Protalix BioTherapeutics (PLX) Q4 2024 earnings summary

Executive summary

• Achieved record revenues in 2024, driven by increased sales to Chiesi, Pfizer, and Brazil, and fully repaid all outstanding debt, strengthening the balance sheet.

• Advanced R&D on PRX-115, PRX-119, and early-stage candidates, with Phase I for PRX-115 completed and Phase II planned.

• Commercial partner Chiesi increased investment in Elfabrio, with EMA validating a new dosing regimen submission.

• All outstanding warrants expired in March 2025, following $2.1 million in proceeds from exercises.

Financial highlights

• Revenues from selling goods reached $53 million in 2024, up 31% year-over-year, mainly from increased sales to Chiesi.

• Revenues from licensed and R&D services dropped 98% to $0.4 million due to completion of regulatory milestones in 2023.

• Cost of goods sold increased 6% to $24.3 million, reflecting higher sales volume.

• Net income was $2.9 million ($0.04 per share) in 2024, down from $8.3 million ($0.12 per share) in 2023.

• Cash, cash equivalents, and short-term deposits totaled $34.8 million at year-end.

Outlook and guidance

• Phase II trial for PRX-115 planned to start in the second half of 2024 or 2025, with top-line results expected in about two years.

• No revenue guidance for 2025; expect royalty revenues from Chiesi to grow and reach over $100 million by 2030.

• Continued focus on early-stage R&D and pipeline expansion, especially in renal rare diseases.

• Minimal future license and R&D revenue expected, except for potential milestone payments.