Revenue growth of 23.7% in 2025Q4, coupled with a resilient 84.6% gross margin, suggests the company is effectively scaling its commercial infrastructure.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 634.21M | 528.29M | 399.36M | 329.23M | 305.51M | 260.89M | 182.24M | 91.25M | 36.93M | 4.96M | 0 | 1.22M | 363K | 18.41M | 21.43M | 922K | 64.36M | 14.97M | 1.78M | 0 | 0 |
| Revenue Growth % | 20.05% | 32.29% | 21.3% | 7.76% | 17.11% | 43.16% | 99.72% | 147.08% | 644.86% | - | -100% | 237.19% | -98.03% | -14.1% | 2224.73% | -98.57% | 330% | 738.96% | - | - | - |
| Cost of Goods Sold | 80.39M | 52.94M | 37.33M | 38.6M | 34.47M | 31.04M | 21.96M | 14.4M | 6.24M | 833K | 1.83M | 0 | 13.49M | 20.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 12.68% | 10.02% | 9.35% | 11.72% | 11.28% | 11.9% | 12.05% | 15.79% | 16.89% | 16.8% | - | - | 3716.8% | 110.68% | - | - | - | - | - | - | - |
| Gross Profit | 553.82M | 475.35M | 362.03M | 290.63M | 271.05M | 229.84M | 160.27M | 76.84M | 30.69M | 4.13M | -1.83M | 1.22M | -13.13M | -1.97M | 21.43M | 922K | 64.36M | 14.97M | 1.78M | 0 | 0 |
| Gross Margin % | 87.32% | 89.98% | 90.65% | 88.28% | 88.72% | 88.1% | 87.95% | 84.21% | 83.11% | 83.2% | - | 100% | -3616.8% | -10.68% | 100% | 100% | 100% | 100% | 100% | - | - |
| Gross Profit Growth % | 16.51% | 31.3% | 24.57% | 7.23% | 17.93% | 43.41% | 108.58% | 150.35% | 644.1% | 325.04% | -249.75% | 109.32% | -567.8% | -109.17% | 2224.73% | -98.57% | 330% | 738.96% | - | - | - |
| Operating Expenses | 519.33M | 450.48M | 439.24M | 502.75M | 477.48M | 476.84M | 464.31M | 402.32M | 241.57M | 179.19M | 126.05M | 69.89M | 62.56M | 71.34M | 72.32M | 56.76M | 70.19M | 58.92M | 47.59M | 46.86M | 20.83M |
| OpEx % of Revenue | 81.89% | 85.27% | 109.99% | 152.7% | 156.29% | 182.78% | 254.78% | 440.92% | 654.14% | 3614.08% | - | 5709.8% | 17233.06% | 387.5% | 337.41% | 6156.18% | 109.06% | 393.69% | 2667.54% | - | - |
| Selling, General & Admin | 383.49M | 323.38M | 275.27M | 213.04M | 192.71M | 156.41M | 169.86M | 127.2M | 88.67M | 71.15M | 47.27M | 20.72M | 18.89M | 19.36M | 19.88M | 15.66M | 19.97M | 19.67M | 15.28M | 12.28M | 6.88M |
| SG&A % of Revenue | 60.47% | 61.21% | 68.93% | 64.71% | 63.08% | 59.95% | 93.21% | 139.4% | 240.11% | 1435.07% | - | 1692.57% | 5204.68% | 105.18% | 92.75% | 1698.48% | 31.03% | 131.4% | 856.39% | - | - |
| Research & Development | 135.84M | 109.36M | 152.38M | 276.68M | 272.05M | 308.44M | 286.38M | 270.9M | 149.31M | 104.79M | 76.94M | 47.62M | 41.94M | 50.27M | 50.86M | 39.04M | 48.08M | 37.76M | 31.07M | 33.63M | 13.65M |
| R&D % of Revenue | 21.42% | 20.7% | 38.16% | 84.04% | 89.05% | 118.23% | 157.15% | 296.9% | 404.31% | 2113.61% | - | 3890.85% | 11554.82% | 273.06% | 237.27% | 4234.49% | 74.71% | 252.32% | 1741.82% | - | - |
| Other Operating Expenses | 0 | 17.73M | 11.59M | 13.04M | 12.72M | 11.99M | 8.07M | -5.63M | 6.01M | -4.79M | -80K | -77K | 1.72M | 21K | 1.58M | 2.06M | 2.13M | 1.49M | 1.24M | 0 | 0 |
