Protalix's Q2 2025: Unpacking Contradictions in Fabry Disease Market Strategy and Clinical Development

Fabry disease market share and expansion strategies, Phase IV study for Elfabrio, financial expectations from Chiesi agreement, revenue expectations and growth strategy, Phase II trial sites and structure are the key contradictions discussed in Protalix's latest 2025Q2 earnings call.



Revenue Growth with Chiesi Partnership:
- Protalix BioTherapeutics reported a 50% increase in revenues from selling goods in the first half of 2025 compared to the previous year.
- The growth was primarily driven by sales of Elfabrio to Chiesi, an international biopharmaceutical group, which accounted for an increase of $8 million in sales.

Evolution of Gout Product Candidate (PRX-115):
- Protalix is focused on advancing PRX-115, a gout product candidate, with promising results from a first-in-human study in 2024.
- The company plans to initiate a Phase II study in the second half of 2025 and enroll the first patient in the fourth quarter, reflecting confidence in the drug's potential long-acting effects and widened dose intervals.

Transition in CFO Role:
- Eyal Rubin announced his stepping down as CFO after 6 years, with Gilad Mamlok appointed as his successor.
- The change is anticipated to ensure a smooth transition and continued financial management leadership for Protalix's future growth.

Financial Performance and Cost Management:
- Protalix's net income for the second quarter of 2025 was approximately $164,000, compared to a net loss of approximately $2.2 million in the same period in 2024.
- The improvement was attributed to a 16% increase in revenues and a 38% decrease in cost of goods sold, particularly due to a decrease in sales to Pfizer and Fiocruz Brazil.