Core Viewpoint - Catalyst Pharmaceuticals (CPRX) has entered into a settlement agreement with Lupin Pharmaceuticals regarding patent litigation over Firdapse, which protects the company's sales from generic competition until February 25, 2035 [1][5][6]. Group 1: Firdapse Overview - Firdapse is approved in the U.S., EU, and Japan for treating Lambert-Eaton Myasthenic Syndrome (LEMS) in adults and has recently expanded its label to include pediatric patients aged six and older [2]. - In 2024, Firdapse accounted for 62% of Catalyst Pharmaceuticals' sales, generating $168.6 million in revenue in the first half of 2025 [5][8]. Group 2: Settlement Details - The settlement prohibits Lupin from marketing its generic version of Firdapse in the U.S. before February 25, 2035, unless specific exceptions arise [6]. - The agreement also resolves all ongoing patent litigation between Catalyst Pharmaceuticals/SERB and Lupin in the U.S. District Court in New Jersey [6][7]. Group 3: Other Products and Market Position - Catalyst Pharmaceuticals markets two additional drugs in the U.S.: Fycompa for epilepsy and Agamree for Duchenne muscular dystrophy, which provide incremental revenue [9]. - The patents for Fycompa are set to expire in 2025 and 2026, leading to anticipated declines in sales due to increased competition from generics [10].

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 reached $146.6 million, a 19.4% increase year over year, while total revenue for 2025 grew 30.2% to $288 million [5][29] - The company ended Q2 2025 with a cash position of $652.8 million, reinforcing its ability to invest strategically for long-term growth [5][29] - GAAP net income for Q2 2025 was $52.1 million, or $0.41 per diluted share, reflecting a 27.7% increase year over year [30] Business Line Data and Key Metrics Changes - Firdapse generated net product revenue of $84.8 million in Q2 2025, a 9.7% increase year over year, with year-to-date revenue of $168.6 million, representing a 16.9% increase over 2024 [6][29] - GammaRy achieved net product revenue of $27.4 million in Q2 2025, a 213% increase year over year, with first half revenues reaching $49.4 million, up 398% from the prior year [10][29] - Fycompa reported revenue of $34.3 million in Q2 2025, a 6% decrease year over year, with full year guidance remaining unchanged at $90 million to $95 million [11][29] Market Data and Key Metrics Changes - The company is focusing on expanding its reach in the oncology market, where it believes potentially 90% of cancer-associated LEMS patients remain undiagnosed, representing a significant growth opportunity [9][24] - The updated NCCN guidelines for small cell lung cancer, published on July 25, now include VGCC antibody testing and recommend amifampridine for treatment, which is expected to enhance market access [22] Company Strategy and Development Direction - The company is advancing a focused expansion strategy for Firdapse, centered on educating healthcare providers and improving diagnostic access [9][21] - The company remains committed to disciplined business development, actively evaluating opportunities that align with its long-term growth strategy [16][98] - The leadership changes, including the appointment of a new Chief Medical Officer, are aimed at ensuring scientific rigor and operational excellence [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full year 2025 revenue guidance of $545 million to $565 million, supported by strong leading indicators [6][35] - The company anticipates sustained growth driven by the strong performance of its commercial portfolio and the successful execution of its strategic initiatives [35] Other Important Information - The company is awaiting a trial date in ongoing patent litigation for Firdapse, expected in Q4 2025 or Q1 2026 [17] - The company published its 2024 ESG report, underscoring its commitment to sustainable growth and responsible innovation [18] Q&A Session Summary Question: Can you speak more about your strategy for educating oncologists on the LEMS opportunity? - The company is focused on increasing frictionless testing for patients and has implemented digital marketing and educational initiatives to engage oncologists [38][41] Question: What impact are you seeing on Firdapse and GammaRy uptake following the increase in sales force size? - Early indicators show increased engagements and deeper relationships with healthcare providers, with strong performance in enrollments for both products [49][51] Question: How do you view the potential for PTCT's Translarna FDA approval for DMD treatment? - The company believes that GammaRy will continue to retain market share as it is viewed as a differentiated treatment option for DMD [93][95] Question: What is your current stance on near-term strategic initiatives to offset Fycompa's loss of exclusivity? - The company is actively assessing multiple opportunities for business development and lifecycle management to offset potential revenue loss from Fycompa [96][98]

