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Amicus Therapeutics (FOLD) Down 14% Since Last Earnings Report: Can It Rebound?

It has been about a month since the last earnings report for Amicus Therapeutics (FOLD). Shares have lost about 14% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Amicus Therapeutics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Amicus Q4 Loss Wider Than Estimates, Galafold Sales Beat

Amicus Therapeutics reported a loss of 19 cents per share in the fourth quarter of 2022, wider than the Zacks Consensus Estimate of a loss of 13 cents. The company reported an adjusted loss of 29 cents per share in the year-ago quarter.

Revenues were $88.1 million, up 7% year over year. It beat the Zacks Consensus Estimate of $87 million. Revenues were generated from the sales of Galafold (migalastat), approved for Fabry disease. On a constant-currency (cc) basis, total year-over-year revenue growth was 16%.

2022 Results

Revenues in 2022 were $329.2 million, up 8% from 2021. This improvement was due to strong patient demand. On a cc basis, total revenue growth was 16%. This was offset by a negative currency impact of 8%.

Further, 65% of revenues came from outside the country and the remaining 35% from the United States.

Operating expenses (adjusted basis) were $413.2 million compared with $406.9 million in the year-ago quarter.

As of Dec 31, 2022, Amicus had cash, cash equivalents and marketable securities of $293.6 million compared with $354.7 million as of Sep 30, 2022.

2023 Guidance

For 2023, Amicus expects total Galafold revenue growth between 12% and 17% at CC. This is due to continued underlying demand from both switch and treatment-naïve patients, geographic expansion, label extensions, the continued diagnosis of new Fabry patients and commercial execution across all major markets, including EU, Japan, the U.K. and the United States.

Adjusted operating expenses are estimated between $340 million and $360 million.

How Have Estimates Been Moving Since Then?

It turns out, estimates review have trended downward during the past month.

VGM Scores

Currently, Amicus Therapeutics has an average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.


Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Amicus Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Amicus Therapeutics belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Seattle Genetics (SGEN), has gained 13.7% over the past month. More than a month has passed since the company reported results for the quarter ended December 2022.

Seattle Genetics reported revenues of $528.15 million in the last reported quarter, representing a year-over-year change of +22.9%. EPS of -$0.80 for the same period compares with -$0.95 a year ago.

Seattle Genetics is expected to post a loss of $0.83 per share for the current quarter, representing a year-over-year change of -12.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.2%.

Seattle Genetics has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.

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