Estados financieros detallados de PTC Therapeutics, Inc. (PTCT): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
PTC Therapeutics, Inc. registró ingresos de $1.73B en el último ejercicio fiscal, con un CAGR de 5 años del 35.4%.
Márgenes de los últimos 12 meses: margen bruto 82.1%, margen operativo 11.5%, margen neto -3.8%.
Al precio actual de $67.30, PTCT presenta beneficios negativos (P/E no significativo) y un ROE del 21.72%. La capitalización bursátil es de $5.6B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $82.7M | $194.4M | $264.7M | $307.0M | $380.8M | $538.6M | $698.8M | $937.8M | $806.8M | $1.73B |
| Coste de Ventas | $117.6M | $4.6M | $12.7M | $12.1M | $18.9M | $32.3M | $44.7M | $65.5M | $57.4M | $71.8M |
| Beneficio Bruto | -$34.9M | $189.8M | $252.1M | $294.8M | $361.8M | $506.3M | $654.1M | $872.3M | $749.4M | $1.66B |
| I+D | $117.6M | $117.5M | $172.0M | $257.5M | $477.6M | $540.7M | $651.5M | $666.6M | $534.5M | $455.2M |
| Generales y Administrativos | $97.1M | $121.3M | $153.5M | $202.5M | $245.2M | $285.8M | $326.0M | $332.5M | $300.9M | $347.1M |
| Gastos Operativos | $214.8M | $254.1M | $348.4M | $536.0M | $793.6M | $880.7M | $1.10B | $1.31B | $1.05B | $802.4M |
| Beneficio Operativo | -$132.1M | -$64.3M | -$115.7M | -$241.2M | -$431.8M | -$374.4M | -$447.4M | -$439.5M | -$302.6M | $856.5M |
| EBITDA | -$128.8M | -$46.6M | -$89.5M | -$195.3M | -$303.1M | -$368.2M | -$367.8M | -$330.3M | -$120.5M | $887.7M |
| Gastos por Intereses | $8.3M | $12.1M | $12.6M | $12.5M | $56.4M | $86.0M | $90.9M | $129.2M | $167.0M | $152.2M |
| Beneficio Antes de Impuestos | -$141.5M | -$77.7M | -$128.1M | -$239.9M | -$402.9M | -$518.3M | -$587.5M | -$696.1M | -$363.1M | $696.6M |
| Impuestos | $569000 | $1.3M | -$29000 | $11.7M | $35.2M | $5.6M | -$28.5M | -$69.5M | $176000 | $14.0M |
| Beneficio Neto | -$142.1M | -$79.0M | -$128.1M | -$251.6M | -$438.2M | -$523.9M | -$559.0M | -$626.6M | -$363.3M | $682.6M |
| BPA | $-4.17 | $-2.02 | $-2.75 | $-4.27 | $-6.64 | $-7.43 | $-7.79 | $-8.37 | $-4.73 | $8.58 |
| BPA Diluido | $-4.17 | $-2.02 | $-2.75 | $-4.27 | $-6.64 | $-7.43 | $-7.79 | $-8.37 | $-4.73 | $7.78 |
| Acciones en Circulación (Diluidas) | $34.0M | $39.2M | $46.6M | $58.9M | $66.0M | $70.5M | $71.7M | $74.8M | $76.8M | $88.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $211.0M | $164.7M | $272.6M | $360.5M |
| Beneficio Bruto | $95.1M | $148.4M | $244.5M | $340.6M |
| Beneficio Operativo | $3.0M | -$81.6M | $45.9M | $149.0M |
| EBITDA | $20.6M | -$71.0M | $62.0M | $161.9M |
| Beneficio Neto | $15.9M | -$135.0M | -$2.8M | $83.5M |
| BPA | $0.20 | $-1.67 | $-0.03 | $1.01 |
| BPA Diluido | $0.20 | $-1.67 | $-0.03 | $0.92 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $231.7M | $191.2M | $227.6M | $288.0M | $208.8M | $189.7M | $279.8M | $594.0M | $779.7M | $984.6M |
| Inversiones a Corto | 0 | 0 | 0 | $398.5M | $894.8M | $583.7M | $130.9M | $282.7M | $360.0M | $960.7M |
