Amicus Therapeutics (Nasdaq: FOLD), a global, patient-dedicated
biotechnology company focused on discovering, developing and
delivering novel medicines for rare diseases, today announced
financial results for the full-year ended December 31, 2019. The
Company also summarized recent program updates and reiterated its
full-year 2020 guidance.
Corporate Highlights for Full-Year 2019
and Year-to-Date 2020
-
Galafold®
(migalastat), the first oral treatment option for people
living with Fabry and who have an amenable variant,
revenue grew from $91.2 million in full-year 2018 to $182.2 million
in full-year 2019, exceeding the high end of the full-year 2019
guidance range of $170 million to $180 million. Over the course of
2019, Amicus received key marketing authorizations around the
globe, including Argentina, Brazil, Colombia and Taiwan.
- Global Phase 3 PROPEL
clinical trial of AT-GAA in late-onset Pompe disease exceeded
enrollment and inventory build remains on track. As
previously announced, 59 clinical sites enrolled 123 participants
globally in the Phase 3 PROPEL study. Process performance
qualification (PPQ) runs nearing successful completion with key
strategic partner, WuXi Biologics, and will serve
as the foundation for the Chemistry, Manufacturing, and Control
(CMC) module for a biologics license application (BLA)
submission.
- The Company plans to apply
for and initiate a rolling BLA for AT-GAA, completing final
submission in the first half of 2021.
- Focus on an Expanded Access
Program for infantile-onset Pompe patients. Amicus intends
to offer an expanded access program for infantile-onset
patients.
- Presented positive interim
results in ongoing Phase 1/2 clinical study for CLN6 Batten
disease. Data on motor, language, seizure and vision sub
scores suggest stabilization of these individual components in most
patients, in particular those children treated at a younger
age.
- Amicus continues to
carefully manage expenses and investments, while executing on the
Galafold launch and advancing development programs. The
current cash position is expected to fund ongoing operations well
into 2022.
2020 Key Strategic
Priorities
- Achieve $250 million to $260
million of global product revenue for Galafold
- Complete Pompe Phase 3 PROPEL
study, enroll pediatric studies and advance manufacturing to
support 2021 BLA and MAA
- Advance clinical development,
manufacturing and regulatory discussions for CLN6 and CLN3 Batten
programs
- Progress Pompe gene therapy towards
IND and disclose up to two additional IND candidates
- Maintain strong financial
position
John F. Crowley, Chairman and Chief Executive
Officer of Amicus Therapeutics, Inc. stated, “Amicus has made great
strides in our continued evolution as a leading global rare disease
biotechnology company. We are on track and well-capitalized to
achieve all our 2020 key strategic priorities including our global
Fabry launch, Pompe late-stage development program, and gene
therapy pipeline. With a very successful, commercial product in
Fabry disease, a late stage program with Breakthrough Therapy
Designation in late onset Pompe disease and 14 gene therapy
programs for rare diseases in development, including two in the
clinic, we are now, strongly positioned to achieve our vision of
delivering groundbreaking new medicines and hopefully one day cures
for people living with rare metabolic diseases.”
Full-Year 2019 Financial
Results
- Total revenue in the full-year 2019
was $182.2 million, an increase from total revenue of $91.2 million
in the full-year 2018.
- Cash, cash equivalents, and
marketable securities totaled $452.7 million at December 31, 2019,
compared to $504.2 million at December 31, 2018.
- Total GAAP operating expenses were
$464.3 million for the full-year 2019, compared to $405.6 million
in the full-year 2018. Operating expenses reflecting increased
investments in the Galafold launch, Pompe program, and gene therapy
pipeline.
- Total non-GAAP operating expenses
of $411.8 million for the full-year 2019 increased as compared to
$268.8 million for the full-year 2018, reflecting continued
investments in the Galafold launch, Pompe program, and gene therapy
pipeline. Non-GAAP operating expenses came in at the lower end of
the guidance range of $410 million to $420 million. Full
reconciliation of GAAP results to the Company’s non-GAAP adjusted
measures for all reporting periods appear in the tables to this
press release.
- Net loss was $356.4 million, or
$1.48 per share, compared to a net loss of $349.0 million, or $1.88
per share, for the full-year 2018.
2020 Financial Guidance
- For the full-year 2020, the Company
anticipates total Galafold revenue of $250 million to $260 million
based on the average exchange rates for 2019.
