FOLD - Amicus Therapeutics reports mixed Q2 earnings; updates FY23 outlook
2023-08-08 07:10:05 ET
- Amicus Therapeutics press release ( NASDAQ: FOLD ): Q2 GAAP EPS of -$0.15 misses by $0.04 .
- Revenue of $94.5M (+17.1% Y/Y) beats by $4.63M .
- Cash, cash equivalents, and marketable securities totaled $265.6 million at June 30, 2023, compared to $293.6 million at December 31, 2022.
- Outlook: For the full-year 2023, the Company now anticipates total Galafold revenue growth between 14 and 18% at CER driven by several factors including continued strong underlying demand from both switch and treatment-naïve patients, further geographic expansion and label extensions, the continued diagnosis of new Fabry patients, and commercial execution across all major markets, including the U.S., EU, U.K., and Japan.
- Amicus is reducing its non-GAAP operating expense guidance for the full-year 2023 to $330 million to $350 million, driven by prudent expense management offset by continued investment in Galafold, AT-GAA clinical studies, non-recurring costs for manufacturing as well as global launch activities 4 .
- The Company is on-track to achieve non-GAAP profitability in the second half of 2023.
For further details see:
Amicus Therapeutics reports mixed Q2 earnings; updates FY23 outlook