Protalix BioTherapeutics, Inc. (PLX) has reported fiscal year 2025 results, highlighting steady product revenues but a swing to net loss compared with the prior year.
For the full year, product sales reached $51.8 million, down slightly from $53.0 million in 2024. The decline was driven by lower sales to partner Chiesi, offset by higher demand from Pfizer and Brazil's Fiocruz.
Revenue from license and R&D services rose to $0.9 million, more than doubling from $0.4 million in 2024.
Total revenues stood at $52.7 million, compared with $53.4 million in the prior year.The company reported a net loss of $6.6 million, or $(0.08) per share, versus net income of $2.9 million or $0.04 per share, in 2024.
Cash, cash equivalents, and short-term deposits were $30.3 million at year-end 2025, with management expecting the balance to strengthen to about $50.0 million by April 2026, supported by a $25 million milestone payment from Chiesi.
A key highlight was the European Commission's approval of a new every-four-weeks (E4W) dosing regimen for Elfabrio in adults living with Fabry disease. This regimen halves infusion frequency without compromising efficacy, easing treatment burden and strengthening the Fabry franchise.
On the pipeline side, Protalix is actively enrolling patients in the RELEASE Phase 2 trial of PRX-115, a PEGylated uricase candidate for uncontrolled gout. Early data suggest durable urate reduction and potential for flexible dosing schedules. The company is also advancing PRX-119, a long-acting DNase I program for rare renal diseases and pursuing RNA-based discovery work with Secarna.
Looking ahead, management projects 2026 revenues between $78 million and $83 million, including the Chiesi milestone. Elfabrio sales are expected to contribute $33.0 million to $35.0 million, while Elelyso sales are forecast at $20.0 million to $23.0 million.
Protalix enters 2026 with no debt, a strengthened cash position, and a hybrid profile as both a revenue-generating company and one advancing a pipeline of rare diseases therapies.
PLX has traded between $1.32 and $3.19 over the past year. The stock closed Wednesday's trading at $2.21, down 20.79%. During the overnight session the stock rose to $2.26, up 2.26%.
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