In a recent transaction, Campbell Bradley L, the President and CEO of Amicus Therapeutics , Inc. (NASDAQ:FOLD), a $2.92 billion biotechnology company with impressive gross profit margins of 90%, executed a sale of 7,500 shares of common stock. The shares were sold at an average price of $10.0166, totaling $75,124. This transaction was part of a pre-established trading plan under Rule 10b5-1, adopted by Bradley on August 23, 2023.
Additionally, Bradley exercised stock options to acquire 7,500 shares at a price of $8.61 per share, amounting to a total of $64,574. Following these transactions, Bradley's direct ownership of Amicus Therapeutics stands at 886,654 shares. The transactions were reported in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, Amicus Therapeutics has reported a substantial surge in Q3 revenue, marking a 37% increase year-over-year and reaching $142 million. The growth has been attributed to robust sales of its lead product, Galafold, which experienced a 19% global revenue increase. This positive performance has prompted the company to revise its full-year revenue guidance to 30%-32%.
The company has also managed operational expenses effectively, maintaining a non-GAAP profitability of $45 million for the first nine months. Amicus Therapeutics has ambitious plans for the future, expecting to double sales by 2025 with a focus on expanding into new markets and strategic growth in various rare disease areas.
Despite slowed patient addition rates and ongoing litigation concerning Galafold's intellectual property, the company remains confident. It plans to increase patient access and reimbursement in Europe and is considering acquisitions of late-stage or commercial assets within the next 12 to 24 months. The company's focus on financial discipline, market penetration, and clinical pipeline advancement provides a solid foundation for its future growth.
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