Protalix BioTherapeutics (AMEX:PLX) released first-quarter financial results and hosted an earnings call on Wednesday. Read the complete transcript below.
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View the webcast at https://viavid.webcasts.com/starthere.jsp?ei=1762414&tp_key=330c698581
Summary
Protalix BioTherapeutics reported a $25 million milestone payment from Chiesi due to European Commission approval of a new dosing regimen for El Fabrio, ending the quarter with $51 million in cash.
The company reaffirmed its 2026 revenue guidance of $78 to $83 million, with key revenue drivers being El Fabrio and PRX115’s Phase 2 study and ongoing partnerships.
The company plans to capture 15-20% of the global Fabry market by 2031, with strategic focus on expanding El Fabrio’s presence in Europe and advancing PRX115 for uncontrolled gout.
First-quarter revenue was $33.8 million, with an increase in R&D expenses to $5.4 million due to the PRX115 Phase 2 study, while maintaining a strong financial position with no debt.
Management expressed confidence in achieving long-term growth through strategic partnerships and pipeline advancement, with expectations for significant revenue growth in the second half of 2026.
Full Transcript
OPERATOR
. Good morning ladies and gentlemen and welcome to Protalix BioTherapeutics First Quarter 2026 Financial and Business Results Conference Call. As a reminder, this conference is being recorded. I will now turn the conference over to our host, Mr. Mike Moyer of LASCI Advisors, Investor Relations for Protalix. Thank you. Please go ahead.
Mike Moyer (Investor Relations)
Thank you Operator and welcome to Protalix BioTherapeutics Q1 2026 financial results and Business Update Conference Call. With me today are Dror Bashan, President and CEO of Protalix, and Gilad Mamlach, Senior Vice President and Chief Financial Officer. A press release announcing the financial results and corporate updates were issued this morning and are available now on the Protalix website. Please take a moment to read the disclaimer about forward looking statements in the press release. The earnings release and this teleconference include forward looking statements. These forward looking statements are subject to known and unknown risks and uncertainties. They may cause actual results to differ materially from the statements made. Factors that could cause actual results to differ are described in the disclaimer and in Protalix’s filings with the U.S. securities and Exchange Commission. I will now turn the call over to Mr. Dror Bashan.
Dror Bashan
Thank you Mike and thank you everyone for joining our Q1 2026 financial results and Business Update for I want to begin by highlighting two points that underscore the strength of our business today. First, during the quarter we received the $25 million milestone from Chiesi following the European Commission approval of a Elfabrio every four weeks dosing regimen. As a result, we ended the first quarter of this year with $51 million in cash, providing us with a strong balance sheet and substantial financial flexibility and sufficient funds to support our ongoing operations as well as our phase two release study with PRX115. Second, we are reaffirming our 2026 guidance. We continue to expect total revenue for the year to range from approximately 78 to 83 million dollars inclusive of the 25 million dollar milestones received from Chiesi. Within that outlook, we anticipated Elfabrio revenues excluding milestones of approximately 33 to 35 million and PRX-102 revenues of approximately 20 to 23 million. Taken together, this guidance reflects the strength of our commercial partnerships and our confidence in execution across our business for the year ahead. We entered 2026 with a good momentum with the regulatory progress for in Europe which triggered the $25 million milestone payment, the continued enrollment of our PRX115 Phase 2 release study and a growing focus on our rare renal disease preclinical pipeline, we remain confident in our strategy for the years ahead. Our partner Chiesi continues to execute well with Elfabrio across approved markets. Following the European Commission recent approval of every four weeks regiment, we believe Elfabrio is well positioned to meaningfully reduce treatment burden for eligible patients in the European Union without compromising efficacy. This added dosing flexibility strengthens the Elfabrio competitive position and supports broader adoption over time. In the United States, the FDA approved dosing regimen remains unchanged. Looking longer term with the global Fabry market projected to approach approximately 3.2 …
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