Key Highlights

  • Total revenues rose to $357.8 million from $211.0 million in the third quarter of 2025.
  • Sephience net sales were $181.9 million in the quarter, its first year of launch.
  • Net loss was $51.7 million, or $0.62 per share, against Net Income of $15.9 million a year earlier.
  • A $111.0 million acquired in-process Research and Development charge was recorded in the quarter.
  • Cash, cash equivalents and marketable securities were $2.13 billion at September 30, 2026.

Revenue climbs 70% on the Sephience launch

PTC Therapeutics (NASDAQ:PTCT) is a global biopharmaceutical company developing and selling medicines for rare disorders in neurology and metabolism. In its Quarterly Report for the period ended September 30, 2026, it reported total revenues of $357.8 million, up from $211.0 million, an increase of about 70% on a calculated basis.

Net product Revenue was $275.9 million versus $131.0 million, driven by a $162.3 million increase in Sephience, which treats phenylketonuria. Royalty revenue rose 15% to $81.7 million on higher Evrysdi sales, while collaboration and license revenue fell to $0.2 million from $9.3 million.

Product mix: Sephience grows while older medicines slip

Sephience contributed $181.9 million. Translarna, which treats nonsense mutation Duchenne muscular dystrophy, added $48.5 million, down $2.2 million, after the European Commission declined to renew its conditional authorization. The company withdrew its U.S. application for Translarna in February 2026.

Emflaza sales were $25.1 million, down $10.1 million. Orphan Drug exclusivity for the youngest patient group expired in June 2026, and the company said generic competition has hurt, and is expected to keep hurting, Emflaza revenue.

The Sangamo asset deal drives the swing to a loss

In September 2026, PTC acquired from Sangamo Therapeutics the rights to ST-920, a one-time gene therapy candidate for Fabry disease. It paid $111.0 million upfront, expensed as acquired in-process research and development, and could owe up to $100.0 million in regulatory milestones. A rolling Biologics license application for Accelerated Approval is expected to be completed in the fourth quarter of 2026.

Income from operations was $25.1 million, compared with $3.0 million. Without the $111.0 million charge, Operating Income would have been about $136.1 million on a calculated basis. Research and development expense was $105.4 million, while selling, general and administrative expense eased to $80.1 million from $84.0 million.

Debt costs and the bottom line

Net interest expense rose to $45.9 million from $32.6 million. The company also booked a $19.3 million loss on extinguishment of Debt tied to settling conversions of its 2026 convertible notes, after repurchasing $222.0 million of those notes earlier in the year alongside a new 2031 convertible offering.

The pre-tax loss was $41.1 million, and income tax expense of $10.6 million, versus a $39.0 million benefit a year ago, left a net loss of $51.7 million. That equals $(0.62) per share, compared with net income of $0.20 per diluted share in the prior year quarter.

Nine-month view, cash and what to watch

For the nine months, total revenues were $990.9 million against $1,566.0 million, as the prior period included a much larger collaboration and license payment. Net income was $29.0 million, or $0.34 per diluted share, against $817.6 million. Operating Cash Flow was $44.8 million versus $745.5 million.

Cash, cash equivalents and marketable securities stood at $2.13 billion, while the stockholders' Deficit was $191.2 million. Readers following the name will likely watch the ST-920 filing timeline, the pace of Sephience sales and the effect of Emflaza generics.