PTC Therapeutics (NASDAQ: PTCT) doubles 2025 revenue and reports $683M profit

Rhea-AI Filing Summary

PTC Therapeutics reported strong fourth quarter and full-year 2025 results and provided 2026 guidance. Full-year 2025 product and royalty revenue was $831M, exceeding guidance, helped by Sephience, which generated $92M in fourth-quarter revenue and $111M for 2025 after its 2H 2025 launch.

For 2025, total revenues were $1,730,655,000, more than doubling from $806,780,000 in 2024, based on figures presented in thousands. Net income attributable to common stockholders was $682.6M, reversing a $363.3M loss in 2024, driven largely by $998.4M of collaboration and license revenue and despite a $98.6M negative adjustment to Translarna France sales allowances.

At December 31, 2025, cash, cash equivalents and marketable securities were $1.95B, total debt was $286.6M, and total liability for sale of future royalties was $2.31B, with stockholders’ deficit at $205.3M. For full-year 2026, projected GAAP R&D and SG&A expense is $775–$815M, and projected non-GAAP R&D and SG&A is $680–$720M after excluding $95M of expected stock-based compensation.

Positive

• Major revenue expansion and profitability: 2025 total revenues were $1,730,655,000, more than double 2024’s $806,780,000, and net income was $682,644,000 versus a $363,295,000 loss in 2024, driven by strong collaboration and license revenue and higher royalties.
• Robust cash position and improving equity: Cash, cash equivalents and marketable securities reached $1,945,371,000 at December 31, 2025, while total stockholders’ deficit narrowed significantly to $205,313,000 from $1,098,071,000 a year earlier.

Negative

• Large royalty sale liability and Q4 loss: Total liability for sale of future royalties was $2,308,366,000 at December 31, 2025, and the company recorded a fourth-quarter 2025 net loss of $134,965,000 despite the strong full-year result.
• Significant Translarna France adjustment: A $98,629,000 life-to-date negative change in sales allowance estimates for Translarna revenue in France reduced reported revenues, highlighting exposure to reimbursement and pricing uncertainties.

Insights

Biotech equity analyst

PTC swings to profit in 2025 on major deal revenue, while core franchises and cash position strengthen.

PTC Therapeutics delivered a sharp financial turnaround in 2025. Total revenues reached $1,730,655,000, up from $806,780,000 in 2024, based on figures presented in thousands. Net income attributable to common stockholders was $682,644,000, versus a $363,295,000 loss a year earlier, reflecting substantial collaboration and license revenue of $998,357,000.

Operationally, net product revenue was relatively stable at $586,703,000 versus $582,145,000 in 2024, while royalty revenue increased to $244,224,000 from $203,864,000. Sephience contributed meaningfully with $92,000,000 in Q4 2025 revenue and $111,000,000 for 2025. These were partially offset by a $98,629,000 life-to-date negative adjustment to Translarna sales allowances in France.

The balance sheet shows strong liquidity, with cash, cash equivalents and marketable securities of $1,945,371,000 at December 31, 2025, modest total debt of $286,631,000, and a large liability for sale of future royalties of $2,308,366,000. Total stockholders’ deficit improved to $205,313,000 from $1,098,071,000. For full-year 2026, projected GAAP R&D and SG&A expenses of $775–$815 million and non-GAAP of $680–$720 million (excluding $95 million of stock-based compensation) signal continued heavy investment in the pipeline alongside the current commercial portfolio.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

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SECURITIES AND EXCHANGE COMMISSION

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WASHINGTON, D.C. 20549

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FORM 8-K

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CURRENT REPORT

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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): February 19, 2026

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PTC THERAPEUTICS, INC.

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(Exact Name of Company as Specified in Charter)

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Delaware	​ ​ ​	001-35969	​ ​ ​	04-3416587
(State or Other Jurisdiction	​	(Commission	​	(IRS Employer
of Incorporation)	​	File Number)	​	Identification No.)