| Operating Income | 34.49M | 24.88M | -77.21M | -212.12M | -206.43M | -247M | -304.04M | -328.78M | -441.99M | -181.89M | -130.44M | -68.7M | -64.18M | -52.93M | -50.89M | -55.84M | -7.35M | -43.96M | -45.8M | -46.86M | -20.83M |
| Operating Margin % | 5.44% | 4.71% | -19.33% | -64.43% | -67.57% | -94.68% | -166.84% | -360.32% | -1196.82% | -3668.62% | - | -5612.83% | -17680.72% | -287.5% | -237.41% | -6056.18% | -11.42% | -293.69% | -2567.54% | - | - |
| Operating Income Growth % | 38.65% | 132.22% | 63.6% | -2.75% | 16.42% | 18.76% | 7.52% | 25.61% | -143% | -39.45% | -89.86% | -7.04% | -21.25% | -4.02% | 8.87% | -659.7% | 83.28% | 4.04% | 2.25% | -124.95% | - |
| EBITDA | 41.95M | 33.42M | -69.34M | -206.78M | -200.22M | -238.15M | -299.26M | -324.56M | -438.39M | -178.65M | -128.6M | -67.15M | -62.46M | -51.23M | -49.3M | -53.78M | -5.22M | -42.46M | -44.57M | -45.91M | -20.16M |
| EBITDA Margin % | 6.61% | 6.33% | -17.36% | -62.81% | -65.54% | -91.29% | -164.22% | -355.7% | -1187.09% | -3603.23% | - | -5486.44% | -17207.16% | -278.24% | -230.02% | -5832.97% | -8.11% | -283.71% | -2498.21% | - | - |
| EBITDA Growth % | 25.52% | 148.2% | 66.47% | -3.27% | 15.93% | 20.42% | 7.79% | 25.97% | -145.39% | -38.91% | -91.51% | -7.51% | -21.93% | -3.9% | 8.33% | -930.66% | 87.71% | 4.72% | 2.92% | -127.67% | - |
| D&A (Non-Cash Add-back) | 7.46M | 8.55M | 7.87M | 5.34M | 6.21M | 8.85M | 4.78M | 4.22M | 3.59M | 3.24M | 1.83M | 1.55M | 1.72M | 1.71M | 1.58M | 2.06M | 2.13M | 1.49M | 1.24M | 952.45K | 667.38K |
| EBIT | 46.35M | 20.84M | -99.95M | -204.92M | -209.08M | -251.83M | -337.04M | -326.69M | -431.88M | -198.38M | -130.54M | -68.56M | -63.1M | -51.94M | -47.89M | -55.81M | -6.29M | -39.14M | -45.8M | -46.07M | -20.5M |
| Net Interest Income | -42.84M | -44.19M | -43.07M | -34.09M | -31.96M | -19.2M | -8.62M | -11.94M | -13.14M | -3.8M | -649K | -1.26M | 128K | 227K | 12K | -104K | 719K | 4.6M | 0 | 0 | 0 |
| Interest Income | 3.32M | 5.41M | 7.08M | 3.02M | 509K | 3.23M | 10.25M | 10.46M | 4.1M | 1.6M | 929K | 223K | 174K | 316K | 160K | 156K | 997K | 4.82M | 0 | 1.99M | 609.52K |
| Interest Expense | 46.16M | 49.6M | 50.15M | 37.12M | 32.47M | 22.43M | 18.87M | 22.4M | 17.24M | 5.4M | 1.58M | 1.48M | 46K | 89K | 148K | 260K | 278K | 218K | 0 | 0 | 0 |
| Other Income/Expense | -34.3M | -53.63M | -72.89M | -29.92M | -35.12M | -27.26M | -51.87M | -23.61M | -7.14M | -21.89M | -6.07M | -1.34M | 1.04M | 901K | 2.85M | -237K | 783K | 4.6M | 4.64M | 514.36K | 247.27K |
| Pretax Income | 191K | -28.76M | -150.1M | -242.04M | -241.55M | -274.25M | -355.91M | -349.09M | -449.12M | -203.78M | -132.12M | -70.04M | -63.15M | -52.03M | -48.04M | -56.08M | -6.57M | -39.35M | -41.17M | -46.34M | -20.58M |
| Pretax Margin % | 0.03% | -5.44% | -37.59% | -73.52% | -79.06% | -105.12% | -195.3% | -382.58% | -1216.14% | -4110.15% | - | -5722.14% | -17395.32% | -282.6% | -224.13% | -6081.89% | -10.2% | -262.95% | -2307.57% | - | - |
| Income Tax | 27.3M | 27.35M | 1.48M | -5.47M | 8.91M | 2.6M | 478K | -94K | -165.12M | -3.74M | 1.5M | -1.11M | -3.51M | -3.25M | -3.63M | -1.14M | 0 | 0 | 351K | 0 | -611.8K |
