PTC Therapeutics, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 19 February 2026: press release. Guidance figures: 3 kept. The quarter’s numbers.

Key takeaways

Novartis collaboration lifted full-year revenue: Total revenues were $1,730.7 million for 2025 against $806.8 million in 2024. Collaboration and license revenue of $998.4 million relates to the votoplam agreement with Novartis, which closed in January 2025. Source
Full-year result moved to net income: The company reported full-year 2025 net income of $682.6 million, against a net loss of $363.3 million in 2024. Full-year diluted EPS was $7.78, against a loss of $4.73 per share. Source
Fourth quarter returned to net loss: Fourth-quarter net loss was $135.0 million, compared with $65.9 million a year earlier. Diluted loss per share was $1.67 for the quarter, against $0.85. Source
Translarna France sales allowance adjusted: The fourth-quarter Translarna France estimate change of $98.6 million was a life-to-date adjustment to historical France sales. It reduced reported total revenue in the quarter. Source
Vatiquinone needs another study: The FDA indicated that an additional study is required before the vatiquinone NDA can be resubmitted. Meeting minutes said this could be open-label with a natural history control group. Source
Cash position rose sharply: Cash, cash equivalents and marketable securities were $1,945.4 million at December 31, 2025, up from $1,139.7 million a year earlier. Source
Evrysdi royalty sold to Royalty Pharma: In December 2025 the company sold the remainder of its Evrysdi royalty to Royalty Pharma for $240 million upfront, plus up to $60 million in sales-based milestones. Source

“We delivered another strong quarter and finish to 2025, building on the successful global launch of Sephience,”
Matthew B. Klein, M.D., Chief Executive Officer of PTC Therapeutics

Guidance

Area	Period	Figure	Against last quarter
Total product revenue Source	Full year 2026	$700 to $800 million	Kept
GAAP R&D and SG&A expense Source	Full year 2026	$775 to $815 million	Kept
Non-GAAP R&D and SG&A expense Source	Full year 2026	$680 to $720 million	Kept

What changed from last quarter

New: Sephience received approval in Japan in December 2025 and in Brazil in February 2026. The prior release expected launches in both countries during 2026. Source
New: In the fourth quarter, management changed its sales allowance estimate for Translarna revenue in France, which reduced reported revenue. The prior release did not report this change. Source
New: Following a December 2025 Type C meeting, the FDA said an additional study is needed before the vatiquinone NDA can be resubmitted. The prior release said the FDA had requested more information from the MOVE-FA trial. Source

Results and growth drivers

Novartis collaboration lifted full-year revenue: Total revenues were $1,730.7 million for 2025 against $806.8 million in 2024. Collaboration and license revenue of $998.4 million relates to the votoplam agreement with Novartis, which closed in January 2025. Source
Fourth-quarter revenue fell year on year: Fourth-quarter total revenues were $164.7 million, against $213.2 million a year earlier. The table shows a $98.6 million negative Translarna France item in the quarter. Source
Full-year result moved to net income: The company reported full-year 2025 net income of $682.6 million, against a net loss of $363.3 million in 2024. Full-year diluted EPS was $7.78, against a loss of $4.73 per share. Source
Fourth quarter returned to net loss: Fourth-quarter net loss was $135.0 million, compared with $65.9 million a year earlier. Diluted loss per share was $1.67 for the quarter, against $0.85. Source
Full-year net product revenue roughly flat: Net product revenue for 2025 was $586.7 million, compared with $582.1 million in 2024. Sephience sales are included in this total alongside the older products. Source

Segments and regions

Sephience split between US and abroad: Sephience fourth-quarter revenue was $92 million, of which $81 million came from the US and $11 million from ex-US markets. Source
Translarna sales fell sharply: Translarna net product revenue was $39.0 million in the fourth quarter, against $89.1 million a year earlier. Full-year Translarna revenue was $235.3 million, against $321.1 million in 2024. Source
Emflaza sales also declined: Emflaza net product revenue was $27.1 million in the fourth quarter, against $50.5 million a year earlier. Full-year Emflaza revenue was $146.4 million, against $207.2 million. Source
Evrysdi royalty income increased: Roche reported Evrysdi sales of about 1,757 CHF million for 2025. PTC's royalty revenue on those sales was $244.2 million, against $203.9 million in 2024. Source

“we look forward to continued success as we approach cash flow breakeven”
Matthew B. Klein, M.D., Chief Executive Officer of PTC Therapeutics

Products and customers

Sephience patient numbers reported: 946 patients were on commercial Sephience therapy worldwide at December 31, 2025. US patient start forms totalled 1,134 over the same period. Source
Sephience cumulative revenue since launch: Sephience total net revenue since launch was $111 million in 2025, covering the period from the product's launch through year-end. Source

