Protalix (PLX) Q2 2026 Earnings Report

The call presented several strong operational and financial positives — double-digit quarterly revenue growth, a >100% year-to-date revenue increase, meaningful Q2 net income, strong Elfabrio commercial momentum with regulatory and patent tailwinds, a solid cash position and advancing pipeline (PRX-115 with topline expected H2 2027). Offsetting risks include quarter-to-quarter revenue lumpiness and partner concentration (Chiesi), a reliance on a one-time $25M milestone in H1, increased cost of revenues and taxes, and clinical uncertainties around immunogenicity and regimen selection for PRX-115. Overall, the positives — particularly the robust revenue growth, improved profitability and cash position — outweigh the noted risks, though sustainability and immunogenicity remain items to monitor.

The company reiterated that it remains on track to meet full‑year 2026 revenue guidance after reporting Q2 2026 total revenues of $19.9M (up from $15.7M YoY) and H1 2026 revenues of $53.6M (vs. $25.8M), driven largely by Elfabrio sales through Chiesi and a previously‑reported $25M Chiesi milestone recognized in Q1; Q2 revenues from selling goods were $19.8M (vs. $15.4M), cost of revenues rose to $7.8M (from $5.9M), R&D expenses fell to $4.4M (from $6.0M) largely due to a $2.1M R&D law benefit that will be available ongoing, G&A was $3.1M (up $0.5M), finance income net was $0.2M (vs. financial expenses of $0.5M), taxes were $1.1M (vs. $0.5M), and net income was $3.8M or $0.05 per share (vs. $0.16M); the balance sheet shows $40.7M in cash, cash equivalents and short‑term deposits, with no outstanding debt or warrants, and management highlighted that Elfabrio is positioned to capture 15–20% of a global Fabry market projected to reach ~$3.2B by 2031 (supported by recent E4W European approval), while PRX‑115 enrollment is expected to complete by year‑end with top‑line RELEASE results anticipated in H2 2027.