- Non-GAAP operating expense guidance
for the full-year 2020 is $410 million to $420 million, driven by
continued investment in the global Galafold launch, AT-GAA clinical
studies, and advancing our gene therapy pipeline. A reconciliation
of the differences between the non-GAAP expectation and the
corresponding GAAP measure is not available without unreasonable
effort due to high variability, complexity and low visibility as to
the items that would be excluded from the GAAP measure.
- Cash, cash equivalents, and
marketable securities totaled $452.7 million at December 31, 2019.
The current cash position is anticipated to fund ongoing operations
well into 2022.
Anticipated 2020 Milestones by
Program
Amicus previously announced 2020 program
milestones in early January 2020. All anticipated milestones remain
on track as follows:
Galafold (migalastat) Oral Precision
Medicine for Fabry Disease
- On track to meet full-year 2020 revenue guidance range of $250
million to $260 million
- Registry and other Phase 4 supportive studies underway
AT-GAA for Pompe Disease
- Plans to apply for and initiate a
Rolling Biologics License Application (BLA) for AT-GAA in 2020,
with addition of full clinical results in 1H2021 to support full
approval under Fast Track Designation
- Retrospective natural history study
data in approximately 100 ERT-treated Pompe patients
- Additional supportive studies,
including an open-label study in 12 to 18-year-old patients
Gene Therapy Portfolio
- Dose additional patients in CLN6
Phase 1/2 study and plan to advance regulatory discussions to
finalize clinical and regulatory path
- Initiate long-term follow-up of
initial participants in the CLN6 Phase 1/2 study in 1H2020 to
obtain long-term safety and efficacy data
- Plan to advance regulatory
discussions to finalize clinical and regulatory path in CLN3
- Report initial data on patients
enrolled in CLN3 Phase 1/2 study
- Complete IND-enabling toxicology
work in Pompe disease and progress towards IND
- Additional preclinical data
expected in multiple programs
- Disclose up to two additional IND
candidates
- Manufacturing advancements across
portfolio
Conference Call and
WebcastAmicus Therapeutics will host a conference call and
audio webcast today, March 2, 2020, at 8:30 a.m. ET to discuss the
full-year 2019 financial results and corporate updates. Interested
participants and investors may access the conference call by
dialing 877-303-5859 (U.S./Canada) or 678-224-7784 (international),
conference ID: 2782337.
A live audio webcast can also be accessed via
the Investors section of the Amicus Therapeutics corporate website
at http://ir.amicusrx.com/, and will be archived for 30 days. Web
participants are encouraged to register on the website 15 minutes
prior to the start of the call. A replay of the call will be
available for seven days beginning at 11:30 a.m. ET on March 2,
2020. Access numbers for this replay are 855-859-2056 (U.S./Canada)
and 404-537-3406 (international); conference ID: 2782337.
About Galafold
Galafold® (migalastat) 123 mg capsules is an oral
pharmacological chaperone of alpha-Galactosidase A (alpha-Gal A)
for the treatment of Fabry disease in adults who have
amenable GLA variants. In these patients, Galafold works
by stabilizing the body’s own dysfunctional enzyme so that it can
clear the accumulation of disease substrate. Globally, Amicus
Therapeutics estimates that approximately 35 to 50 percent of Fabry
patients may have amenable GLA variants, though
amenability rates within this range vary by geography. Galafold is
approved in over 40 countries around the world, including the U.S.,
EU, U.K, Japan and others.
U.S. Indications and Usage Galafold is
indicated for the treatment of adults with a confirmed diagnosis of
Fabry disease and an amenable galactosidase alpha gene (GLA)
variant based on in vitro assay data.
This indication is approved under accelerated approval based on
reduction in kidney interstitial capillary cell
globotriaosylceramide (KIC GL-3) substrate. Continued approval for
this indication may be contingent upon verification and description
of clinical benefit in confirmatory trials.
U.S. Important Safety Information
Adverse Reactions The most common adverse
reactions reported with Galafold (≥10%) were headache,
nasopharyngitis, urinary tract infection, nausea and pyrexia.
Use in Specific Populations There is
insufficient clinical data on Galafold use in pregnant women to
inform a drug-associated risk for major birth defects and
miscarriage. Advise women of the potential risk to a fetus.
It is not known if Galafold is present in human milk. Therefore,
the developmental and health benefits of breastfeeding should be
considered along with the mother’s clinical need for Galafold and
any potential adverse effects on the breastfed child from Galafold
or from the underlying maternal condition.