Costs and margins

Full-year GAAP R&D spend decreased: GAAP R&D expense was $455.2 million for 2025, down from $534.5 million in 2024. Source
Fourth-quarter R&D spend rose: GAAP R&D expense was $133.1 million in the fourth quarter, up from $124.8 million a year earlier. Source
SG&A rose for year and quarter: GAAP SG&A expense was $347.1 million for 2025, up from $300.9 million. Fourth-quarter SG&A was $96.9 million, against $84.7 million. Source
Translarna France sales allowance adjusted: The fourth-quarter Translarna France estimate change of $98.6 million was a life-to-date adjustment to historical France sales. It reduced reported total revenue in the quarter. Source

Pipeline and regulatory updates

Votoplam end-of-Phase 2 meeting held: The end-of-Phase 2 meeting with the FDA on the votoplam Huntington's disease program was held in the fourth quarter of 2025. Source
FDA open to accelerated approval: Management said the FDA confirmed openness to a potential Accelerated Approval pathway for votoplam, given the significant unmet need. Source
Vatiquinone needs another study: The FDA indicated that an additional study is required before the vatiquinone NDA can be resubmitted. Meeting minutes said this could be open-label with a natural history control group. Source

Capital, cash and royalties

Cash position rose sharply: Cash, cash equivalents and marketable securities were $1,945.4 million at December 31, 2025, up from $1,139.7 million a year earlier. Source
Evrysdi royalty sold to Royalty Pharma: In December 2025 the company sold the remainder of its Evrysdi royalty to Royalty Pharma for $240 million upfront, plus up to $60 million in sales-based milestones. Source
Roche milestone retained after sale: PTC kept the right to a $150 million milestone from Roche, payable on single-year Evrysdi sales of $2.5 billion. Source

Coming up, as management said on 19 February 2026

Sephience footprint expansion: Management expects Sephience to be available in 20 to 30 countries by the end of 2026, up from the current footprint. Source
Votoplam Phase 3 start planned: The global Phase 3 INVEST-HD trial for votoplam is planned to start in the first half of 2026, after alignment with the FDA on its design. Source

Figures management reported

Figure	Reported
Sephience net revenue, Q4 2025 Source	$92 million
Sephience net revenue, full year 2025 Source	$111 million
Sephience patients on commercial therapy Source	946
Sephience US patient start forms Source	1,134
Sephience regulatory approvals Source	Japan December 2025; Brazil February 2026
Translarna net product revenue, full year 2025 Source	$235.3 million
Emflaza net product revenue, full year 2025 Source	$146.4 million
Evrysdi royalty revenue, full year 2025 Source	$244.2 million
GAAP R&D expense, full year 2025 Source	$455.2 million

Risks management discussed

Regulatory: The FDA requires an additional study before the vatiquinone NDA can be resubmitted, which extends the path to resubmission. Source
Financial: The Translarna France sales allowance estimate was changed in the fourth quarter, reducing reported revenue through a life-to-date adjustment. Source

Earlier plans management reported on

Ahead: Management said full-year 2025 product and royalty revenue of $831 million exceeded the company's guidance. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

PTC Therapeutics Provides Corporate Update and

Reports Fourth Quarter and Full Year 2025 Financial Results

Full-year 2025 product and royalty revenue of $831M, exceeding guidance -
Strong Sephience™ (sepiapterin) uptake since 2H 2025 launch with fourth quarter and 2025 revenue of $92M and $111M, respectively -
Cash of $1.95B as of December 31, 2025 -

WARREN, N.J., Feb. 19, 2026 - PTC Therapeutics, Inc., (NASDAQ: PTCT) today announced a corporate update and financial results for the fourth quarter and full year ending December 31, 2025.

“We delivered another strong quarter and finish to 2025, building on the successful global launch of Sephience,” said Matthew B. Klein, M.D., Chief Executive Officer of PTC Therapeutics. “With our robust commercial engine, innovative R&D programs, and strong financial position, we look forward to continued success as we approach cash flow breakeven.”

