PTC Therapeutics (PTCT) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $361 million, with $239 million in product revenue, driven by strong global Sephience sales and milestone payments from Novartis for the votoplam HD program.

• Net income for Q2 2026 was $83.5 million, a significant turnaround from a net loss of $64.8 million in Q2 2025.

• Continued global expansion with regulatory approvals for Sephience in the US, EU, Japan, and Brazil, reaching 1,647 commercial patients as of June 30, 2026.

• Pipeline progress includes positive interim results for votoplam in Huntington’s disease, initiation of a Phase 1 study for PTC612, and selection of PTC303 as a development candidate.

• Cash flow breakeven targeted for 2026, supported by effective expense management and a strong cash position.

Financial highlights

• Q2 2026 total revenue reached $361 million, with net product revenue of $238.8 million, up over 100% year-over-year, and royalty revenue of $71.1 million, mainly from Evrysdi.

• Collaboration and license revenue was $50.6 million, primarily from a $50 million milestone payment from Novartis.

• Non-GAAP R&D expense was $88.6 million (excluding $10.5 million stock-based comp), down from $104 million YoY; non-GAAP SG&A expense was $67.9 million (excluding $12.7 million stock-based comp), down from $76 million YoY.

• Cash, cash equivalents, and marketable securities totaled $2.23 billion as of June 30, 2026.

• Net income per diluted share was $1.01 for Q2 2026, compared to a loss of $0.83 per share in Q2 2025.

Outlook and guidance

• Full-year 2026 product revenue guidance raised to $850–$950 million; total revenue guidance to $1.18–$1.28 billion.

• Confident in $2 billion-plus global commercial opportunity for Sephience.

• Expect international revenue to become increasingly significant in late 2026 and into 2027.

• Cash flow breakeven anticipated in 2026.

• GAAP R&D and SG&A expense guidance remains $775–$815 million; non-GAAP guidance is $680–$720 million, excluding $95 million in stock-based compensation.