PTCTPTC THERAPEUTICS, INC.

Pharmaceutical Preparations

Revenue: $1.7B; 115% YoY
Operating margin: 50.1%; 234% YoY
EBITDA: $906M; 499% YoY
Market cap: $5.0B
Employees: 58,000; $30K revenue each
Net debt / EBITDA: -0.5×; −$416M net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
104% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$30K · 28th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 8th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$57M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$539M	$699M	$938M	$807M	$1.7B	115%
Operating income	−$374M	−$447M	−$440M	−$303M	$867M	387%
Net income	−$524M	−$559M	−$627M	−$363M	$683M	288%
Operating cash flow	−$251M	−$357M	−$158M	−$108M	$711M	760%
Capex	$28M	$32M	$28M	$7M	$9M	36%
Stock-based comp	$104M	$110M	$102M	$75M	$75M	0.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $57M · 204
Net: −$57M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	125	120
FY2024	—	—	74	91
FY2023	—	—	45	92
FY2022	—	—	63	89
FY2021	—	—	65	99