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500 Warren Corporate Center Drive	​	​ ​ ​	​
Warren, NJ	​	​	07059
(Address of Principal Executive Offices)	​	​	(Zip Code)

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Registrant’s telephone number, including area code: (908) 222-7000

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Not applicable

(Former Name or Former Address, if Changed Since Last Report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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​	​	​	​	​
Title of each class	​ ​ ​	Trading Symbol(s)	​ ​ ​	Name of each exchange on which registered
Common Stock, $0.001 par value per share	​	PTCT	​	Nasdaq Global Select Market

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02. Results of Operations and Financial Condition.

On February 19, 2026, PTC Therapeutics, Inc. (the “Company”) announced its financial results for the quarter and fiscal year ended December 31, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this "Report") and is incorporated by reference into this Item 2.02.

Item 7.01. Regulation FD Disclosure.

The Company will host a conference call on February 19, 2026 at 4:30 p.m. eastern time, as previously announced. During this call the Company expects to review financial results for the quarter and fiscal year ended December 31, 2025, as well as other corporate highlights and updates. Instructions on how to access the conference call are included in the press release furnished as Exhibit 99.1 hereto.

The information in this Report (including Items 2.02 and 7.01 and Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing. All website addresses given in this Report or incorporated herein by reference are for information only and are not intended to be an active link or to incorporate any website information into this Report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

​	​	​
Exhibit No.	​ ​ ​	Description
99.1	​	Press Release, dated February 19, 2026 issued by PTC Therapeutics, Inc.
104	​	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

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Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

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​	PTC Therapeutics, Inc.
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Date: February 19, 2026	By:	/s/ Pierre Gravier
​	Name:	Pierre Gravier
​	Title:	Chief Financial Officer

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Exhibit 99.1

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PTC Therapeutics Provides Corporate Update and
Reports Fourth Quarter and Full Year 2025 Financial Results

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– Full-year 2025 product and royalty revenue of $831M, exceeding guidance –

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– Strong Sephience™ (sepiapterin) uptake since 2H 2025 launch with fourth quarter and 2025 revenue of $92M and $111M, respectively –

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– Cash of $1.95B as of December 31, 2025 –

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WARREN, N.J., Feb. 19, 2026 – PTC Therapeutics, Inc., (NASDAQ: PTCT) today announced a corporate update and financial results for the fourth quarter and full year ending December 31, 2025.  

“We delivered another strong quarter and finish to 2025, building on the successful global launch of Sephience,” said Matthew B. Klein, M.D., Chief Executive Officer of PTC Therapeutics. “With our robust commercial engine, innovative R&D programs, and strong financial position, we look forward to continued success as we approach cash flow breakeven.”

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Key Corporate Highlights

● Full-year 2025 product and royalty revenue of $831 million, exceeding guidance

● Global launch of Sephience off to strong start

o Q4 2025 revenue of $92 million, including $81 million revenue in the US and $11 million revenue ex-US

o Sephience total net revenue of $111 million in 2025 since launch

o 946 total patients on commercial therapy worldwide as of December 31, 2025

o 1,134 patient start forms received in the US as of December 31, 2025

o Approval in Japan in December 2025; approval in Brazil in February 2026

o Sephience global footprint expected to increase to 20 to 30 countries by end of 2026

● In December 2025, PTC sold the remainder of its Evrysdi^® (risdiplam) royalty to Royalty Pharma for $240 million upfront and up to $60 million in sales-based milestones; PTC maintains the right to receive a $150 million milestone from Roche based on single-year Evrysdi sales of $2.5 billion

● End-of-Phase 2 meeting with FDA held in Q4 2025 to discuss the votoplam Huntington's disease (HD) program

o Alignment reached on design of global Phase 3 trial, INVEST-HD, which is planned to initiate in 1H 2026

o FDA confirmed openness for potential Accelerated Approval pathway given significant unmet need

● Type C meeting with FDA held in December 2025 to discuss the vatiquinone Friedreich's ataxia program; FDA indicated that an additional study would be necessary to support NDA resubmission and meeting minutes stated that this could be an open-label study with a natural history control group

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Fourth Quarter and Full Year 2025 Financial Highlights

● Total revenues were $164.7 million for the fourth quarter of 2025, compared to $213.2 million for the fourth quarter of 2024. Total revenues were $1,730.7 million for full year 2025, compared to $806.8 million for full year 2024. Included in total revenues is collaboration and license revenue of $998.4 million for the full year 2025, related to the votoplam license and collaboration agreement with Novartis, which closed in January 2025.