Galafold is not recommended for use in patients with severe
renal impairment or end-stage renal disease requiring dialysis.
The safety and effectiveness of Galafold have not been
established in pediatric patients.
To report Suspected Adverse Reactions, contact Amicus
Therapeutics at 1-877-4AMICUS or FDA at 1-800-FDA-1088
or www.fda.gov/medwatch.
For additional information about Galafold, including the full
U.S. Prescribing Information, please
visit https://www.amicusrx.com/pi/Galafold.pdf.
E.U. and U.K. Important Safety
InformationTreatment with Galafold should be initiated and
supervised by specialists experienced in the diagnosis and
treatment of Fabry disease. Galafold is not recommended for use in
patients with a nonamenable mutation.
- Galafold is not intended for concomitant use with enzyme
replacement therapy.
- Galafold is not recommended for use in patients with Fabry
disease who have severe renal impairment (<30 mL/min/1.73 m2).
The safety and efficacy of Galafold in children 0–15 years of age
have not yet been established.
- No dosage adjustments are required in patients with hepatic
impairment or in the elderly population.
- There is very limited experience with the use of this medicine
in pregnant women. If you are pregnant, think you may be pregnant,
or are planning to have a baby, do not take this medicine until you
have checked with your doctor, pharmacist, or nurse.
- While taking Galafold, effective birth control should be used.
It is not known whether Galafold is excreted in human milk.
- Contraindications to Galafold include hypersensitivity to the
active substance or to any of the excipients listed in the
PRESCRIBING INFORMATION.
- It is advised to periodically monitor renal function,
echocardiographic parameters and biochemical markers (every 6
months) in patients initiated on Galafold or switched to
Galafold.
- OVERDOSE: General medical care is recommended in the case of
Galafold overdose.
- The most common adverse reaction reported was headache, which
was experienced by approximately 10% of patients who received
Galafold. For a complete list of adverse reactions, please review
the SUMMARY OF PRODUCT CHARACTERISTICS.
- Call your doctor for medical advice about side effects.
For further important safety information for Galafold, including
posology and method of administration, special warnings, drug
interactions and adverse drug reactions, please see the European
SmPC for Galafold available from the EMA website at
www.ema.europa.eu.
About Amicus Therapeutics
Amicus Therapeutics (Nasdaq: FOLD) is a global, patient-dedicated
biotechnology company focused on discovering, developing and
delivering novel high-quality medicines for people living with rare
metabolic diseases. With extraordinary patient focus, Amicus
Therapeutics is committed to advancing and expanding a robust
pipeline of cutting-edge, first- or best-in-class medicines for
rare metabolic diseases. For more information please visit the
company’s website at www.amicusrx.com, and follow on Twitter and
LinkedIn.
Non-GAAP Financial Measures In
addition to financial information prepared in accordance with U.S.
GAAP, this press release also contains adjusted financial measures
that we believe provide investors and management with supplemental
information relating to operating performance and trends that
facilitate comparisons between periods and with respect to
projected information. These adjusted financial measures are
non-GAAP measures and should be considered in addition to, but not
as a substitute for, the information prepared in accordance with
U.S. GAAP. We typically exclude certain GAAP items that management
does not believe affect our basic operations and that do not meet
the GAAP definition of unusual or non-recurring items. Other
companies may define these measures in different ways. Full
reconciliations of GAAP results to the comparable non-GAAP measures
for the reported periods appear in the financial tables section of
this press release. When we provide our expectation for non-GAAP
operating expenses on a forward-looking basis, a reconciliation of
the differences between the non-GAAP expectation and the
corresponding GAAP measure generally is not available without
unreasonable effort due to potentially high variability, complexity
and low visibility as to the items that would be excluded from the
GAAP measure in the relevant future period, such as unusual gains
or losses. The variability of the excluded items may have a
significant, and potentially unpredictable, impact on our future
GAAP results.