| Effective Tax Rate % | 14293.72% | -95.11% | -0.99% | 2.26% | -3.69% | -0.95% | -0.13% | 0.03% | 36.76% | 1.83% | -1.13% | 1.59% | 5.56% | 6.24% | 7.55% | 2.03% | 0% | 0% | -0.85% | 0% | 2.97% |
| Net Income | -27.11M | -56.11M | -151.58M | -236.57M | -250.46M | -276.85M | -356.39M | -349M | -284M | -200.04M | -132.12M | -68.93M | -59.63M | -48.78M | -44.41M | -54.94M | -6.57M | -39.35M | -41.17M | -46.34M | -19.97M |
| Net Margin % | -4.27% | -10.62% | -37.96% | -71.85% | -81.98% | -106.12% | -195.56% | -382.48% | -769.03% | -4034.73% | - | -5631.21% | -16427.82% | -264.98% | -207.2% | -5958.35% | -10.2% | -262.95% | -2307.57% | - | - |
| Net Income Growth % | 51.68% | 62.99% | 35.92% | 5.55% | 9.53% | 22.32% | -2.12% | -22.88% | -41.97% | -51.41% | -91.68% | -15.58% | -22.24% | -9.85% | 19.16% | -736.55% | 83.31% | 4.4% | 11.17% | -132.05% | - |
| Net Income (Continuing) | -27.11M | -56.11M | -151.58M | -236.57M | -250.46M | -276.85M | -356.39M | -349M | -284M | -200.04M | -132.12M | -68.93M | -59.63M | -48.78M | -44.41M | -54.94M | -6.57M | -39.35M | -41.17M | -46.34M | -19.97M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.09 | -0.18 | -0.51 | -0.82 | -0.92 | -1.07 | -1.48 | -1.88 | -1.85 | -1.49 | -1.20 | -0.93 | -1.16 | -1.07 | -1.28 | -1.98 | -0.29 | -1.75 | -3.11 | -62.97 | -48.69 |
| EPS Growth % | 51.17% | 64.71% | 37.8% | 10.87% | 14.02% | 27.7% | 21.28% | -1.62% | -24.16% | -24.17% | -29.03% | 19.83% | -8.41% | 16.41% | 35.35% | -582.76% | 83.43% | 43.73% | 95.06% | -29.33% | - |
| EPS (Basic) | -0.09 | -0.18 | -0.51 | -0.82 | -0.92 | -1.07 | -1.48 | -1.88 | -1.85 | -1.49 | -1.20 | -0.93 | -1.16 | -1.07 | -1.28 | -1.98 | -0.29 | -1.75 | -3.11 | -62.97 | -48.69 |
| Diluted Shares Outstanding | 308.36M | 304.38M | 295.16M | 289.06M | 271.42M | 258.87M | 240.42M | 185.79M | 153.36M | 134.4M | 109.92M | 74.44M | 51.29M | 45.57M | 34.57M | 27.73M | 22.62M | 22.49M | 13.24M | 735.97K | 410.22K |
| Basic Shares Outstanding | 308.36M | 304.38M | 295.16M | 289.06M | 271.42M | 258.87M | 240.42M | 185.79M | 153.36M | 134.4M | 109.92M | 74.44M | 51.29M | 45.57M | 34.57M | 27.73M | 22.62M | 22.49M | 13.24M | 735.97K | 410.22K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercial launch execution friction
According to recent financial disclosures, Amicus Therapeutics achieved a 23.7% year-over-year revenue growth in 2025Q4, reflecting the ongoing commercial expansion of the Pombiliti and Opfolda franchise alongside the established, non-cyclical Galafold revenue stream which continues to provide a stable foundation for the company's top-line performance.
The revenue trajectory suggests a successful transition from a single-product entity to a multi-product commercial organization. Investors should monitor whether the growth rate remains durable as the Pompe franchise moves beyond initial stocking phases and faces competitive pressure from established enzyme replacement therapies.
As reported in quarterly filings, the company maintained a robust gross margin of 84.6% in 2025Q4, demonstrating the high pricing power inherent in its orphan drug portfolio despite the introduction of more complex biologic components associated with the recent Pompe disease treatment launch.
