Israel's Protalix Q1 revenue surges on Chiesi milestone

Overview

• Israel biopharma's Q1 revenue surged yr/yr, driven by $25 mln milestone from Chiesi

• Revenue from goods sold fell due to timing shift in Pfizer orders

• Net income swung to profit, mainly from milestone revenue

Outlook

• Protalix reaffirms 2026 revenue guidance of $78.0 mln to $83.0 mln including Chiesi milestone

• Company expects 2026 Elfabrio sales of $33.0 mln to $35.0 mln excluding milestones

• Protalix anticipates 2026 Elelyso sales of $20.0 mln to $23.0 mln

Result Drivers

• MILESTONE PAYMENT - $25 mln milestone from Chiesi for EU approval of Elfabrio E4W dosing drove Q1 revenue and profit

• PFIZER ORDER TIMING - Lower goods revenue due to timing shift in Pfizer's Elelyso purchases after elevated orders in prior-year period

• R&D SPENDING - Higher R&D expenses driven by preparations for and initiation of PRX-115 Phase 2 RELEASE trial

Company press release: ID:nPn43dlnFa

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 13 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.