On August 8, 2024, Amicus Therapeutics Inc (FOLD, Financial) released its 8-K filing detailing the financial results for the second quarter of 2024. Amicus Therapeutics Inc is a biotechnology company focused on discovering, developing, and delivering medicines for people living with rare metabolic diseases. The company has a robust pipeline of medicines, including treatments for Fabry disease, Pompe disease, and a rare disease gene therapy portfolio.
Q2 2024 Financial Performance
Amicus Therapeutics Inc reported total revenue of $126.7 million for Q2 2024, representing a 34% increase year-over-year. This figure surpasses the analyst estimate of $121.24 million. The company's flagship product, Galafold®, generated $110.8 million in revenue, marking a 17% increase year-over-year. Additionally, the combined revenue from Pombiliti® and Opfolda® reached $15.9 million, up 44% from Q1 2024.
Amicus Therapeutics Inc achieved non-GAAP profitability in Q2 2024, a significant milestone for the company. The non-GAAP net income for the quarter was $18.5 million, translating to $0.06 per share, compared to a non-GAAP net loss of $20.3 million in Q2 2023.
Financial Highlights and Guidance
The company has raised its 2024 total revenue growth guidance to 26%-31% at constant exchange rates (CER) and increased its Galafold growth guidance to 14%-18% at CER. Non-GAAP operating expense guidance has been narrowed to $345 million to $360 million.
“In the first half of 2024 we demonstrated strong commercial execution, leading to robust revenue growth and achieving non-GAAP profitability for the period,” said Bradley Campbell, President and Chief Executive Officer of Amicus Therapeutics, Inc.
Income Statement Overview
| Three Months Ended June 30 | 2024 | 2023 |
|---|---|---|
| Net product sales | $126,669 | $94,503 |
| Cost of goods sold | $11,261 | $9,114 |
| Gross profit | $115,408 | $85,389 |
| Operating expenses | $100,441 | $104,249 |
| Net loss attributable to common stockholders | $(15,697) | $(43,232) |
Balance Sheet and Cash Flow
As of June 30, 2024, Amicus Therapeutics Inc reported cash and cash equivalents of $209.3 million, down from $247.0 million at the end of 2023. Total assets stood at $749.5 million, with total liabilities of $617.0 million. The company’s long-term debt remained relatively stable at $388.9 million.
Analysis and Outlook
Amicus Therapeutics Inc's strong revenue growth and achievement of non-GAAP profitability are significant milestones, reflecting the company's effective commercial execution and growing demand for its products. The raised revenue guidance and narrowed operating expense guidance indicate confidence in sustained growth and operational efficiency. However, the company continues to face challenges, including managing operating expenses and maintaining cash flow stability.
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Explore the complete 8-K earnings release (here) from Amicus Therapeutics Inc for further details.
