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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): May 1, 2025

 

AMICUS THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware   001-33497   71-0869350
(State or Other Jurisdiction
of Incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)

 

47 Hulfish Street, Princeton, New Jersey 08542

(Address of Principal Executive Offices, and Zip Code)

 

609-662-2000

Registrant’s Telephone Number, Including Area Code

 

(Former Name or Former Address, if Changed Since Last Report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock Par Value $0.01   FOLD   NASDAQ

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 
 

 

Item 2.02 Results of Operations and Financial Condition.

 

On May 1, 2025, Amicus Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2025. A copy of this press release is attached hereto as Exhibit 99.1. The Company will host a conference call and webcast on May 1, 2025 to discuss its second quarter results of operations. A copy of the conference call presentation materials is attached hereto as Exhibit 99.2. Both exhibits are incorporated herein by reference.

 

In accordance with General Instruction B.2. of Form 8-K, the information in this Current Report on Form 8-K and the Exhibits shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits:

 

Exhibit No. Description
99.1 Press Release dated May 1, 2025
99.2 May 1, 2025 Conference Call Presentation Materials
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

Signature Page

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  AMICUS THERAPEUTICS, INC.
Date: May 1, 2025 By: /s/ Ellen S. Rosenberg
  Name: Ellen S. Rosenberg
  Title: Chief Legal Officer and Corporate Secretary

 

 

 

Exhibit 99.1

 

 

Amicus Therapeutics Announces First Quarter 2025
Financial Results and Corporate Updates

 

1Q 2025 Total Revenue of $125.2M, a 15% Increase Year-over-Year at CER

 

Expanding Portfolio through In-Licensing of DMX-200 Phase 3 Program for Rare Kidney Disease with Significant Market Potential in the U.S.

 

Maintaining 2025 Guidance for Galafold, Reflecting Strong Underlying Demand

 

Updating 2025 Pombiliti + Opfolda Guidance with New Patient Starts Accelerating in 2H

 

Adjusting 2025 Total Revenue Growth Guidance to 15-22% at CER

 

Reiterating GAAP Profitability During H2 2025

 

Conference Call and Webcast Today at 8:30 a.m. ET

 

PRINCETON, NJ, May 1, 2025Amicus Therapeutics (Nasdaq: FOLD), a patient-dedicated global biotechnology company focused on developing and commercializing novel medicines for rare diseases, today announced financial results for the first quarter ended March 31, 2025.

 

“Amicus delivered another consecutive quarter of significant double-digit revenue growth. Looking forward, the underlying patient demand we observed in Q1 will drive robust growth for Galafold, and we continue to expect accelerating Pombiliti + Opfolda sales as the year progresses, driven by patient starts from new launch markets as well as anticipated acceleration in U.S. switches. While some unexpected factors impacted revenue in the quarter, the key performance indicators for both products are very strong and we remain on-track to achieve GAAP profitability during the second half of 2025 and to deliver double-digit revenue growth this year and beyond,” said Bradley Campbell, President and Chief Executive Officer of Amicus Therapeutics, Inc.

 

Mr. Campbell continued “We are also thrilled to have announced the in-licensing of the U.S. commercial rights to Dimerix’ DMX-200, a first-in-class treatment in Phase 3 development for people living with FSGS, a rare and potentially fatal kidney disease. This aligns perfectly with our strategy to leverage our rare disease commercial infrastructure and brings a third program with blockbuster market potential to our portfolio. Amicus is well positioned to create substantial value for shareholders and to deliver on our mission for patients, and we very much look forward to working with Dimerix to bring this much needed therapy to people living with FSGS in the United States.”

 

First Quarter 2025 Financial Highlights

 

·Total revenues for the first quarter 2025 were $125.2 million, reflecting operational growth measured at constant exchange rates (CER)1 of 15% and a currency headwind of $1.4 million or 1%.

 

  Three Months Ended
March 31,
  

Year over Year %

Growth

 
(in thousands)  2025   2024   Reported   at CER1 
Galafold®   104,244    99,359    5%   6%
Pombiliti® + Opfolda®   21,005    11,044    90%   92%
Net Product Revenues  $125,249   $110,403    13%   15%

 

·Galafold® (migalastat) net product sales for the first quarter 2025 were $104.2 million, representing a year-over-year increase of 5%, or 6% at CER1. Strong patient demand of 14% in the quarter was partially offset by order timing and the ongoing impact of the higher than anticipated VPAG (Voluntary Scheme for Branded Medicines Pricing and Access) rebate in the U.K. Given the significant underlying demand, the Company anticipates Galafold revenue to accelerate in the second quarter and is reiterating its full year 2025 revenue growth guidance of +10-15% at CER.

