The following is a summary of the Protalix BioTherapeutics, Inc. (PLX) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Protalix reported Q4 revenues of $40.4 million, a significant increase of 60% compared to $25.3 million last year.

• Revenue from license and R&D services increased by 13% to $25.1 million, primarily attributed to regulatory milestone payments.

• Cost of goods sold showed an uptick of 17% to $23 million due to increased sales volumes.

• R&D expenses amounted to $17.1 million, marking a decrease of 42% from the previous year.

• Selling, general and administrative expenses escalated by 28% to $15 million.

• For the full year, the company posted a net income of $8.3 million, compared to a net loss of $14.9 million in the prior year.

Business Progress:

• Protalix was granted regulatory approval for its second drug, Elfabrio, in several countries in 2023, paving the way for increased sales.

• The company has made significant strides in the development of pipeline for innovative solutions aimed at treating both genetic and non-genetic rare diseases.

• Two significant pipeline candidates, PRX-115 (for severe gout treatment) and PRX-119 (for diseases associated with neutrophil extracellular scraps), are progressing well in their respective stages.

• The company saw a significant increase in sales of Elfabrio following its FDA and EMA approval, with expectations of a growing market share via sales to Chiesi.

• Dr. Eliott Foster was welcomed on board as Chairman of the Board of Directors in 2023.

More details: Protalix Biotherapeutics IR

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