# PTC Therapeutics (PTCT.US)

Canonical: https://gigainvestors.com/s/PTCT

Analysis as of: 2026-10-16T07:31:22.808Z. Financial observations: FY2011–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $60.99 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 9

- Operating margin variation: 0.87×

Chart: Operating margin; fiscal year observations.

- FY2016: -1.60×

- FY2017: -0.33×

- FY2018: -0.44×

- FY2019: -0.79×

- FY2020: -1.13×

- FY2021: -0.70×

- FY2022: -0.64×

- FY2023: -0.47×

- FY2024: -0.38×

- FY2025: 0.49×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -61.8%

- ROIC, second-lowest year: -158.3%

- Typical minus recent gross margin: 2.1 pp

- Typical gross margin (annual median): 95.1%

- Recent gross margin (lower of latest and 3-year median): 93.0%

- Years with nonpositive capital: 2

- Capital spending / revenue: 13.8%

- ROIC including acquisitions, ten-year median: -85.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -386.3%

- FY2017: -29.6%

- FY2018: -47.2%

- FY2019: -124.1%

- FY2020: -37.8%

- FY2021: -66.8%

- FY2022: -56.9%

- FY2023: -76.9%

- FY2024: -158.3%

- FY2025: >100%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$1.4B

- Net income, five-year total: -$1.4B

- Return on incremental invested capital: 240.2%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -6.6 pp

- Working capital / revenue, final three-year average: 17.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$524M

- FY2022: -$559M

- FY2023: -$511M

- FY2024: -$362M

- FY2025: $589M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -47.2% vs -76.9%

- Per-share earnings: -4.17 to -4.73 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.1%

- Ordinary dilution, 5-year annual growth: 6.0%

- Market cap gain: $5.8B

- Cumulative retained earnings: -$2.2B

- Diluted shares, 10-year annual growth: 10.1%

- Diluted shares, 5-year annual growth: 6.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.55

- Per-share value, starting three-year median: -$4.17

- Per-share value, ending three-year median: -$4.73

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $333M

- Cumulative net income, 10 years: -$2.4B

- ROIC, first three-year median: -47.2%

- ROIC, last three-year median: -76.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$4.17

- FY2017: -$2.02

- FY2018: -$2.75

- FY2019: -$4.27

- FY2020: -$6.64

- FY2021: -$7.43

- FY2022: -$7.79

- FY2023: -$8.37

- FY2024: -$4.73

- FY2025: $7.73

### accounting: pass

- Sloan accruals: -1.0%

- Receivables to sales index (DSRI): 0.53×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 10.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.04×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2016: -14.3%

- FY2017: -17.6%

- FY2018: -9.0%

- FY2019: -9.4%

- FY2020: -11.1%

- FY2021: -14.1%

- FY2022: -11.9%

- FY2023: -24.7%

- FY2024: -15.0%

- FY2025: -1.0%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 29% since Nov 2025 · "PTC Therapeutics stock falls as FDA issues CRL for vatiquinone in FA" (investing.com, Aug 2025) · sales +114.5%

Story as of 2026-10-16T09:59:27.214Z; price observation 2026-10-15.

- 2025-08-19: PTC Therapeutics stock falls as FDA issues CRL for vatiquinone in FA ([investing.com](https://www.investing.com/news/analyst-ratings/ptc-therapeutics-stock-falls-as-fda-issues-crl-for-vatiquinone-in-fa-93CH-4200482))

- 2025-11-05: PTC Therapeutics narrows 2025 revenue guidance to $750M–$800M as Sephience launch accelerates ([seekingalpha.com](https://seekingalpha.com/news/4515433-ptc-therapeutics-narrows-2025-revenue-guidance-to-750m-800m-as-sephience-launch-accelerates?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-12-01: PTC Therapeutics downgraded at RBC as Sephience sales priced in ([seekingalpha.com](https://seekingalpha.com/news/4527096-ptc-therapeutics-downgraded-rbc-sephience-sales-priced-in?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-12: PTC Therapeutics drops as it pulls Translarna NDA resubmission ([seekingalpha.com](https://seekingalpha.com/news/4551620-ptc-therapeutics-drops-pulls-translarna-nda-resubmission?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-08: PTC outlines 2026 product revenue guidance of $750M-$850M driven by Sephience launch momentum ([seekingalpha.com](https://seekingalpha.com/news/4589500-ptc-outlines-2026-product-revenue-guidance-of-750m-850m-driven-by-sephience-launch-momentum?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +114.5%; source https://www.sec.gov/Archives/edgar/data/1070081/000110465926017575/tmb-20251231x10k.htm; observed 2026-02-19.

