PTC Therapeutics Inc (PTCT) Reports Q3 2023 Earnings: Revenue of $197 Million
PTC Therapeutics Inc (NASDAQ:PTCT) reported Q3 2023 total revenues of $197 million.
The company's financial position has been strengthened following recent restructuring initiatives and a transaction with Royalty Pharma.
PTC Therapeutics Inc (NASDAQ:PTCT) remains on target for its 2023 revenue guidance.
Regulatory updates for pipeline programs were also provided.
On October 26, 2023, PTC Therapeutics Inc (NASDAQ:PTCT) announced its financial results for the third quarter ending September 30, 2023. The company reported total revenues of $197 million for the quarter, with key revenue contributors being Translarna (ataluren) and Emflaza (deflazacort), generating $69 million and $67 million respectively.
Financial Highlights
The company's financial position has been strengthened following recent restructuring initiatives and a transaction with Royalty Pharma. Matthew Klein, M.D., Chief Executive Officer, PTC Therapeutics, Inc., stated,
The recent Royalty Pharma transaction and restructuring initiatives that we implemented have put the company on a strong financial footing. We believe we are well positioned to deliver on our most promising opportunities for growth, including the potential sepiapterin revenue opportunity of more than $1 billion and the PTC518 HD program."
Income Statement Overview
The company reported a net loss attributable to common stockholders of $132.97 million for the third quarter of 2023. The loss from operations was $118.16 million, while the net loss per share was $1.76. The company also reported a total operating expense of $314.74 million for the quarter.
Balance Sheet Summary
As of September 30, 2023, the company had cash, cash equivalents, and marketable securities amounting to $294.81 million. The total assets stood at $1.26 billion, while total liabilities were $1.93 billion. The total stockholders' deficit was $670.81 million.
Outlook
PTC Therapeutics Inc (NASDAQ:PTCT) remains on target for its 2023 revenue guidance. The company believes it is well-positioned to deliver on its most promising opportunities for growth, including the potential sepiapterin revenue opportunity of more than $1 billion and the PTC518 HD program.
Investors and potential GuruFocus.com members interested in PTC Therapeutics Inc (NASDAQ:PTCT) can keep an eye on the company's performance and financial health by following the company's earnings reports and financial filings.
Explore the complete 8-K earnings release (here) from PTC Therapeutics Inc for further details.
This article first appeared on GuruFocus.
