h3 Amicus Therapeutics Reports Q2 2024 Financial Resultsh3p Amicus Therapeutics NASDAQFOLD announced
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Amicus Therapeutics Reports Q2 2024 Financial Results
Amicus Therapeutics (NASDAQ:FOLD) announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate | Performance vs Estimate |
|---|---|---|---|---|---|
| Total Revenue | $126.7M | $94.5M | +34% | $121.24M | Exceeds Estimate (+4.5%) |
| GAAP Net Loss | $-15.7M | $-43.2M | - | - | - |
| GAAP EPS | $-0.05 | $-0.15 | - | $-0.05 | In line with Estimate |
| Non-GAAP Net Income | $18.5M | $-20.3M | - | - | - |
| Non-GAAP EPS | $0.06 | $-0.07 | - | - | - |
Interpretation: Amicus Therapeutics demonstrated strong financial performance in Q2 2024, achieving a total revenue of $126.7 million, which represents a 34% increase year-over-year and surpasses the consensus estimate of $121.24 million. The company managed to achieve non-GAAP profitability with a net income of $18.5 million, transitioning from a non-GAAP net loss in Q2 2023. The GAAP net loss significantly decreased from $43.2 million to $15.7 million, reflecting improved financial health.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q1 2024 Revenue | YoY Change |
|---|---|---|---|
| Galafold® | $110.8M | Not Provided | +17% |
| Pombiliti® + Opfolda® | $15.9M | $11.0M | +44% |
Interpretation: Amicus Therapeutics saw significant growth in its key revenue segments. Galafold® exhibited a 17% year-over-year revenue increase, continuing to show strong demand. Pombiliti® + Opfolda® combined revenue rose by an impressive 44% from the first quarter of 2024, highlighting successful market adoption and commercial execution.
Operational Highlights
- Regulatory Approvals: Swissmedic in Switzerland approved Pombiliti® + Opfolda® for treating late-onset Pompe disease as of July 4th.
- Patient Metrics: By the end of July, 186 patients were being treated with the new products in five markets, contributing to the solid revenue performance.
Executive Commentary
"In the first half of 2024, we demonstrated strong commercial execution, leading to robust revenue growth and achieving non-GAAP profitability for the period," said Bradley Campbell, President and CEO of Amicus Therapeutics. "We are very pleased with the continued global uptake of Galafold and sustained patient demand leading to the increase of our 2024 guidance."
Forward Guidance
Amicus has increased its full-year 2024 revenue growth guidance to between 26% and 31% on a CER basis and adjusted its non-GAAP operating expense guidance to $345 million to $360 million.
Stock Price Movement
- The stock price experienced a 4.25% increase following the earnings release.
In summary, Amicus Therapeutics' Q2 2024 earnings report highlights strong financial growth and operational execution, positioning the company well for continued success in the remainder of the year.
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