Catalyst Pharmaceuticals Reports Strong Second Quarter 2024 Financial Results and Provides Corporate Update

Core Insights - Catalyst Pharmaceuticals reported record total revenues of $122.7 million for Q2 2024, reflecting a 23.2% year-over-year increase, driven by strong commercial execution and the successful launch of AGAMREE [1][10] - The company reaffirmed its total revenue guidance for 2024, expecting results in the upper range of $455 million to $475 million [1][8] Financial Performance - Q2 2024 net product revenues for FIRDAPSE were $77.4 million, showing a robust organic growth of 19.2% year-over-year [1][5] - AGAMREE generated net product revenues of $8.7 million in its first full quarter of U.S. commercialization [1][6] - FYCOMPA's net product revenues reached $36.5 million, representing a 5.7% year-over-year increase [1][6] - GAAP net income for Q2 2024 was $40.8 million, or $0.33 per diluted share, compared to $37.8 million, or $0.33 per diluted share, in Q2 2023 [1][14] - Non-GAAP net income for Q2 2024 was $69.6 million, or $0.56 per diluted share, compared to $60.4 million, or $0.53 per diluted share, in Q2 2023 [1][15] Business Developments - The company successfully launched AGAMREE, a novel corticosteroid treatment for Duchenne Muscular Dystrophy, which exceeded initial expectations [2][5] - Catalyst secured an exclusive license agreement for AGAMREE in Canada, expanding its North American market presence [2][7] - The FDA approved an increased maximum daily dose of FIRDAPSE, enhancing treatment options for healthcare providers [6][17] Expense Management - Research and development expenses decreased to $3.0 million in Q2 2024 from $4.0 million in Q2 2023, a reduction of approximately 24.5% [11] - Selling, general, and administrative expenses increased to $40.7 million in Q2 2024 from $28.4 million in Q2 2023, reflecting a rise of approximately 43.4% due to preparations for AGAMREE's launch [12] Cash Position - As of June 30, 2024, cash and cash equivalents stood at $375.7 million, a significant increase of 173% from $137.6 million at the end of 2023 [4][15]