 

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·Pombiliti (cipaglucosidase alfa-atga) + Opfolda (miglustat) net product sales for the first quarter 2025 were $21.0 million, representing a year-over-year increase of 90%, or 92% at CER1. First quarter sales reflected the timing of patient starts in new launch countries and the ongoing impact of the higher than anticipated VPAG rebate in the U.K. The Company now expects the benefit of patient starts in new launch markets to be more weighted towards the second half of the year. Taken together with an anticipated acceleration in U.S. switches, the Company is therefore adjusting its 2025 revenue growth guidance range for Pombiliti + Opfolda to +50-65% at CER.

 

·Total GAAP operating expenses of $121.5 million for the first quarter 2025 decreased by 2.5% as compared to $124.6 million for the first quarter 2024. Total non-GAAP operating expenses2 were up 10.4% to $94.5 million for the first quarter 2025 as compared to $85.6 million for the first quarter 2024.

 

·GAAP net loss was $21.7 million, or $0.07 loss per share basic and diluted, for the first quarter 2025, compared to a net loss of $48.4 million, or $0.16 per share basic and diluted, for the first quarter 2024. Non-GAAP net income2,3 was $9.0 million, or $0.03 per share basic and diluted, for the first quarter 2025, compared to a non-GAAP net loss of $4.6 million, or $0.02 per share basic and diluted, for the first quarter 2024.

 

·Cash, cash equivalents, and marketable securities totaled $250.6 million at March 31, 2025, representing a slight increase as compared to $249.9 million at December 31, 2024.

 

Corporate Updates:

 

·Pombiliti + Opfolda selected as preferred treatment for adults living with late-onset Pompe disease in the Netherlands. The five-year agreement will enable broad and sustained access to Pombiliti + Opfolda for adults living with late-onset Pompe disease in the Netherlands currently receiving enzyme replacement therapy or naïve to treatment. First commercial patients are expected to begin treatment in 2Q 2025. The Netherlands has the highest prevalence of Pompe disease in Europe with over 150 individuals living with the condition.

 

·Pombiliti + Opfolda regulatory approval granted in Canada and Australia for adult LOPD patients. The Company continues to anticipate a regulatory decision in Japan this year as well as additional reimbursement agreements throughout the year. The Company also remains on track for up to 10 new launch countries in 2025, which include more than 650 individuals living with LOPD.

 

·Commercial manufacturing and supply services agreement reached with Sharp Sterile to manufacture Pombiliti drug product in the U.S. This agreement is another important step in further diversifying the supply chain for Pombiliti.

 

·Entered into exclusive U.S. licensing agreement with Dimerix. As announced separately, Amicus has licensed exclusive rights for the U.S. commercialization of Dimerix’ Phase 3 program, DMX-200, a first in class treatment for FSGS, a rare and fatal kidney disease with no approved therapies and significant market potential.

 

·Amicus is focused on delivering significant long-term revenue growth and anticipates surpassing $1 billion in total sales in 2028. The Company anticipates continuing to grow its current commercial business with Galafold and Pombiliti + Opfolda resulting in strong total revenue growth.

 

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2025 Financial Guidance

 

Amicus’ updated financial guidance for 2025, which includes the upfront license payment and all other anticipated operating expenses of the licensing of DMX-200 in the U.S., is as follows:

 

    Previous         Updated      
Total Revenue Growth1   17% to 24%        15% to 22%      
Galafold Revenue Growth1   10% to 15%        10% to 15%      
Pombiliti + Opfolda Growth1   65% to 85%        50% to 65%      
Gross Margin   Mid 80%        Mid 80%      
Non-GAAP Operating Expenses4   $350M to $370M        $380M to $400M     (Incl. $30M Upfront License Payment) 
GAAP Net Income   Positive during
2H 2025
        Positive during
2H 2025
      

 

1 In order to illustrate underlying performance, Amicus discusses its results in terms of constant exchange rate (CER) growth. This represents growth calculated as if the exchange rates had remained unchanged from those used in the comparative period.

 

2 Full reconciliation of GAAP results to the Company’s non-GAAP adjusted measures for all reporting periods appear in the tables to this press release.

 

3 Amicus defines non-GAAP Net (Loss) Income as GAAP Net (Loss) Income excluding the impact of share-based compensation expense, changes in fair value of contingent consideration, loss on impairment of assets, depreciation and amortization, acquisition related income (expense), loss on extinguishment of debt, restructuring charges and income taxes.

 

4 A reconciliation of the differences between the non-GAAP expectation and the corresponding GAAP measure is not available without unreasonable effort due to high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure.

 

Conference Call and Webcast

 

Amicus Therapeutics will host a conference call and audio webcast today, May 1, 2025, at 8:30 a.m. ET to discuss the first quarter 2025 financial results and corporate updates. Participants and investors interested in accessing the call by phone will need to register using the online registration form. After registering, all phone participants will receive a dial-in number along with a personal PIN number to access the event.

 

A live audio webcast and related presentation materials can also be accessed via the Investors section of the Amicus Therapeutics corporate website at ir.amicusrx.com. Web participants are encouraged to register on the website 15 minutes prior to the start of the call. An archived webcast and accompanying slides will be available on the Company's website shortly after the conclusion of the live event.

