2020 Q4 Form 10-Q Financial Statement

#000107008120000139 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $118.9M $118.4M $71.42M
YoY Change 23.21% 65.79% 33.26%
Cost Of Revenue $4.900M $4.700M $3.006M
YoY Change 40.0% 56.35% -8.69%
Gross Profit $114.0M $113.7M $68.41M
YoY Change 22.71% 66.2% 36.01%
Gross Profit Margin 95.88% 96.03% 95.79%
Selling, General & Admin $75.50M $57.84M $49.28M
YoY Change 18.9% 17.36% 28.45%
% of Gross Profit 66.23% 50.87% 72.04%
Research & Development $118.0M $93.00M $63.08M
YoY Change 44.25% 47.44% 16.02%
% of Gross Profit 103.51% 81.79% 92.2%
Depreciation & Amortization $12.40M $11.64M $8.140M
YoY Change 33.62% 43.0% 14.97%
% of Gross Profit 10.88% 10.24% 11.9%
Operating Expenses $215.2M $173.5M $131.9M
YoY Change 27.18% 31.57% 29.53%
Operating Profit -$96.37M -$55.13M -$60.48M
YoY Change 32.41% -8.84% 25.39%
Interest Expense -$24.30M -$21.04M -$2.666M
YoY Change 341.82% 689.16% -14.5%
% of Operating Profit
Other Income/Expense, Net $58.90M $28.77M $2.800M
YoY Change 425.89% 927.36% 281.47%
Pretax Income -$61.70M -$47.40M -$60.34M
YoY Change -7.91% -21.44% 19.22%
Income Tax $12.60M $22.29M -$344.0K
% Of Pretax Income
Net Earnings -$74.35M -$69.69M -$60.00M
YoY Change -4.28% 16.16% 17.71%
Net Earnings / Revenue -62.53% -58.86% -84.01%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.080M -$1.031M -$1.062M
COMMON SHARES
Basic Shares Outstanding 68.24M 67.70M shares 58.95M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.104B $1.141B $708.6M
YoY Change 60.75% 61.02% 184.12%
Cash & Equivalents $208.8M $434.0M $523.6M
Short-Term Investments $894.8M $707.0M $185.1M
Other Short-Term Assets $39.50M $26.90M $20.70M
YoY Change 120.67% 29.95% 158.75%
Inventory $18.70M $19.48M $17.11M
Prepaid Expenses
Receivables $69.90M $56.80M $60.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.232B $1.244B $806.9M
YoY Change 58.06% 54.2% 157.55%
LONG-TERM ASSETS
Property, Plant & Equipment $33.83M $28.14M $18.48M
YoY Change 57.0% 52.25% 109.93%
Goodwill $82.34M $82.30M $82.30M
YoY Change 0.0% 0.0% 0.0%
Intangibles $715.3M $712.5M $702.9M
YoY Change 0.68% 1.37% 16.26%
Long-Term Investments
YoY Change
Other Assets $60.60M $28.10M $17.20M
YoY Change 269.51% 63.37% 975.0%
Total Long-Term Assets $976.5M $936.9M $834.6M
YoY Change 15.63% 12.25% 16.67%
TOTAL ASSETS
Total Short-Term Assets $1.232B $1.244B $806.9M
Total Long-Term Assets $976.5M $936.9M $834.6M
Total Assets $2.208B $2.181B $1.641B
YoY Change 36.0% 32.87% 59.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.67M $15.66M $8.959M
YoY Change 80.79% 74.83% 37.03%
Accrued Expenses $92.00M $68.00M $50.70M
YoY Change 31.43% 34.12% 181.67%
Deferred Revenue $4.151M $5.992M $8.810M
YoY Change -49.64% -31.99% 339.62%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $22.30M $0.00 $20.00M
YoY Change 11.5% -100.0% 199.99%
Total Short-Term Liabilities $277.3M $253.8M $183.5M
YoY Change 17.59% 38.32% 59.67%
LONG-TERM LIABILITIES
Long-Term Debt $309.1M $303.0M $293.1M
YoY Change 5.2% 3.35% 103.21%
Other Long-Term Liabilities $1.392M $1.968M $9.455M
YoY Change 887.23% -79.19% 9261.39%
Total Long-Term Liabilities $310.5M $304.9M $302.6M
YoY Change 5.62% 0.77% 109.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $277.3M $253.8M $183.5M
Total Long-Term Liabilities $310.5M $304.9M $302.6M
Total Liabilities $1.726B $1.670B $977.8M
YoY Change 67.69% 70.8% 52.18%
SHAREHOLDERS EQUITY
Retained Earnings -$1.629B -$1.555B -$1.113B
YoY Change 36.82% 39.69% 24.95%
Common Stock $70.00K $68.00K $61.00K
YoY Change 12.9% 11.48% 19.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $482.0M $511.0M $663.7M
YoY Change
Total Liabilities & Shareholders Equity $2.208B $2.181B $1.641B
YoY Change 36.0% 32.87% 59.58%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$74.35M -$69.69M -$60.00M
YoY Change -4.28% 16.16% 17.71%
Depreciation, Depletion And Amortization $12.40M $11.64M $8.140M
YoY Change 33.62% 43.0% 14.97%
Cash From Operating Activities -$64.36M $26.65M -$15.50M
YoY Change 530.36% -271.94% -558.58%
INVESTING ACTIVITIES
Capital Expenditures -$6.350M -$3.310M -$4.250M
YoY Change 36.27% -22.12% 226.92%
Acquisitions
YoY Change
Other Investing Activities -$201.8M -$390.9M $34.68M
YoY Change -10.06% -1227.19% -252.04%
Cash From Investing Activities -$208.1M -$394.2M $30.43M
YoY Change -9.12% -1395.47% -226.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 40.09M 643.1M 382.4M
YoY Change 1658.33% 68.18% 7426.77%
NET CHANGE
Cash From Operating Activities -64.36M 26.65M -15.50M
