquisition of Agilis, which closed in August 2018.
• In discussions with certain former shareholders of Agilis, PTC has agreed to exchange their pro rata share of specific future cash milestone payments in the aggregate amount of $225 million for a mixture of cash and equity. Under this agreement, which the former shareholders and PTC entered into on April 29th, PTC has pre-paid 94% of time-based cash milestones due in August 2020, and has agreed to issue 2,821,176 shares of common stock in exchange for 94% of future cash milestones for the AADCd BLA approval by the FDA and the receipt of a Priority Review Voucher in connection with that approval.
• Net loss was $112.7 million for the first quarter of 2020, compared to net loss of $72.1 million for the first quarter of 2019.
• Cash, cash equivalents and marketable securities totaled $595.9 million at March 31, 2020, compared to $686.6 million at December 31, 2019.
• Shares issued and outstanding as of March 31, 2020 were 62,758,520.

"PTC continued to execute on our strategic priorities including the development and commercial fronts in the first quarter highlighted by DMD franchise revenue growth and strong risdiplam results," said Stuart Peltz, Ph.D., CEO of PTC Therapeutics. "The breadth of positive clinical risdiplam data reinforces the global commercial competitive profile of this therapy, which has the potential to be the first and only at-home SMA treatment, a critical advantage in the COVID-19 environment. We look forward to a number of potential value-creating catalysts including the risdiplam PDUFA date, and multiple clinical milestones in the upcoming months."

For earnings history and earnings-related data on PTC Therapeutics (PTCT) click here.