 

About Galafold

 

Galafold® (migalastat) 123 mg capsules is an oral pharmacological chaperone of alpha-Galactosidase A (alpha-Gal A) for the treatment of Fabry disease in adults who have amenable galactosidase alpha gene (GLA) variants. In these patients, Galafold works by stabilizing the body’s own dysfunctional enzyme so that it can clear the accumulation of disease substrate. Globally, Amicus Therapeutics estimates that approximately 35 to 50 percent of people living with Fabry disease may have amenable GLA variants, though amenability rates within this range vary by geography. Galafold is approved in more than 40 countries around the world, including the U.S., EU, U.K., and Japan.

 

U.S. INDICATIONS AND USAGE

 

Galafold is indicated for the treatment of adults with a confirmed diagnosis of Fabry disease and an amenable galactosidase alpha gene (GLA) variant based on in vitro assay data.

 

This indication is approved under accelerated approval based on reduction in kidney interstitial capillary cell globotriaosylceramide (KIC GL-3) substrate. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.

 

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U.S. IMPORTANT SAFETY INFORMATION

 

ADVERSE REACTIONS: The most common adverse reactions reported with Galafold (≥10%) were headache, nasopharyngitis, urinary tract infection, nausea and pyrexia. USE IN SPECIFIC POPULATIONS: There is insufficient clinical data on Galafold use in pregnant women to inform a drug-associated risk for major birth defects and miscarriage. Advise women of the potential risk to a fetus. It is not known if Galafold is present in human milk. Therefore, the developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for Galafold and any potential adverse effects on the breastfed child from Galafold or from the underlying maternal condition. Galafold is not recommended for use in patients with severe renal impairment or end-stage renal disease requiring dialysis. The safety and effectiveness of Galafold have not been established in pediatric patients. To report Suspected Adverse Reactions, contact Amicus Therapeutics at 1-877-4AMICUS or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch. For additional information about Galafold, including the full U.S. Prescribing Information, please visit https://www.amicusrx.com/pi/Galafold.pdf.

 

About Pombiliti + Opfolda

 

Pombiliti + Opfolda, is a two-component therapy that consists of cipaglucosidase alfa-atga, a bis-M6P-enriched rhGAA that facilitates high-affinity uptake through the M6P receptor while retaining its capacity for processing into the most active form of the enzyme, and the oral enzyme stabilizer, miglustat, that’s designed to reduce loss of enzyme activity in the blood.

 

U.S. INDICATIONS AND USAGE

 

POMBILITI in combination with OPFOLDA is indicated for the treatment of adult patients with late-onset Pompe disease (lysosomal acid alpha-glucosidase [GAA] deficiency) weighing ≥40 kg and who are not improving on their current enzyme replacement therapy (ERT).

 

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SAFETY INFORMATION

 

HYPERSENSITIVITY REACTIONS INCLUDING ANAPHYLAXIS: Appropriate medical support measures, including cardiopulmonary resuscitation equipment, should be readily available. If a severe hypersensitivity reaction occurs, POMBILITI should be discontinued immediately and appropriate medical treatment should be initiated. INFUSION-ASSOCIATED REACTIONS (IARs): If severe IARs occur, immediately discontinue POMBILITI and initiate appropriate medical treatment. RISK OF ACUTE CARDIORESPIRATORY FAILURE IN SUSCEPTIBLE PATIENTS: Patients susceptible to fluid volume overload, or those with acute underlying respiratory illness or compromised cardiac or respiratory function, may be at risk of serious exacerbation of their cardiac or respiratory status during POMBILITI infusion. See PI for complete Boxed Warning. CONTRAINDICATION: POMBILITI in combination with Opfolda is contraindicated in pregnancy. EMBRYO-FETAL TOXICITY: May cause embryo-fetal harm. Advise females of reproductive potential of the potential risk to a fetus and to use effective contraception during treatment and for at least 60 days after the last dose. Adverse Reactions: Most common adverse reactions ≥ 5% are headache, diarrhea, fatigue, nausea, abdominal pain, and pyrexia. Please see full PRESCRIBING INFORMATION, including BOXED WARNING, for POMBILITI (cipaglucosidase alfa-atga) LINK and full PRESCRIBING INFORMATION for OPFOLDA (miglustat) LINK.

 

About Amicus Therapeutics

 

Amicus Therapeutics (Nasdaq: FOLD) is a global, patient-dedicated biotechnology company focused on discovering, developing and delivering novel high-quality medicines for people living with rare diseases. With extraordinary patient focus, Amicus Therapeutics is committed to advancing and expanding a pipeline of cutting-edge, first- or best-in-class medicines for rare diseases. For more information please visit the company’s website at www.amicusrx.com, and follow on X and LinkedIn.

