Revenue has been highly volatile, with quarterly gross margin ranging from 45.1% to 98.9% and operating margin swinging from -76.2% to 82.5%, indicating that one-time recognition rather than steady commercial growth drives reported results.
PTC Therapeutics, Inc. (PTCT) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | 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 |
|---|
| Sales/Revenue | 1.16B | 1.73B | 806.78M | 937.82M | 698.8M | 538.59M | 380.77M | 306.98M | 264.73M | 194.39M | 82.7M | 36.77M | 22.96M | 31.33M | 28.78M | 98.96M |
| Revenue Growth % | -35.05% | 114.51% | -13.97% | 34.2% | 29.75% | 41.45% | 24.04% | 15.96% | 36.19% | 135.04% | 124.95% | 60.11% | -26.7% | 8.85% | -70.92% | - |
| Cost of Goods Sold | 87.91M | 71.75M | 57.4M | 65.49M | 44.68M | 32.33M | 18.94M | 12.13M | 12.67M | 4.58M | 117.63M | 121.82M | 79.84M | 54.88M | -5.17M | 0 |
| COGS % of Revenue | - | 4.15% | 7.11% | 6.98% | 6.39% | 6% | 4.97% | 3.95% | 4.79% | 2.35% | 142.23% | 331.33% | 347.68% | 175.17% | -17.95% | - |
| Gross Profit | 1.07B | 1.66B | 749.38M | 872.34M | 654.12M | 506.26M | 361.82M | 294.85M | 252.06M | 189.81M | -34.93M | -85.05M | -56.88M | -23.55M | 33.95M | 98.96M |
| Gross Margin % | 92.39% | 95.85% | 92.89% | 93.02% | 93.61% | 94% | 95.03% | 96.05% | 95.21% | 97.65% | -42.23% | -231.33% | -247.68% | -75.17% | 117.95% | 100% |
| Gross Profit Growth % | - | 121.37% | -14.09% | 33.36% | 29.21% | 39.92% | 22.72% | 16.97% | 32.79% | 643.45% | 58.93% | -49.54% | -141.52% | -169.37% | -65.7% | - |
| Operating Expenses | 929.29M | 802.39M | 1.05B | 1.31B | 1.1B | 880.71M | 793.59M | 536M | 348.41M | 254.11M | 214.76M | 203.9M | 122.38M | 76.72M | 55.59M | 68.38M |
| OpEx % of Revenue | - | 46.36% | 130.39% | 139.88% | 157.63% | 163.52% | 208.42% | 174.61% | 131.61% | 130.72% | 259.67% | 554.58% | 532.93% | 244.92% | 193.15% | 69.1% |
| Selling, General & Admin | 347.37M | 347.14M | 300.91M | 332.54M | 326M | 285.77M | 245.16M | 202.54M | 153.55M | 121.27M | 97.13M | 82.08M | 44.82M | 25.22M | 14.62M | 16.15M |
| SG&A % of Revenue | - | 20.06% | 37.3% | 35.46% | 46.65% | 53.06% | 64.39% | 65.98% | 58% | 62.38% | 117.44% | 223.25% | 195.18% | 80.5% | 50.78% | 16.32% |
| Research & Development | 438.5M | 455.25M | 534.48M | 666.56M | 651.5M | 540.68M | 477.64M | 257.45M | 171.98M | 117.46M | 117.63M | 121.82M | 79.84M | 54.88M | 46.14M | 58.68M |
| R&D % of Revenue | - | 26.3% | 66.25% | 71.08% | 93.23% | 100.39% | 125.44% | 83.87% | 64.96% | 60.42% | 142.23% | 331.33% | 347.68% | 175.17% | 160.32% | 59.29% |
| Other Operating Expenses | 2M | 0 | 216.56M | 312.74M | 124.04M | 54.25M | 70.78M | 76.01M | 129K | -1.28M | -1.21M | -465K | -213K | 37.51K | 1.78M | 461.36K |
| Operating Income | 138.35M | 856.51M | -302.57M | -439.5M | -447.41M | -374.44M | -431.77M | -241.16M | -115.69M | -64.29M | -132.06M | -167.13M | -99.41M | -45.4M | -26.81M | 30.58M |
| Operating Margin % | 11.97% | 49.49% | -37.5% | -46.86% | -64.03% | -69.52% | -113.39% | -78.56% | -43.7% | -33.07% | -159.67% | -454.58% | -432.93% | -144.92% | -93.15% | 30.9% |
| Operating Income Growth % | - | 383.08% | 31.16% | 1.77% | -19.49% | 13.28% | -79.04% | -108.46% | -79.94% | 51.32% | 20.98% | -68.12% | -118.98% | -69.34% | -187.66% | - |
| EBITDA | 199.36M | 895.32M | -226.91M | -202.91M | -318.57M | -310.31M | -388.28M | -208.98M | -89.6M | -46.61M | -128.77M | -164.25M | -97.18M | -43M | -24.1M | 33.45M |