Key Corporate Highlights

Full-year 2025 product and royalty revenue of $831 million, exceeding guidance
Global launch of Sephience off to strong start
Q4 2025 revenue of $92 million, including $81 million revenue in the US and $11 million revenue ex-US
Sephience total net revenue of $111 million in 2025 since launch
946 total patients on commercial therapy worldwide as of December 31, 2025
1,134 patient start forms received in the US as of December 31, 2025
Approval in Japan in December 2025; approval in Brazil in February 2026
Sephience global footprint expected to increase to 20 to 30 countries by end of 2026
In December 2025, PTC sold the remainder of its Evrysdi® (risdiplam) royalty to Royalty Pharma for $240 million upfront and up to $60 million in sales-based milestones; PTC maintains the right to receive a $150 million milestone from Roche based on single-year Evrysdi sales of $2.5 billion
End-of-Phase 2 meeting with FDA held in Q4 2025 to discuss the votoplam Huntington's disease (HD) program
Alignment reached on design of global Phase 3 trial, INVEST-HD, which is planned to initiate in 1H 2026
FDA confirmed openness for potential Accelerated Approval pathway given significant unmet need
Type C meeting with FDA held in December 2025 to discuss the vatiquinone Friedreich's ataxia program; FDA indicated that an additional study would be necessary to support NDA resubmission and meeting minutes stated that this could be an open-label study with a natural history control group

Fourth Quarter and Full Year 2025 Financial Highlights

Total revenues were $164.7 million for the fourth quarter of 2025, compared to $213.2 million for the fourth quarter of 2024. Total revenues were $1,730.7 million for full year 2025, compared to $806.8 million for full year 2024. Included in total revenues is collaboration and license revenue of $998.4 million for the full year 2025, related to the votoplam license and collaboration agreement with Novartis, which closed in January 2025.
Total net product revenues were $184.0 million for the fourth quarter of 2025, compared to $150.1 million for the fourth quarter of 2024. Total net product revenues were $586.7 million for full year 2025, compared to $582.1 million for full year 2024.
Translarna™ (ataluren) net product revenues were $39.0 million for the fourth quarter of 2025, compared to $89.1 million for the fourth quarter of 2024. Translarna net product revenues were $235.3 million for full year 2025, compared to $321.1 million for full year 2024.
Emflaza® (deflazacort) net product revenues were $27.1 million for the fourth quarter of 2025, compared to $50.5 million for the fourth quarter of 2024. Emflaza net product revenues were $146.4 million for full year 2025, compared to $207.2 million for full year 2024.
Roche reported Evrysdi full year 2025 sales of approximately 1,757 CHF million, resulting in royalty revenue of $244.2 million to PTC for full year 2025, compared to $203.9 million to PTC for full year 2024.
Based on U.S. GAAP (Generally Accepted Accounting Principles), GAAP R&D expenses were $133.1 million for the fourth quarter of 2025, compared to $124.8 million for the fourth quarter of 2024. GAAP R&D expenses were $455.2 million for full year 2025, compared to $534.5 million for full year 2024.
Non-GAAP R&D expenses were $124.3 million for the fourth quarter of 2025, excluding $8.8 million in non-cash, stock-based compensation expense, compared to $116.0 million for the fourth quarter of 2024, excluding $8.8 million in non-cash, stock-based compensation expense. Non-GAAP R&D expenses were $419.6 million for full year 2025, excluding $35.7 million in non-cash, stock-based compensation expense, compared to $497.9 million for full year 2024, excluding $36.6 million in non-cash, stock-based compensation expense.
GAAP SG&A expenses were $96.9 million for the fourth quarter of 2025, compared to $84.7 million for the fourth quarter of 2024. GAAP SG&A expenses were $347.1 million for full year 2025, compared to $300.9 million for full year 2024.
Non-GAAP SG&A expenses were $87.2 million for the fourth quarter of 2025, excluding $9.7 million in non-cash, stock-based compensation expense, compared to $76.3 million for the fourth quarter of 2024, excluding $8.4 million in non-cash, stock-based compensation expense. Non-GAAP SG&A expenses were $308.3 million for full year 2025, excluding $38.9 million in non-cash, stock-based compensation expense, compared to $262.9 million for full year 2024, excluding $38.0 million in non-cash, stock-based compensation expense.
Net loss was $135.0 million for the fourth quarter of 2025, compared to net loss of $65.9 million for the fourth quarter of 2024. Net income was $682.6 million for full year 2025, compared to net loss of $363.3 million for full year 2024.
Cash, cash equivalents, and marketable securities were $1,945.4 million on December 31, 2025, compared to $1,139.7 million on December 31, 2024.
Shares issued and outstanding as of December 31, 2025, were 81,474,366.