Cash From Investing Activities -208.1M -394.2M 30.43M
Cash From Financing Activities 40.09M 643.1M 382.4M
Net Change In Cash -232.4M 275.5M 397.3M
YoY Change -1.92% -30.66% -2636.97%
FREE CASH FLOW
Cash From Operating Activities -$64.36M $26.65M -$15.50M
Capital Expenditures -$6.350M -$3.310M -$4.250M
Free Cash Flow -$58.01M $29.96M -$11.25M
YoY Change 945.23% -366.31% -340.38%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt;">PTC Therapeutics, Inc.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt;">Notes to Consolidated Financial Statements (unaudited)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt;">September 30, 2020</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">In thousands (except per share data unless otherwise noted)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.        The Company</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">PTC Therapeutics, Inc. (the “Company” or “PTC”) is a science-driven global biopharmaceutical company focused on the discovery, development and commercialization of clinically-differentiated medicines that provide benefits to patients with rare disorders. The Company’s ability to globally commercialize products is the foundation that drives its continued investment in a robust diversified pipeline of transformative medicines and its mission to provide access to best-in-class treatments for patients who have an unmet medical need. The Company’s strategy is to bring best-in-class therapies with differentiated clinical benefit to patients affected by rare disorders and to leverage its global commercial infrastructure to maximize value for its patients and other stakeholders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-size:10pt;">The Company has two products, Translarna</span>™ <span style="font-size:10pt;">(ataluren) and Emflaza™ (deflazacort), for the treatment of Duchenne muscular dystrophy, or DMD, a rare, life threatening disorder. Translarna has marketing authorization in the European Economic Area (the “EEA”) for the treatment of nonsense mutation Duchenne muscular dystrophy (“nmDMD”), in ambulatory patients aged 2 years and older and in Brazil for the treatment of nmDMD in ambulatory patients aged 5 years and older, subject to annual renewal and other conditions. In July 2020, the European Commission approved the removal of the statement “efficacy has not been demonstrated in non-ambulatory patients” from the indication statement for Translarna. Emflaza is approved in the United States for the treatment of DMD in patients two years and older.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has a pipeline of gene therapy product candidates for rare monogenic diseases that affect the central nervous system (“CNS”) including PTC-AADC for the treatment of Aromatic L-Amino Acid Decarboxylase (“AADC deficiency”), a rare CNS disorder arising from reductions in the enzyme AADC that results from mutations in the dopa decarboxylase gene. The Company is preparing a biologics license application ("BLA") for PTC-AADC for the treatment of AADC deficiency in the United States and it anticipates submitting a BLA to the United States Food and Drug Administration ("FDA") in the first half of 2021. In January 2020, the Company submitted a marketing authorization application ("MAA") to the European Medicines Agency (“EMA”) for PTC-AADC for the treatment of AADC deficiency in the EEA, and the Company expects an opinion from the Committee for Medical Products for Human Use (“CHMP”) in the first half of 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company holds the rights for the commercialization of Tegsedi™ (inotersen) and Waylivra™ (volanesorsen) for the treatment of rare diseases in countries in Latin America and the Caribbean pursuant to the Company’s Collaboration and License Agreement with Akcea Therapeutics, Inc. (“Akcea”). Tegsedi has received marketing authorization in the United States, the European Union (the “EU”) and Brazil for the treatment of stage 1 or stage 2 polyneuropathy in adult patients with hereditary transthyretin amyloidosis (“hATTR amyloidosis”). Waylivra has received marketing authorization in the EU for the treatment of familial chylomicronemia syndrome (“FCS”). The Company filed for marketing authorization for Waylivra for the treatment of FCS with ANVISA, the Brazilian health regulatory authority, in June 2020 and, subject to potential delays in the review process related to the COVID-19 pandemic, expects a regulatory decision on approval from ANVISA in 