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Executive Summary

Protalix BioTherapeutics reported Q2 2026 revenue of $19.9M, up 27% YoY, and net income of $3.8M ($0.05 EPS), compared to $0.2M net income in Q2 2025. The revenue beat was driven by Elfabrio sales growth, but the EPS of $0.05 was below the Street consensus of $-0.01 (a miss vs the whisper number). The company reiterated full-year 2026 revenue guidance of $78M-$83M, which includes a $25M milestone already received. The stock is likely to trade on the EPS miss relative to elevated expectations from the prior quarter's strong beat, despite solid product revenue growth and a clean balance sheet with $40.7M cash and no debt.

Key Financial Metrics

Key Facts

• Q2 2026 total revenue $19.9M vs $15.7M YoY (+27%), driven by Elfabrio sales
• Q2 2026 net income $3.8M ($0.05 diluted EPS) vs $0.2M ($0.00) YoY
• EPS of $0.05 missed the Street consensus of $-0.01 (a miss vs whisper expectations)
• Reiterated FY2026 total revenue guidance of $78M-$83M, including $25M milestone already received
• Cash, equivalents, and short-term deposits $40.7M at June 30, 2026; no debt or warrants outstanding
• PRX-115 Phase 2 RELEASE trial enrollment ongoing; top-line results expected H2 2027

Financial Impact

Q2 revenue beat internal expectations by $7M vs $12.9M consensus, but EPS of $0.05 was below the Street's $-0.01 whisper (a miss). The $25M milestone was already received in Q1.

Risk Factors

• EPS miss vs whisper expectations could trigger profit-taking after Q1's 2300% beat
• Reliance on Chiesi milestone payments for profitability; core product revenue still sub-scale at ~$20M/quarter
• PRX-115 Phase 2 data not expected until H2 2027, leaving a long catalyst gap

Market Snapshot

Investment Themes

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

US Market Status