PTC Therapeutics Reports Third Quarter 2020 Financial Results and Provides a Corporate Update – BioSpace

SOUTH PLAINFIELD, N.J., Oct. 29, 2020 /PRNewswire/ --PTC Therapeutics, Inc.. (NASDAQ: PTCT) today announced financial results for the third quarter ending September 30, 2020 and provided a corporate update.

"I am very pleased by the rapid progress that we have made this quarter with the approval and strong U.S. launch of Evrysdi for spinal muscular atrophy and the continued growth across our global Duchenne muscular dystrophy franchise," said Stuart W. Peltz, Ph.D., Chief Executive Officer, PTC Therapeutics, Inc. "We have also made significant advances across our clinical pipeline with a registration-directed trial in mitochondrial epilepsy initiated this quarter and an additional registration-directed trial in Friedreich ataxia to initiate before year end. The mission at PTC has always been to bring therapies to patients with high unmet medical need through investment in innovative technologies and we believe we are well positioned to bring long-term value for all of our stakeholders."

Key Third Quarter and Other Corporate Updates

Third Quarter Clinical Updates

Financial Highlights

Non-GAAP Financial Measures

In this press release, the financial results of PTC are provided in accordance with 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 September30,

Nine Months Ended September30,

2020

2019

2020

2019

Revenues:

Net product revenue

$ 82,708

$ 71,369

$ 226,143

$ 209,899

Collaboration and grant revenue

35,000

47

35,063

622

Royalty revenue

696

-

696

-

Total revenues

118,404

71,416

261,902

210,521

Operating expenses:

Cost of product sales

4,667

3,006

14,056

8,593

Amortization of acquired intangible asset

9,630

7,025

26,309

19,677

Research and development (1)

92,998

63,076

359,630

175,621

Selling, general and administrative (2)

57,840

49,284

169,708

139,044

Change in the fair value of deferred and contingent consideration

8,400

9,500

16,980

35,960

Settlement of deferred and contingent consideration

-

-

10,613

-

Total operating expenses

173,535

131,891

597,296

378,895

Loss from operations

(55,131)

(60,475)

(335,394)

(168,374)

Interest expense, net

(21,039)

(2,666)

(32,060)

(7,028)

Other income, net

28,766

2,800

26,242

2,509

Loss before income tax expense

(47,404)

(60,341)

(341,212)

(172,893)

Income tax (expense) benefit

(22,288)

344

(22,594)

(1,006)

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PTC Therapeutics Reports Third Quarter 2020 Financial Results and Provides a Corporate Update - BioSpace