PTC Therapeutics reported third‑quarter 2025 results that surpassed analyst expectations, with total revenue of $211 million and earnings per share of $0.20—an $1.39 beat over the consensus estimate of $‑1.19. The company also narrowed its full‑year 2025 revenue outlook to $750 million‑$800 million, reflecting confidence in the momentum of its newly launched product, Sephience.
Revenue rose 10.8% from $196.8 million in Q3 2024, driven largely by Sephience’s $19.6 million contribution and 521 new patient start forms in the United States as of September 30. While the DMD franchise—Translarna and Emflaza—experienced year‑over‑year declines in net product revenue, royalty revenue from Evrysdi increased, offsetting the decline and supporting overall growth.
The earnings beat is attributable to a combination of cost discipline and a favorable product mix. Net income climbed to $15.9 million from a $106.7 million loss in the same quarter a year earlier, and operating margin improved as Sephience’s high‑margin sales offset lower‑margin legacy product sales. Management’s focus on controlling operating expenses and leveraging the early uptake of Sephience helped lift profitability despite the decline in legacy product revenue.
Guidance tightening signals management’s belief that Sephience will continue to capture market share in the PKU treatment space. By narrowing the full‑year revenue range, PTC indicates that it expects the early launch momentum to sustain through the remainder of the year, while still maintaining a conservative view on the performance of its DMD franchise and other portfolio products.
CEO Matthew B. Klein emphasized that the quarter “highlights the strong start to the global Sephience launch and underscores the product’s potential to become the standard of care for all individuals with PKU.” He added that Sephience will serve as the foundation for the company’s sustainable growth and near‑term path to profitability.
The results illustrate a clear tailwind from Sephience’s launch, balanced against headwinds from declining legacy product revenue. The company’s robust cash position of $1.688 billion provides liquidity to support ongoing development and potential expansion into new markets, while the increase in royalty revenue suggests a growing portfolio of licensing opportunities. Overall, the earnings beat and narrowed guidance point to a positive trajectory for PTC, contingent on continued uptake of Sephience and effective management of legacy product performance.
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