| Cuentas por Cobrar | $24.9M | $40.4M | $67.9M | $55.5M | $69.9M | $110.5M | $155.6M | $160.8M | $158.6M | $181.6M |
| Inventario | 0 | $10.8M | $16.1M | $19.3M | $18.7M | $15.9M | $21.8M | $30.6M | $23.2M | $79.6M |
| Activos Corrientes | $261.3M | $249.1M | $320.9M | $779.3M | $1.23B | $954.4M | $693.8M | $1.22B | $1.37B | $2.27B |
| Inmovilizado Material | $7.4M | $8.4M | $12.7M | $35.2M | $118.2M | $130.0M | $175.0M | $179.0M | $117.7M | $135.4M |
| Fondo de Comercio | 0 | 0 | $82.3M | $82.3M | $82.3M | $82.3M | $82.3M | $82.3M | $82.3M | $82.3M |
| Activos Intangibles | 0 | $133.0M | $701.0M | $710.5M | $715.3M | $724.8M | $705.9M | $379.5M | $118.8M | $388.8M |
| Activos Totales | $269.3M | $391.7M | $1.12B | $1.62B | $2.21B | $1.94B | $1.71B | $1.90B | $1.71B | $2.90B |
| Cuentas por Pagar | $6.3M | $15.3M | $6.0M | $10.3M | $18.7M | $23.0M | $27.3M | $6.0M | $17.3M | $45.5M |
| Deuda a Corto | 0 | 0 | $11.7M | $20.0M | 0 | $208.8M | $72.1M | $194.3M | $257.8M | $569.6M |
| Pasivos Corrientes | $49.6M | $82.0M | $166.8M | $235.9M | $277.3M | $509.3M | $406.2M | $603.1M | $581.0M | $968.4M |
| Deuda a Largo | $98.2M | $145.0M | $141.3M | $293.9M | $309.1M | $956.6M | $1.26B | $1.90B | $2.11B | $2.03B |
| Pasivos Totales | $149.8M | $235.2M | $768.5M | $1.03B | $1.73B | $1.94B | $2.05B | $2.71B | $2.80B | $3.10B |
| Reservas | -$735.1M | -$814.1M | -$938.9M | -$1.19B | -$1.63B | -$2.10B | -$2.66B | -$3.28B | -$3.65B | -$2.96B |
| Patrimonio Neto | $119.6M | $156.4M | $350.7M | $594.3M | $482.0M | $1.4M | -$347.1M | -$818.6M | -$1.10B | -$205.3M |
| Deuda Total | $98.2M | $145.0M | $153.0M | $328.0M | $420.4M | $1.27B | $1.46B | $2.23B | $2.47B | $2.71B |
| Deuda Neta | -$133.4M | -$46.3M | -$74.6M | -$358.5M | -$683.2M | $496.0M | $1.05B | $1.35B | $1.33B | $761.7M |
| Capital Circulante | $211.7M | $167.0M | $154.1M | $543.4M | $954.4M | $445.0M | $287.5M | $615.5M | $784.5M | $1.31B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $672.6M | $984.6M | $834.0M | $1.05B |
| Activos Totales | $2.64B | $2.90B | $2.87B | $3.25B |
| Pasivos Totales | $2.80B | $3.10B | $3.05B | $3.42B |
| Patrimonio Neto | -$155.8M | -$205.3M | -$180.5M | -$165.4M |
| Deuda Total | $410.1M | $2.71B | $395.1M | $696.5M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$142.1M | -$79.0M | -$128.1M | -$251.6M | -$438.2M | -$523.9M | -$559.0M | -$626.6M | -$363.3M | $682.6M |
| Amortizaciones | $3.3M | $17.7M | $26.1M | $32.2M | $84.9M | $64.1M | $128.8M | $236.6M | $75.7M | $38.8M |
| Compensación en Acciones | $35.0M | $30.6M | $33.3M | $42.1M | $70.3M | $103.5M | $110.3M | $131.2M | $74.6M | $74.5M |
| Cambio en Capital Circulante | -$9.0M | $13.2M | $14.2M | $20.4M | $36.9M | -$23.8M | -$85.3M | -$4.0M | $102.5M | -$47.9M |
| Flujo de Caja Operativo | -$103.6M | -$10.1M | -$27.6M | -$98.6M | -$194.1M | -$251.3M | -$356.7M | -$158.4M | -$107.7M | $711.2M |
| Inversiones (CapEx) | -$1.8M | -$3.1M | -$15.5M | -$45.4M | -$56.0M | -$85.3M | -$152.5M | -$120.6M | -$74.2M | -$300.0M |
