Amicus Therapeutics (FOLD) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $142 million, up 37% year-over-year, driven by strong Galafold and Pombiliti + Opfolda sales and successful product launches.

• Achieved non-GAAP profitability for Q3 2024, with non-GAAP net income of $31 million ($0.10 per share), compared to a non-GAAP net loss of $4 million last year.

• GAAP net loss for Q3 2024 was $6.7 million, a significant improvement from $21.6 million loss in Q3 2023.

• Cash, cash equivalents, and marketable securities totaled $250 million as of September 30, 2024.

• Continued global launches and strong uptake for Pombiliti and Opfolda in Pompe disease, with over 203 patients treated or scheduled.

Financial highlights

• Q3 2024 total revenue: $142 million (37% increase year-over-year; 36% at constant exchange rates).

• Galafold Q3 revenue: $120.4 million, 19% growth year-over-year at constant exchange rates.

• Pombiliti and Opfolda Q3 revenue: $21.1 million, up 33% sequentially from Q2.

• Gross profit for Q3 was $128.2 million, with cost of goods sold at 9.4% of net product sales.

• Non-GAAP operating expenses for Q3 2024 were $82.6 million, down 8% year-over-year.

Outlook and guidance

• Full-year 2024 revenue growth guidance raised to 30%-32%.

• Galafold full-year growth guidance increased to 16%-18%.

• Pombiliti and Opfolda full-year sales guidance raised to $69-$71 million.

• Non-GAAP operating expense guidance lowered to $340-$350 million.

• Company expects to achieve full-year non-GAAP profitability and positive cash flow.