Protalix Biotherapeutics reports record revenue in 2024, advances gout treatment candidate

Protalix Biotherapeutics Inc (NYSE-A:PLX) reported record revenue from product sales in 2024, driven by growth across all major commercial partnerships, and provided updates on its clinical pipeline, including a promising gout treatment candidate.

The biopharmaceutical company recorded $53 million in product revenue for the year ended December 31, 2024, a 31% increase from $40.4 million in 2023, with gains from sales to Chiesi, Pfizer, and Brazil.

"2024 was a record year in revenues from selling goods for Protalix," said Dror Bashan, the company’s CEO.

"We are pleased with the promising results from our first-in-human study of our gout candidate, PRX-115, and hope to build on this momentum with the goal of initiating a Phase II clinical trial in 2025."

Strong balance sheet

The company's Phase I trial of PRX-115, a recombinant PEGylated uricase treatment for uncontrolled gout, demonstrated potential for lowering uric acid levels with an extended dosing interval that could improve patient compliance. Protalix aims to launch a Phase II study in the second half of 2025.

Additionally, in December, the European Medicines Agency validated a submission to update dosing guidance for pegunigalsidase alfa, Protalix’s Fabry disease treatment, to a less frequent regimen of 2 mg/kg every four weeks.

Protalix ended 2024 with a stronger balance sheet, having repaid its outstanding convertible notes in September and completed a warrant exercise in early 2025, generating $2.1 million in proceeds.

The company posted net income of $2.9 million, or $0.04 per share, for 2024, down from $8.3 million in 2023, primarily due to a sharp decline in license and R&D revenue following the completion of its Fabry clinical program.

Protalix held $34.8 million in cash, cash equivalents, and short-term deposits at year-end.

“Now that our debt is fully repaid and we no longer have outstanding warrants, our balance sheet is stronger and we are well-positioned to continue executing on our strategy through 2025 and beyond,” Bashar added.

Protalix shares added over 9% following the release of the results.