Protalix misses earnings by $0.07 but beats revenue forecasts

Protalix BioTherapeutics Inc. (NYSE: PLX) posted adjusted earnings that fell short of analyst projections, missing estimates by $0.07 per share for the latest quarter. The company’s revenue, however, surpassed market forecasts, according to preliminary results released after market close on Tuesday.

The biopharmaceutical company, which develops enzyme therapies for rare diseases, reported adjusted earnings of $0.03 per share, compared with the $0.10 per share expected by analysts surveyed by Refinitiv. Revenue totaled $42.3 million, exceeding the $40.5 million forecast.

Protalix attributed the earnings shortfall to higher research and development costs, as well as increased operational expenses. Despite the miss, management reaffirmed its full-year revenue guidance, citing strong demand for its lead product, Elelyso, used in the treatment of Gaucher disease.

Shares of Protalix were down 4.2% in after-hours trading following the release of the results. The stock had closed at $3.12 in regular trading, reflecting a 1.3% decline for the session.

Analysts at H.C. Wainwright maintained a Buy rating on the stock with a $5 price target, citing Protalix’s pipeline potential and strategic partnerships. The company is also advancing a pipeline of enzyme replacement therapies for other lysosomal storage disorders.

Protalix did not provide updated guidance for adjusted earnings, focusing instead on its revenue outlook for the year. The company expects to report finalized financials in its 10-Q filing with the U.S. Securities and Exchange Commission within the coming weeks.