Forward-Looking StatementsThis
press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
relating to preclinical and clinical development of our product
candidates, the timing and reporting of results from preclinical
studies and clinical trials, the prospects and timing of the
potential regulatory approval of our product candidates,
commercialization plans, manufacturing and supply plans, financing
plans, and the projected revenues and cash position for the
Company. The inclusion of forward-looking statements should not be
regarded as a representation by us that any of our plans will be
achieved. Any or all of the forward-looking statements in this
press release may turn out to be wrong and can be affected by
inaccurate assumptions we might make or by known or unknown risks
and uncertainties. For example, with respect to statements
regarding the goals, progress, timing, and outcomes of discussions
with regulatory authorities, and in particular the potential goals,
progress, timing, and results of preclinical studies and clinical
trials, actual results may differ materially from those set forth
in this release due to the risks and uncertainties inherent in our
business, including, without limitation: the potential that results
of clinical or preclinical studies indicate that the product
candidates are unsafe or ineffective; the potential that it may be
difficult to enroll patients in our clinical trials; the potential
that regulatory authorities, including the FDA, EMA, and PMDA, may
not grant or may delay approval for our product candidates; the
potential that we may not be successful in commercializing Galafold
in Europe, Japan, the US and other geographies or our other product
candidates if and when approved; the potential that preclinical and
clinical studies could be delayed because we identify serious side
effects or other safety issues; the potential that we may not be
able to manufacture or supply sufficient clinical or commercial
products; and the potential that we will need additional funding to
complete all of our studies and manufacturing. Further, the results
of earlier preclinical studies and/or clinical trials may not be
predictive of future results. With respect to statements regarding
projections of the Company's revenue and cash position, actual
results may differ based on market factors and the Company's
ability to execute its operational and budget plans. In addition,
all forward-looking statements are subject to other risks detailed
in our Annual Report on Form 10-K for the year ended December 31,
2019 to be filed today. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. All forward-looking statements are qualified in
their entirety by this cautionary statement, and we undertake no
obligation to revise or update this news release to reflect events
or circumstances after the date hereof.
CONTACTS:
Investors:Andrew
FaughnanDirector, Investor Relationsafaughnan@amicusrx.com (609)
662-3809
Media:Christopher ByrneExecutive Director,
Corporate Communicationscbyrne@amicusrx.com (609) 662-2798
FOLD–G
TABLE
1
Amicus
Therapeutics, Inc.Consolidated Statements of
Operations(in thousands, except share and per
share amounts)
|
Years Ended December 31, |
|
2019 |
|
2018 |
|
2017 |
Net product sales |
$ |
182,237 |
|
|
$ |
91,245 |
|
|
$ |
36,930 |
|
Cost of goods sold |
21,963 |
|
|
14,404 |
|
|
6,236 |
|
Gross profit |
160,274 |
|
|
76,841 |
|
|
30,694 |
|
Operating expenses: |
|
|
|
|
|
Research and development |
286,378 |
|
|
270,902 |
|
|
149,310 |
|
Selling, general, and administrative |
169,861 |
|
|
127,200 |
|
|
88,671 |
|
Changes in fair value of contingent consideration payable |
3,297 |
|
|
3,300 |
|
|
(234,322 |
) |
Loss on impairment of assets |
— |
|
|
— |
|
|
465,427 |
|
Depreciation and amortization |
4,775 |
|
|
4,216 |
|
|
3,593 |
|
Total operating expenses |
464,311 |
|
|
405,618 |
|
|
472,679 |
|
Loss from operations |
(304,037 |
) |
|
(328,777 |
) |
|
(441,985 |
) |
Other income (expenses): |
|
|
|
|
|
Interest income |
10,249 |
|
|
10,461 |
|
|
4,096 |
|
Interest expense |
(18,872 |
) |
|
(22,402 |
) |
|
(17,240 |
) |
Loss on exchange of convertible notes |
