FOLD's Q4 Earnings Miss, Higher Product Sales Drive Revenue Growth

Core Viewpoint - Amicus Therapeutics reported mixed financial results for Q4 2024, with adjusted earnings missing estimates but revenues showing significant year-over-year growth driven by product sales, particularly from Galafold and the newly approved Pombiliti + Opfolda [1][2][3]. Financial Performance - Adjusted earnings for Q4 2024 were 9 cents per share, below the Zacks Consensus Estimate of 10 cents, compared to 1 cent per share in the same quarter last year [1]. - Revenues for Q4 totaled $149.7 million, reflecting a 30% increase year over year, slightly exceeding the Zacks Consensus Estimate of $149 million [2]. - Galafold sales reached $127.5 million in Q4, up 20% year over year at constant currency, but fell short of the Zacks Consensus Estimate of $141 million [5]. - Net product sales of Pombiliti + Opfolda were $22.2 million, showing a sequential growth of 5.2%, narrowly missing the Zacks Consensus Estimate of $22.3 million [6]. Full-Year Results - For the full year 2024, Amicus generated revenues of $528.3 million, a 33% increase year over year [9]. - The company reported adjusted earnings of 24 cents per share, a significant improvement from a loss of 13 cents per share in the previous year [9]. 2025 Guidance - Amicus reiterated its revenue guidance for 2025, expecting total revenues to grow between 17%-24% on a constant exchange rate [10]. - Revenue from Galafold is anticipated to grow by 10%-15% at constant exchange rates in 2025, while Pombiliti + Opfolda is expected to see growth of 65%-85% [10]. - Total adjusted operating expenses are projected to be between $350 million and $370 million [10]. Cash Position - As of December 31, 2024, Amicus had cash, cash equivalents, and marketable securities totaling $249.9 million, slightly up from $249.8 million as of September 30, 2024 [8]. Patent Litigation Settlement - In October 2024, Amicus signed a licensing agreement with Teva Pharmaceuticals, resolving a patent lawsuit regarding Galafold, preventing Teva from selling a generic version until January 2037 [12][13].