Full Year 2026 Financial Guidance

Total product revenue of $700 to $800 million, representing a 19 to 36% increase from 2025, with the majority from Sephience
GAAP R&D and SG&A expense of $775 to $815 million
Non-GAAP R&D and SG&A expense of $680 to $720 million, excluding estimated non-cash, stock-based compensation expense of $95 million

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 R&D and SG&A expense financial measures exclude non-cash, stock-based compensation expense. These non-GAAP financial measures are provided as a complement to financial measures reported in accordance with 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,
	2025	2024		2025	2024
Revenues:
Net product revenue	$183,992	$150,088		$586,703	$582,145
Collaboration and license revenue	(73)		304	998,357	304
Royalty revenue	79,387		58,162	244,224	203,864
Translarna France*	(98,629)	4,618		(98,629)	18,806
Manufacturing revenue	-	-		-	1,661
Total revenues	164,677	213,172		1,730,655	806,780
Operating expenses:
Cost of product, collaboration and license sales, excluding amortization of acquired intangible assets	6,950	16,283		47,013	57,398
Amortization of acquired intangible assets	9,349	3,307		24,742	60,738
Research and development (1)	133,128	124,770		455,249	534,480
Selling, general and administrative (2)	96,874	84,683		347,143	300,911
Change in the fair value of contingent consideration	-	(10,175)		(800)	(4,475)
Intangible asset impairment	-	159,548		-	159,548
Tangible asset impairment and (gains) losses on transactions, net	(10,275)	(2,855)		(9,627)	750
Total operating expenses	236,026	375,561		863,720	1,109,350
(Loss) income from operations	(71,349)	(162,389)		866,935	(302,570)
Interest expense, net	(55,188)	(41,060)		(152,230)	(166,993)
Other (expense) income, net	(12,546)	8,850		(18,086)	6,544
Gain on sale of priority review voucher	-	99,900		-	99,900
(Loss) income before income tax benefit (expense)	(139,083)	(94,699)		696,619	(363,119)
Income tax benefit (expense)	4,118	28,813		(13,975)	(176)
Net (loss) income attributable to common stockholders	$(134,965)	$(65,886)		$682,644	$(363,295)
Weighted-average shares outstanding:
Basic (in shares)	80,689,810	77,201,783		79,534,290	76,845,055
Diluted (in shares)	80,689,810	77,201,783		88,311,494	76,845,055
Net (loss) income per share - basic (in dollars per share)	$(1.67)	$(0.85)		$8.58	$(4.73)
Net (loss) income per share - diluted (in dollars per share)	$(1.67)	$(0.85)		$7.78	$(4.73)
(1) Research and development reconciliation
GAAP research and development	$133,128	$124,770		$455,249	$534,480
Less: share-based compensation expense	8,843	8,818		35,669	36,629
Non-GAAP research and development	$124,285	$115,952		$419,580	$497,851
(2) Selling, general and administrative reconciliation
GAAP selling, general and administrative	$96,874	$84,683		$347,143	$300,911
Less: share-based compensation expense	9,675	8,420		38,878	37,986
Non-GAAP selling, general and administrative	$87,199	$76,263		$308,265	$262,925
*In the fourth quarter of 2025, PTC changed its estimates for its sales allowance related to Translarna revenues in France. The $98.6 million change in sales allowance estimate represents a life to date adjustment for the historical sales of Translarna in France. The 2024 amounts relate to historical Translarna sales recorded in France.

PTC Therapeutics, Inc. Summary Consolidated Balance Sheets (in thousands, except share data)

	December 31, 2025	December 31, 2024
Cash, cash equivalents and marketable securities	$1,945,371	$1,139,696
Total assets	$2,898,767	$1,705,024
Total debt	$286,631	$285,412
Total deferred revenue	2,040	5,505
Total liability for sale of future royalties	2,308,366	2,081,776
Total liabilities	$3,104,080	$2,803,095
Total stockholders' deficit (81,474,366 and 77,704,188 common shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively)	$(205,313)	$(1,098,071)
Total liabilities and stockholders' deficit	$2,898,767	$1,705,024

PTC Therapeutics, Inc.

Reconciliation of GAAP to Non-GAAP Projected Full Year 2026 R&D and SG&A Expense (in millions)

	Low End of Range	High End of Range
Projected GAAP R&D and SG&A Expense	$775	$815
Less: projected non-cash, stock-based compensation expense	95	95
Projected non-GAAP R&D and SG&A expense	$680	$720

Acronyms

CHF: Confoederatio Helvetica Francs (Swiss francs)

DMD: Duchenne muscular dystrophy

FA: Friedreich’s ataxia

FDA: U.S. Food and Drug Administration

GAAP: Generally Accepted Accounting Principles

HD: Huntington’s disease

NDA: New Drug Application nmDMD: Nonsense mutation Duchenne muscular dystrophy

PKU: Phenylketonuria

R&D: Research and Development

SG&A: Selling, General, and Administrative

Today's Conference Call and Webcast Reminder

To access the call by phone, please click here to register and you will be provided with dial-in details. The webcast conference call can be accessed on the Investors section of the PTC website at https://ir.ptcbio.com/events-presentations. A replay of the call will be available after completion of the call and will be archived on the company’s website.

