Protalix (PLX) Q3 2026 Earnings Report

The call was broadly positive, supported by strong nine-month revenue growth, higher quarterly revenue and net income, increasing Elfabrio sales and European penetration, a stronger cash position with no debt or warrants, and encouraging PRX-115 data and Phase II progress. The main negatives were higher R&D and SG&A expenses, increased tax expense, lower Pfizer revenue related to prior manufacturing issues, the delayed PRX-119 decision, and the absence of current revenue guidance. Highlights significantly outweighed the lowlights.

Management said it expects the increase in Chiesi revenue to continue and that the trend will continue, but “We're not going to provide guidance now”; it will provide guidance for 2027 once it publishes annual results. The RELEASE study is actively enrolling, with top line results expected in the second half of next year, and expenses are expected to continue as the study and additional preclinical and clinical programs advance. Management expects to finalize Phase I enrollment next quarter, take a decision on PRX-119 this quarter and then clarify when it is planning to enter Phase I, while describing the 4-week Elfabrio dosing as a significant portion of patients and the first 9 months gross margin as a baseline. It also expects a good overall 2026 and plans to discuss future 2027 in mid-March.