Amicus Therapeutics Q1 2025: Unraveling Contradictions on VPAG Rebate, Patient Starts, and Market Strategy

VPAG rebate impact, Pom-Op patient start timing, rebate impact on revenue, patient growth and market expansion strategy, comparative efficacy of Pom-Op are the key contradictions discussed in Amicus Therapeutics' latest 2025Q1 earnings call.



Revenue Growth and Product Demand:
- Amicus Therapeutics reported a 13% increase in total revenue for Q1 2025, with 15% growth at constant exchange rates.
- This growth was driven by strong double-digit revenue growth in Pompe and Fabry, with Galafold's revenue reaching $104.2 million, up 6% at constant exchange rates.
- The growth was supported by new patient starts, increased market penetration, and strategic expansions in new regions.

Supply Chain and Production Diversification:
- The company is diversifying its global supply chain by onshoring a portion of drug product manufacturing from Europe to the U.S.
- This diversification is aimed at neutralizing potential tariff exposure and enhancing access to medicines.
- Prudent operations and planning have allowed Amicus to effectively manage exposure to tariffs in 2025.

Strategic Partnership and Pipeline Expansion:
- Amicus entered into a strategic collaboration with Dimerix, securing U.S. commercialization rights for DMX-200 in late-stage development for FSGS.
- This deal brings a potential blockbuster asset into Amicus's pipeline, leveraging its regulatory, commercial, and medical capabilities.
- The partnership was formed due to the significant unmet medical need in FSGS and the synergies between the disease areas and Amicus's existing capabilities.

Impact of Rebates and Market Dynamics:
- The company faced unexpected higher rebates in the UK, leading to a 22% VPAG rebate instead of the anticipated 15%.
- This impacted revenue in Q1 but is expected to be a one-time event.
- Amicus is confident in its ability to make up for this impact due to strong patient growth and adjusted guidance for Pompe and Fabry products.