Biopharmaceutical company, PTC Therapeutics, Inc. (PTCT) Monday announced that it expects revenue for full year 2023 to be higher than analysts estimate. Also, it announced outlook for fiscal year 2024.
The expected revenue for full year 2023 stood at around $946 million, whereas analysts polled by Thomson-Reuters expect it to be $936.85 million.
The company expects product revenue of approximately $661 million, up 23% than last year, mainly due to the increased growth of Duchenne muscular dystrophy or DMD franchise.
The company said that it anticipates approximately $278 million of collaboration and royalty revenue of Evrysdi for full year 2023.
Further, the company sees revenue between $600 million and $850 million for full year 2024. However, analysts expect it to be $652.89 million for the same period.
Also, it expects milestone payments of about $90 million, of which $65 million will be considered as R&D operating expense for fiscal year 2024.
Currently, PTC's stock is moving down 1.81%, to $28.41 on the Nasdaq.
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