Amicus Therapeutics Q2 2025: Unraveling Contradictions in Revenue Impact, Trial Designs, and Market Dynamics

Rebate impact on revenue, FSGS trial design and FDA alignment, PomOp growth and switching dynamics, manufacturing facilities and supply chain, and switching criteria and patient behavior are the key contradictions discussed in Amicus Therapeutics' latest 2025Q2 earnings call.



Revenue Growth and Product Performance:
- Amicus Therapeutics reported total revenue of $154.7 million for Q2 2025, marking a 22% increase over the same period in 2024.
- Galafold, their key product, achieved $128.9 million in revenue, up 12% at constant exchange rates, driven by a 13% year-over-year increase in patient starts.

Pomobiliti and Opfolda Launch Success:
- Revenue from Pompe disease treatments Pomobiliti and Opfolda reached $25.8 million, up 58% at constant exchange rates.
- Growth was driven by a strong U.S. market, representing approximately 42% of revenue, and successful launches in 5 new European markets.

Strategic Partnership and Pipeline Expansion:
- Amicus announced a strategic partnership with Dimerix for DMX-200, a first-in-class treatment for FSGS, enhancing their late-stage pipeline.
- The partnership aligns with Amicus' strategy to address unmet needs in rare diseases, with DMX-200's Phase III study on track for full enrollment by year-end.

Financial Stability and Profitability Outlook:
- Despite increased operating expenses, including a $30 million upfront payment for the DMX-200 license, Amicus anticipates achieving GAAP profitability in the second half of 2025.
- The company's robust revenue growth and strategic investments position it for long-term financial stability, with a focus on sustaining growth beyond 2025.