Financial Data and Key Metrics Changes - Catalyst Pharmaceuticals reported total revenue of $146.6 million for Q2 2025, a 19.4% increase year over year, and total revenue for 2025 reached $288 million, reflecting a 30.2% growth [5][28] - The company ended Q2 2025 with a cash position of $652.8 million, indicating strong financial health and capacity for strategic investments [5][28] - GAAP net income for Q2 2025 was $52.1 million, or $0.41 per diluted share, representing a 27.7% increase year over year [29] Business Line Data and Key Metrics Changes - Firdapse generated net product revenue of $84.8 million in Q2 2025, a growth of $7.5 million compared to Q2 2024, with year-to-date revenue of $168.6 million, a 16.9% increase over the previous year [6][28] - GammaRy achieved net product revenue of $27.4 million in Q2 2025, a 213% increase year over year, with first half revenues reaching $49.4 million, up 398% from the prior year [10][28] - Fycompa reported revenue of $34.3 million in Q2 2025, reflecting a 6% decrease year over year, with full year guidance remaining unchanged at $90 million to $95 million [11][28] Market Data and Key Metrics Changes - The company noted that approximately 90% of cancer-associated LEMS patients remain undiagnosed, presenting a significant opportunity for market expansion [9][23] - Prescription approval rates for Firdapse remained above 90%, indicating strong patient adherence and a solid foundation for sustained performance [20] Company Strategy and Development Direction - Catalyst Pharmaceuticals is focused on expanding Firdapse's market presence in oncology, supported by updated NCCN guidelines that recommend its use for cancer patients with LEMS [9][22] - The company is actively pursuing a three-step strategy to enhance diagnostic access and improve patient outcomes, which includes frictionless testing, educational initiatives, and partnerships with oncology practices [21][23] - The leadership team has been strengthened with the addition of new executives, enhancing the company's strategic capabilities [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full year 2025 revenue guidance of $545 million to $565 million, supported by strong leading indicators and a balanced commercial portfolio [6][33] - The company remains committed to disciplined financial management and strategic growth, with a focus on long-term value creation [16][33] Other Important Information - Catalyst Pharmaceuticals is awaiting a trial date for ongoing patent litigation related to Firdapse, with expectations for clarity following a scheduled Markman hearing [16] - The company published its 2024 ESG report, emphasizing its commitment to sustainable growth and responsible innovation [17] Q&A Session Summary Question: Can you speak more about your strategy for educating oncologists on the LEMS opportunity? - The company is focused on increasing frictionless testing for patients and enhancing education through digital marketing, congresses, and publications. Success will be tracked through increased VGCC antibody testing and a growing mix of cancer-associated LEMS patients [36][39][41] Question: What impact are you seeing on Firdapse and GammaRy uptake following the increase in sales force size? - Early indicators show increased engagements and deeper relationships with healthcare providers, with strong performance in enrollments and a solid pipeline for both products [47][50][51] Question: How do you view the potential for PTCT's Translarna FDA approval for DMD treatment? - The company believes that GammaRy will continue to retain market share as it is viewed as a differentiated steroid treatment for DMD, unaffected by Translarna's approval [88][90] Question: What is your current stance on near-term strategic initiatives to offset Fycompa's loss of exclusivity? - The company is actively assessing multiple opportunities for business development and lifecycle management to offset potential revenue loss from Fycompa [92][93]

Industry Overview - The uncertainty surrounding tariffs and trade measures has impacted economic growth, with President Trump threatening to impose tariffs as high as 200% on pharmaceutical imports to encourage domestic production [1] - Despite these threats, the biotech sector has remained stable, with many global pharmaceutical companies already investing in domestic manufacturing [1] Current Trends - The Zacks Medical-Drugs industry is showing promising trends due to positive pipeline and regulatory developments [2] - Key areas of innovation include rare diseases, next-generation oncology treatments, obesity, immunology, and neuroscience, attracting significant investor interest [3] M&A Activity - M&A activity in the sector remains healthy, indicating growth potential for companies like Catalyst Pharmaceuticals, Zevra Therapeutics, Theravance Biopharma, Aldeyra Therapeutics, and Larimar Therapeutics [3] Industry Characteristics - The Zacks Medical-Drugs industry consists of small to medium-sized drug companies that produce medicines for human and veterinary use, often relying on collaboration payments for revenue [4] Factors Influencing Future Growth - The success of key pipeline candidates in clinical studies can significantly impact stock prices, with successful innovations acting as catalysts [5] - Strong collaboration