Protalix BioTherapeutics Reports Decline in Annual Earnings

Protalix BioTherapeutics, Inc. reported a decline in both earnings and revenue for the fiscal year ending December 31, 2024, with net income falling to $2.93 million from $8.31 million the previous year. Revenue also decreased by 18.5%, dropping to $53.4 million from $65.49 million, primarily due to lower income from license and R&D services after fulfilling obligations related to its product Elfabrio. Despite these declines, the company's stock saw an increase in pre-market trading. Protalix's revenue from product sales rose 31% to $53 million, driven by increased sales of Elfabrio, which received FDA approval in May 2023 and is marketed through a partnership with Chiesi Farmaceutici. The company noted a significant reduction in research and development expenses, and it ended the year with $34.8 million in cash, sufficient for its capital needs for the next year. Protalix is also progressing with clinical trials for additional product candidates.