- FY2016: $83M 

- FY2017: $194M 

- FY2018: $265M 

- FY2019: $307M 

- FY2020: $381M 

- FY2021: $539M 

- FY2022: $699M 

- FY2023: $938M 

- FY2024: $807M 

- FY2025: $1.7B 

### Gross margin · FY2025

gross margin 95.9%; source https://www.sec.gov/Archives/edgar/data/1070081/000110465926017575/tmb-20251231x10k.htm; observed 2026-02-19.

- FY2017: 97.6% 

- FY2018: 95.2% 

- FY2019: 96.0% 

- FY2020: 95.0% 

- FY2021: 94.0% 

- FY2022: 93.6% 

- FY2023: 93.0% 

- FY2024: 92.9% 

- FY2025: 95.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 1.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1070081/000110465926017575/tmb-20251231x10k.htm (filed 2026-02-19); FY2025: revenue 1730655000; grossProfit 1658900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PTCT.US: PTC Therapeutics, Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to children and adults living with rare disorders in the United States and internationally. The company provides Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children. Its development pipeline products include Sepiapterin for the treatment of phenylketonuria; PTC518 splicing platform, which is being developed for the treatment of Huntington's disease; and inflammation and ferroptosis platforms, including vatiquinone to treat Friedreich's ataxia. The company distributes its products through third-party distributors. It has collaborations with F. Hoffman-La Roche Ltd., Hoffman-La Roche Inc., the SMA Foundation, National Taiwan University, Akcea Therapeutics, Inc., and Shiratori Pharmaceutical Co., Ltd. The company has license and collaboration agreement with Novartis Pharmaceuticals Corporation to develop PTC518 Huntington's disease program. It markets Upstaza, a gene therapy with the brand name Kebilidi in the United States. PTC Therapeutics, Inc. was incorporated in 1998 and is headquartered in Warren, New Jersey.

### Why customers stay

Margins ranged from 92.9% to 95.9% during 2023–25; it lost 61.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 93%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 92.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1070081/000110465926017575/tmb-20251231x10k.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 95.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,-3.862917762061688],[2017,-0.2964563463805844],[2018,-0.47154049759047334],[2019,-1.2414947607131686],[2020,-0.37798000930830433],[2021,-0.6675241061052252],[2022,-0.5688186635896495],[2023,-0.7690272609681763],[2024,-1.5833596089133832],[2025,1.770583090834263]]; median -0.6181713848474373. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 94% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1070081/000110465926017575/tmb-20251231x10k.htm (filed 2026-02-19); Gross margin observations: [[2021,0.9399769399156691],[2022,0.9360647738054181],[2023,0.9301722501711412]]; range within 2 percentage points.

### Where the cash goes

Spends 28.4% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://www.sec.gov/Archives/edgar/data/1070081/000110465926017575/tmb-20251231x10k.htm (filed 2026-02-19); FY2025: growth capex 167548998.37533072; upkeep 132463001.62466928; owner earnings 588995998.3753307. Growth capex / owner earnings = 0.28446542733311087.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Incremental return on capital 2.4022468871236176, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 7.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PTCT.US SharesStats.PercentInsiders = 7.310999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Closing price 60.99 USD; reporting-to-trading FX 1; FY2025 annual sales per share 19.597165913646528; price multiple 3.1121847040918036. FY2025 cash earnings/share 6.669528185938409. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $6.21 per share