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company also has a spinal muscular atrophy ("SMA") collaboration with F. Hoffman-La Roche Ltd and Hoffman-La Roche Inc., referred to collectively as Roche, and the Spinal Muscular Atrophy Foundation ("SMA Foundation"). The SMA program has one approved product, Evrysdi™ (risdiplam), which was approved in August 2020 by the FDA for the treatment of SMA in adults and children two months and older. Evrysdi also received marketing authorization for the treatment of SMA in Brazil in October 2020 and the EMA accepted the MAA filed by Roche for Evrysdi for the treatment of SMA in August 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On October 25, 2019, the Company completed the acquisition of substantially all of the assets of BioElectron Technology Corporation (“BioElectron”), a Delaware corporation, including certain compounds that the Company has begun to develop as part of its Bio-e platform, (the “Asset Acquisition”) pursuant to an asset purchase agreement by and between the Company and BioElectron, dated October 1, 2019 (the “Asset Acquisition Agreement”). The transaction was </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">accounted for as an asset acquisition. The two most advanced molecules in the Company’s Bio-e platform are vatiquinone and PTC857. The Company initiated a registration-directed Phase 2/3 placebo-controlled trial of vatiquinone in approximately 60 children with mitochondrial disease and associated refractory epilepsy in the third quarter of 2020. The Company expects to initiate a registration-directed Phase 3 trial of vatiquinone in approximately 100 patients with Friedrich ataxia in the fourth quarter of 2020. In the second quarter of 2020, the Company initiated a Phase 1 trial in healthy volunteers to evaluate the safety and pharmacology of PTC857, which the Company believes has the potential to address multiple CNS disorders with glucocerebrosidase Parkinson’s disease as its first planned indication. The Company completed dosing within the single ascending dose study and expects to complete dosing within the multiple ascending dose study from the Phase 1 trial by the end of 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In June 2020, the FDA authorized the initiation of a Phase 2/3 clinical trial evaluating PTC299, a dihydroorotate dehydrogenase inhibitor that the Company has also been developing in oncological indications, as a potential treatment for COVID-19. The integrated Phase 2/3 study, which has been initiated and is being conducted in two stages, will evaluate the efficacy and safety of PTC299 in patients hospitalized with SARS-CoV-2 infection. The Company expects Stage 1 of the clinical trial to be completed in the fourth quarter of 2020 and it anticipates reporting top-line results from both stages in the first half of 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In addition, the Company has a pipeline of product candidates and discovery programs that are in early clinical, pre-clinical and research and development stages focused on the development of new treatments for multiple therapeutic areas, including rare diseases and oncology.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s marketing authorization for Translarna in the EEA is subject to annual review and renewal by the European Commission following reassessment by the EMA of the benefit-risk balance of the authorization, which the Company refers to as the annual EMA reassessment. This marketing authorization is further subject to the specific obligation to conduct and submit the results of a multi-center, randomized, double-blind, 18-month, placebo-controlled trial, followed by an 18-month open-label extension, according to an agreed protocol, in order to confirm the efficacy and safety of Translarna. The final report on the trial and open-label extension is to be submitted by the Company to the EMA by the end of the third quarter of 2022. The Company refers to the trial and open-label extension together as Study 041.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The marketing authorization in the EEA was last renewed in June 2020 and is effective, unless extended, through August 5, 2021. The renewal was based on the Company’s commitment to conduct Study 041 and the totality of the clinical data available from its trials and studies of Translarna for the treatment of nmDMD, including the safety and efficacy results of the Phase 2b and Phase 3 clinical trials. The primary efficacy endpoint was not achieved in either trial within the pre-specified level of statistical significance.