10-Q · May 7, 2026
PTC Therapeutics reported strong Q1 2026 results with total revenue of $272.6 million, exceeding estimates of $227.5 million. The EPS of -$0.03 significantly beat the projected -$0.41. Management highlighted…
Earnings analysis · 10-Q
PTCT earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
PTC delivered Q3 revenue of $357.8 million, beating the $306.2 million consensus by 16.8%, with Sephience contributing $181.9 million and commercial product revenue growing more than 100% year over year. However,…
Read full summary
PTC delivered Q3 revenue of $357.8 million, beating the $306.2 million consensus by 16.8%, with Sephience contributing $181.9 million and commercial product revenue growing more than 100% year over year. However, diluted EPS of $(0.62) missed the $0.27 estimate by $0.89, and the quarter included a $111.0 million ST-920 acquired R&D charge and a $51.7 million net loss. Management raised full-year 2026 total revenue guidance to $1.29-$1.32 billion and product revenue guidance to $960-$990 million, but the earnings miss and acquisition-related costs offset the positive revenue and outlook signals.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.62
- Segment
- Sephience revenue: $181.9 million.
- Segment
- Commercial product revenue grew more than 100% year over year.
What stood out
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Revenue materially beat consensus
Q3 revenue was $357.8 million, $51.6 million above the $306.2 million consensus estimate, representing a 16.8% revenue beat.
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Sephience drove commercial growth
Sephience generated $181.9 million of revenue, while commercial product revenue grew more than 100% year over year, supporting launch momentum.
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Full-year revenue outlook raised
Full-year 2026 total revenue guidance increased to $1.29-$1.32 billion from the prior outlook, and product revenue guidance increased to $960-$990 million from $850-$950 million.
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Operating expense outlook maintained
Management maintained GAAP R&D and SG&A guidance of $775-$815 million, providing a quantified view of planned operating investment.
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No material control weakness reported
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no material internal-control change during the quarter.
What to watch
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Significant earnings miss
Diluted EPS was $(0.62) versus the $0.27 consensus estimate, a $0.89 per-share shortfall and a reversal from the $0.92 diluted EPS reported in 2026 Q2.
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Acquisition-related expense pressure
The quarter included a $111.0 million acquired R&D charge related to ST-920, contributing to a reported net loss of $51.7 million.
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No updated risk-factor disclosure
The filing's Item 1A refers investors back to the risk factors in the 2025 Form 10-K and does not identify new or modified risk factors in this 10-Q.
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Insider sale plans disclosed
Three directors adopted Rule 10b5-1 sale arrangements covering up to 227,043 shares in aggregate: 26,000, 24,000 and 177,043 shares, respectively.
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Quarterly profitability remains volatile
The $51.7 million net loss indicates that strong product growth did not prevent quarterly profitability pressure, particularly after the $111.0 million ST-920 acquired R&D charge.
Management's outlook
Full-year 2026 total revenue guidance was raised to $1.29-$1.32 billion from the prior outlook, and product revenue guidance was raised to $960-$990 million from $850-$950 million. GAAP R&D and SG&A guidance remains $775-$815 million.
Earlier filings 4
10-K · February 19, 2026
PTC’s 2025 results show a volatile year driven by a $1.18B Q1 revenue spike and otherwise weak commercial quarters; Q4 revenue was $164,677,000 with GAAP diluted EPS of $(1.67), missing consensus. The filing emphasizes…
10-Q · November 4, 2025
PTC reported Q3 2025 revenue of $211,007,000 (up from $196,786,000 year-over-year and above consensus) and GAAP diluted EPS of $0.20 (vs $(1.39) in Q3 2024). The quarter was driven by higher royalty revenue…
10-Q · August 7, 2025
PTC reported Q2 2025 revenue of $178.875M and GAAP diluted loss per share of $(0.83). Revenue declined modestly year-over-year (down $7.829M, -4.2%) but collapsed sequentially from Q1 2025 due to the absence of large…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.