Amicus Therapeutics ( FOLD Quick Quote FOLD - Free Report) reported a loss of 22 cents per share (excluding loss on extinguishment of debt) in the third quarter of 2020, wider than the Zacks Consensus Estimate of a loss of 20 cents but narrower than the year-ago quarter’s loss of 24 cents.
Total revenues in the reported quarter were $67.4 million, beating the Zacks Consensus Estimate of $65 million and increasing 38% from the year-ago quarter’s $48.8 million. Revenues were entirely derived from the sales of the company's drug Galafold (migalastat). Performance was driven largely by strong patient demand.
Shares of the company have surged 119.1% against the
industry’s decline of 0.3%. Quarter in Detail
Adjusted operating expenses of $92.4 million for the third quarter of 2020 increased from $89.7 million in the third quarter of 2019, reflecting continued investments in the gene therapy pipeline, offset by decreased travel and third-party costs.
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.
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 the same in late 2020.The company expects to add full clinical results for the PROPEL study 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 disease gene-therapy developmentprograms.
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.
Zacks Rank and Stocks to Consider
Amicus currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are
Emergent BioSolutions Inc. ( EBS Quick Quote EBS - Free Report) , Alimera Sciences Inc. ( ALIM Quick Quote ALIM - Free Report) and Bellus Health, Inc. ( BLU Quick Quote BLU - Free Report) . While Emergent sports a Zacks Rank #1 (Strong Buy), Alimera and Bellus Health ( BLU Quick Quote BLU - Free Report) carry 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 $6.17 to $8.42 for 2021 over the past 90 days. Shares of the company have increased 79.8% year to date.
Alimera’s loss per share estimates have narrowed from $1.31 to 96 cents for 2020 in the past 60 days. Shares of the company have decreased 47% year to date.
Bellus’loss per share estimates have narrowed from 71 cents to 62 cents for 2020 and from 88 cents to 79 cents for 2021 in the past 90 days. Shares of the company have decreased 66.9% year to date.
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