The consistency of these margins indicates that the company's small-molecule chaperone technology remains highly profitable. However, the slight compression from historical peaks above 90% warrants investigation into whether the biologic component of the new therapy is structurally more expensive to manufacture or distribute.
Based on the provided income statement data, Amicus has demonstrated improved operating leverage, with operating income reaching $15.9 million in 2025Q4, suggesting that the company is successfully scaling its commercial infrastructure faster than its underlying fixed costs as the Pompe franchise gains market traction.
The shift from negative operating margins in early 2025 to positive territory by year-end implies that the company is reaching a critical inflection point in its business model. Continued discipline in SG&A spending will be essential to sustain this positive operating leverage as the company expands its global footprint.
Analysis of the 2025Q4 income statement reveals that stock-based compensation of $26.6 million significantly impacted net income, which stood at only $1.7 million, highlighting a divergence between operational cash generation and the bottom-line figures reported under standard accounting practices for the period.
The high level of stock-based compensation suggests that dilution remains a factor for shareholders despite the company reaching operational profitability. Investors should scrutinize whether these non-cash expenses are appropriately aligned with long-term performance milestones or if they represent a persistent drag on reported earnings quality.
Data from recent filings suggests that the two-component nature of the Pombiliti and Opfolda regimen may introduce logistical friction, potentially slowing the switch rate from established competitors and challenging the market's optimistic assumptions regarding the speed of adoption for this new therapeutic combination.
While the clinical profile is compelling, the requirement for both oral and intravenous administration creates a more complex prescribing environment than single-vial alternatives. This operational complexity may lead to slower-than-anticipated market penetration, which could negatively impact the company's revenue growth trajectory in the coming quarters.
Quick answers to the most common questions about buying FOLD stock.
For fiscal year 2025, Amicus Therapeutics, Inc. (FOLD) reported total revenue of $634.2M.
Amicus Therapeutics, Inc. (FOLD) reported a net loss of $27.1M for the fiscal year ending 2025.
Amicus Therapeutics, Inc. (FOLD) reported an operating income of $34.5M, resulting in an operating profit margin of 5.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Amicus Therapeutics, Inc. (FOLD) generated $553.8M in gross profit for the year, representing a gross profit margin of 87.3%. This demonstrates the company's core pricing power and production efficiency.