PTC Therapeutics Reports Fourth Quarter and Full Year 2019 Financial Results and Provides a Corporate Update – BioSpace

SOUTH PLAINFIELD, N.J., March 2, 2020 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced a corporate update and reported financial results for the fourth quarter and full year ending December 31, 2019.

"2019 was a year of outstanding execution for PTC. I'm proud of the progress made in every area of the business," said Stuart Peltz, Ph.D., CEO of PTC Therapeutics. "We've significantly expanded our rare disease portfolio,strengthened our global commercial engine and added vital gene therapy manufacturing capabilities, all while delivering on our revenue guidance. The innovation in our diverse, multiplatform pipeline continues to create value for stakeholders."

Key Fourth Quarter and Other Corporate Highlights:

Expanding commercial footprint including continued revenue growth

Positive pivotal trials for risdiplam support planned global launch in broad range of SMA patient types

PTC gene therapy platform continues to make progress with regulatory filings and long-term lease of manufacturing facility

Continued progress with PTC's multi-platform, multi-product pipeline

Fourth Quarter and Full-year 2019 Financial Highlights:

PTC Reaffirms Full Year 2020 Guidance as Follows

Non-GAAP Financial Measures:

In this press release, the financial results and financial guidance of PTC are provided in accordance with accounting principles generally accepted in the United States (GAAP) and using certain non-GAAP financial measures. In particular, the non-GAAP financial measures exclude non-cash, stock-based compensation expense. These non-GAAP financial measures are provided as a complement to financial measures reported in GAAP because management uses these non-GAAP financial measures when assessing and identifying operational trends. In management's opinion, these non-GAAP financial measures are useful to investors and other users of PTC's financial statements by providing greater transparency into the historical and projected operating performance of PTC and the company's future outlook. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. Quantitative reconciliations of the non-GAAP financial measures to their respective closest equivalent GAAP financial measures are included in the table below.

PTC Therapeutics, Inc.

Consolidated Statements of Operations

(In thousands, except share and per share data)

Three Months Ended December 31,

Twelve Months Ended December 31,

2019

2018

2019

2018

Revenues:

Net product revenue

$

81,407

$

85,833

$

291,306

$

263,005

Collaboration and grant revenue

15,052

505

15,674

1,729

Total revenues

96,459

86,338

306,980

264,734

Operating expenses:

Cost of product sales

3,542

3,761

12,135

12,670

Amortization of acquired intangible asset

7,973

6,062

27,650

22,877

Research and development (1)

81,831

53,647

257,452

171,984

Selling, general and administrative (2)

63,497

48,666

202,541

153,548

Change in the fair value of deferred and contingent consideration

12,400

19,340

48,360

19,340

Total operating expenses

169,243

131,476

548,138

380,419

Loss from operations

(72,784)

(45,138)

(241,158)

(115,685)

Interest expense, net

(5,463)

(3,248)

(12,491)

(12,554)

Other expense (income), net

11,214

(937)

13,723

129

Loss before income tax expense

(67,033)

(49,323)

(239,926)

(128,110)

Income tax (expense) benefit

(10,644)

993

(11,650)

29

Net loss attributable to common stockholders

$

(77,677)

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PTC Therapeutics Reports Fourth Quarter and Full Year 2019 Financial Results and Provides a Corporate Update - BioSpace