Amicus FOLD reported a loss of 20 cents per share in the second quarter of 2020, narrower than the Zacks Consensus Estimate of a loss of 26 cents and the year-ago quarter’s loss of 36 cents.
Total revenues in the reported quarter were $62.4 million, missing the Zacks Consensus Estimate of $63 million but increasing 41% from the year-ago figure of $44.1 million.
Shares of the company have increased 58.2% compared with the industry’s growth of 5.4%.
Quarter in Detail
Global revenues for Galafold (migalastat) in the second quarter of 2020 were $62.4 million, representing a year-over-year increase of 41% from the total revenues of $44.1 million in the second quarter of 2019. Sales were driven by continued solid performance across the global business, including new patient starts from switch and naive patients throughout the quarter in all major regions. Performance was driven largely by strong patient demand.
Adjusted operating expenses of $95.9 million for the second quarter of 2020 decreased from $103.6 million in the second quarter of 2019, reflecting lower travel and third-party costs, offset by continued investments in the gene therapy pipeline.
2020 Guidance
For 2020, the company expects total Galafold revenues of $250-$260 million based on the average exchange rates for 2019.
Based on the current operating models, the company believes that the current cash position along with the net proceeds from the 2020 Senior Secured Term Loan and expected revenues is sufficient to fund its operations and ongoing research programs.
2020 Priorities
The lead pipeline candidate in Amicus’ portfolio is AT-GAA, a differentiated biologic for Pompe disease. The company plans to initiate a rolling biologics license application (BLA) for AT-GAA for the treatment of Pompe disease in 2020.The company expects to add full clinical results in the first half of 2021 to support full approval.
Amicus has two gene-therapy programs for two different types of Batten disease. The company plans to advance regulatory discussions in order to finalize clinical and regulatory paths for CLN6 Batten programs.
The company expects to report initial data on patients enrolled in the CLN3 Batten disease phase I/II study in early 2021. It plans to advance regulatory discussions to finalize clinical and regulatory paths.
Amicus Therapeutics, Inc. Price, Consensus and EPS Surprise
Amicus Therapeutics, Inc. price-consensus-eps-surprise-chart | Amicus Therapeutics, Inc. Quote
Zacks Rank & Stocks to Consider
Amicus currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the healthcare sector include Emergent Biosolutions Inc. EBS, Alimera Sciences Inc. ALIM and AC IMMUNE SA. ACIU. While Emergent and Alimera sport a Zacks Rank #1 (Strong Buy), AC IMMUNE carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Emergent’s earnings estimates have increased from $3.27 to $5.60 for 2020 and from $3.35 to $6.67 for 2021 over the past 60 days.
Alimera’s loss per share estimates have narrowed from $2.33 to $1.31 for 2020 and from 63 cents to 52 cents for 2021 over the past 60 days.
AC IMMUNE’s loss per share estimates have narrowed from 92 cents to 90 cents for 2020 over the past 60 days.
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