Protalix Biotherap | 8-K: FY2025 Q3 Revenue Misses Estimate at USD 17.85 M

Revenue: As of FY2025 Q3, the actual value is USD 17.85 M, missing the estimate of USD 17.87 M.

EPS: As of FY2025 Q3, the actual value is USD 0.03.

EBIT: As of FY2025 Q3, the actual value is USD 2.023 M.

Segment Revenue

• Total revenues for the first nine months of 2025 were $43.6 million, a 24% increase compared to the same period in 2024. Third quarter revenues were $17.9 million, a decrease of 1% compared to the same period in 2024.
• Revenues from selling goods for the third quarter were $17.7 million, consisting of $8.8 million in sales of Elfabrio to Chiesi, $2.8 million in sales of Elelyso to Pfizer, and $6.1 million in sales of alfataliglicerase to Fiocruz (Brazil).
• Revenues from license and R&D services for the third quarter were $0.2 million, a 100% increase compared to the same period in 2024.

Operational Metrics

• Cost of goods sold for the third quarter was $8.3 million, a decrease of 1% from the same period in 2024.
• Research and development expenses for the third quarter were approximately $4.5 million, a 50% increase compared to the same period in 2024, primarily due to preparations for the planned phase 2 clinical trial of PRX-115.
• Selling, general and administrative expenses for the third quarter were $2.9 million, a 12% increase compared to the same period in 2024.
• Net income for the third quarter was approximately $2.4 million, or $0.03 per share, compared to $3.2 million, or $0.04 per share, for the same period in 2024.

Cash Flow

• At September 30, 2025, the company had $29.4 million in cash and cash equivalents and short-term bank deposits, which are believed to be sufficient to satisfy capital needs for at least 12 months from the date of the quarterly report.

Unique Metrics

• Financial income, net for the third quarter was $0.1 million, compared to financial expenses, net of $0.1 million for the same period in 2024, primarily due to lower notes interest expenses.
• A tax benefit of approximately $0.1 million was recorded for the third quarter, compared to tax expenses of approximately $0.6 million for the same period in 2024.

Outlook / Guidance

• The company plans to initiate a phase 2 clinical trial of PRX-115 later in 2025, following the submission and effectiveness of an Investigational New Drug (IND) application with the FDA.
• Protalix expects to continue incurring significant research and development expenses as it advances preclinical and clinical trials, including the phase 2 trial of PRX-115.