| EBITDA Margin % | 17.25% | 51.73% | -28.13% | -21.64% | -45.59% | -57.61% | -101.97% | -68.08% | -33.84% | -23.98% | -155.7% | -446.76% | -423.19% | -137.27% | -83.76% | 33.8% |
| EBITDA Growth % | -75.34% | 494.58% | -11.83% | 36.31% | -2.66% | 20.08% | -85.8% | -133.24% | -92.23% | 63.8% | 21.6% | -69.02% | -125.99% | -78.4% | -172.05% | - |
| D&A (Non-Cash Add-back) | 61.01M | 38.81M | 75.66M | 236.59M | 128.84M | 64.13M | 43.49M | 32.18M | 26.09M | 17.68M | 3.29M | 2.88M | 2.23M | 2.4M | 2.7M | 2.87M |
| EBIT | 113.48M | 848.85M | -196.13M | -566.93M | -496.62M | -432.32M | -346.58M | -227.44M | -115.56M | -64.29M | -132.06M | -167.13M | -99.41M | -45.4M | -26.81M | 30.58M |
| Net Interest Income | -198.56M | -152.23M | -166.99M | -129.18M | -90.87M | -86.02M | -56.35M | -12.49M | -12.55M | -12.09M | -8.28M | -2.37M | 1.18M | -6.08M | -1.21M | -2.44M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 198.56M | 152.23M | 166.99M | 129.18M | 90.87M | 86.02M | 56.35M | 12.49M | 12.55M | 12.09M | 8.28M | 2.37M | 1.18M | 6.08M | 1.21M | 2.44M |
| Other Income/Expense | -223.44M | -159.89M | -60.55M | -256.61M | -140.08M | -143.9M | 28.84M | 1.23M | -12.43M | -13.37M | -9.48M | -2.83M | 967K | -6.18M | 573K | -1.98M |
| Pretax Income | -85.09M | 696.62M | -363.12M | -696.11M | -587.49M | -518.34M | -402.93M | -239.93M | -128.11M | -77.67M | -141.54M | -169.96M | -98.45M | -51.57M | -26.24M | 28.6M |
| Pretax Margin % | -7.36% | 40.25% | -45.01% | -74.23% | -84.07% | -96.24% | -105.82% | -78.16% | -48.39% | -39.95% | -171.14% | -462.28% | -428.72% | -164.63% | -91.16% | 28.9% |
| Income Tax | 20.88M | 13.97M | 176K | -69.51M | -28.47M | 5.56M | 35.23M | 11.65M | -29K | 1.33M | 569K | 485K | -4.69M | 6.21M | 1.21M | -2.31M |
| Effective Tax Rate % | -24.54% | 2.01% | -0.05% | 9.98% | 4.85% | -1.07% | -8.74% | -4.86% | 0.02% | -1.72% | -0.4% | -0.29% | 4.77% | -12.05% | -4.61% | -8.06% |
| Net Income | -105.97M | 682.64M | -363.3M | -626.6M | -559.02M | -523.9M | -438.16M | -251.58M | -128.08M | -79M | -142.11M | -170.45M | -93.75M | -51.57M | -26.24M | 30.9M |
| Net Margin % | -9.17% | 39.44% | -45.03% | -66.81% | -80% | -97.27% | -115.07% | -81.95% | -48.38% | -40.64% | -171.83% | -463.6% | -408.28% | -164.63% | -91.16% | 31.23% |
| Net Income Growth % | -114.1% | 287.9% | 42.02% | -12.09% | -6.7% | -19.57% | -74.17% | -96.42% | -62.13% | 44.41% | 16.63% | -81.8% | -81.78% | -96.58% | -184.89% | - |
| Net Income (Continuing) | -105.97M | 682.64M | -363.3M | -626.6M | -559.02M | -523.9M | -438.16M | -251.58M | -128.08M | -79M | -142.11M | -170.45M | -93.75M | -51.57M | -26.23M | 30.9M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -1.27 | 7.78 | -4.73 | -8.37 | -7.79 | -7.43 | -6.64 | -4.27 | -2.75 | -2.02 | -4.17 | -5.07 | -2.97 | -4.02 | -1.11 | 0.00 |
| EPS Growth % | -116.36% | 264.48% | 43.49% | -7.45% | -4.85% | -11.9% | -55.5% | -55.27% | -36.14% | 51.56% | 17.75% | -70.71% | 26.12% | -262.16% | - | - |
| EPS (Basic) | - | 8.58 | -4.73 | -8.37 | -7.79 | -7.43 | -6.64 | -4.27 | -2.75 | -2.02 | -4.17 | -5.07 | -2.97 | -4.02 | -1.85 | 0.00 |
| Diluted Shares Outstanding | 83.48M | 88.31M | 76.85M | 74.84M | 71.73M | 70.47M | 66.03M | 58.86M | 46.58M | 39.18M | 34.04M | 33.63M | 31.57M | 12.83M | 23.68M | 23.68M |
| Basic Shares Outstanding | 83.48M | 79.53M | 76.85M | 74.84M | 71.73M | 70.47M | 66.03M | 58.86M | 46.58M | 39.11M | 34.04M | 33.62M | 31.57M | 12.82M | 14.19M | 14.19M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PTCT stock.