 

Non-GAAP Financial Measures

 

In addition to financial information prepared in accordance with U.S. GAAP, this press release also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. These adjusted financial measures are non-GAAP measures and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. We use these non-GAAP measures as key performance measures for the purpose of evaluating operational performance and cash requirements internally. We typically exclude certain GAAP items that management does not believe affect our basic operations and that do not meet the GAAP definition of unusual or non-recurring items. Other companies may define these measures in different ways. When we provide our expectation for non-GAAP operating expenses and profitability on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectation and the corresponding GAAP measure generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains or losses. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

 

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Forward Looking Statement

 

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 relating to the prospects and timing of the potential regulatory and pricing approval of our products, commercialization plans, manufacturing and supply plans, financing plans, the collaboration with Dimerix, and the projected revenues and cash position for the Company. The inclusion of forward-looking statements should not be regarded as a representation by us that any of our plans will be achieved. Any or all of the forward-looking statements in this press release may turn out to be wrong and can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. For example, statements regarding the goals, progress, timing, and outcomes of discussions with regulatory authorities and pricing and reimbursement authorities, are based on current information. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in our business, including, without limitation: the potential that regulatory authorities may not grant or may delay approval for our product candidates; the potential that required regulatory inspections may be delayed or not be successful and delay or prevent product approval; the potential that we may not be successful in negotiations with pricing and reimbursement authorities; the potential that we may not be successful in commercializing Galafold and/or Pombiliti and Opfolda in Europe, the UK, the US and other geographies; the potential that the Dimerix collaboration and license agreement for of DMX-200 may not be successful, including without limitation expectations of the timing of Phase 3 clinical trial evaluating DMX-200; the likelihood of success of such clinical trial; the prospects for FDA approval of DMX-200 for FSGS or other indications; the estimated prevalence of FSGS; the achievement of any milestone and timing of any payments associated with milestones and the success of any efforts to commercialize DMX-200, including any projections of future financial performance or payments; ; the potential that we may not be able to manufacture or supply sufficient commercial products; and the potential that we will need additional funding to complete the manufacturing and commercialization of our products. With respect to statements regarding corporate financial guidance and financial goals and the expected attainment of such goals and projections of the Company's revenue, non-GAAP profitability and cash position, actual results may differ based on market factors and the Company's ability to execute its operational and budget plans. In addition, all forward-looking statements are subject to other risks detailed in our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q to be filed today. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to revise or update this news release to reflect events or circumstances after the date hereof.

 

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CONTACT:

 

Investors:

 

Amicus Therapeutics 

Andrew Faughnan 

Vice President, Investor Relations 

[email protected] 

(609) 662-3809

 

Media:

 

Amicus Therapeutics 

Diana Moore 

Head of Global Corporate Affairs and Communications 

[email protected] 

(609) 662-5079

 

FOLD-G

 

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TABLE 1

 

Amicus Therapeutics, Inc. 

Consolidated Statements of Operations 

(Unaudited) 

(in thousands, except share and per share amounts)

 

   Three Months Ended March 31, 
   2025   2024 
Net product sales  $125,249   $110,403 
Cost of goods sold   11,698    13,567 
Gross profit   113,551    96,836 
Operating expenses:          
Research and development   27,839    28,329 
Selling, general, and administrative   91,827    88,029 
Restructuring charges       6,045 
Depreciation and amortization   1,837    2,154 
Total operating expenses   121,503    124,557 
Loss from operations   (7,952)   (27,721)
Other expense:          
Interest income   812    1,540 
Interest expense   (11,455)   (12,436)
Other income (expense)   550    (4,966)
Loss before income tax   (18,045)   (43,583)
Income tax expense   (3,641)   (4,836)
Net loss attributable to common stockholders  $(21,686)  $(48,419)
Net loss attributable to common stockholders per common share — basic and diluted  $(0.07)  $(0.16)
Weighted-average common shares outstanding — basic and diluted   307,689,207    302,903,009 

 

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TABLE 2

 

Amicus Therapeutics, Inc. 

Consolidated Balance Sheets 

(in thousands, except share and per share amounts)

 

