PTC Therapeutics, Inc. (NASDAQ: PTCT) has provided a corporate update and reported its financial results for the third quarter of 2024, highlighting regulatory progress and strong revenue performance. The company has submitted three approval applications to the FDA and plans a fourth submission for vatiquinone in December.
Regulatory and Clinical Milestones
PTC has made significant strides in its regulatory efforts. An NDA for sepiapterin for the treatment of phenylketonuria (PKU) has been submitted to the FDA and accepted for review, with a regulatory action date set for July 29, 2025. The NDA resubmission for Translarna for nonsense mutation Duchenne muscular dystrophy (nmDMD) has also been accepted for review. Additionally, the Biologics License Application (BLA) for PTC's gene therapy for Aromatic l-Amino Acid Decarboxylase (AADC) deficiency is on schedule for a regulatory action date of November 13, 2024.
The FDA has granted Fast Track Designation for PTC's PTC518 Huntington's disease program. The company plans to submit an NDA for vatiquinone for the treatment of Friedreich ataxia in December 2024. Topline data for the CardinALS trial of utreloxastat for the treatment of amyotrophic lateral sclerosis (ALS) is expected in the fourth quarter of 2024.
Financial Performance
Total revenues for the third quarter of 2024 were $196.8 million, compared to $196.6 million for the third quarter of 2023. Net product revenue across the commercial portfolio was $135.4 million, compared to $144.0 million for the same period in the previous year. Translarna net product revenues were $72.3 million, compared to $69.0 million in Q3 2023, while Emflaza net product revenues were $51.9 million, compared to $67.4 million in the prior year.
Royalty revenue from Roche's Evrysdi reached $61.4 million for the third quarter of 2024, compared to $50.2 million for the third quarter of 2023, based on Evrysdi sales of approximately CHF 1.2 billion year-to-date. GAAP R&D expenses were $161.4 million for the third quarter of 2024, compared to $164.2 million for the third quarter of 2023. GAAP SG&A expenses were $73.5 million, compared to $80.9 million for the same period in the previous year. The net loss for the third quarter of 2024 was $106.7 million, compared to a net loss of $133.0 million for the third quarter of 2023. As of September 30, 2024, cash, cash equivalents, and marketable securities totaled $1,013.4 million.
Updated Financial Guidance
PTC Therapeutics has updated its full-year 2024 revenue guidance to $750 million to $800 million. GAAP R&D and SG&A expenses for full-year 2024 are projected to be between $740 million and $835 million, including R&D expense milestone payments of up to $65 million.
"I am proud of our team's strong execution," said Matthew Klein, M.D., Chief Executive Officer. "We continue to achieve excellent revenue performance allowing us to raise full-year revenue guidance. In addition, we have submitted three approval applications to FDA so far this year, all of which have been accepted for review, and plan a fourth submission for vatiquinone for Friedreich ataxia in December. We are on our way to accomplishing all of our 2024 objectives and are in a strong financial position to execute on our long-term strategic plans."
