BofA/Merrill analyst Tazeen Ahmad downgraded PTC Therapeutics to Neutral following news it is considering de-listing Translarna from the German pharmacy ordering system. The analyst believes this could meaningfully slow Traslarna's ex-US ramp and believes the price will have to be heavily discounted to maintain a presence in Germany. Additionally, Tazeen believes this could effect how other European Union countries negotiate price and will need to focus resources on its ex-US DMD sales ramp in the near term. The analyst lowered his price target on PTC to $10 from $50 on shares.

Reports Q1 revenue $210M, consensus $169.7M. "We are off to a strong start in 2024, with outstanding commercial performance and achievement of all planned clinical and regulatory milestones for the first quarter," said Matthew Klein, M.D., Chief Executive Officer, PTC Therapeutics, Inc. "We remain on track to achieve the many planned 2024 clinical and regulatory milestones, including global regulatory submissions for sepiapterin."