   March 31,
2025
   December 31,
2024
 
Assets          
Current assets:          
Cash and cash equivalents  $181,657   $213,752 
Investments in marketable securities   68,916    36,194 
Accounts receivable   88,323    101,099 
Inventories   132,412    118,782 
Prepaid expenses and other current assets   39,491    34,909 
Total current assets   510,799    504,736 
Operating lease right-of-use assets, net   22,138    22,278 
Property and equipment, less accumulated depreciation of $29,842 and $28,775 at March 31, 2025 and December 31, 2024, respectively   28,718    29,383 
Intangible assets, less accumulated amortization of $6,611 and $5,802 at March 31, 2025 and December 31, 2024, respectively   16,389    17,198 
Goodwill   197,797    197,797 
Other non-current assets   13,998    13,641 
Total Assets  $789,839   $785,033 
Liabilities and Stockholders’ Equity          
Current liabilities:          
Accounts payable  $14,451   $12,947 
Accrued expenses and other current liabilities   129,877    127,300 
Operating lease liabilities   8,562    8,455 
Total current liabilities   152,890    148,702 
Long-term debt   390,708    390,111 
Operating lease liabilities   44,196    45,078 
Other non-current liabilities   8,487    7,097 
Total liabilities   596,281    590,988 
Commitments and contingencies          
Stockholders’ equity:          
Common stock, $0.01 par value, 500,000,000 shares authorized, 307,923,069 and 299,041,653 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively   3,016    2,944 
Common stock in treasury, at cost; 7,390 shares as of March 31, 2025   (71)    
Additional paid-in capital   2,939,673    2,926,115 
Accumulated other comprehensive income (loss):          
Foreign currency translation adjustment   12,941    5,302 
Unrealized loss on available-for-sale securities   (135)   (207)
Warrants       71 
Accumulated deficit   (2,761,866)   (2,740,180)
Total stockholders’ equity   193,558    194,045 
Total Liabilities and Stockholders’ Equity  $789,839   $785,033 

 

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TABLE 3

 

Amicus Therapeutics, Inc. 

Reconciliation of Non-GAAP Financial Measures 

(in thousands) 

(Unaudited)

 

   Three Months Ended March 31, 
   2025   2024 
Total GAAP operating expenses  $121,503   $124,557 
Research and development:          
Share-based compensation   4,004    4,871 
Selling, general and administrative:          
Share-based compensation   21,168    25,932 
Restructuring charge       6,045 
Depreciation and amortization   1,837    2,154 
Total Non-GAAP operating expense adjustments   27,009    39,002 
Total Non-GAAP operating expenses  $94,494   $85,555 

 

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TABLE 4

 

Amicus Therapeutics, Inc. 

Reconciliation of Non-GAAP Financial Measures 

(in thousands, except share and per share amounts) 

(Unaudited)

 

  

Three Months Ended

March 31,

 
   2025   2024 
GAAP net loss  $(21,686)  $(48,419)
Share-based compensation   25,172    30,803 
Depreciation and amortization   1,837    2,154 
Restructuring charges       6,045 
Income tax expense   3,641    4,836 
Non-GAAP net income (loss)  $8,963   $(4,581)
           
Non-GAAP net income (loss) attributable to common stockholders per common share — basic and diluted  $0.03   $(0.02)
Weighted-average common shares outstanding — basic   307,689,207    302,903,009 
Weighted-average common shares outstanding — diluted   309,654,136    302,903,009 

 

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Exhibit 99.2

GRAPHIC

AT THE FOREFRONT OF THERAPIES FOR RARE DISEASES 1Q25 Results Conference Call & Webcast May 1, 2025

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2 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 relating to the prospects and timing of the potential regulatory and pricing approval of our products, commercialization plans, manufacturing and supply plans, financing plans, the collaboration with Dimerix, and the projected revenues and cash position for the Company. The inclusion of forward-looking statements should not be regarded as a representation by us that any of our plans will be achieved. Any or all of the forward-looking statements in this press release may turn out to be wrong and can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. For example, statements regarding the goals, progress, timing, and outcomes of discussions with regulatory authorities and pricing and reimbursement authorities, are based on current information. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in our business, including, without limitation: the potential that regulatory authorities may not grant or may delay approval for our product candidates; the potential that required regulatory inspections may be delayed or not be successful and delay or prevent product approval; the potential that we may not be successful in negotiations with pricing and reimbursement authorities; the potential that we may not be successful in commercializing Galafold and/or Pombiliti and Opfolda in Europe, the UK, the US and other geographies; the potential that the Dimerix collaboration and license agreement for of DMX-200 may not be successful, including without limitation expectations of the timing of Phase 3 clinical trial evaluating DMX-200; the likelihood of success of such clinical trial; the prospects for FDA approval of DMX-200 for FSGS or other indications; the estimated prevalence of FSGS; the achievement of any milestone and timing of any payments associated with milestones and the success of any efforts to commercialize DMX-200, including any projections of future financial performance or payments; ; the potential that we may not be able to manufacture or supply sufficient commercial products; and the potential that we will need additional funding to complete the manufacturing and commercialization of our products. With respect to statements regarding corporate financial guidance and financial goals and the expected attainment of such goals and projections of the Company's revenue, non-GAAP profitability and cash position, actual results may differ based on market factors and the Company's ability to execute its operational and budget plans. In addition, all forward-looking statements are subject to other risks detailed in our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q to be filed today. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to revise or update this news release to reflect events or circumstances after the date hereof. Non-GAAP Financial Measures In addition to financial information prepared in accordance with U.S. GAAP, this presentation also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. These adjusted financial measures are non-GAAP measures and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. We typically exclude certain GAAP items that management does not believe affect our basic operations and that do not meet the GAAP definition of unusual or non-recurring items. Other companies may define these measures in different ways. When we provide our expectation for non-GAAP operating expenses on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectation and the corresponding GAAP measure generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains or losses. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

