Earning Date, Transcript Summary & Report

Earnings Surprise Report: Amicus Therapeutics exceeded earnings expectations with reported EPS of $0.09, significantly higher than the expected $0.02.

Revenue Growth Achievement: The company achieved total revenue of $528 million for the full year 2024, representing a 32% year-over-year growth, or 33% on a constant currency basis.

Galafold Revenue Surge: Galafold revenue reached $458 million, showing an 18% growth year-on-year, and it continues to be one of the fastest-growing products in the Fabry treatment space.

Galafold Patient Growth: The number of patients treated with Galafold has increased significantly, with over 2,700 people living with Fabry disease on the therapy by the end of 2024.

Galafold Revenue Projections: Amicus has a strong long-term outlook for Galafold, projecting revenue growth of 10% to 15% at constant exchange rates for 2025, with a clear path to surpassing $1 billion in product sales before the end of its life cycle.

Strong Launch Performance: Pombiliti and Opfolda generated over $70 million in revenue globally in 2024, marking a strong launch performance and indicating robust demand for the therapy.

Projected Revenue Growth: The company anticipates Pombiliti and Opfolda revenue growth of 65% to 85% at constant exchange rates for 2025, driven by increasing patient access and geographic expansion.

Non-GAAP Profitability Achieved: Amicus achieved full year non-GAAP profitability in 2024, demonstrating effective cost management and operational efficiency.

Global Expansion Strategy: The company is focused on expanding its global reach, with plans for new approvals in Canada and Japan, and has recently received approval in Australia.

Advancing Rare Disease Research: Amicus is committed to advancing its ongoing studies to broaden labels and strengthen its scientific leadership in Fabry and Pompe diseases.

Earnings Beat, Net Loss: Despite beating earnings expectations with an EPS of $0.09 compared to the expected $0.02, the company reported a net loss of $56 million for 2024, although this was an improvement from a net loss of $152 million in 2023.

Rising Operating Expenses: Operating expenses increased to $450 million in 2024, up from $439 million in 2023, indicating rising costs despite revenue growth.

Rising Cost of Goods Sold: The cost of goods sold as a percentage of net sales increased to 10% in 2024 from 9.3% in the previous year, suggesting a decline in profitability margins.

Quarterly Growth Volatility: The company anticipates non-linear quarterly growth for Galafold, with Q1 expected to represent only 22% of its full year sales, which may indicate volatility in revenue recognition.

Liquidity Reduction Analysis: Cash, cash equivalents, and marketable securities decreased to $250 million at the end of 2024 from $286 million at the end of 2023, reflecting a reduction in liquidity.

Foreign Exchange Exposure Impact: The company faces significant foreign exchange exposure, with a 1% change in US dollar exchange rates potentially impacting total reported revenues by approximately $4 million in 2025.