Amicus Therapeutics (FOLD) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $127 million, up 34% year-over-year, driven by strong commercial execution and product uptake across Galafold and Pombiliti + Opfolda.

• Achieved non-GAAP profitability in Q2 and the first half of 2024, with a clear path to full-year non-GAAP profitability and positive cash flow.

• Net loss for Q2 2024 was $15.7 million, a significant improvement from $43.2 million in Q2 2023.

• Cash, cash equivalents, and marketable securities totaled $260.1 million as of June 30, 2024.

• Commercial launches of Pombiliti + Opfolda are progressing well, with 186 patients treated or scheduled across multiple markets.

Financial highlights

• Q2 2024 revenue: $127 million (+34% year-over-year, +36% at constant currency); Galafold revenue: $110.8 million, up 19% at constant currency; Pombiliti + Opfolda revenue: $15.9 million, up 44% sequentially from Q1.

• Q2 2024 GAAP net loss: $15.7 million ($0.05/share), improved from $43.2 million loss last year; non-GAAP net income: $18.5 million ($0.06/share).

• Q2 2024 gross profit: $115.4 million; gross margin approximately 91%.

• Q2 2024 non-GAAP operating expenses: $82.1 million, down 2% year-over-year; GAAP operating expenses: $100.4 million, down 4%.

• Cash used in operations for H1 2024 was $7 million, a reduction from $34.2 million in the prior year.

Outlook and guidance

• Full-year 2024 total revenue growth guidance raised to 26%-31% at constant exchange rates.

• Galafold full-year revenue growth guidance now 14%-18% at constant exchange rates.

• Pombiliti + Opfolda full-year sales guidance reiterated at $62 million-$67 million.

• Non-GAAP operating expense guidance narrowed to $345 million-$360 million.

• Current cash position expected to fund operations and research for at least the next 12 months.