Protalix BioTherapeutics (PLX) Q2 2026 earnings summary

Executive summary

• Achieved net income of $22.1 million for the six months ended June 30, 2026, reversing a net loss of $3.5 million in the prior year period, driven by a $25 million milestone payment from Chiesi for Elfabrio EU approval and increased product sales.

• Revenues rose 108% year-over-year to $53.6 million for the six months, with Q2 2026 revenues at $19.9 million, primarily due to higher Elfabrio sales to Chiesi.

• Focus remains on rare renal and disease therapeutics, advancing the clinical pipeline, particularly PRX-115, with top-line results from the RELEASE study expected in H2 2027.

• Cash, cash equivalents, and short-term deposits totaled $40.7 million as of June 30, 2026, with no outstanding debt or warrants.

• Confident in meeting full year 2026 revenue guidance, supported by strong business momentum and financial flexibility.

Financial highlights

• Total revenue for the six months ended June 30, 2026: $53.6 million, up from $25.8 million year-over-year; Q2 2026 revenues from selling goods: $19.8 million.

• Net income for Q2 2026 was $3.8 million ($0.05 per share); for six months: $22.1 million ($0.28 basic, $0.27 diluted).

• Operating income for the six months: $25.8 million, compared to a loss of $3.0 million in the prior year.

• R&D expenses for six months: $9.8 million, aided by a $2.1 million grant under the new R&D law.

• Cost of revenues for Q2: $7.8 million, reflecting higher sales volumes.

Outlook and guidance

• Reiterates full-year 2026 revenue guidance of $78.0–$83.0 million, including the $25 million milestone.

• Expects Elfabrio sales (excluding milestones) of $33.0–$35.0 million and Elelyso sales of $20.0–$23.0 million for 2026.

• Top-line results for PRX-115 Phase 2 RELEASE study anticipated in H2 2027.

• Management expects continued significant R&D expenditures as clinical and preclinical programs advance.

• Cash and equivalents are expected to cover capital needs for at least 12 months from the report date.