● Total net product revenues were $184.0 million for the fourth quarter of 2025, compared to $150.1 million for the fourth quarter of 2024. Total net product revenues were $586.7 million for full year 2025, compared to $582.1 million for full year 2024.

● Translarna™ (ataluren) net product revenues were $39.0 million for the fourth quarter of 2025, compared to $89.1 million for the fourth quarter of 2024. Translarna net product revenues were $235.3 million for full year 2025, compared to $321.1 million for full year 2024.

● Emflaza^® (deflazacort) net product revenues were $27.1 million for the fourth quarter of 2025, compared to $50.5 million for the fourth quarter of 2024. Emflaza net product revenues were $146.4 million for full year 2025, compared to $207.2 million for full year 2024.

● Roche reported Evrysdi full year 2025 sales of approximately 1,757 CHF million, resulting in royalty revenue of $244.2 million to PTC for full year 2025, compared to $203.9 million to PTC for full year 2024.

● Based on U.S. GAAP (Generally Accepted Accounting Principles), GAAP R&D expenses were $133.1 million for the fourth quarter of 2025, compared to $124.8 million for the fourth quarter of 2024. GAAP R&D expenses were $455.2 million for full year 2025, compared to $534.5 million for full year 2024.

● Non-GAAP R&D expenses were $124.3 million for the fourth quarter of 2025, excluding $8.8 million in non-cash, stock-based compensation expense, compared to $116.0 million for the fourth quarter of 2024, excluding $8.8 million in non-cash, stock-based compensation expense. Non-GAAP R&D expenses were $419.6 million for full year 2025, excluding $35.7 million in non-cash, stock-based compensation expense, compared to $497.9 million for full year 2024, excluding $36.6 million in non-cash, stock-based compensation expense.

● GAAP SG&A expenses were $96.9 million for the fourth quarter of 2025, compared to $84.7 million for the fourth quarter of 2024. GAAP SG&A expenses were $347.1 million for full year 2025, compared to $300.9 million for full year 2024.

● Non-GAAP SG&A expenses were $87.2 million for the fourth quarter of 2025, excluding $9.7 million in non-cash, stock-based compensation expense, compared to $76.3 million for the fourth quarter of 2024, excluding $8.4 million in non-cash, stock-based compensation expense. Non-GAAP SG&A expenses were $308.3 million for full year 2025, excluding $38.9 million in non-cash, stock-based compensation expense, compared to $262.9 million for full year 2024, excluding $38.0 million in non-cash, stock-based compensation expense.

● Net loss was $135.0 million for the fourth quarter of 2025, compared to net loss of $65.9 million for the fourth quarter of 2024. Net income was $682.6 million for full year 2025, compared to net loss of $363.3 million for full year 2024.

● Cash, cash equivalents, and marketable securities were $1,945.4 million on December 31, 2025, compared to $1,139.7 million on December 31, 2024.

● Shares issued and outstanding as of December 31, 2025, were 81,474,366.

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Full Year 2026 Financial Guidance

● Total product revenue of $700 to $800 million, representing a 19 to 36% increase from 2025, with the majority from Sephience

● GAAP R&D and SG&A expense of $775 to $815 million

● Non-GAAP R&D and SG&A expense of $680 to $720 million, excluding estimated non-cash, stock-based compensation expense of $95 million

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Non-GAAP Financial Measures

In this press release, the financial results of PTC are provided in accordance with GAAP and using certain non-GAAP financial measures. In particular, the non-GAAP R&D and SG&A expense financial measures exclude non-cash, stock-based compensation expense. These non-GAAP financial measures are provided as a complement to financial measures reported in accordance with GAAP because management uses these non-GAAP financial measures when assessing and identifying operational trends. In management's opinion, these non-GAAP financial measures are useful to investors and other users of PTC's financial statements by providing greater transparency into the historical and projected operating performance of PTC and the company's future outlook. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. Quantitative reconciliations of the non-GAAP financial measures to their respective closest equivalent GAAP financial measures are included in the table below.

