Protalix Biotherapeutics Inc (NYSEMKT:PLX) product Uplyso was approved for the cure of Gaucher disease for which the company offered the commercial write to Pfizer Inc. (NYSE:PFE) excluding Brazil, which the firm retain full note. Last November, Uplyso obtained pediatric approval in Brazil for the cure of Gaucher disease in kids aged four years and older.
After this approval Protalix obtained a letter detailing and confirming acquisitions of drug worth almost $24 million from Fiocruz, the unit of the Brazilian Ministry of Health. This order constitutes many shipments each growing in volume, which will commence by mid-year 2017.
In 2016, the company offered almost $4 million worth medicines to Brazil while it has shipped additional $1.2 million in early 2017.
When asked to the company about with respect to the growth in Brazil, what the company expect in terms of revenue with respect to the Uplyso products and how it compares with the previous numbers, Protalix management said that as indicated earlier, the revenue that the company has recorded in 2016 stood at nearly $4 million.
Clearly, it is more or less inline of the revenue that the company has noted in Brazil, until now. As the company mentioned earlier, they did obtained appeal from the government in Brazil with an authorization there and it can reiterate that the expected revenue from the region stood at around $24 million.
The management consider that the first shipment they project it to be close mid-year. They did indicate and they can restate that the last shipment signifies almost a run rate, a yearly run rate of nearly $40 million. So, they remain optimistic and will release updates as things will advance.
In the last trading session, the stock price of Protalix closed almost flat at $0.820. The market cap of firm stands around $387 million.