Protalix Clocks 40% Decline In Q1 Revenues Reflecting Lower Sales To Brazil

Protalix BioTherapeutics, Inc. PLX reported first-quarter FY23 total revenue of $9.59 million, down 40.4% year over year, on lower sales in Brazil.
The biopharmaceutical company registered an adjusted loss of $(0.05), which is flat Y/Y.
The lackluster Q1 performance was primarily from a decrease of $2.7 million in sales to Brazil. Additionally, a decrease of $1.1 million in sales to Pfizer, Inc. PFE was registered in Q1, which weighed on quarterly results.
Operating loss in Q1 widened Y/Y to $(2.46) million from $(1.87) million, while net loss for the period widened Y/Y to $(3.13) million from $(2.29) million.
Also Read: Protalix Shares Surge After Encouraging Topline Data From Another Fabry Disease Trial
Cash and equivalents were approximately $33 million as of March 31, 2023.
"While we are awaiting for the European Commission and the U.S. Food and Drug Administration decisions, we and our partner, Chiesi, remain committed to bringing PRX-102 to market and improving the lives of patients with Fabry disease," said CEO Dror Bashan. "In addition, we are making progress in our early stage PRX–115 program in severe gout with the initiation of our first-in-human Phase I clinical trial."
Price Action: PLX shares are up 4.1% at $3.25 on the last check Thursday.