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Amicus Therapeutics, Inc. (FOLD) Q3 2024 Earnings Call Transcript Summary

Futu News ·  02:01  · Conference Call

The following is a summary of the Amicus Therapeutics, Inc. (FOLD) Q3 2024 Earnings Call Transcript:

Financial Performance:

  • Amicus Therapeutics reported Q3 2024 revenue of $142 million, a 37% increase year-over-year, with constant currency growth at 36%.

  • Galafold contributed $120 million to global revenue, marking a 19% growth year-over-year in constant currency.

  • Non-GAAP operating expenses were lowered to $83 million for the quarter, a decrease of 8% from the previous year, contributing to non-GAAP net income of $31 million or $0.10 per share.

Business Progress:

  • Galafold sales continue strong, with significant growth in patient demand, especially in major markets.

  • Pombiliti and Opfolda, a therapy for late-onset Pompe disease, showed robust launch progress, with $21 million in revenue and 203 patients treated or scheduled for treatment as of the end of October 2024.

Opportunities:

  • Amicus has increased its full year 2024 revenue guidance to 30-32%, thanks to robust sales performance of Galafold and Pombiliti and Opfolda.

  • The settlement with Teva regarding Galafold's IP litigation opens the market for a generic version in the US starting January 2037, underscoring strong IP rights and future market exclusivity.

Risks:

  • Potential market competition from generic versions and other novel therapies in the Fabry and Pompe disease markets could impact Amicus' market share.

  • Regulatory and reimbursement processes could influence the pacing and extent of Pombiliti and Opfolda's market penetration.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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