Revenue volatility remains extreme, evidenced by a 76.8% year-over-year decline in 2026Q1 as the firm struggles to maintain consistent margins without the benefit of one-time accounting gains.
| 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 | 827.11M | 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 % | -53.34% | 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 | 183.27M | 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 | 643.84M | 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 % | 77.84% | 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 | 711.52M | 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 | 355.96M | 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 | 447.15M | 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 | -1000K | 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 | -67.68M | 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 % | -8.18% | 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 | -20.67M | 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 % | -2.5% | 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 % | -102.79% | 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) | 47.01M | 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 | -69.19M | 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 | -69.11M | -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 | 69.11M | 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 | -167.99M | -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 | -235.67M | 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 % | -28.49% | 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 | -48.94M | 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 % | 20.77% | 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 | -186.73M | 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 % | -22.58% | 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 % | -131.39% | 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) | -186.73M | 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) | -2.26 | 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 % | -135.85% | 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 | 82.52M | 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 | 82.52M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory binary outcome risk
As reported in recent financial filings, PTCT's revenue trajectory remains highly erratic, with a 76.8% year-over-year decline in 2026Q1, largely reflecting the absence of the non-recurring royalty monetization events that artificially inflated the top-line figures during the 2025 fiscal year's first quarter.
The company's revenue base appears increasingly fragile as it transitions away from the high-margin royalty streams that previously provided stability. Investors should note that the current revenue profile is heavily dependent on lumpy, tender-based international sales, which lack the predictability of a recurring commercial franchise.
Based on the company's reported income statements, gross margins have fluctuated wildly between 45.1% and 98.9% over the last ten quarters, a trend that suggests the underlying profitability is heavily influenced by one-time accounting gains rather than consistent, sustainable operational efficiency in the rare disease segment.
While the core orphan drug business typically commands high gross margins, the volatility observed indicates that the company's reported profitability is not representative of its ongoing commercial performance. The reliance on non-recurring items makes it difficult to ascertain the true margin floor for the company's core DMD franchise.
According to quarterly data, PTCT maintains a high fixed-cost structure, with R&D expenditures consistently exceeding $100 million per quarter, which significantly outpaces the company's ability to generate sustainable operating income from its current commercial portfolio, thereby creating a persistent drag on overall financial performance.
The company's expense discipline appears secondary to its aggressive pursuit of pipeline development, which may be necessary for long-term survival but currently undermines near-term profitability. This high burn rate warrants further investigation into the potential for cost rationalization should the regulatory environment for legacy assets continue to deteriorate.
As indicated by the persistent negative net income in most recent periods, the company's reliance on legacy assets like Translarna faces significant headwinds, with the potential for total market withdrawal in Europe posing a material risk to the company's primary source of recurring commercial revenue.
Short-sellers may focus on the disconnect between the company's high valuation and the precarious regulatory status of its lead product. If the EMA confirms the withdrawal of marketing authorization, the company may face a structural revenue gap that its current pipeline is not yet prepared to fill.
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.