For fiscal year 2025, PTC Therapeutics, Inc. (PTCT) reported total revenue of $1.73B. This represents a 1648.8% increase compared to $99.0M in 2011.
PTC Therapeutics, Inc. (PTCT) is profitable, generating $682.6M in net income for the fiscal year ending 2025 with a net profit margin of 39.4%.
PTC Therapeutics, Inc. (PTCT) reported an operating income of $856.5M, resulting in an operating profit margin of 49.5%. This margin reflects the operational efficiency of the business before interest and taxes.
PTC Therapeutics, Inc. (PTCT) generated $1.66B in gross profit for the year, representing a gross profit margin of 95.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Lumpy revenue and collaboration volatility
Metrics are mathematically derived from official filings.
Lumpy Revenue Masks Underlying Trend
Based on reported quarterly figures, PTCT's revenue swung from roughly $1.2B in 2025Q1 to $164.7M in 2025Q4, indicating that one-time licensing or collaboration recognition, not steady commercial growth, drives reported top-line movements.
The reported series shows sharp quarter-to-quarter reversals, including a 101.5% sequential jump in 2026Q2 followed by a 69.6% rise in 2026Q3 against a weak prior base. This pattern suggests revenue recognition is event-driven, so the durability of growth cannot be confirmed from these figures alone. Investors should monitor whether the 2026 quarters reflect recurring product sales or episodic milestone income.
Gross Margin Distorted by Revenue Mix
As reported in the quarterly statements, PTCT's gross margin ranged from 45.1% in 2025Q3 to 98.9% in 2025Q1, a spread that appears driven by cost of sales volatility rather than stable pricing power.
Gross margins above 90% in most quarters are typical of high-value therapeutics, yet the 2025Q3 compression to 45.1% coincides with a COGS spike to $115.9M. This implies that product-level cost recognition is uneven, possibly reflecting inventory or royalty timing. Comparison with peers such as BMRN at 77.1% and ALNY at 81.8% suggests PTCT's underlying margin structure warrants further investigation.
Operating Leverage Remains Negative Overall
Based on reported figures, PTCT's operating margin oscillated between -76.2% and 82.5%, with SG&A holding near $80M to $100M per quarter, suggesting fixed overhead has not yet been absorbed consistently by revenue.
Operating income turned positive only in select quarters, most notably 2025Q1 and 2026Q2, while R&D spending of roughly $100M to $160M per quarter persisted. This indicates that operating leverage is highly dependent on revenue timing rather than structural scaling. The data therefore does not yet demonstrate that incremental revenue reliably converts to operating profit.
Net Income Driven by Non-Operating Items
The 2025Q1 net income of $866.6M against operating income of $970.2M, and the 2026Q3 net loss of $51.7M despite positive operating income, suggest reported earnings may be heavily influenced by items outside core operations.
EPS swings from 10.04 to -1.67 across adjacent periods are far larger than operating results alone would imply, pointing to material non-operating or tax-related effects. Stock-based compensation of roughly $18M to $24M per quarter is modest relative to these swings. Investors should treat reported EPS with caution and examine the reconciliation between operating and net results.
Sustained Losses Challenge the Growth Narrative
Across the ten reported quarters, PTCT posted net losses in the majority of periods, and a bear case would argue that episodic profitable quarters reflect one-time items rather than a durable earnings base.
The 2024 quarters show consistent operating losses with R&D exceeding revenue in most periods, which suggests the company remains dependent on episodic inflows to offset its cost base. If revenue normalizes toward the $160M to $210M range seen in several quarters, operating losses could persist. This framing is an analytical inference from the reported figures and warrants further investigation against pipeline and funding disclosures.