with larger drugmakers is a positive indicator for small pharma companies, especially when equity investments are involved [6] - Investment in technology and personalized medicine is crucial for smaller companies to thrive in a changing healthcare landscape [7] Performance Metrics - The Zacks Medical-Drugs industry currently holds a Zacks Industry Rank of 96, placing it in the top 39% of 245 Zacks industries, indicating strong prospects [9] - Year-to-date, the industry has risen 5.6%, outperforming the Zacks Medical sector, which has decreased by 2.9%, while slightly underperforming the S&P 500, which has risen by 6.9% [11] Valuation - The industry is currently trading at a trailing 12-month price-to-sales ratio of 2.32, compared to the S&P 500's 5.66 and the Zacks Medical sector's 2.37 [12] Company Highlights - **Catalyst Pharmaceuticals**: Lead drug Firdapse shows strong demand; stock has risen 0.4% this year; earnings estimate for 2025 increased from $2.23 to $2.25 [16][17] - **Theravance Biopharma**: Strong sales from Yupelri; stock has risen 22.6% this year; earnings estimate for 2025 declined from 3 cents to 1 cent [20][21] - **Larimar Therapeutics**: Developing nomlabofusp for Friedreich's ataxia; stock has declined 18.3% this year; loss estimate for 2025 narrowed from $1.90 to $1.89 [24][25] - **Zevra Therapeutics**: Early adoption of Miplyffa exceeds expectations; stock has risen 53.4% this year; earnings estimate for 2025 increased from 31 cents to 76 cents [28][29] - **Aldeyra Therapeutics**: Focused on RASP modulators; stock has declined 0.4% this year; loss estimate for 2025 narrowed from $1.03 to 90 cents [31][32]

Summary of Catalyst Pharmaceuticals (CPRX) Conference Call Company Overview - Catalyst Pharmaceuticals is a commercial stage company focused on rare orphan diseases, utilizing a license and acquisition model for growth [1] Key Financial Performance - The company reported record sales and earnings for Q1 2025, building on a successful 2024 [3] - Firdapse, a treatment for Lambert-Eaton Myasthenic Syndrome (LEMS), grew by 25% compared to Q1 2024, exceeding the forecasted growth of 15-20% [4][5] - GammaRay, a treatment for Duchenne muscular dystrophy, generated $22 million in its first full quarter on the market [4] - Fycompa, an epilepsy product, showed strong performance despite potential generic competition [4][7] Market Opportunities and Strategies - The company sees a significant market opportunity for Firdapse, estimating it could reach a billion-dollar market with continued growth [9][14] - There is a focus on two distinct markets for Firdapse: idiopathic and cancer-related LEMS, with strategies tailored to each [10][12] - The company is implementing frictionless testing to accelerate patient identification and treatment in the oncology space [13] - The average time from first symptom to treatment with Firdapse is approximately six years, indicating a need for increased patient education [11] Patient Identification and Treatment Dynamics - Approximately 500 patients have been identified who may have LEMS, with 75% believed to be idiopathic [29] - The company is working closely with physicians to improve patient identification and treatment initiation [30] - The persistence rate for idiopathic patients on Firdapse is around 90%, indicating strong long-term treatment adherence [21] Litigation and Market Position - The company is currently involved in litigation regarding Firdapse, with a trial expected to occur by early 2026 [32] - Settlements have been reached with two litigants, and the company is optimistic about resolving remaining cases [34] Competitive Landscape and Product Launches - GammaRay's launch has been successful, sourcing patients from both Emflaza and prednisone, with a retention rate of 85% [42] - The company is not currently facing significant generic competition for GammaRay, which is a positive indicator for market performance [42] Financial Outlook and Growth Projections - The royalty rate on Firdapse is set to decrease significantly from 17% in 2025 to 6% by 2027, which will positively impact the company's financials [57][59] - The company anticipates continued growth, although a slowdown may occur as the base increases [25][26] Macro Environment and Acquisition Strategy - Catalyst Pharmaceuticals is well-positioned to acquire new assets, with $600 million in cash and no debt, making it a strong player in a consolidating biotech environment [70] - The company is actively looking for acquisition opportunities and believes it can effectively bring new products to market [72] Regulatory and Pricing Considerations - The company has a higher exposure to Medicaid for GammaRay (55%) compared to Medicare for Firdapse (40%) [61] - Pricing dynamics in international markets are complex, with significant differences in pricing across countries [62][64] Conclusion - Catalyst Pharmaceuticals is experiencing strong growth driven by its key products, Firdapse and GammaRay, with a clear strategy for market expansion and patient engagement. The company is also strategically positioned for potential acquisitions in a challenging macroeconomic environment.

