PTC Therapeutics Inc. (NASDAQ:PTC) lost 1.3% in the last trading sessions to close at $33.42 at the back of the company announcing financial results for Q4 and FY2018 as well as providing a business update.
FY2018 financial results and updates
The company had total revenue of $86.3 in the Q42018 with revenue for FY2018 being $264.7 million. There was revenue increase when compared to FY2017, and it was a result of the commercial expansion of Translarna and Emflaza revenue which got unveiled in May 2017. In the Q4, Emflaza generated $29.8 million in revenue with net sales revenue for FY form Emflaza being $92.0 million. Translarna brought $56.0 million in revenues in the Q42018 and $171.0 million for FY2018.
The company is planning to submit BLA for AADC deficiency gene therapy program by the end of 2019 which will be followed by European Union Marketing Authorization Application. The company expects to launch in AADC deficiency in the U.S by 2020 commercially. The company has a target of screening over 100,000 AADC deficiency patients before receiving regulatory approval to maximize the benefit of patients.
PTC indicated that the Friedreich ataxia program is on courses and by the end of this year they expect to have submitted IND for clinical trials. In the second half of 2019, the company plans to support risdiplam in the treatment of type 1/2/3 SMA patients. Risdiplam has the potential of being a competitive SMA product in the world. Net sales for the molecule could be over $1 billion but are subjects royalties from Roche group which are estimated at $200 million annually.
Commercial expansion in 2019
The company filed TEGSEDI application with the Brazilian Regulatory Authority, and it has already received priority review, and it will receive approval at the end of this year. In the next five years, the Duchene franchise will continue to grow following the initiation of Translarna in children aged 2 to 5 years in the U.S.
The CEO, Stuart Peltz indicated that the company is in a strong position and their continued development of pipeline programs will achieve $1.5 billion in revenues by 2023.