Amicus Therapeutics, Inc. reported significant financial performance for the fiscal year ending December 31, 2024, with net product sales reaching $528.3 million, an increase of $128.9 million from $399.4 million in 2023. This growth was primarily driven by the continued success of Galafold®, which generated $458.1 million in revenue, and the launch of Pombiliti® + Opfolda®, which contributed $70.2 million. The company’s cost of goods sold rose to $52.9 million, resulting in a gross profit of $475.4 million. Despite this increase in revenue, Amicus reported a net loss attributable to common stockholders of $56.1 million, a notable improvement from the $151.6 million loss in the previous year.
In terms of operational changes, Amicus has made strategic advancements in its product offerings. The company successfully launched Pombiliti® + Opfolda® in multiple markets, including the U.S. and Europe, following regulatory approvals from the FDA and the European Commission in 2023. Additionally, the company has established reimbursement agreements in several European countries, enhancing its market presence. The total employee headcount as of December 31, 2024, was 499, reflecting an increase in personnel to support commercial activities.
The filing also highlighted a restructuring initiative that resulted in charges of $9.2 million, primarily related to the abandonment of a lease deemed unnecessary for operations. Research and development expenses decreased to $109.4 million from $152.4 million in 2023, attributed to the commercial launch of Pombiliti® + Opfolda® and a reduction in clinical spending. Selling, general, and administrative expenses increased by $48.1 million, driven by personnel costs and external expenses related to product sales.
Looking ahead, Amicus Therapeutics maintains a positive outlook, with total cash, cash equivalents, and marketable securities amounting to $249.9 million as of December 31, 2024. The company believes this financial position, along with expected revenues, will support its operations and ongoing research programs for at least the next 12 months. However, the company acknowledges potential risks, including the need for additional financing to support future growth and the impact of regulatory changes on its operations and product commercialization.
About AMICUS THERAPEUTICS, INC.
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