Core Insights - Catalyst Pharmaceuticals (CPRX) reported adjusted earnings of 68 cents per share for Q1 2025, exceeding the Zacks Consensus Estimate of 53 cents and up from 38 cents in the same quarter last year [1] - Total revenues reached $141.4 million, reflecting a 44% year-over-year growth and surpassing the Zacks Consensus Estimate of $130 million [1] Revenue Breakdown - The primary revenue sources included Firdapse, Fycompa, and Agamree, with Firdapse generating $83.7 million in sales, a 25% increase year-over-year, exceeding estimates [2] - Fycompa, acquired in 2023, contributed $35.6 million in net product revenues, marking a 17% year-over-year growth and surpassing estimates [3] - Agamree generated $22 million in revenues, significantly up year-over-year, also beating estimates [7] Financial Position - As of March 31, 2025, Catalyst Pharmaceuticals had cash, cash equivalents, and investments totaling $580.7 million, an increase from $517.6 million at the end of 2024 [8] 2025 Financial Guidance - The company expects total revenues between $545 million and $565 million for 2025, driven by continued growth in product revenues from Firdapse and Agamree [9] - Firdapse revenues are projected between $355 million and $360 million, while Agamree revenues are anticipated to be between $100 million and $110 million [9] - Fycompa revenues are expected to be between $90 million and $95 million, reflecting anticipated market exclusivity loss [10] Research and Development - R&D expenses are projected to be between $15 million and $20 million in 2025, influenced by investments in the SUMMIT study for Agamree [11] - SG&A expenses are expected to rise "modestly" in 2025 [11]

Financial Data and Key Metrics Changes - Total net revenues increased by 43.6% year over year to $141,400,000, with significant contributions from all products [5][25]. - Net income before income taxes for Q1 2025 was $71,300,000, a 145% increase year over year compared to $29,100,000 in Q1 2024 [27]. - GAAP net income for Q1 2025 was $56,700,000 or $0.47 per basic share, up 144% from $23,300,000 or $0.20 per basic share in Q1 2024 [27][29]. - Non-GAAP net income for Q1 2025 was $86,600,000 or $0.71 per basic share, compared to $46,800,000 or $0.40 per basic share in Q1 2024 [29]. Business Line Data and Key Metrics Changes - Firdapse generated revenue of $83,700,000, a 25.3% increase year over year, driven by strong adoption among newly diagnosed patients [7][26]. - Agamry's net product revenues totaled $22,000,000, compared to $1,200,000 in Q1 2024, reflecting its first full quarter of sales [9][26]. - Fycompa's net product revenue was $35,600,000, representing a year-over-year growth of 17.1% [11][27]. Market Data and Key Metrics Changes - Approximately 20% to 25% of current Firdapse patients are cancer-associated LEMS patients, with expectations to grow this segment significantly [47][90]. - The market size for LEMS is estimated at $1,200,000,000, with the company currently holding about 25% market penetration [95]. Company Strategy and Development Direction - The company aims to expand its market leadership for Firdapse and enhance its growth through strategic initiatives targeting cancer-associated LEMS patients [8][19]. - Business development remains a core growth lever, focusing on opportunities with strategic synergy and clinical differentiation [15][54]. - The company is committed to expanding access to rare disease therapies in international markets, including Japan and Canada [13][14]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining operational excellence and delivering durable growth while addressing the needs of rare disease patients [16][34]. - The company reaffirmed its full-year total product revenue guidance of between $545,000,000 and $565,000,000 for 2025 [16][25]. Other Important Information - The company has a strong cash position of $580,700,000, allowing for financial flexibility to support R&D and strategic initiatives [6][33]. - Research and development expenses increased to $3,900,000 in Q1 2025 from $2,600,000 in Q1 2024, reflecting ongoing investments in clinical studies [32]. Q&A Session Summary Question: How much of Firdapse's growth is attributed to the Change Healthcare impact? - Management indicated that if the Change Healthcare impact is backed out, Firdapse would still be in the 15% to 20% growth range [39][40]. Question: What proportion of Fycompa patients are on the tablet versus oral suspension? - Approximately 98% of Fycompa patients are on the tablet formulation [42]. Question: How is the uptake of Firdapse among small cell lung cancer patients trending? - Currently, about 20% to 25% of LEMS patients on Firdapse are cancer-associated, with plans to increase this through screening initiatives [47][90]. Question: What are the current thoughts on business development in the changing macro environment? - The company remains focused on immediately accretive opportunities and sees the current market dynamics as beneficial for its strategy [54][55]. Question: What gives confidence in the strategy for cancer-associated LEMS? - There is significant interest from the oncology community in diagnosing and treating cancer-associated LEMS, indicating a strong unmet need [58][60].

