Catalyst (CPRX) Rises as Q2 Earnings & Revenues Beat Estimates

Core Insights - Catalyst Pharmaceuticals, Inc. (CPRX) reported adjusted earnings of 56 cents per share for Q2 2024, exceeding the Zacks Consensus Estimate of 42 cents and up from 53 cents in the same quarter last year [1] - Total revenues reached $122.7 million, reflecting a 23% year-over-year growth and surpassing the Zacks Consensus Estimate of $111.6 million [1] Revenue Breakdown - The majority of total revenues were driven by product sales, particularly from Firdapse, Fycompa, and Agamree [2] - Firdapse generated sales of $77.4 million in Q2 2024, a 19.2% increase year-over-year, exceeding the Zacks Consensus Estimate of $72.5 million [3] - Fycompa recorded net product revenues of $36.5 million, beating the Zacks Consensus Estimate of $33.2 million and showing a year-over-year growth of 5.7% [5] - Agamree, launched in March 2024, generated $8.7 million in its first full quarter, surpassing the Zacks Consensus Estimate of $6 million [7] Expense Overview - Research and development (R&D) expenses were $3 million, down 25% year-over-year [7] - Selling, general and administrative (SG&A) expenses increased to $40.7 million, a 43% rise from $28.4 million in the previous year, primarily due to the launch of Agamree [8] Financial Guidance - Catalyst updated its 2024 revenue guidance to a range of $455-$475 million, with expectations leaning towards the higher end due to growth in Firdapse, Fycompa, and Agamree [9] - Specific revenue expectations for Firdapse are between $295 million and $310 million, while Fycompa is projected to generate $130-$135 million [10] - Agamree's revenue guidance was increased to $35-$40 million from a previous estimate of $25-$30 million, reflecting strong demand trends [10] Regulatory Developments - The FDA approved a supplemental new drug application for Firdapse, increasing the maximum daily dose for LEMS treatment, which is expected to enhance sales in upcoming quarters [11]