Protalix BioTherapeutics reported its third‑quarter 2025 results on November 13, 2025, showing total revenue of $17.9 million, a 1 % year‑over‑year decline from the $17.8 million earned in the same quarter of 2024. First‑nine‑month revenue rose 24 % to $43.6 million, driven by continued sales of Elelyso and Elfabrio, but the quarterly decline reflects quarterly variability in partner purchases that the company attributes to inventory‑control practices at its commercial partners.
The company’s earnings per share fell short of expectations, reporting $0.03 per share versus the consensus estimate of $0.06–$0.07. The $0.03 miss, a 57 % shortfall, was largely due to the same partner‑purchase variability that dampened revenue, combined with modest cost inflation that eroded margins. In comparison, Protalix earned $0.04 basic and $0.03 diluted in Q3 2024, indicating that the current quarter’s earnings are below the prior year’s level.
Cash and balance‑sheet strength remained robust, with $29.4 million in cash and cash equivalents as of September 30, 2025. The company is debt‑free and the cash position provides a 12‑month runway for its pipeline, including the upcoming Phase 2 launch of PRX‑115 for uncontrolled gout. The cash cushion supports continued investment in research and development while maintaining financial flexibility.
Protalix’s commercial portfolio continues to generate revenue from its two approved enzyme‑replacement therapies. Elelyso sales to Pfizer and Fiocruz totaled $15.4 million and $9.1 million respectively, while Elfabrio sales to Chiesi reached $18.6 million. Management highlighted the progress of PRX‑115, noting that the IND for the Phase 2 trial became effective in October and the company plans to initiate the study in the second half of 2025.
Investors reacted negatively to the earnings miss, with the market citing the EPS shortfall as the primary driver of the downturn. While revenue was close to consensus estimates and the company’s cash position remains strong, the earnings miss underscored the sensitivity of Protalix’s quarterly results to partner purchase patterns and highlighted the need for continued cost discipline as the company advances its pipeline.
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