Financial Data and Key Metrics Changes - Total net revenues increased by 43.6% year over year to $141,400,000, with significant contributions from all products [4][26] - Net income before income taxes for Q1 2025 was $71,300,000, a 145% increase year over year [28] - GAAP net income for Q1 2025 was $56,700,000, or $0.47 per basic share, reflecting a 144% increase year over year [28] - Non-GAAP net income for Q1 2025 was $86,600,000, or $0.71 per basic share, compared to $46,800,000 in Q1 2024 [28][29] Business Line Data and Key Metrics Changes - Firdapse generated revenue of $83,700,000, a 25.3% increase year over year [6][27] - Agamry's net product revenues totaled $22,000,000, compared to $1,200,000 in Q1 2024, marking its first full year of commercial availability [9][27] - Fycompa's net product revenue was $35,600,000, representing a year-over-year growth of 17.1% [11][28] Market Data and Key Metrics Changes - Approximately 20% to 25% of current Firdapse patients are cancer-associated LEMS patients, with expectations to increase this percentage through screening initiatives [49][90] - The market for LEMS is estimated at $1,200,000,000, with the company currently holding about 25% market penetration [94] Company Strategy and Development Direction - The company aims to expand its market leadership for Firdapse and Agamry while managing the transition of Fycompa post-patent expiry [12][15] - Strategic initiatives include enhancing patient access and focusing on business development opportunities that align with the company's goals [15][75] - The company is committed to advancing health equity by expanding access to therapies for underserved populations [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum and achieving full-year revenue guidance of $545,000,000 to $565,000,000 [16][26] - The company is focused on executing strategic priorities and maintaining operational excellence [15][36] Other Important Information - The company ended Q1 2025 with cash and cash equivalents of $580,700,000, an increase from $517,600,000 at the end of 2024 [34] - Research and development expenses for Q1 2025 were $3,900,000, up from $2,600,000 in Q1 2024, reflecting ongoing investments in clinical studies [33] Q&A Session Summary Question: What contributed to Firdapse's growth this quarter? - Management indicated that approximately 15% to 20% growth is typical, and the strong performance in Q1 was partly due to recovery from the Change Healthcare incident [39][41] Question: What is the proportion of Fycompa patients on tablet versus oral suspension? - Approximately 85% of Fycompa patients are on the tablet formulation [44][62] Question: How is the uptake of Firdapse among small cell lung cancer patients? - Currently, 20% to 25% of LEMS patients on Firdapse are cancer-associated, with plans to increase this through screening efforts [49][90] Question: What are the company's current thoughts on business development? - The company remains focused on identifying immediately accretive opportunities and sees the current market dynamics as beneficial for its strategy [54][56] Question: How does the company plan to minimize brand erosion for Fycompa post-exclusivity? - Management noted that there is a tendency for anti-seizure medications to retain patients, which may help minimize brand erosion [70][72] Question: What is the company's market penetration for Firdapse? - The company estimates a market penetration of about 25% for Firdapse, with significant growth potential remaining [94][96]

Financial Data and Key Metrics Changes - For the full year 2024, total revenues grew by 23.5% year over year to $491.7 million, exceeding previous guidance [6][24] - Full year net product revenue reached $489.3 million, a 23.4% increase over 2023, driven by the successful launch of AGAMRI [6][24] - In Q4 2024, total revenues and net product revenues reached $141.8 million, an increase of 28.3% and 30% over Q4 2023, respectively [7][24] - GAAP net income for 2024 was $163.9 million, or $1.38 per basic share, a 130% increase year over year [28] - Non-GAAP net income for 2024 was $276.3 million, or $2.33 per basic share, representing a 95% increase year over year [29] Business Line Data and Key Metrics Changes - Firdapse's net product revenue for 2024 was $306 million, an 18.4% increase year over year [25] - AGAMRI generated $46 million in net product revenue from its launch on March 13, 2024, through year-end [25] - Fycampa's net product revenue for 2024 was $137.3 million, slightly down from $138.1 million in 2023 due to changes in gross to net arrangements [25][30] Market Data and Key