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A Rare Company 3 1 At CER: Constant Exchange Rates $125M 1Q 2025 Total Revenue (+15% Growth)1 $1B+ Total Revenue Expected in FY 2028 First Oral Precision Medicine for Fabry Disease 10-15% FY 2025 Galafold Revenue Growth1 Expanded Portfolio with U.S. Licensing of DMX-200 Phase 3 Program Leverageable Global Commercial Organization First Two-Component Therapy for Pompe Disease 50-65% FY 2025 Pombiliti+Opfolda Revenue Growth1 A unique story in biotech with significant revenue growth and profitability

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4 Galafold® (migalastat) Continued Growth Building a leadership position in the treatment of Fabry disease

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5 Only approved oral treatment in Fabry disease and standard of care for amenable patients 2025 Galafold Success (as of March 31, 2025) Galafold is indicated for adults with a confirmed diagnosis of Fabry disease and an amenable variant. The most common adverse reactions reported with Galafold (≥10%) were headache, nasopharyngitis, urinary tract infection, nausea, and pyrexia. For additional information about Galafold, including the full U.S. Prescribing Information, please visit https://amicusrx.com//pi/galafold.pdf. For further important safety information for Galafold, including posology and method of administration, special warnings, drug interactions, and adverse drug reactions, please see the European SmPC for Galafold available from the EMA website at www.ema.europa.eu. A unique mechanism of action for Fabry patients with amenable variants 35-50% Fabry Patients Amenable to Galafold 40+ Countries with Regulatory Approvals ~2,730 Individuals Treated2 $104.2M 1Q25 Galafold Revenue +14% 1Q25 Galafold Patient Demand Growth1 69% Share of Treated Amenable Patients 1 Data on file 2 As of YE 2024

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6 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 $5M $37M $91M $182M $261M $306M $329M $388M $458M  Quarterly patient starts remains strong: +14% growth in 1Q YoY2  1Q revenue impacted by ordering patterns and greater than anticipated U.K. rebate  Global mix of naïve (~65%) and switch (~35%) patients2  Expanding market through uptake in naïve population as well as label and geographic expansion  Maintaining >90% adherence and compliance through HCP and patient education and support Galafold Performance Revenue growth expected to accelerate throughout the year and FY 2025 Galafold growth guidance of 10-15% at CER1 reiterated Q1 $99M Q2 $111M Q3 $120M Q4 $128M +10-15%1 1Q 2025 Galafold reported revenue of $104.2M (+6% growth at CER) 1 CER: Constant Exchange Rates 2 Data on file Q1 $104M

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7 Pombiliti® (cipaglucosidase alfa-atga) Opfolda® (miglustat) Potential to establish a new standard of care for people living with late-onset Pompe disease +

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8 FY23 FY24 FY25 Pombiliti + Opfolda Performance 1Q 2025 Pombiliti + Opfolda reported revenue of $21.0M (+92% at CER) 1Q $11M 3Q $21M 4Q $22M $11.6M 1 CER: Constant Exchange Rates 2 Real-World Evidence $70.2M +50-65%1 2Q $16M 1Q $21M  Strong 1Q sales growth YoY, particularly in the U.S. – Number of net new patients continues to grow – Increasing depth and breadth of prescribers  1Q 2025 revenue reflected timing of patient starts in new launch countries and higher than anticipated VPAG rebate in the U.K.  Ramp in new patient starts expected to be weighted to 2H 2025 due to: – Multiple new launch markets coming online – Anticipated acceleration in U.S. switches – Growing body of RWE2 supporting switch from both alternative therapies Updating FY 2025 Pombiliti + Opfolda growth guidance to 50-65% at CER1 1Q $21M

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9 Regulatory approvals anticipated in 2025: 3 regulatory approvals and up to 10 new launch countries in 2025 Pombiliti + Opfolda Expansion  Recently approved in Australia and Canada  Regulatory approval in Japan anticipated in 2025 AUSTRALIA CANADA JAPAN Combined ~150-200 people 18+ living with LOPD and being treated with a Pompe therapy Regulatory Reimbursement  Expect to launch in up to 10 new countries this year >650 LOPD patients 18+ in those 10 countries  First commercial patients from all 6 newly reimbursed countries anticipated no later than 2Q 2025  Pombiliti + Opfolda selected as preferred treatment for adults with LOPD in the Netherlands  5-year agreement enables broad and sustained access for adults with LOPD currently on ERT New reimbursement agreements completed in: SWEDEN SWITZERLAND CZECH REPUBLIC ITALY Combined ~325-375 people 18+ living with LOPD and being treated with a Pompe therapy NETHERLANDS PORTGUAL

