Jun. 2 at 3:14 AM
$PLX
This Q1 blows up the Zacks flattening model.
Facts from the release:
Q1 revenue:
$33.75M
Full-year 2025 revenue was
$52.7M
2026 guidance reaffirmed:
$78–83M
$25M milestone received
Cash:
$51M
No debt
Zacks had Q1 consensus at ~
$11.5M. That means they massively underestimated milestone timing and operating leverage.
If Q1 is
$33.8M and full-year guide is
$78–83M, that implies normalization after milestone but still steady royalty flow. Their 2027 drop to
$59M now looks even less realistic unless something breaks.
This quarter changes the slope.
The “flat royalty biotech” narrative just cracked.
