Protalix BioTherapeutics (PLX) Q3 2026 earnings summary

Executive summary

• Nine-month revenue was $75.6M versus $43.6M, with net income of $26.1M versus a $1.1M loss; results included a $25.0M Chiesi milestone for Elfabrio every-four-weeks approval.

• Cash, cash equivalents and short-term deposits totaled $48.5M at September 30, 2026; no debt or warrants were outstanding.

• Elfabrio remains the commercial foundation, while PRX-115 is advancing in Phase 2 and rare renal diseases remain a pipeline focus.

Financial highlights

• Q3 revenue was $21.9M versus $17.9M; nine-month revenue was $75.6M versus $43.6M.

• Q3 selling-goods revenue rose 23.5% to $21.8M; nine-month selling-goods revenue rose 13.9% to $49.1M, primarily on higher Chiesi sales.

• Q3 net income was $4.0M, or $0.05 per basic and diluted share, versus $2.4M, or $0.03 per share; nine-month net income was $26.1M.

• Nine-month operating income was $29.9M versus an operating loss of $0.8M; Q3 operating income was $4.0M versus $2.1M.

• Nine-month R&D expense rose to $16.7M from $13.9M, primarily due to RELEASE subcontractor costs; SG&A increased to $9.2M from $8.2M.

Outlook and guidance

• 2026 total revenue guidance is $78.0M–$83.0M, including the $25.0M Chiesi milestone; management expects to meet or exceed the range.

• Full-year Elfabrio sales guidance, excluding milestones, is $33.0M–$35.0M; Elelyso sales guidance is $20.0M–$23.0M.

• PRX-115 Phase 2 RELEASE top-line results are expected in H2 2027; R&D spending is expected to rise as clinical and preclinical programs advance.

• Product sales are expected to increase but may not cover planned spending; available cash and short-term deposits are expected to meet capital needs for at least 12 months from issuance.

• Minimal license and R&D services revenue is expected after Elfabrio clinical development, apart from potential regulatory milestones.