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10 Supply Chain  New commercial manufacturing and supply services agreement in place with Sharp Sterile Manufacturing  Pombiliti drug product manufacturing capacity to be further expanded to a U.S. site in Lee, MA  Diversifying our global supply chain for Pombiliti Limited Tariff Impact Diversifying Supply Chain  Anticipate no material impact to P&L or business operations in 2025 of any of the proposed tariffs:  Well managed through careful expense management and supply chain planning  Majority of revenue outside the U.S.  2025 U.S. sales inventory already within the U.S. Ensuring access to our two medicines through supply chain planning

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11 Growing number of abstracts, manuscripts, and case studies supporting Pombiliti + Opfolda differentiation Pombiliti + Opfolda Body of Evidence Case Studies & Real-World Reports Mechanistic & Translational Insights  Long-term Phase 1/2 open-label safety and efficacy study (ATB200-02)  104-week Phase 3 open-label extension study of efficacy and safety (ATB200-07) Clinical Trials & Long-Term Data Comparative & Real-World Data 1 EAMS: Early Access to Medicines Scheme  Miglustat: a first-in-class enzyme stabilizer for LOPD  Linking mechanism of action to clinical outcomes in LOPD  Network meta-analysis comparing the efficacy of cipaglucosidase alfa + miglustat with other ERTs  U.K. EAMS1 registry post-baseline outcomes  Case studies supporting the switch from both alternative therapies  Case studies of patients switching from high dose, high frequency alglucosidase alfa

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12 DMX-200 Potential first-in-class investigational small molecule for the treatment of FSGS in the U.S.

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13 Deal adds significant value to Amicus today and aligns with Amicus strategy to leverage our rare disease commercial infrastructure with promising late-stage program Exclusive U.S. License Agreement with Dimerix  Focal Segmental Glomerulosclerosis (FSGS) is a rare and fatal kidney disease1 that affects >40,000 people in the U.S., with no approved treatments  DMX-200 is a Phase 3 program, with Orphan Drug designation, in development for a disease with blockbuster market potential in the U.S.  ACTION3 study is well underway with positive interim analysis2 and agreement with FDA on proteinuria as primary endpoint  Structured in-licensing deal with modest upfront and downstream success-based milestones and tiered royalties​  Opportunity to pursue additional indications 1 2 3 4 5 1 Guruswamy Sangameswaran KD, Baradhi KM. Focal Segmental Glomerulosclerosis (July 2021), online: https://www.ncbi.nlm.nih.gov/books/NBK532272/; 2 Predictive power statistical model, using industry standard as set by the independent renal biostatistician consultant for Dimerix

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14 DMX-200 Transaction Summary No change to Amicus GAAP profitability guidance during 2H 2025 License agreement is heavily weighted to mutually beneficial success-based milestones Upfront investment of $30M paid with cash on hand Tiered royalties at the low teens to low twenties Up to $560M in potential success-based milestone payments  Up to $75M in development & regulatory milestones until FDA approval of DMX-200 in FSGS  $35M on first sale  Up to $410M in commercial sales milestones  Up to $40M in milestones for potential future indications

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15  Irreversible scarring leads to permanent kidney damage and eventual end-stage renal failure1  Symptoms include proteinuria, edema, high cholesterol and blood pressure, low albumin levels  Average time from diagnosis to onset of complete kidney failure is typically five to ten years2  FSGS kidney damage can lead to dialysis, kidney transplants, or death Focal Segmental Glomerulosclerosis (FSGS) is a rare disease leading to irreversible kidney damage Pathogenic Feedback Loop in FSGS 3 Fibrosis causes loss of kidney cells (cannot regenerate) 2 Constant pressure causes inflammation of kidney cells and subsequent scarring/fibrosis 1 High blood pressure causes hyperfiltration within blood vessels of the kidney Kidney vessels have to work harder under high pressure Existing blood pressure medication targets angiotensin receptor blocker (ARB) lowers blood pressure Less kidney cells cause further hyperfiltration and inflammation As cells die, kidney becomes more “leaky”, and protein spills into the urine (proteinuria) DMX-200 specifically blocks kidney inflammatory signaling 1 Guruswamy Sangameswaran KD, Baradhi KM. Focal Segmental Glomerulosclerosis (July 2021), online: https://www.ncbi.nlm.nih.gov/books/NBK532272/; 2 Kiffel et. Al. Adv Chronic Kidney Dis. (September 2011), online: https://pmc.ncbi.nlm.nih.gov/articles/PMC3709971/pdf/nihms286597.pdf

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16 Dimerix has built a strong body of evidence and made significant clinical and regulatory progress with DMX-200 in FSGS 1 Predictive power statistical model, using industry standard as set by the independent renal biostatistician consultant for Dimerix MOA Precision therapy to disrupt the pathogenic monocyte-driven inflammatory feedback loop in the kidney of patients with FSGS Phase 2 Positive efficacy signals and well-tolerated across studies (n=80), including impacts on proteinuria and inflammation in FSGS study ACTION3 Phase 3 Enrollment well underway (185 of 286 pts to date); Interim analysis (n=72 at 36 wks) showed DMX-200 performing better than placebo in reducing proteinuria1 FDA and Project PARASOL Alignment on proteinuria as a primary endpoint for approval ACTION3 Part 2 Interim Analysis Expected after planned follow-up meeting with FDA ACTION3 Part 3 Final Analysis 2-year proteinuria (primary) and eGFR (secondary) data serves as basis for Full Approval (n=286)

