It has been about a month since the last earnings report for Amicus Therapeutics (FOLD). Shares have added about 6% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Amicus Therapeutics due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Amicus' Q3 Earnings & Revenue Beat
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.
Owing to strength in global Galafold launch metrics across all major geographies, Amicus raised 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.
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.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in estimates review. The consensus estimate has shifted 12.19% due to these changes.
Currently, Amicus Therapeutics has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of F on the value side, putting it in the fifth quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Amicus Therapeutics has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
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