Amicus Therapeutics, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, focused on developing therapies for rare diseases, achieved net product sales of $141.5 million for the three months ended September 30, 2024, a notable increase from $103.5 million in the same period of 2023. For the nine months ended September 30, 2024, net product sales reached $378.6 million, up from $284.3 million year-over-year. This growth was primarily driven by increased sales of its flagship product, Galafold®, which generated $120.4 million in the latest quarter, and the newly launched Pombiliti® + Opfolda®, which saw sales rise to $21.1 million from $2.8 million in the prior year.
The company reported a gross profit of $128.2 million for the three months ended September 30, 2024, compared to $93.6 million in 2023. Income from operations turned positive at $21.7 million, a significant recovery from an operating loss of $17.0 million in the same quarter of the previous year. However, the company still reported a net loss attributable to common stockholders of $6.7 million for the three months, an improvement from a loss of $21.6 million in 2023. For the nine-month period, the net loss was $70.8 million, down from $117.7 million in the prior year.
Amicus Therapeutics' total assets increased to $786.6 million as of September 30, 2024, from $777.9 million at the end of 2023. The company’s cash and cash equivalents decreased to $233.6 million from $247.0 million during the same period. The total stockholders’ equity rose to $178.8 million, up from $160.2 million at the end of 2023.
Research and development expenses decreased significantly to $26.2 million for the three months ended September 30, 2024, from $40.7 million in 2023, attributed to the commercial launch of Pombiliti® + Opfolda® and a reduction in clinical spending. Conversely, selling, general, and administrative expenses increased to $75.1 million from $65.7 million, driven by higher personnel costs related to commercial activities.
The company also reported restructuring charges of $9.2 million for the nine months ended September 30, 2024, as part of an initiative to reduce operating costs. Amicus continues to evaluate strategic alliances and business development opportunities to enhance shareholder value and support its ongoing research and development efforts.
About AMICUS THERAPEUTICS, INC.
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