Protalix Q1 Revenues Fall to $7.4M, Reaffirms $78–$83M 2026 Guidance After $25M Milestone
Protalix reported Q1 revenues of $7.4 million, down from $10.0 million year-over-year, with cash and equivalents of $51.0 million as of March 31, 2026. The company received a $25 million Chiesi milestone for EU Elfabrio 4-week dosing approval and reaffirmed 2026 revenue guidance of $78–$83 million.
1. Financial Performance
Protalix reported total revenues of $7.4 million for the quarter ended March 31, 2026, compared with $10.0 million in Q1 2025, reflecting timing shifts in partner orders. The company held $51.0 million in cash, cash equivalents and short-term deposits, providing ample runway for ongoing operations.
2. Milestone Payment and 2026 Guidance
Protalix received a $25.0 million milestone payment from Chiesi Farmaceutici after European Commission approval of a 2 mg/kg every-4-weeks Elfabrio dosing regimen. The company reaffirmed its full-year 2026 revenue guidance of $78.0 million to $83.0 million, inclusive of the milestone.
3. Clinical and Commercial Programs
Commercial execution of Elfabrio continues across approved markets, with the new four-week dosing option enhancing patient convenience and competitive positioning in the EU. Enrollment in the Phase 2 RELEASE trial of PRX-115 for uncontrolled gout remains on track, with top-line results expected in H2 2027, while preclinical rare renal programs advance.