Protalix BioTherapeutics Experiences Strong Revenue Growth, Strategic Partnerships Drive Success

Protalix BioTherapeutics Inc reported a 50% increase in revenues from the first half of 2025 compared to the same period last year, driven by Elfabrio sales to Chiesi. The company anticipates Elfabrio royalties exceeding $100 million by 2030. Protalix is progressing towards the initiation of a Phase II study for their gout product candidate, PRX-115. However, there may be quarters with no bulk orders from Chiesi, and research and development expenses increased by 100% compared to the previous year.

Protalix BioTherapeutics Inc. (PLX) reported a significant 50% increase in revenues from the first half of 2025 compared to the same period in 2024, driven primarily by sales of Elfabrio to Chiesi. The company's President and CEO, Dror Bashan, highlighted the strong performance, attributing the growth to the strategic partnership with Chiesi for the commercialization of Elfabrio in the Fabry disease market [1].

The revenue increase was fueled by Elfabrio sales, which are estimated to reach $2.3 billion in 2025 and grow to $3.2 billion by 2030. Protalix anticipates Elfabrio royalties exceeding $100 million by 2030, based on a projected 15% to 20% market share of the Fabry disease market [1].

In addition to the revenue growth, Protalix is making progress in its pipeline development. The company is advancing towards the initiation of a Phase II study for PRX-115, a recombinant PEGylated uricase product candidate in development as a potential treatment for uncontrolled gout. The study is expected to begin in the second half of 2025, with the first patient enrollment anticipated in the fourth quarter [1].

However, there are challenges to consider. The company noted that there may be quarters with no bulk orders from Chiesi during the early launch phase, which could impact revenue. Additionally, research and development expenses increased by 100% compared to the previous year, reflecting the increased investment in clinical development, especially for PRX-115 [1].

Protalix also announced the succession of its CFO. Eyal Rubin, who served as CFO for six years, is stepping down to be succeeded by Gilad Mamlok. Mamlok brings extensive experience in healthcare and technology companies, as well as a background in capital markets transactions, mergers and acquisitions, and business development [2].

The company's strong financial performance and pipeline advancements indicate a positive outlook for Protalix. Despite the challenges, the company remains focused on growing its pipeline and commercializing its products, with a particular emphasis on the Elfabrio partnership.

References:
[1] https://seekingalpha.com/news/4485575-protalix-signals-100m-elfabrio-royalties-by-2030-as-phase-ii-prxminus-115-trial-advances
[2] https://ir.protalix.com/news-releases/news-release-details/protalix-biotherapeutics-reports-second-quarter-2025-financial