About PTC Therapeutics, Inc. PTC is a global biopharmaceutical company dedicated to the discovery, development and commercialization of clinically differentiated medicines for children and adults living with rare disorders. PTC is advancing a robust and diversified pipeline of transformative medicines as part of its mission to provide access to best-in-class treatments for patients with unmet medical needs. The company's strategy is to leverage its scientific expertise and global commercial infrastructure to optimize value for patients and other stakeholders. To learn more about PTC, please visit www.ptcbio.com and follow on LinkedIn, X, Instagram and Facebook.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements contained in this release, other than statements of historic fact, are forward-looking statements, including the information provided under the heading "Full Year 2026 Financial Guidance", including with respect to (i) 2026 total product revenue guidance and (ii) 2026 GAAP and non-GAAP R&D and SG&A expense guidance, and statements regarding: the future expectations, plans and prospects for PTC, including with respect to the expected timing of clinical trials and studies, availability of data, regulatory submissions and responses, meetings with regulatory agencies, commercialization and other matters with respect to its products and product candidates; PTC's strategy, future operations, future financial position, future revenues, projected costs; and the objectives of management. Other forward-looking statements may be identified by the words, "guidance," "plan," "anticipate," "believe," "estimate," "expect," "intend," "may," "target," "potential," "will," "would," "could," "should," "continue," "aim," and similar expressions.

Forward-looking statements notice

PTC's actual results, performance or achievements could differ materially from those expressed or implied by forward-looking statements it makes as a result of a variety of risks and uncertainties, including those related to: the outcome of pricing, coverage and reimbursement negotiations with third party payors for PTC's products or product candidates that PTC commercializes or may commercialize in the future; expectations with respect to Sephience, including any regulatory submissions and potential approvals, commercialization, and the potential achievement of sales milestones and contingent payments that PTC may be obligated to make; PTC's ability to maintain its marketing authorization of Translarna for the treatment of nmDMD in geographies in which it has been approved and the effect of the European Commission's adoption of the negative opinion from the Committee for Medicinal Products for Human Use (CHMP) on Translarna and the withdrawal of the Translarna NDA in the U.S. on other regulatory bodies; expectations with respect to PTC's license and collaboration agreement with Novartis Pharmaceuticals Corporation for votoplam for the treatment of Huntington's disease including its right to receive development, regulatory and sales milestones, profit sharing and royalty payments from Novartis, the design and expected timing of clinical trials and studies, the availability of data, and regulatory submissions and responses, including potential accelerated approval; expectations with respect to Upstaza/Kebilidi, including commercialization, manufacturing capabilities, and the potential achievement of sales milestones and contingent payments that PTC may be obligated to make; expectations with respect to vatiquinone, including with respect to the design and expected timing of clinical trials and studies, the availability of data, and regulatory submissions and responses and potential approvals and other matters; expectations with respect to the commercialization of Evrysdi under PTC's SMA collaboration; expectations with respect to the commercialization of Tegsedi and Waylivra; significant business effects, including the effects of industry, market, economic, political or regulatory conditions; changes in tax and other laws, regulations, rates and policies; the eligible patient base and commercial potential of PTC's products and product candidates; PTC's scientific approach and general development progress; PTC's ability to satisfy its obligations under the terms of its lease agreements; the sufficiency of PTC's cash resources and its ability to obtain adequate financing in the future for its foreseeable and unforeseeable operating expenses and capital expenditures; and the factors discussed in the "Risk Factors" section of PTC's Annual Report on Form 10-K, as well as any updates to these risk factors filed from time to time in PTC's other filings with the SEC. You are urged to carefully consider all such factors.

As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that any product will receive or maintain regulatory approval in any territory, or prove to be commercially successful, including Sephience, Translarna, Emflaza, Upstaza, Kebilidi, Evrysdi, Tegsedi or Waylivra.

The forward-looking statements contained herein represent PTC's views only as of the date of this press release and PTC does not undertake or plan to update or revise any such forward-looking statements to reflect actual results or changes in plans, prospects, assumptions, estimates or projections, or other circumstances occurring after the date of this press release except as required by law.

Contacts
Investors Ellen Cavaleri +1 (615) 618-6228 ecavaleri@ptcbio.com
Media Jeanine Clemente +1 (908) 912-9406 jclemente@ptcbio.com