Catalyst Pharmaceuticals Reports Strong Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Catalyst Pharmaceuticals Reports Strong Q2 2024 Financial Results
Catalyst Pharmaceuticals, Inc. (NASDAQ: CPRX) has announced its financial results for the second quarter of 2024, reflecting robust performance propelled by the strong commercial execution and success of new product launches.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $122.7M | $99.6M | +23.2% | $111.87M |
| GAAP Net Income | $40.8M ($0.33 EPS diluted) | $37.8M ($0.33 EPS diluted) | +8% | - |
| Non-GAAP Net Income | $69.6M ($0.56 EPS diluted) | $60.4M ($0.53 EPS diluted) | +15.2% | - |
Catalyst Pharmaceuticals exceeded consensus estimates, with total revenue increasing by 23.2% year-over-year, showcasing significant growth driven by strong product performance and successful commercialization efforts.
Revenue Breakdown by Segment
| Segment | Q2 2024 Revenues | Q2 2023 Revenues | YoY Change | Previous Guidance |
|---|---|---|---|---|
| FIRDAPSE® | $77.4M | $65M | +19.2% | $295M - $310M (FY) |
| AGAMREE® | $8.7M | - | - | $35M - $40M (FY) |
| FYCOMPA® | $36.5M | $34.5M | +5.7% | $130M - $135M (FY) |
Each segment demonstrated strong performance, particularly FIRDAPSE®, which grew 19.2% year-over-year. The launch of AGAMREE® also proved to be successful, generating $8.7 million in its first full commercial quarter.
Comments from Company Officers
Richard J. Daly, President and CEO of Catalyst Pharmaceuticals, stated, "Since the onset of this year, we have advanced with continued momentum, propelled by the strong performance of our established product portfolio and the successful U.S. commercial launch of AGAMREE. Our accomplishments have significantly strengthened our financial position, aligning with our revenue guidance for the year, and we believe that we are on track to achieve the upper end of our previously provided total revenue forecast."
Forward Guidance
Catalyst Pharmaceuticals reaffirmed its total revenue guidance for 2024, projecting results in the upper range of $455 million to $475 million. Specific segment guidance includes: - FIRDAPSE®: $295 million to $310 million. - FYCOMPA®: $130 million to $135 million. - AGAMREE®: $35 million to $40 million.
Stock Price Movement
Following the earnings release, Catalyst Pharmaceuticals' stock price experienced a modest increase of 0.247%.
In summary, Catalyst Pharmaceuticals delivered a strong Q2 2024 performance, surpassing revenue expectations and showcasing growth across its major products. The company remains optimistic about achieving the upper end of its annual revenue guidance, bolstered by strategic initiatives and successful product launches.
