On October 26, 2023, PTC Therapeutics Inc (PTCT, Financial) announced its financial results for the third quarter ending September 30, 2023. The company reported total revenues of $197 million for the quarter, with key revenue contributors being Translarna™ (ataluren) and Emflaza® (deflazacort), generating $69 million and $67 million respectively.
Financial Highlights
The company's financial position has been strengthened following recent restructuring initiatives and a transaction with Royalty Pharma. Matthew Klein, M.D., Chief Executive Officer, PTC Therapeutics, Inc., stated,
The recent Royalty Pharma transaction and restructuring initiatives that we implemented have put the company on a strong financial footing. We believe we are well positioned to deliver on our most promising opportunities for growth, including the potential sepiapterin revenue opportunity of more than $1 billion and the PTC518 HD program."
Income Statement Overview
The company reported a net loss attributable to common stockholders of $132.97 million for the third quarter of 2023. The loss from operations was $118.16 million, while the net loss per share was $1.76. The company also reported a total operating expense of $314.74 million for the quarter.
Balance Sheet Summary
As of September 30, 2023, the company had cash, cash equivalents, and marketable securities amounting to $294.81 million. The total assets stood at $1.26 billion, while total liabilities were $1.93 billion. The total stockholders' deficit was $670.81 million.
Outlook
PTC Therapeutics Inc (PTCT, Financial) remains on target for its 2023 revenue guidance. The company believes it is well-positioned to deliver on its most promising opportunities for growth, including the potential sepiapterin revenue opportunity of more than $1 billion and the PTC518 HD program.
Investors and potential GuruFocus.com members interested in PTC Therapeutics Inc (PTCT, Financial) can keep an eye on the company's performance and financial health by following the company's earnings reports and financial filings.
Explore the complete 8-K earnings release (here) from PTC Therapeutics Inc for further details.