- 2016-11: $11.14 per share

- 2016-12: $10.91 per share

- 2017-01: $13.10 per share

- 2017-02: $13.63 per share

- 2017-03: $9.84 per share

- 2017-04: $12.15 per share

- 2017-05: $12.53 per share

- 2017-06: $18.33 per share

- 2017-07: $20.62 per share

- 2017-08: $20.75 per share

- 2017-09: $20.01 per share

- 2017-10: $18.74 per share

- 2017-11: $15.95 per share

- 2017-12: $16.68 per share

- 2018-01: $26.29 per share

- 2018-02: $25.75 per share

- 2018-03: $27.06 per share

- 2018-04: $27.73 per share

- 2018-05: $33.90 per share

- 2018-06: $33.73 per share

- 2018-07: $38.07 per share

- 2018-08: $41.74 per share

- 2018-09: $47.00 per share

- 2018-10: $38.52 per share

- 2018-11: $35.52 per share

- 2018-12: $34.32 per share

- 2019-01: $31.13 per share

- 2019-02: $34.54 per share

- 2019-03: $37.64 per share

- 2019-04: $37.42 per share

- 2019-05: $40.10 per share

- 2019-06: $45.00 per share

- 2019-07: $48.17 per share

- 2019-08: $44.57 per share

- 2019-09: $33.82 per share

- 2019-10: $40.89 per share

- 2019-11: $46.96 per share

- 2019-12: $48.03 per share

- 2020-01: $51.50 per share

- 2020-02: $54.84 per share

- 2020-03: $44.61 per share

- 2020-04: $50.92 per share

- 2020-05: $50.71 per share

- 2020-06: $50.74 per share

- 2020-07: $46.33 per share

- 2020-08: $49.43 per share

- 2020-09: $46.75 per share

- 2020-10: $52.19 per share

- 2020-11: $62.57 per share

- 2020-12: $61.03 per share

- 2021-01: $57.82 per share

- 2021-02: $57.10 per share

- 2021-03: $47.35 per share

- 2021-04: $41.21 per share

- 2021-05: $39.27 per share

- 2021-06: $42.27 per share

- 2021-07: $38.33 per share

- 2021-08: $43.65 per share

- 2021-09: $37.21 per share

- 2021-10: $37.93 per share

- 2021-11: $37.16 per share

- 2021-12: $39.83 per share

- 2022-01: $40.22 per share

- 2022-02: $35.12 per share

- 2022-03: $37.31 per share

- 2022-04: $35.33 per share

- 2022-05: $29.37 per share

- 2022-06: $40.06 per share

- 2022-07: $43.55 per share

- 2022-08: $49.94 per share

- 2022-09: $50.20 per share

- 2022-10: $37.82 per share

- 2022-11: $41.49 per share

- 2022-12: $38.17 per share

- 2023-01: $45.89 per share

- 2023-02: $43.67 per share

- 2023-03: $48.44 per share

- 2023-04: $55.14 per share

- 2023-05: $41.97 per share

- 2023-06: $40.67 per share

- 2023-07: $40.34 per share

- 2023-08: $39.50 per share

- 2023-09: $22.41 per share

- 2023-10: $18.75 per share

- 2023-11: $23.02 per share

- 2023-12: $27.56 per share

- 2024-01: $26.09 per share

- 2024-02: $28.19 per share

- 2024-03: $29.09 per share

- 2024-04: $32.15 per share

- 2024-05: $36.36 per share

- 2024-06: $30.58 per share

- 2024-07: $33.85 per share

- 2024-08: $35.32 per share

- 2024-09: $37.10 per share

- 2024-10: $39.92 per share

- 2024-11: $43.88 per share

- 2024-12: $45.14 per share

- 2025-01: $45.88 per share

- 2025-02: $55.26 per share

- 2025-03: $50.96 per share

- 2025-04: $49.84 per share

- 2025-05: $48.52 per share

- 2025-06: $48.84 per share

- 2025-07: $52.11 per share

- 2025-08: $49.33 per share

- 2025-09: $61.37 per share

- 2025-10: $68.31 per share

- 2025-11: $85.99 per share

- 2025-12: $75.96 per share

- 2026-01: $75.53 per share

- 2026-02: $68.19 per share

- 2026-03: $68.13 per share

- 2026-04: $65.06 per share

- 2026-05: $73.85 per share

- 2026-06: $81.57 per share

- 2026-07: $68.01 per share

- 2026-08: $69.54 per share

- 2026-09: $64.78 per share

- 2026-10: $60.99 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1070081/000110465926017575/tmb-20251231x10k.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Dan Davidowitz](https://gigainvestors.com/pcm): 24,916 PTCT shares; USD 2,032,000 reported position value; 0.02% of portfolio; new; quarter 2026 Q2.

# PTCT — PTC Therapeutics Inc.

Held by 1 investor · USD 2,032,000 total · 2026 Q2 · reported price USD 81.55 (split-adjusted).
Page: https://gigainvestors.com/s/PTCT

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 2,032,000 | <0.1% | new |

## Total held by quarter

- 2026 Q2: USD 2,032,000 · 1 holder · USD 81.55