PTC Therapeutics Reports $135M Q4 Loss, $1.73B Full-Year Revenue, Misses Guidance
PTC Therapeutics delivered a Q4 net loss of $135 million ($1.67 per share) on $164.7 million revenue, missing consensus of a ($0.26) loss and $256.9 million revenue. Full-year 2025 revenues hit $1.73 billion, driven by Novartis collaboration and Sephience™, while 2026 guidance of $700–$800 million trails $990.3 million consensus.
1. Q4 Financial Results
PTC Therapeutics posted a fourth-quarter net loss of $135.0 million, or $1.67 per diluted share, on $164.7 million in revenue. Both figures fell short of Wall Street estimates of a $0.26 loss and $256.9 million in revenue, contributing to a 2.7% drop in the company’s share price.
2. Full-Year 2025 Performance
Total revenues for 2025 surged to $1.73 billion from $806.8 million in 2024, driven largely by $998.4 million in collaboration and license revenue from the Novartis votoplam agreement. Product and royalty revenues also more than doubled, reaching $831 million, ahead of prior guidance.
3. Sephience™ Launch Progress
Sephience™ generated $92 million in Q4 revenue, bringing total 2025 sales since its second-half launch to $111 million across 946 patients. The therapy secured approvals in Japan in December 2025 and Brazil in February 2026, with plans to expand commercial availability to 20–30 countries by year-end.
4. 2026 Outlook
The company forecast 2026 revenue of $700–$800 million for its product portfolio, representing 19%–36% growth but falling short of the $990.3 million consensus. GAAP R&D and SG&A expenses are expected to total $775–$815 million as PTC approaches cash flow breakeven.