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Amicus' (FOLD) Shares Rise on Q3 Earnings & Revenue Beat

Zacks Equity Research

Shares of Amicus Therapeutics, Inc. FOLD grew almost 3.8% since its third-quarter earnings release on Nov 11. However, the stock has declined 3.1% so far this year against the industry’s growth of 1.2%.

Amicus reported a loss of 24 cents per share in the third quarter of 2019, narrower than the Zacks Consensus Estimate of a loss of 32 cents and the year-ago quarter’s loss of 84 cents.

Total revenues in the reported quarter were $48.8 million, skyrocketing almost 137% from $20.6 million in the year-ago quarter. The figure also surpassed the Zacks Consensus Estimate of $48 million. The company realized revenues from the commercial sales of its only marketed drug, Galafold (migalastat).

Sales of Galafold rose 11% from total revenues of $44.1 million in the second quarter of 2019. As of Sep 30, Galafold represented an estimated 30% of the global market share of treated amenable patients.

The company is on track to complete enrollment of 120+ patients in the AT-GAA Pompe pivotal study by the end of 2019.

2019 Guidance

Owing to strength in global Galafold launch metrics across all major geographies, Amicus updated the lower end of 2019 Galafold revenue guidance to $170-$180 million from $160-$180 million.

The company expects to almost double annual worldwide revenues, with more than 1,000 Fabry patients on Galafold, by end of the year.

The company expects to end 2019 with more than $420 million of cash in hand and has extended the cash runway projection from 2021 to the first half of 2022.

Pipeline Update

The lead pipeline candidate in Amicus’ portfolio is AT-GAA, a differentiated biologic for Pompe disease. The company is on track to complete enrollment in the pivotal phase III PROPEL study in Pompe disease and report additional phase II data.

Amicus has two gene-therapy programs for two different types of Batten disease. It expects to report additional two-year results from the phase I/II study in CLN6 Batten disease and complete enrollment in the ongoing CLN3 Batten disease phase I/II study.

 

Amicus Therapeutics, Inc. Price, Consensus and EPS Surprise

 

Amicus Therapeutics, Inc. Price, Consensus and EPS Surprise

Amicus Therapeutics, Inc. price-consensus-eps-surprise-chart | Amicus Therapeutics, Inc. Quote

Zacks Rank and Stocks to Consider

Amicus currently carries a Zacks Rank #2 (Buy).

A few top-ranked stocks in the biotech sector are Alkermes Plc. ALKS, Anika Therapeutics Inc. ANIK and Agenus Inc. AGEN, all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Alkermes’ earnings per share estimates have increased from 36 cents to 52 cents for 2019 in the past 60 days. The company delivered a positive earnings surprise in the trailing four quarters by 236.80% on average.  

Anika’s earnings per share estimates have increased from $1.75 to $2.03 for 2019 and from $1.36 to $1.62 for 2020 in the past 60 days. The company delivered a positive earnings surprise in the trailing four quarters by 53.31% on average.

Agenus’ loss per share estimates have narrowed from a loss of $1.04 to 96 cents for 2019 in the past 60 days. The company delivered a positive earnings surprise in two of the trailing four quarters by 23.79% on average.    

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