Amicus Therapeutics (FOLD) saw its loss widen to $46.65 million, or $0.33 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $37.80 million, or $0.32 a share.
Revenues for the quarter were $2.13 million. The company has not recorded any revenues for the previous year period. Gross margin for the quarter was at 83.83 percent.
Operating loss for the quarter was $44.94 million, compared with an operating loss of $38.04 million in the previous year period.
"During the third quarter we continued to execute toward our vision to build a leading global biotechnology company delivering meaningful benefits to people living with devastating rare diseases," stated John F. Crowley, chairman and chief executive officer of Amicus Therapeutics, Inc. "We are most pleased with the continued strong momentum in the very early stages of our product launch in Europe. Fifty patients, most of whom have switched from existing approved ERT products, have been prescribed Galafold as of the end of October. The vast majority of these new Galafold patients are in Germany, which is the only nation in the EU where Galafold is fully commercially available. It is wonderful to be able to begin to offer a new therapeutic option to Fabry patients and physicians with our oral, precision small molecule medicine, Galafold."
Working capital drops significantly
Amicus Therapeutics has witnessed a decline in the working capital over the last year. It stood at $136.10 million as at Sep. 30, 2016, down 33.35 percent or $68.09 million from $204.19 million on Sep. 30, 2015. Current ratio was at 2.59 as on Sep. 30, 2016, down from 6.69 on Sep. 30, 2015.
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