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Why Is Amicus Therapeutics (FOLD) Down 11.1% Since Last Earnings Report?
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A month has gone by since the last earnings report for Amicus Therapeutics (FOLD - Free Report) . Shares have lost about 11.1% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Amicus Therapeutics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Amicus' Q3 Earnings & Revenues Surpass Estimates
Amicus third-quarter 2024 adjusted earnings of 10 cents per share, beating the Zacks Consensus Estimate of 8 cents. The company had incurred a loss of 1 cent per share in the year-ago quarter.
The year-over-year improvement can be attributed to higher revenues from Galafold sales and incremental revenues from the sale of the newly approved combo drug, Pombiliti + Opfolda.
Revenues in the third quarter totaled $141.5 million, up 37% year over year on a reported basis and 36% on constant-currency (cc) basis. The figure beat the Zacks Consensus Estimate of $134 million. The top line comprised Galafold, and Pombiliti + Opfolda sales.
Quarter in Detail
In the third quarter, Galafold net product sales were $120.4 million, up 19% year over year at cc, driven by continued strong demand. Galafold sales beat the Zacks Consensus Estimate of $119 million as well as our model estimate of $114.7 million.
Net product sales of Pombiliti + Opfolda were $21.1 million, reflecting sequential growth of 33%. The figure beat the Zacks Consensus Estimate of $18.04 million and our model estimate of $18 million.
Per Amicus, as of the end of October, 203 patients were treated or are scheduled to be treated with the combo drug in five markets (the United States, Germany, the United Kingdom, Spain and Austria).
Total adjusted operating expenses of $82.6 million declined 8% from the year-ago quarter’s figure.
As of Sept 30, 2024, Amicus had cash, cash equivalents and marketable securities worth $249.8 million compared with $260.1 million as of June 30, 2024.
2024 Guidance
Given the strong business performance and continued financial discipline so far, Amicus updated its previously provided guidance for full-year 2024.
The company now expects its total revenues to grow in the range of 30 in 2024 compared with the previously guided range of 26.
Total Galafold revenues are now expected to grow in the range of 16 compared with the previous guidance of 14.
For 2024, the company expects total Pombiliti + Opfolda revenues to be in the range of $69-$71 million compared with the earlier projection of $62-$67 million.
The company now anticipates its total adjusted operating expenses in the band of $340-$350 million compared with the previous guidance of $345-$360 million.
The company remains committed to achieving its first full year of non-GAAP profitability in 2024.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in fresh estimates.
The consensus estimate has shifted 22.22% due to these changes.
VGM Scores
Currently, Amicus Therapeutics has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions has been net zero. Notably, Amicus Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Amicus Therapeutics is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Apellis Pharmaceuticals, Inc. (APLS - Free Report) , a stock from the same industry, has gained 16.4%. The company reported its results for the quarter ended September 2024 more than a month ago.
Apellis Pharmaceuticals reported revenues of $196.83 million in the last reported quarter, representing a year-over-year change of +78.3%. EPS of -$0.46 for the same period compares with -$1.17 a year ago.
Apellis Pharmaceuticals is expected to post a loss of $0.42 per share for the current quarter, representing a year-over-year change of +42.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -2.4%.
Apellis Pharmaceuticals has a Zacks Rank #4 (Sell) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.
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Why Is Amicus Therapeutics (FOLD) Down 11.1% Since Last Earnings Report?
A month has gone by since the last earnings report for Amicus Therapeutics (FOLD - Free Report) . Shares have lost about 11.1% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Amicus Therapeutics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Amicus' Q3 Earnings & Revenues Surpass Estimates
Amicus third-quarter 2024 adjusted earnings of 10 cents per share, beating the Zacks Consensus Estimate of 8 cents. The company had incurred a loss of 1 cent per share in the year-ago quarter.
The year-over-year improvement can be attributed to higher revenues from Galafold sales and incremental revenues from the sale of the newly approved combo drug, Pombiliti + Opfolda.
Revenues in the third quarter totaled $141.5 million, up 37% year over year on a reported basis and 36% on constant-currency (cc) basis. The figure beat the Zacks Consensus Estimate of $134 million. The top line comprised Galafold, and Pombiliti + Opfolda sales.
Quarter in Detail
In the third quarter, Galafold net product sales were $120.4 million, up 19% year over year at cc, driven by continued strong demand. Galafold sales beat the Zacks Consensus Estimate of $119 million as well as our model estimate of $114.7 million.
Net product sales of Pombiliti + Opfolda were $21.1 million, reflecting sequential growth of 33%. The figure beat the Zacks Consensus Estimate of $18.04 million and our model estimate of $18 million.
Per Amicus, as of the end of October, 203 patients were treated or are scheduled to be treated with the combo drug in five markets (the United States, Germany, the United Kingdom, Spain and Austria).
Total adjusted operating expenses of $82.6 million declined 8% from the year-ago quarter’s figure.
As of Sept 30, 2024, Amicus had cash, cash equivalents and marketable securities worth $249.8 million compared with $260.1 million as of June 30, 2024.
2024 Guidance
Given the strong business performance and continued financial discipline so far, Amicus updated its previously provided guidance for full-year 2024.
The company now expects its total revenues to grow in the range of 30 in 2024 compared with the previously guided range of 26.
Total Galafold revenues are now expected to grow in the range of 16 compared with the previous guidance of 14.
For 2024, the company expects total Pombiliti + Opfolda revenues to be in the range of $69-$71 million compared with the earlier projection of $62-$67 million.
The company now anticipates its total adjusted operating expenses in the band of $340-$350 million compared with the previous guidance of $345-$360 million.
The company remains committed to achieving its first full year of non-GAAP profitability in 2024.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in fresh estimates.
The consensus estimate has shifted 22.22% due to these changes.
VGM Scores
Currently, Amicus Therapeutics has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions has been net zero. Notably, Amicus Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Amicus Therapeutics is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Apellis Pharmaceuticals, Inc. (APLS - Free Report) , a stock from the same industry, has gained 16.4%. The company reported its results for the quarter ended September 2024 more than a month ago.
Apellis Pharmaceuticals reported revenues of $196.83 million in the last reported quarter, representing a year-over-year change of +78.3%. EPS of -$0.46 for the same period compares with -$1.17 a year ago.
Apellis Pharmaceuticals is expected to post a loss of $0.42 per share for the current quarter, representing a year-over-year change of +42.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -2.4%.
Apellis Pharmaceuticals has a Zacks Rank #4 (Sell) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.