Amicus Therapeutics Reports Q2 2024 Financial Results Highlighting Robust Revenue Growth and NonGAAP
Intellectia.AI1970-01-01
Amicus Therapeutics Reports Q2 2024 Financial Results Highlighting Robust Revenue Growth and Non-GAAP Profitability
Amicus Therapeutics (NASDAQ: FOLD) released its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Cons. Estimates | Variance |
|---|---|---|---|---|---|---|---|
| Total Revenue | $126.7M | - | $94.5M | +34% | - | $121.24M | +4.5% |
| GAAP Net Loss per Share | $-0.05 | - | $-0.15 | N/A | - | $-0.05 | 0 |
| Non-GAAP Net Income per Share | $0.06 | - | $-0.07 | +$0.13 | - | - | - |
Interpretation: Amicus Therapeutics demonstrated impressive financial performance for Q2 2024 with a substantial 34% year-over-year growth in total revenue, amounting to $126.7 million, surpassing the consensus estimate of $121.24 million by 4.5%. The company reported GAAP earnings per share of $-0.05, meeting the consensus estimate, while achieving non-GAAP profitability with earnings of $0.06 per share.
Segment Performance
| Segment | Q2 2024 Revenue | Q1 2024 Revenue | YoY Change | QoQ Change |
|---|---|---|---|---|
| Galafold® | $110.8M | - | +17% | - |
| Pombiliti® + Opfolda® | $15.9M | $11.0M* | - | +44% |
Interpretation: Galafold® exhibited strong performance driven by continued global uptake, with a 17% year-over-year revenue increase. The combined revenue from Pombiliti® and Opfolda® saw an impressive 44% rise from Q1 2024, reflecting successful commercial launches and growing patient adoption.
* Note: Q1 2024 revenue for Pombiliti® + Opfolda® inferred from context.
Key Operational Data
| Data Point | Value |
|---|---|
| Patients treated or scheduled | 186 |
| Total GAAP operating expenses | $100.4M |
| Total non-GAAP operating expenses | $82.1M |
| Cash, equivalents, and marketable securities | $260.1M |
Comments from Company Officers
Bradley Campbell, the President and CEO of Amicus Therapeutics, expressed satisfaction with the company's commercial execution, highlighting strong revenue growth and achieving non-GAAP profitability. He also emphasized the successful global uptake of Galafold and the promising launch momentum for Pombiliti and Opfolda.
Dividends or Share Repurchase Programs
No information provided on dividends or share repurchase programs.
Forward Guidance
Amicus has raised its full-year 2024 total revenue growth guidance to 26%-31% on a constant currency basis (CER), and Galafold revenue growth guidance to 14%-18% at CER. Expectations for non-GAAP profitability to accelerate in the second half of 2024 were also mentioned.
Stock Price Movement
Post-earnings release, Amicus Therapeutics' stock exhibited a nominal increase of approximately 1%.
In conclusion, Amicus Therapeutics showcased a robust financial performance in Q2 2024, with significant revenue growth and achieving non-GAAP profitability. Continued strength in their key products, Galafold and Pombiliti + Opfolda, supports an optimistic outlook for sustained future growth.
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