| Adquisiciones | 0 | -$77.2M | -$48.9M | -$4.0M | $38.1M | $57.1M | $128.4M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$105.3M | -$13.2M | -$43.2M | -$144.1M | -$250.0M | -$336.7M | -$509.1M | -$279.0M | -$181.9M | $411.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$66.3M | -$34.3M | -$59.0M | $129.1M |
| Inversiones (CapEx) | -$256.3M | -$37.3M | -$1.4M | -$7.1M |
| Flujo de Caja Libre | -$322.6M | -$71.6M | -$60.4M | $122.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $19.4M | $18.5M | $23.4M | $23.3M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +135.0% | +36.2% | +16.0% | +24.0% | +41.4% | +29.7% | +34.2% | -14.0% | +114.5% |
| Crecimiento Beneficio Neto (anual) | | +44.4% | -62.1% | -96.4% | -74.2% | -19.6% | -6.7% | -12.1% | +42.0% | +287.9% |
| Crecimiento BPA (anual) | | +51.6% | -36.1% | -55.3% | -55.5% | -11.9% | -4.8% | -7.4% | +43.5% | +281.4% |
| Cambio en Acciones (anual) | | +15.1% | +18.9% | +26.4% | +12.2% | +6.7% | +1.8% | +4.3% | +2.7% | +14.9% |
| Crecimiento FCF (anual) | | +87.5% | -227.9% | -233.7% | -73.6% | -34.6% | -51.2% | +45.2% | +34.8% | +326.0% |
| Margen Bruto | -42.2% | 97.6% | 95.2% | 96.0% | 95.0% | 94.0% | 93.6% | 93.0% | 92.9% | 95.9% |
| Margen Operativo | -159.7% | -33.1% | -43.7% | -78.6% | -113.4% | -69.5% | -64.0% | -46.9% | -37.5% | 49.5% |
| Margen EBITDA | -155.7% | -24.0% | -33.8% | -63.6% | -79.6% | -68.4% | -52.6% | -35.2% | -14.9% | 51.3% |
| Margen Neto | -171.8% | -40.6% | -48.4% | -82.0% | -115.1% | -97.3% | -80.0% | -66.8% | -45.0% | 39.4% |
| Margen FCF | -127.4% | -6.8% | -16.3% | -46.9% | -65.7% | -62.5% | -72.9% | -29.8% | -22.6% | 23.8% |
| Tasa Impositiva Efectiva | -0.4% | -1.7% | 0.0% | -4.9% | -8.7% | -1.1% | 4.8% | 10.0% | -0.0% | 2.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-3.09 | $-0.34 | $-0.93 | $-2.45 | $-3.79 | $-4.78 | $-7.10 | $-3.73 | $-2.37 | $4.66 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $34.0M | $39.1M | $46.6M | $58.9M | $66.0M | $70.5M | $71.7M | $74.8M | $76.8M | $79.5M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 21.72% |
| Rentabilidad sobre capital invertido | 2.61% |
| Rentabilidad sobre activos | -1.18% |
| Margen bruto | 82.14% |
| Margen operativo | 11.52% |
| Margen neto | -3.80% |
Salud financiera
| Deuda / Patrimonio | -4.21 |
| Ratio corriente | 3.39 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.62 | -8.26 | -12.48 | -11.25 | -9.19 | -5.36 | -4.90 | -3.29 | -9.54 | 8.85 |
| P/VC | 3.11 | 4.17 | 4.56 | 4.76 | 8.36 | 1951.79 | -7.89 | -2.52 | -3.16 | -29.43 |
| P/V | 4.49 | 3.36 | 6.04 | 9.21 | 10.58 | 5.21 | 3.92 | 2.20 | 4.30 | 3.49 |
| Margen Bruto | -42.2% | 97.6% | 95.2% | 96.0% | 95.0% | 94.0% | 93.6% | 93.0% | 92.9% | 95.9% |
| Margen Operativo | -159.7% | -33.1% | -43.7% | -78.6% | -113.4% | -69.5% | -64.0% | -46.9% | -37.5% | 49.5% |
| Margen Neto | -171.8% | -40.6% | -48.4% | -82.0% | -115.1% | -97.3% | -80.0% | -66.8% | -45.0% | 39.4% |