(40,624 |
) |
|
— |
|
|
— |
|
Change in fair value of derivatives |
— |
|
|
(2,739 |
) |
|
— |
|
Other (expense) income |
(2,626 |
) |
|
(5,632 |
) |
|
6,008 |
|
Loss before income tax |
(355,910 |
) |
|
(349,089 |
) |
|
(449,121 |
) |
Income tax (expense)
benefit |
(478 |
) |
|
94 |
|
|
165,119 |
|
Net loss attributable
to common stockholders |
$ |
(356,388 |
) |
|
$ |
(348,995 |
) |
|
$ |
(284,002 |
) |
Net loss attributable to
common stockholders per common share — basic and diluted |
$ |
(1.48 |
) |
|
$ |
(1.88 |
) |
|
$ |
(1.85 |
) |
Weighted-average common shares
outstanding — basic and diluted |
240,421,001 |
|
|
185,790,021 |
|
|
153,355,144 |
|
TABLE 2
Amicus
Therapeutics, Inc.Consolidated Balance
Sheets(in thousands, except share and per share
amounts)
|
December 31, |
|
2019 |
|
2018 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
142,837 |
|
|
$ |
79,749 |
|
Investments in marketable securities |
309,903 |
|
|
424,403 |
|
Accounts receivable |
33,284 |
|
|
21,962 |
|
Inventories |
14,041 |
|
|
8,390 |
|
Prepaid expenses and other current assets |
20,008 |
|
|
16,592 |
|
Total current assets |
520,073 |
|
|
551,096 |
|
Operating lease right-of-use assets, less accumulated amortization
of $5,342 and $0 at December 31, 2019 and December 31, 2018,
respectively |
33,315 |
|
|
— |
|
Property and equipment, less accumulated depreciation of $17,604
and $15,671 at December 31, 2019 and December 31, 2018,
respectively |
47,705 |
|
|
11,375 |
|
In-process research & development |
23,000 |
|
|
23,000 |
|
Goodwill |
197,797 |
|
|
197,797 |
|
Other non-current assets |
28,317 |
|
|
6,683 |
|
Total
Assets |
$ |
850,207 |
|
|
$ |
789,951 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable, accrued expenses, and other current
liabilities |
$ |
120,373 |
|
|
$ |
80,625 |
|
Deferred reimbursements |
1,250 |
|
|
5,500 |
|
Operating lease liabilities |
7,189 |
|
|
— |
|
Total current liabilities |
128,812 |
|
|
86,125 |
|
Deferred reimbursements |
8,906 |
|
|
10,156 |
|
Convertible notes |
2,131 |
|
|
175,006 |
|
Senior secured term loan |
147,374 |
|
|
146,734 |
|
Contingent consideration payable |
22,681 |
|
|
19,700 |
|
Deferred income taxes |
5,051 |
|
|
6,465 |
|
Operating lease liabilities |
53,531 |
|
|
— |
|
Other non-current liabilities |
5,296 |
|
|
2,853 |
|
Total Liabilities |
373,782 |
|
|
447,039 |
|
Commitments and
contingencies |
|
|
|
Stockholders' equity: |
|
|
|
Common stock, $.01 par value,
500,000,000 shares authorized, 255,417,869 and 189,383,924 shares
issued and outstanding at December 31, 2019 and December 31, 2018,
respectively |
2,598 |
|
|
1,942 |
|
Additional paid-in
capital |
2,227,225 |
|
|
1,740,061 |
|
Accumulated other
comprehensive loss: |
|
|
|
Foreign currency translation adjustment |
2,785 |
|
|
495 |
|
Unrealized gain (loss) on available-for securities |
40 |
|
|
(427 |
) |
Warrants |
12,387 |
|
|
13,063 |
|
Accumulated deficit |
(1,768,610 |
) |
|
(1,412,222 |
) |
Total stockholders'
equity |
476,425 |
|
|
342,912 |
|
Total Liabilities and
Stockholders' Equity |
$ |
850,207 |
|
|
$ |
789,951 |
|
TABLE 3
Amicus
Therapeutics, Inc.Reconciliation of Non-GAAP
Financial Measures(in thousands)
|
|
Years Ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
|
Total operating expenses - as reported GAAP |
|
$ |
464,311 |
|
$ |
405,618 |
|
$ |
472,679 |
|
Research and development: |
|
|
|
|
|
|
Share-based compensation |
|
|
17,575 |
|
|
11,740 |
|
|
10,328 |
|
Research and development asset acquisition expense |
|
|
— |
|
|
100,000 |
|
|
— |
|
Selling, general and administrative: |
|
|
|
|
|
|
Share-based compensation |
|
|
26,855 |
|
|
17,520 |
|
|
12,773 |
|
Loss on impairment of assets |
|
|
— |
|
|
— |
|
|
465,427 |
|
Changes in fair value of contingent consideration payable |
|
|
3,297 |
|
|
3,300 |
|
|
(234,322 |
) |
Depreciation and amortization |
|
|
4,775 |
|
|
4,216 |
|
|
3,593 |
|
Total operating expense
adjustments to reported GAAP |
|
|
52,502 |
|
|
136,776 |
|
|
257,799 |
|
Total operating expenses
- as adjusted |
|
$ |
411,809 |
|
$ |
268,842 |
|
$ |
214,880 |
|
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