Protalix Biotherapeutics Inc (NYSEMKT:PLX) product Uplyso was permitted for the cure of Gaucher disease for which the firm offered the commercial rights to none other than Pfizer Inc. (NYSE:PFE) excluding in Brazil, where the firm has kept full note. Earlier, Uplyso obtained pediatric nod in Brazil for Gaucher disease treatment in children aged four years and older.
After this nod Protalix obtained a letter showcasing and confirming acquisitions of medications worth about $24 million from Fiocruz, the segment of the Brazilian Ministry of Health. This constitutes many shipments that are growing in volume, and are expected to initiate by mid-year 2017.
In 2016, the firm offered about $4 million worth medicines to markets in Brazil while it has shipped medicines worth $1.2 million so far in this year.
When asked to the firm on the market view and growth in Brazil, what the firm anticipate in terms of revenue pertaining to the Uplyso products and how it assesses with the previous stats, Protalix management said that as updated earlier, the revenue recorded in 2016 stood around $4 million.
Clearly, the revenue recorded in last fiscal is more or less inline of the sales that the firm has noted in Brazil, so far. As the firm mentioned earlier, they received approval from the Brazilian government with an agreement there and it can restate that the expected revenue from the region can come around $24 million.
The management added that the first shipment they expect to do by mid-year. They did indicate earlier and they can repeat that the last shipment implies yearly run rate of approximately $40 million. So, they are optimistic and will issue updates as and when required.
In the previous trading session, the shares price of Protalix jumped more than 5% to close at $0.910. The market capitalization of firm stands around $457 million.