PTC Therapeutics, Inc.

Consolidated Statements of Operations

(In thousands, except share and per share data)

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Three Months Ended December 31,

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Twelve Months Ended December 31,

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2025

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2024

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2025

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2024

Revenues:

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​

​

​

​

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Net product revenue

$

183,992

​

$

150,088

​

$

586,703

​

$

582,145

Collaboration and license revenue

​

(73)

​

304

​

998,357

​

304

Royalty revenue

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79,387

​

58,162

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244,224

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203,864

Translarna France*

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(98,629)

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​

4,618

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(98,629)

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18,806

Manufacturing revenue

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-

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-

​

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-

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1,661

Total revenues

164,677

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213,172

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1,730,655

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806,780

Operating expenses:

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​

​

​

​

​

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Cost of product, collaboration and license sales, excluding amortization of acquired intangible assets

6,950

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16,283

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47,013

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57,398

Amortization of acquired intangible assets

9,349

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3,307

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24,742

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60,738

Research and development (1)

133,128

​

124,770

​

455,249

​

534,480

Selling, general and administrative (2)

96,874

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84,683

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347,143

​

300,911

Change in the fair value of contingent consideration

-

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(10,175)

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(800)

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(4,475)

Intangible asset impairment

-

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159,548

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-

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159,548

Tangible asset impairment and (gains) losses on transactions, net

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(10,275)

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(2,855)

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(9,627)

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​

750

Total operating expenses

236,026

​

375,561

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863,720

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1,109,350

(Loss) income from operations

(71,349)

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(162,389)

​

866,935

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(302,570)

Interest expense, net

(55,188)

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(41,060)

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(152,230)

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(166,993)

Other (expense) income, net

(12,546)

​

8,850

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(18,086)

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6,544

Gain on sale of priority review voucher

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-

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99,900

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​

-

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99,900

(Loss) income before income tax benefit (expense)

(139,083)

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(94,699)

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696,619

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(363,119)

Income tax benefit (expense)

4,118

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28,813

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(13,975)

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(176)

Net (loss) income attributable to common stockholders

$

(134,965)

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$

(65,886)

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$

682,644

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$

(363,295)

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​

​

​

​

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Weighted-average shares outstanding:

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​

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​

​

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Basic (in shares)

80,689,810

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77,201,783

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79,534,290

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76,845,055

Diluted (in shares)

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80,689,810

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​

77,201,783

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88,311,494

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​

76,845,055

Net (loss) income per share—basic (in dollars per share)

$

(1.67)

​

$

(0.85)

​

$

8.58

​

$

(4.73)

Net (loss) income per share—diluted (in dollars per share)

$

(1.67)

​

$

(0.85)

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$

7.78

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$

(4.73)

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(1) Research and development reconciliation

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GAAP research and development

$

133,128

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$

124,770

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$

455,249

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$

534,480

Less: share-based compensation expense

8,843

​

8,818

​

35,669

​

36,629

Non-GAAP research and development

$

124,285

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$

115,952

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$

419,580

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$

497,851

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​

​

​

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(2) Selling, general and administrative reconciliation

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​

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​

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GAAP selling, general and administrative

$

96,874

​

$

84,683

​

$

347,143

​

$

300,911

Less: share-based compensation expense

9,675

​

8,420

​

38,878

​

37,986

Non-GAAP selling, general and administrative

$

87,199

​

$

76,263

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$

308,265

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$

262,925

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​

​

​

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*In the fourth quarter of 2025, PTC changed its estimates for its sales allowance related to Translarna revenues in France. The $98.6 million change in sales allowance estimate represents a life to date adjustment for the historical sales of Translarna in France. The 2024 amounts relate to historical Translarna sales recorded in France.

