$PTCT earnings report

Third-quarter revenue was led by commercial product performance. Total revenues were $357,807 (in thousands), compared with $211,007 (in thousands) in the prior-year quarter, while net product revenue was $275,894 (in thousands), compared with $130,956 (in thousands). The company separately reported total net product and royalty revenue of $357.6 million and commercial-portfolio product revenue of $275.9 million, representing an over 100% increase from $131.0 million.

Sephience was the principal growth engine, with $181.9 million of third-quarter net product revenues and 20% growth compared with the second quarter of 2026. The company reported $145 million of Sephience revenue in the US and $37 million ex-US, alongside over 2,000 active patients worldwide as of September 30, 2026. Royalty revenue was $81,684 (in thousands), compared with $70,793 (in thousands), with the release attributing the $81.7 million payable to PTC to Roche-reported Evrysdi year-to-date sales of approximately CHF 1,470 million. Translarna and Emflaza revenues were below their respective prior-year-quarter figures.

The quarter produced income from operations of $25,114 (in thousands), compared with $3,016 (in thousands), but net loss attributable to common stockholders was $(51,693) (in thousands), versus net income of $15,896 (in thousands). The results included $111,000 (in thousands) of acquired in-process research and development expense for the ST-920 purchase and $(19,263) (in thousands) of loss on extinguishment of debt. GAAP R&D was $105,353 (in thousands), non-GAAP R&D was $94,874 (in thousands), GAAP SG&A was $80,081 (in thousands), and non-GAAP SG&A was $66,733 (in thousands).

PTC ended the period with $2,127,918 (in thousands) in cash, cash equivalents and marketable securities, while total debt was $536,268 (in thousands). The company increased full-year guidance to expected total revenue of $1.29 to $1.32 billion and product revenue of $960 to $990 million. It maintained GAAP R&D and SG&A expense guidance of $775 to $815 million and non-GAAP R&D and SG&A expense guidance of $680 to $720 million, excluding estimated non-cash, stock-based compensation expense of $95 million.

Pipeline execution remains central to the outlook. PTC expects to complete the ST-920 BLA submission in Q4 2026, while potential FDA accelerated approval and commercial launch are described as 2027 opportunities. The votoplam Type C meeting was moved to Q1 2027 due to FDA scheduling, INVEST-HD is actively enrolling, and PTC initiated the vatiquinone PROVE-FA study during Q3 2026.

PTC reported second-quarter total revenues of $ 360,519, compared with $ 178,875 in the second quarter of 2025. Net product revenue was $ 238,819, compared with $ 118,329, while collaboration and license revenue was $ 50,595, including the $50.0 million Novartis development milestone recorded for the first patient dosed in INVEST-HD. Royalty revenue was $ 71,105, compared with $ 57,605, supported by Roche-reported Evrysdi year-to-date sales of approximately 968 CHF million.

Sephience was the principal commercial growth driver. Sephience net product revenues were $151.3 million and increased 21% compared with the first quarter of 2026, with 1,647 patients on commercial therapy worldwide as of June 30, 2026. The company cited continued broad uptake and geographical expansion, with most revenue from the US and increasing international contributions. This growth offset lower revenue from Translarna, at $42.2 million versus $59.5 million, and Emflaza, at $24.6 million versus $36.4 million amid continued generic erosion.

The revenue increase and lower operating costs moved the company to profitability. Income from operations was 148,977, compared with a loss from operations of (34,957), and net income attributable to common stockholders was $ 83,496 versus a loss of $ (64,849). GAAP R&D was $ 99,150 versus $ 112,990 and GAAP SG&A was $ 80,630 versus $ 85,262. Interest expense, net was (48,481), compared with (30,358), and total debt was $ 590,970 at June 30, 2026.

Liquidity was $ 2,229,082 of cash, cash equivalents and marketable securities at June 30, 2026. During June, PTC issued $550.0 million of 0% senior convertible notes due in 2031 and repurchased the majority of its 1.5% senior convertible notes due in September 2026. Full-year 2026 total revenue guidance was increased to $1.18 to $1.28 billion, product revenue guidance was raised to $850 to $950 million, and GAAP R&D and SG&A expense guidance remained $775 to $815 million.

Pipeline execution remains a key operating focus. PTC reported positive PIVOT-HD long-term extension results, ongoing enrollment in Novartis-funded INVEST-HD, an expected Q3 2026 initiation for the vatiquinone PROVE-FA study, initiation of the PTC612 Phase 1 study in Q2 2026, and an expected Q3 2026 initiation for the PTC844 Phase 2a study. The company also named PTC303 as its MSH3 splicing program development candidate, with a plan to enter the clinic in 2027.