PTC Therapeutics (PTCT) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $361M, with $239M in product revenue, driven by strong global Sephience sales and a $50M milestone payment from Novartis for the votoplam HD program.

• Net income for Q2 2026 was $83.5M, a significant turnaround from a net loss of $64.8M in Q2 2025.

• Continued global expansion with regulatory approvals for Sephience in the US, EU, Japan, and Brazil, and strong launch momentum with 1,647 commercial patients globally as of June 30.

• Advanced R&D pipeline, including initiation of Phase 1 study for PTC612, selection of PTC303 as a development candidate, and progress in Huntington’s disease and ataxia programs.

• Closed Q2 with over $2.2B in cash and refinanced convertible notes at favorable terms.

Financial highlights

• Q2 2026 total revenue reached $361M, with net product revenue of $238.8M, up over 100% year-over-year, and royalty revenue of $71.1M, mainly from Evrysdi.

• Collaboration and license revenue was $50.6M, primarily from a $50M Novartis milestone.

• Non-GAAP R&D expense: $88.6M–$89M (excluding ~$11M stock-based comp), down from $104M YoY.

• Non-GAAP SG&A expense: $67.9M–$68M (excluding ~$13M stock-based comp), down from $76M YoY.

• Cash, equivalents, and marketable securities: $2.23B as of June 30, 2026.

Outlook and guidance

• Full-year 2026 product revenue guidance raised to $850M–$950M; total revenue guidance to $1.18B–$1.28B.

• Expect to reach cash flow breakeven in 2026.

• International Sephience revenue expected to increase in late 2026 and into 2027 as more markets come online.

• Ongoing investments in commercialization and clinical development, including new studies for vatiquinone and pipeline expansion.

• Cash reserves expected to fund operations for at least the next twelve months.