Protalix BioTherapeutics Reports $33.8 Million Revenue and $18.3 Million Net Income in Q1 2026

Protalix BioTherapeutics, Inc. reported significant financial improvements in its latest quarterly results, with total revenue reaching $33.8 million for the three months ended March 31, 2026, compared to $10.1 million for the same period in 2025. This increase was primarily driven by a substantial rise in revenues from license and R&D services, which surged to $26.3 million from just $118,000 a year earlier, largely due to a $25 million milestone payment received from Chiesi Farmaceutici related to the approval of a new dosing regimen for its product Elfabrio. However, revenues from selling goods decreased by 26% to $7.4 million, attributed to a timing shift in orders from Pfizer and reduced sales to Fiocruz in Brazil.

The company reported a net income of $18.3 million for the first quarter of 2026, a significant turnaround from a net loss of $3.6 million in the same quarter of the previous year. This improvement was reflected in the operating income, which rose to $21.1 million from an operating loss of $4.1 million in the prior year. The increase in profitability was supported by a 50% reduction in the cost of revenues, which fell to $4.1 million, and a 56% increase in research and development expenses, which totaled $5.4 million as the company advanced its clinical studies.

Operationally, Protalix has made strides in its product offerings, particularly with Elfabrio, which received European approval for a new dosing regimen in March 2026. The company is also focusing on expanding its product pipeline, which includes candidates like PRX 115 and PRX 119, aimed at treating rare diseases. As of March 31, 2026, Protalix reported total assets of $102.3 million, up from $82.3 million at the end of 2025, with cash and cash equivalents increasing to $41 million from $14.7 million.

The company’s strategic partnerships continue to play a crucial role in its growth. Protalix has licensed its products to Pfizer and Chiesi, which allows it to leverage their distribution networks while focusing on research and development. The company is also exploring additional collaborations to enhance its market presence and product development capabilities. Despite the ongoing geopolitical tensions in Israel, where Protalix operates, the company has maintained its operations without significant adverse effects.

Looking ahead, Protalix expects to continue incurring substantial research and development expenses as it progresses with its clinical trials and product development initiatives. The company believes its current cash reserves are sufficient to meet its capital needs for at least the next 12 months, but it may seek additional financing to support its growth strategy. The management remains optimistic about the potential for increased revenues from its existing products and the successful commercialization of its pipeline candidates.