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Translarna is an investigational new drug in the United States. During the first quarter of 2017, the Company filed a New Drug Application (“NDA”), over protest with the FDA, for which the FDA granted a standard review. In October 2017, the Office of Drug Evaluation I of the FDA issued a complete response letter for the NDA, stating that it was unable to approve the application in its current form. In response, the Company filed a formal dispute resolution request with the Office of New Drugs of the FDA. In February 2018, the Office of New Drugs of the FDA denied the Company’s appeal of the Complete Response Letter. In its response, the Office of New Drugs recommended a possible path forward for the ataluren NDA submission based on the accelerated approval pathway. This would involve a re-submission of an NDA containing the current data on effectiveness of ataluren with new data to be generated on dystrophin production in nmDMD patients’ muscles. The Company intends to follow the FDA’s recommendation and will collect, using newer technologies via procedures and methods that the Company designed, such dystrophin data in a new study, Study 045, which the Company initiated in the fourth quarter of 2018. The final study muscle biopsies for the patients in Study 045 were completed in October 2020 and the Company has begun the process of analyzing the samples according to its protocol.  The Company expects to report top-line results from Study 045 in the first quarter of 2021 followed by a potential resubmission of the NDA for Translarna for the treatment of nmDMD thereafter. Additionally, should a re-submission of an NDA receive accelerated approval, the Office of New Drugs stated that Study 041, which is currently enrolling, could serve as the confirmatory post-approval trial required in connection with the accelerated approval framework.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On August 23, 2018, the Company completed its acquisition of Agilis Biotherapeutics, Inc. (“Agilis”), pursuant to an Agreement and Plan of Merger, dated as of July 19, 2018 (the “Merger Agreement”), by and among the Company, Agility </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Merger Sub, Inc., a Delaware corporation and the Company’s wholly owned, indirect subsidiary, Agilis and, solely in its capacity as the representative, agent and attorney-in-fact of the equityholders of Agilis, Shareholder Representative Services LLC, (the "Merger").</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Upon the closing of the Merger, the Company paid to Agilis equityholders total upfront consideration comprised of $49.2 million in cash and 3,500,907 shares of the Company’s common stock (the “Closing Stock Consideration”). The Closing Stock Consideration was determined by dividing $150.0 million by the volume-weighted average price per share of the Company’s common stock on the Nasdaq Global Select Market for the <span style="-sec-ix-hidden:Hidden_6bGeDJgUIkyP7oopAFXUlQ"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">10</span></span> consecutive trading-day period ending on the second trading-day immediately preceding the closing of the Merger. Agilis equityholders are entitled to receive contingent payments from the Company based on the achievement of certain development, regulatory and net sales milestones as well as based upon a percentage of net sales of certain products.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On April 29, 2020, the Company, certain of the former equity holders of Agilis, and, for the limited purposes set forth in the agreement, Shareholder Representative Services LLC, entered into a Rights Exchange Agreement (the “Rights Exchange Agreement”). Pursuant to the Rights Exchange Agreement, the Company issued 2,821,176 shares of its common stock (the “Common Stock Consideration”) and paid $36.9 million (the “Cash Consideration”), in the aggregate, to such former equityholders of Agilis (the “Participating Rightholders”) in exchange for the cancellation and forfeiture by the Participating Rightholders of their rights to receive certain milestone-based contingent payments under the Merger Agreement, pursuant to which the Company completed the Merger.