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17 FDA aligned on proteinuria endpoint for approval; 185 patients already randomized/dosed to date DMX-200 Phase 3 Clinical Trial in FSGS A randomised, double-blind, multi-center, placebo-controlled study of renal outcomes of DMX-200 in patients with FSGS receiving an ARB ARB + DMX-200 ARB + placebo Part 2: analysis outcome Total of 286 patients @ 104 weeks (uPCR/eGFR) Phase 3 Trial Timeline Part 3: final analysis Background • Patients recruited, then screened and stabilised on background medications • Patients randomized to receive drug or placebo • DXB remains blinded at all times during study 72 patients @ 35 weeks Successful analysis outcome (using statistical measure) (% change in uPCR) Open Label Extension DMX-200 ACTION3 Study End blinded interim data collection following additional analysis of the PARASOL data Dimerix will continue to fund and execute the ACTION3 study

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18 Corporate Outlook Delivering on our mission for patients and shareholders

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19 Q1 2025 Select Financial Results Q1’25 (in thousands, except per share data) Mar. 31, 2025 Mar. 31, 2024 Net product sales $ 125,249 $ 110,403 Cost of goods sold 11,698 13,567 GAAP operating expenses 121,503 124,557 Non-GAAP operating expenses 94,494 85,555 GAAP net loss (21,686) (48,419) Non-GAAP net income (loss) 8,963 (4,581) GAAP net loss per share – basic and diluted $ (0.07) $ (0.16) Non-GAAP net income (loss) per share – basic and diluted $ 0.03 $ (0.02) March 31, 2025, basic and diluted weighted-average common shares outstanding: 307,689,207 and 309,654,136, respectively. March 31, 2024, basic and diluted weighted-average common shares outstanding: 302,903,009, respectively. Q1 2025 revenue of $125M, up 15% at CER and non-GAAP net income of $9.0M

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20 FY 2025 Financial Guidance FY 2025 Financial Guidance1 Previous Guidance Updated Guidance Total Revenue Growth1 17% to 24% 15% to 22% Galafold Revenue Growth1 10% to 15% 10% to 15% Pombiliti + Opfolda Revenue Growth1 65% to 85% 50% to 65% Gross Margin Mid 80% Mid 80% Non-GAAP Operating Expense $350M to $370M $380M to $400M inclusive of $30M upfront fee GAAP Net Income Positive during H2 2025 Positive during H2 2025 1 Full-Year 2025 guidance is provided at CER (Constant Exchange Rates) using Full-Year 2024 Average Exchange Rates FY 2025 Revenue Sensitivity Given the proportion of Amicus revenue ex-US (~60% in 2024), a change in USD exchange rates of +/- 1% compared to 2024 rates could lead to a ~$4M move in Total Reported Revenues in 2025

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21 1 CER: Constant Exchange Rates 2025 Strategic Priorities Deliver total revenue growth of 15-22% at CER1 Double-digit Galafold® revenue growth of 10-15% at CER1 Pombiliti®+ Opfolda® revenue growth of 50-65% at CER1 Advance ongoing studies in Fabry, Pompe and now FSGS Deliver positive GAAP net income during H2 2025

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22 A unique story in biotech with significant revenue growth and profitability Two Approved Therapies One Late Stage Phase 3 Program Surpassing $1B in Total Sales in 2028 Double-digit Revenue Growth Self-Sustainable Company and Growing Free Cash Flow Leverageable Rare Disease Infrastructure A Rare Company

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Appendix

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24 Reconciliation of Non-GAAP Financial Measures

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25 Reconciliation of Non-GAAP Financial Measures (Cont’d)

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26 Exchange Rates Currency Average Rates FX Rates Q1 2024 Q1 2025 Variance USD/EUR 1.086 1.052 (3.1%) USD/GBP 1.268 1.259 (0.7%) USD/JPY 0.007 0.007 (2.7%)

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Rare Disease Pipeline INDICATION DISCOVERY PRECLINICAL PHASE 1/2 PHASE 3 REGULATORY COMMERCIAL FABRY DISEASE Galafold® (migalastat) Fabry Genetic Medicines POMPE DISEASE Pombiliti® (cipaglucosidase alfa-atga) + Opfolda® (miglustat) Pompe Genetic Medicines RARE KIDNEY DISEASE DMX-200 in Focal Segmental Glomerulosclerosis1 DMX-200 in Additional Indications1 1 Exclusive rights to commercialize in the United States