PLX · Protalix BioTherapeutics, Inc.

Protalix delivered a stark turnaround in Q1 2026, reporting $18.3 million in net income—its first quarterly profit in recent history—driven overwhelmingly by the $25.0 million milestone from Chiesi triggered by the European Commission’s approval of Elfabrio’s every-4-weeks (E4W) dosing regimen. This non-recurring revenue inflow dwarfed the $7.4 million in goods revenue, which declined year-over-year due to timing-related softness in Pfizer’s Elelyso purchases following elevated 2025 orders tied to manufacturing disruptions. While goods revenue remains exposed to partner ordering patterns, the milestone underscores the value embedded in Protalix’s partnership model and regulatory execution. R&D spend rose 56% to $5.4 million, directly linked to the ongoing RELEASE Phase 2 trial for PRX-115 in uncontrolled gout—a program management expects to yield top-line data in late 2027. The reaffirmation of full-year revenue guidance ($78.0–$83.0 million) signals confidence in sustained commercial execution: $33.0–$35.0 million is projected from Elfabrio sales alone, reflecting growing adoption post-EU E4W approval, while $20.0–$23.0 million is expected from Elelyso despite prior-year volatility. With $51.1 million in cash as of March 31, 2026—and no debt—the Company maintains a strong balance sheet to fund clinical advancement without near-term financing risk. Management’s commentary emphasizes strategic focus on rare renal indications and leveraging the ProCellEx platform, positioning PRX-115 and PRX-119 as key future value drivers beyond current commercial programs.