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Pursuant to the terms of the Rights Exchange Agreement, the Participating Rightholders have canceled and forfeited their rights under the Merger Agreement to receive (i) $174.0 million, in the aggregate, of potential milestone payments based on the achievement of certain regulatory milestones and (ii) $37.6 million, in the aggregate, of $40.0 million in development milestone payments that would have been due upon the passing of the second anniversary of the closing of the Merger, regardless of whether the milestones were achieved.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Rights Exchange Agreement has no effect on the Merger Agreement other than to provide for the cancellation and forfeiture of the Participating Rightholders’ rights to receive $211.6 million, in the aggregate, of the milestone payments described above. As a result, all other rights and obligations under the Merger Agreement remain in effect pursuant to their terms, including the Company’s obligation to pay up to an aggregate maximum amount of $20.0 million upon the achievement of certain development milestones (representing the remaining portion of potential development milestone payments for which rights were not canceled and forfeited pursuant to the Rights Exchange Agreement while excluding the remaining $2.4 million milestone payment that was due and paid in the three month period ended September 30, 2020  upon the passing of the second anniversary of the closing of the Merger), up to an aggregate maximum amount of $361.0 million upon the achievement of certain regulatory milestones (representing the remaining portion of potential regulatory milestone payments for which rights were not canceled and forfeited pursuant to the Rights Exchange Agreement), up to a maximum aggregate amount of $150.0 million upon the achievement of certain net sales milestones and a percentage of annual net sales for Friedreich ataxia and Angelman syndrome during specified terms, ranging from 2% to 6%, pursuant to the terms of the Merger Agreement. Refer to Note 5 for further details regarding the Rights Exchange Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On May 29, 2020, the Company completed its acquisition of Censa Pharmaceuticals, Inc. (“Censa”) pursuant to an Agreement and Plan of Merger, dated as of May 5, 2020 (the "Censa Merger Agreement"), by and among the Company, Hydro Merger Sub, Inc., the Company’s wholly owned, indirect subsidiary, and, solely in its capacity as the representative, agent and attorney-in-fact of the securityholders of Censa, Shareholder Representative Services LLC (the "Censa Merger"). The transaction was accounted for as an asset acquisition. In connection with the Censa Merger, the Company acquired PTC923, which is being pursued as a possible treatment for orphan metabolic diseases associated with defects in the tetrahydrobiopterin biochemical pathways, including phenylketonuria ("PKU"). Refer to Note 3 for further details.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of September 30, 2020, the Company had an accumulated deficit of approximately $1,554.5 million. The Company has financed its operations to date primarily through the private offerings in September 2019 of 1.50% convertible senior notes due 2026 and in August 2015 of 3.00% convertible senior notes due 2022 (see Note 11), public offerings of common stock in February 2014, October 2014, April 2018, January 2019, and September 2019, "at the market offerings" of its common stock, its initial public offering of common stock in June 2013, proceeds from the Royalty Purchase Agreement </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">(see Note 2), private placements of its convertible preferred stock, collaborations, bank debt, the Company’s credit and security agreement (the "Credit Agreement"), with MidCap Financial Trust, or MidCap Financial, as administrative agent and MidCap Financial and other certain institutions as lenders thereto (see Note 11), grant funding and clinical trial support from governmental and philanthropic organizations and patient advocacy groups in the disease area addressed by the Company’s product candidates. Since 2014, the Company has also relied on revenue generated from net sales of Translarna for the treatment of nmDMD in territories outside of the United States, and since May 2017, the Company has generated revenue from net sales of Emflaza for the treatment of DMD in the United States. The Company expects that cash flows from the sales of its products, together with the Company’s cash, cash equivalents and marketable securities, will be sufficient to fund its operations for at least the next twelve months.</p>
