Amicus Therapeutics (NASDAQ:FOLD), a biotechnology company that focuses on developing medicines for rare diseases, provided its preliminary 2023 revenue numbers. The company’s top line reached $399.4 million in 2023, up 21% year-over-year. Further, its sales exceeded analysts’ expectations of $396.44 million.
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As for Q4, Amicus delivered revenues of $115.1 million, higher than the Street’s forecast of $112.22 million.
Promising Outlook
For 2024, the company expects its Galafold revenue to increase by 11-16% at a constant exchange rate. Galafold is used to treat adults with Fabry disease and is critical to Amicus’ success. Notably, Galafold accounted for about 97% of its total revenues in 2023. Further, the company is focused on the global launch of Pombiliti + Offload, its two-component therapy for treating rare and life-threatening lysosomal disorders. Moreover, it expects to achieve full-year profitability in 2024.
Is Amicus Therapeutics a Buy or Sell?
Wall Street is bullish about FOLD stock. With six unanimous Buy recommendations, Amicus stock has a Strong Buy consensus rating. The stock of Amicus Therapeutics has gained 19.7% over the past year.
Further, analysts’ average price target is $19.67, implying 45.49% upside potential from current levels.
