Protalix BioTherapeutics Reports 170% Revenue Growth to $10.1 Million in Latest Quarter

Protalix BioTherapeutics, Inc. reported significant financial growth in its latest quarterly filing, with total revenues reaching $10.1 million for the three months ended March 31, 2025, a substantial increase of 170% compared to $3.7 million during the same period in 2024. This surge in revenue was primarily driven by a $5.9 million increase in sales to Pfizer for the enzyme replacement therapy Elelyso, alongside a $0.4 million rise in sales to Fiocruz in Brazil. Despite the increase in revenue, the company reported a net loss of $3.6 million, an improvement from the $4.6 million loss recorded in the prior year.

The company's operational expenses also saw notable changes. Cost of goods sold rose to $8.2 million, reflecting a 215% increase from $2.6 million in the previous year, correlating with the higher sales volume. Research and development expenses increased by 21% to approximately $3.5 million, attributed to advancements in the clinical pipeline. Conversely, selling, general, and administrative expenses decreased by 16% to $2.6 million, primarily due to reduced salary and related expenses.

In terms of strategic developments, Protalix has been actively expanding its product offerings and partnerships. The company has successfully launched Elfabrio, an enzyme replacement therapy for Fabry disease, which received marketing authorization in multiple regions, including the United States and the European Union. Protalix has partnered with Chiesi Farmaceutici for the commercialization of Elfabrio, which is expected to enhance its market presence. The company is also advancing its clinical pipeline, with plans to initiate a Phase II clinical trial for PRX-115, a treatment for uncontrolled gout, in the second half of 2025.

Operationally, Protalix reported a total of approximately 79.6 million shares of common stock outstanding as of May 1, 2025. The company has also been proactive in managing its cash flow, ending the quarter with $34.7 million in cash and cash equivalents, which it believes is sufficient to meet its capital needs for at least the next 12 months. The company has indicated that it may need to raise additional capital to support ongoing research and development efforts, particularly as it continues to expand its product pipeline and navigate the complexities of the biopharmaceutical market.

Looking ahead, Protalix remains focused on leveraging its proprietary ProCellEx technology to develop innovative treatments for rare diseases. The company anticipates continued investment in research and development, with expectations of increased revenues from its marketed products. However, it acknowledges the potential risks associated with market acceptance, competition, and regulatory challenges that could impact its future performance.