PTC Therapeutics Posts $135M Q4 Loss, 2026 Revenue Guidance Trails Estimate
PTC Therapeutics posted Q4 loss of $135M ($1.67/share) on $164.7M revenues, missing estimates of a $0.26/share loss on $256.9M revenue and sending shares down 2.7%. Full-year revenues more than doubled to $1.73B, driven by $998.4M Novartis collaboration and Sephience launch, but 2026 product revenue guidance of $700M–$800M trails $990.3M consensus.
1. Q4 Results Miss Estimates
PTC Therapeutics reported a $135.0M net loss ($1.67 per share) for Q4, compared with a consensus loss of $0.26 per share, while revenues fell to $164.7M versus estimates of $256.93M, prompting a 2.7% share price decline.
2. Full-Year 2025 Surge
Total revenues for 2025 rose to $1.73B from $806.8M in 2024, driven by $998.4M in collaboration and license revenue from the Novartis votoplam agreement, with product and royalty revenue climbing to $831M.
3. Sephience Launch Momentum
Sephience™ contributed $92M in Q4 and $111M since its second-half launch, with 946 patients on therapy by year-end; the treatment secured approvals in Japan (Dec 2025) and Brazil (Feb 2026) and aims for a presence in 20–30 countries by end 2026.
4. Strong Cash Position and 2026 Outlook
PTC ended 2025 with $1.95B in cash, cash equivalents and marketable securities, up from $1.14B a year earlier, and guided 2026 product revenues of $700M–$800M versus a $990.3M consensus, with GAAP R&D and SG&A expenses expected at $775M–$815M.