Protalix Reaffirms 2026 Revenue Range After Chiesi Milestone

The Tip Desk · November 10, 2026 · 3 min read

Nine-month revenue reached $75.6 million, including a $25.0 million Chiesi milestone, as third-quarter net income rose to $4.0 million.

Protalix BioTherapeutics, Inc. (PLX), a biopharmaceutical company focused on rare-disease therapeutics, reported third-quarter net income of $4.0 million, or $0.05 a share, compared with $2.4 million, or $0.03 a share, a year earlier.

Total revenue for the three months ended September 30, 2026 was $21.9 million, up from $17.9 million a year earlier. Revenues from selling goods were $21.8 million in the quarter, up $4.1 million from $17.7 million a year earlier, which the company said was driven primarily by higher sales to Chiesi. License and R&D services revenue was $0.1 million, down from $0.2 million a year earlier, due to a lower amount of services provided to Chiesi.

For the nine months ended September 30, 2026, total revenue was $75.6 million, up $32.0 million from $43.6 million for the same period in 2025. Selling-goods revenue for those nine months was $49.1 million, up $6.0 million from $43.1 million a year earlier; the company said the increase was driven primarily by higher sales to Chiesi, partially offset by lower purchases by Pfizer Inc. and lower sales to Fiocruz (Brazil). License and R&D services revenue for the nine months was $26.5 million, up from $0.5 million a year earlier, reflecting a $25.0 million milestone payment received from Chiesi in the first quarter of 2026 in connection with the every-four-weeks dosage approval in the EU.

Nine-month net income was $26.1 million, or $0.33 a share basic and $0.31 a share diluted, versus a net loss of $1.1 million, or $0.01 a share, a year earlier. Operating income for the third quarter was $4.0 million, up from $2.1 million a year earlier.

Cost of revenues was $7.9 million in the third quarter, down from $8.3 million a year earlier, primarily from lower sales to Fiocruz (Brazil), partially offset by higher sales to Chiesi and Pfizer. Research and development expenses were $6.9 million in the quarter, up $2.4 million from $4.5 million a year earlier, primarily from higher subcontractor-related expenses mainly related to the Phase 2 RELEASE study, partially offset by a $1.0 million grant recorded under the new R&D law. Selling, general, and administrative expenses were $3.1 million. The company said it expects to continue to incur R&D expenses as the RELEASE study progresses and additional preclinical and clinical programs advance.

Cash, cash equivalents, and short-term bank deposits were $48.5 million at September 30, 2026, up from $40.7 million at June 30, 2026. The company said it has no outstanding debt or warrants.

Elfabrio received marketing authorization in Brazil for both the every-two-weeks and the every-four-weeks dosing regimens. Chiesi Global Rare Diseases remains the partner for global development and commercialization of Elfabrio. Patient enrollment continues in the Phase 2 RELEASE study of PRX-115, a recombinant PEGylated uricase for uncontrolled gout; top-line results are anticipated in the second half of 2027.

Phase 1 data presented at ACR Convergence 2026 covered 18 mg, 24 mg and 36 mg cohorts, with six participants per cohort who received a single infusion and were followed for 85 days. The company said plasma uric acid stayed below the 6.0 mg/dL target for up to 12 weeks at 36 mg.

Management reaffirmed 2026 total-revenue guidance of approximately $78.0 million to $83.0 million and said it expects to meet or exceed that range, including the $25.0 million Chiesi milestone. Full-year 2026 revenues from sales of Elfabrio, excluding milestones, were guided at approximately $33.0 million to $35.0 million, and full-year revenues from sales of Elelyso at approximately $20.0 million to $23.0 million.