Protalix BioTherapeutics Reports $53.6M Revenue and $22.1M Net Income for Six Months Ended June 30, 2026

Protalix BioTherapeutics, Inc. reported significant financial improvements in its latest 10-Q filing for the six months ended June 30, 2026, with total revenues reaching $53.6 million, a substantial increase from $25.8 million in the same period of the previous year. This growth was driven primarily by a notable rise in revenues from license and R&D services, which surged to $26.4 million, compared to just $0.3 million in the prior year, largely due to a $25 million milestone payment received from Chiesi Farmaceutici S.p.A. following the approval of a new dosing regimen for its product Elfabrio in the European Union. The company also reported a net income of $22.1 million, a significant turnaround from a net loss of $3.5 million in the first half of 2025.

Operationally, Protalix experienced a 7% increase in revenues from selling goods, totaling $27.2 million, with sales to Chiesi contributing significantly to this growth. However, sales to Pfizer decreased due to inventory adjustments related to manufacturing issues. The company’s cost of revenues decreased by 15% to $11.9 million, reflecting improved operational efficiencies. Research and development expenses remained relatively stable at $9.8 million, while selling, general, and administrative expenses increased to $6.2 million, reflecting higher salary and related costs.

In terms of strategic developments, Protalix has focused on expanding its product pipeline, which includes promising candidates like PRX-115 and PRX-119. The company is also enhancing its ProCellEx technology platform, which is integral to its production processes. Notably, Protalix has taken steps to mitigate risks associated with ongoing military conflicts in Israel by diversifying its storage locations for manufactured drug substances. This strategic decision aims to ensure operational continuity amid regional instability.

As of June 30, 2026, Protalix reported total assets of $110.3 million, up from $82.3 million at the end of 2025, with cash and cash equivalents increasing to $27.4 million. The company’s stockholders' equity also rose significantly to $71.4 million, compared to $48.2 million at the end of the previous fiscal year. The increase in cash reserves is expected to support ongoing research and development efforts, as Protalix anticipates continued expenditures in this area.

Looking ahead, Protalix remains optimistic about its growth trajectory, bolstered by the recent approvals and milestone payments. The company plans to leverage its financial position to advance its clinical trials and expand its product offerings. However, it acknowledges potential challenges, including regulatory hurdles and market competition, which could impact its future performance. Protalix believes its current cash and short-term deposits are sufficient to meet its operational needs for at least the next 12 months, while it continues to explore additional funding opportunities to support its strategic initiatives.