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PTC Therapeutics, Inc.
Summary Consolidated Balance Sheets
(in thousands, except share data)

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​	​	​	​	​	​
​	December 31, 2025		​	December 31, 2024
Cash, cash equivalents and marketable securities	$	1,945,371	​	$	1,139,696
Total assets	$	2,898,767	​	$	1,705,024
​	​	​	​	​	​
Total debt	$	286,631	​	$	285,412
Total deferred revenue	​	2,040	​	​	5,505
Total liability for sale of future royalties	​	2,308,366	​	​	2,081,776
Total liabilities	$	3,104,080	​	$	2,803,095
​	​	​	​	​	​
Total stockholders' deficit (81,474,366 and 77,704,188 common shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively)	$	(205,313)	​	$	(1,098,071)
Total liabilities and stockholders' deficit	$	2,898,767	​	$	1,705,024
​	​	​	​	​	​

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PTC Therapeutics, Inc.

Reconciliation of GAAP to Non-GAAP Projected Full Year 2026 R&D and SG&A Expense
(in millions)

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​	​	​	​	​	​
​	Low End of Range		​	High End of Range
Projected GAAP R&D and SG&A Expense	$	775	​	$	815
Less: projected non-cash, stock-based compensation expense	95		​	95
Projected non-GAAP R&D and SG&A expense	$	680	​	$	720
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Acronyms

CHF: Confoederatio Helvetica Francs (Swiss francs)

DMD: Duchenne muscular dystrophy

FA: Friedreich’s ataxia

FDA: U.S. Food and Drug Administration

GAAP: Generally Accepted Accounting Principles

HD: Huntington’s disease

NDA: New Drug Application

nmDMD: Nonsense mutation Duchenne muscular dystrophy

PKU: Phenylketonuria

R&D: Research and Development

SG&A: Selling, General, and Administrative ​

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Today's Conference Call and Webcast Reminder

To access the call by phone, please click here to register and you will be provided with dial-in details. The webcast conference call can be accessed on the Investors section of the PTC website at https://ir.ptcbio.com/events-presentations. A replay of the call will be available after completion of the call and will be archived on the company’s website.

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About PTC Therapeutics, Inc. PTC is a global biopharmaceutical company dedicated to the discovery, development and

commercialization of clinically differentiated medicines for children and adults living with rare disorders. PTC is advancing a robust and diversified pipeline of transformative medicines as part of its mission to provide access to best-in-class treatments for patients with unmet medical needs. The company's strategy is to leverage its scientific expertise and global commercial infrastructure to optimize value for patients and other stakeholders. To learn more about PTC, please visit www.ptcbio.com and follow on LinkedIn, X, Instagram and Facebook.

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For more Information

Investors Ellen Cavaleri +1 (615) 618-6228 ecavaleri@ptcbio.com

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Media Jeanine Clemente +1 (908) 912-9406

jclemente@ptcbio.com ​

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements contained in this release, other than statements of historic fact, are forward-looking statements, including the information provided under the heading "Full Year 2026 Financial Guidance", including with respect to (i) 2026 total product revenue guidance and (ii) 2026 GAAP and non-GAAP R&D and SG&A expense guidance, and statements regarding: the future expectations, plans and prospects for PTC, including with respect to the expected timing of clinical trials and studies, availability of data, regulatory submissions and responses, meetings with regulatory agencies, commercialization and other matters with respect to its products and product candidates; PTC's strategy, future operations, future financial position, future revenues, projected costs; and the objectives of management. Other forward-looking statements may be identified by the words, "guidance," "plan," "anticipate," "believe," "estimate," "expect," "intend," "may," "target," "potential," "will," "would," "could," "should," "continue," "aim," and similar expressions.

