PTC Therapeutics posts 35% revenue growth in 2023

SOUTH PLAINFIELD, N.J. – PTC Therapeutics, Inc. (NASDAQ: NASDAQ:), a biopharmaceutical company, reported a 35% year-over-year growth in unaudited total revenue for 2023, amounting to $946 million. The announcement came as part of a presentation at the 42nd Annual J.P. Morgan Healthcare Conference today, where the company discussed its financial and operational progress, as well as its research and development (R&D) pipeline.

The company’s Duchenne muscular dystrophy (DMD) franchise was a significant contributor to its revenue growth, with Translarna™ (ataluren) and Emflaza® (deflazacort) generating unaudited revenues of $355 million and $255 million respectively. The growth was attributed to an increase in the number of patients and expansion into new geographies for Translarna, as well as continued new prescriptions and improved access for Emflaza.

PTC (NASDAQ:) Therapeutics also highlighted its R&D achievements, including positive results from the Phase 3 APHENITY clinical trial of sepiapterin for the treatment of phenylketonuria (PKU) and the PIVOT-HD study of PTC518 for Huntington’s disease (HD) patients. Looking ahead to 2024, the company is on track with its regulatory filings in the EU and US for sepiapterin, a potential treatment for PKU, which is seen as a $1 billion global commercial opportunity.

In addition to its clinical developments, PTC Therapeutics emphasized its financial restructuring efforts, which included a 25% reduction in operating expenses and a 30% reduction in headcount. The company also entered into a royalty agreement with Royalty Pharma, which involved a $1 billion upfront payment that allowed PTC to retire all outstanding debt obligations.

For 2024, PTC Therapeutics anticipates total revenues to be between $600 million and $850 million, with GAAP R&D and SG&A expenses projected to be between $740 million and $835 million. The non-GAAP projection for these expenses, excluding non-cash stock-based compensation expense, is estimated to be between $660 million and $755 million.

The company’s financial results for the 2023 fiscal year are still being finalized and are subject to completion of financial closing procedures. The information provided is based on preliminary unaudited information and management estimates.

This report is based on a press release statement from PTC Therapeutics, Inc.

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