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67641171
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
56463528
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
65068281
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
57798968
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.03
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.06
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.59
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.01
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12490036
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11393284
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16779000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10484000
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9600000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30668000
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
173200000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M28D
CY2020Q3 ptct Proceeds From Sale Of Future Royalties
ProceedsFromSaleOfFutureRoyalties
650000000.0
CY2020Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.110
CY2020Q3 ptct Liability Sale Of Future Royalties Obligation Incurred
LiabilitySaleOfFutureRoyaltiesObligationIncurred
650000000
ptct Liability Sale Of Future Royalties Obligation Incurred
LiabilitySaleOfFutureRoyaltiesObligationIncurred
650000000
CY2020Q3 ptct Liability Sale Of Future Royalties Royalty Revenue Payable
LiabilitySaleOfFutureRoyaltiesRoyaltyRevenuePayable
299000
ptct Liability Sale Of Future Royalties Royalty Revenue Payable
LiabilitySaleOfFutureRoyaltiesRoyaltyRevenuePayable
299000
CY2020Q3 ptct Liability Sale Of Future Royalties Interest Expense
LiabilitySaleOfFutureRoyaltiesInterestExpense
14557000
ptct Liability Sale Of Future Royalties Interest Expense
LiabilitySaleOfFutureRoyaltiesInterestExpense
14557000
CY2020Q3 ptct Liability Sale Of Future Royalties
LiabilitySaleOfFutureRoyalties
664258000
CY2020Q3 ptct Liability Sale Of Future Royalties
LiabilitySaleOfFutureRoyalties
664258000
CY2020Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.110
CY2020Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.110
ptct Debt Instrument Additional Amount Available For Repurchase
DebtInstrumentAdditionalAmountAvailableForRepurchase
37500000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q3 ptct Numberofdistributors
Numberofdistributors
2
CY2019Q3 ptct Numberofdistributors
Numberofdistributors
2
CY2019Q3 ptct Percentageofnetproductsales
Percentageofnetproductsales
0.10
CY2020Q3 ptct Percentageofnetproductsales
Percentageofnetproductsales
0.10
ptct Numberofdistributors
Numberofdistributors
2
ptct Numberofdistributors
Numberofdistributors
2
ptct Percentageofnetproductsales
Percentageofnetproductsales
0.10
ptct Percentageofnetproductsales
Percentageofnetproductsales
0.10
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6000000.0
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
11700000
CY2020Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2000000.0
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6000000.0
CY2019Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2300000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2300000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
6000000.0
CY2019Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
11700000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P7Y
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7000000.0
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
26300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
19700000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
9627000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
38506000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
38506000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
38506000
CY2020Q3 ptct Finite Lived Intangible Asset Expected Amortization Year Four And Thereafter
FiniteLivedIntangibleAssetExpectedAmortizationYearFourAndThereafter
10891000
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
136036000
us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
576500000
us-gaap Indefinite Lived Intangible Assets Period Increase Decrease
IndefiniteLivedIntangibleAssetsPeriodIncreaseDecrease
0
CY2020Q3 us-gaap Goodwill
Goodwill
82300000
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
CY2020Q3 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0

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