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PTC's actual results, performance or achievements could differ materially from those expressed or implied by forward-looking statements it makes as a result of a variety of risks and uncertainties, including those related to: the outcome of pricing, coverage and reimbursement negotiations with third party payors for PTC's products or product candidates that PTC commercializes or may commercialize in the future; expectations with respect to Sephience, including any regulatory submissions and potential approvals, commercialization, and the potential achievement of sales milestones and contingent payments that PTC may be obligated to make; PTC's ability to maintain its marketing authorization of Translarna for the treatment of nmDMD in geographies in which it has been approved and the effect of the European Commission's adoption of the negative opinion from the Committee for Medicinal Products for Human Use (CHMP) on Translarna and the withdrawal of the Translarna NDA in the U.S. on other regulatory bodies; expectations with respect to PTC's license and collaboration agreement with Novartis Pharmaceuticals Corporation for votoplam for the treatment of Huntington's disease including its right to receive development, regulatory and sales milestones, profit sharing and royalty payments from Novartis, the design and expected timing of clinical trials and studies, the availability of data, and regulatory submissions and responses, including potential accelerated approval; expectations with respect to Upstaza/Kebilidi, including commercialization, manufacturing capabilities, and the potential achievement of sales milestones and contingent payments that PTC may be obligated to make; expectations with respect to vatiquinone, including with respect to the design and expected timing of clinical trials and studies, the availability of data, and regulatory submissions and responses and potential approvals and other matters; expectations with respect to the commercialization of Evrysdi under PTC's SMA collaboration; expectations with respect to the commercialization of Tegsedi and Waylivra; significant business effects, including the effects of industry, market, economic, political or regulatory conditions; changes in tax and other laws, regulations, rates and policies; the eligible patient base and commercial potential of PTC's products and product candidates; PTC's scientific approach and general development

progress; PTC's ability to satisfy its obligations under the terms of its lease agreements; the sufficiency of PTC's cash resources and its ability to obtain adequate financing in the future for its foreseeable and unforeseeable operating expenses and capital expenditures; and the factors discussed in the "Risk Factors" section of PTC's Annual Report on Form 10-K, as well as any updates to these risk factors filed from time to time in PTC's other filings with the SEC. You are urged to carefully consider all such factors.

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As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that any product will receive or maintain regulatory approval in any territory, or prove to be commercially successful, including Sephience, Translarna, Emflaza, Upstaza, Kebilidi, Evrysdi, Tegsedi or Waylivra.

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The forward-looking statements contained herein represent PTC's views only as of the date of this press release and PTC does not undertake or plan to update or revise any such forward-looking statements to reflect actual results or changes in plans, prospects, assumptions, estimates or projections, or other circumstances occurring after the date of this press release except as required by law.

FAQ

How did PTC Therapeutics (PTCT) perform financially in full-year 2025?

PTC Therapeutics reported strong 2025 results, with net income of $682.6M versus a prior-year loss. Total revenues reached $1.73B, more than doubling 2024’s $806.8M, driven by large collaboration and license revenue and higher royalty revenue.

What was PTC Therapeutics’ 2025 product and royalty revenue?

For 2025, PTC Therapeutics generated $831M in combined product and royalty revenue, exceeding guidance. This figure reflects stable core product sales plus growth in royalty streams, including contributions from partnered products and recent launches.

How much revenue did Sephience contribute to PTC Therapeutics in 2025?

Sephience delivered $92M of revenue in the fourth quarter of 2025 and $111M for full-year 2025. These results came shortly after its second-half 2025 launch, indicating strong initial uptake within PTC Therapeutics’ commercial portfolio.

What is the cash and debt position of PTC Therapeutics at year-end 2025?

At December 31, 2025, PTC held $1.95B in cash, cash equivalents and marketable securities, with total debt of $286.6M. The company also reported a large liability for sale of future royalties totaling $2.31B on its balance sheet.

What 2026 expense guidance did PTC Therapeutics provide?

For full-year 2026, PTC projected GAAP R&D and SG&A expenses of $775–$815M. On a non-GAAP basis, excluding $95M of expected stock-based compensation, projected R&D and SG&A expenses are $680–$720M, reflecting continued substantial investment in operations and pipeline.

How did Translarna France impact PTC Therapeutics’ 2025 results?

In Q4 2025, PTC revised sales allowance estimates for Translarna in France, recording a $98.6M life-to-date negative adjustment. This reduced reported revenues and underscores the financial impact of reimbursement and pricing assumptions in that market.

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