Metrics Changes - The company ended 2024 with a cash position of $517.6 million and no debt, enhancing its capacity for strategic investments [8][33] - The company expects 2025 total revenue to be between $545 million and $565 million [7] Company Strategy and Development Direction - The company is focused on a buy and build approach for long-term growth, actively evaluating rare disease opportunities [13] - The international strategy includes building a sustainable network of out-licensing partners and targeting markets where products can enhance access to care [14] - The company aims to leverage its rare disease expertise and operational excellence to drive sustained growth [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of Firdapse, expecting organic growth to exceed 15% in 2025 [20] - The company is committed to navigating market and regulatory challenges while adapting to industry changes [15] - Management highlighted the importance of patient engagement services and strong relationships with healthcare communities [8] Other Important Information - The company secured a favorable resolution to the Teva patent litigation, reinforcing Firdapse's intellectual property strength [10] - The SUMMIT study for AGAMRI is underway, aiming to provide real-world data on its long-term benefits [11] Q&A Session Summary Question: Can you provide more color on new patient adds and the low discontinuation rate for Firdapse? - Management noted over 500 pipeline leads for LEMS patients, contributing about 50% to new enrollments each month, with a steady discontinuation rate of 15% [40][41] Question: What is the plan for replacing revenue from Fycampa in 2026? - Management remains open to orphan and differentiated products, including potential opportunities in epilepsy [44] Question: What indications are being pursued for AGAMRI? - The focus is on further characterizing AGAMRI for its immunosuppressive capabilities in rare diseases [50] Question: How does the clarity on Firdapse IP protections shape investment? - Should a full ten-year opportunity arise, the company would consider aggressive investments in the oncology side and other research opportunities [96][97] Question: What is the expected impact of generic erosion on Fycampa? - Management expects some price and volume erosion post-patent expiry but believes the product will maintain a considerable market share [80][100]

Financial Data and Key Metrics Changes - For the full year 2024, total revenues grew by 23.5% year over year to $491.7 million, exceeding previous guidance [6][25] - Full year net product revenue reached $489.3 million, a 23.4% increase over 2023, driven by the successful launch of AGAMRI [6][25] - In Q4 2024, total revenues and net product revenues reached $141.8 million, an increase of 28.3% and 30% over Q4 2023, respectively [7][25] - The company ended the year with a cash position of $517.6 million and no debt, enhancing its capacity for strategic investments [8] Business Line Data and Key Metrics Changes - Firdapse's net product revenue for 2024 was $306 million, an 18.4% increase year over year [26] - AGAMRI generated $46 million in net product revenue from its launch on March 13, 2024, through year-end [26] - Fycompa's net product revenue for 2024 was $137.3 million, slightly down from $138.1 million in 2023 due to changes in gross to net deductions [26][30] Market Data and Key Metrics Changes - Firdapse has maintained 14 consecutive quarters of 15% or more growth year over year, reflecting strong market demand [9] - AGAMRI has gained traction with 93% of the top 45 DMD centers of excellence submitting enrollments [18] - VICOMPA's full year 2024 net product revenue reached $137.3 million, surpassing guidance [19] Company Strategy and Development Direction - The company is focused on a "buy and build" approach for long-term growth, actively evaluating rare disease opportunities [13] - Catalyst is building a sustainable network of out-licensing partners and seeking markets where its products can enhance access to care [14] - The company aims to navigate market and regulatory challenges while leveraging its rare disease expertise for sustained growth [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued revenue growth, forecasting total revenue for 2025 to be between $545 million and $565 million [8] - The company is committed to protecting the long-term value of its franchise amid ongoing patent litigation [10] - Management highlighted the importance of patient engagement services and strong relationships with healthcare communities [8][9] Other Important Information - The company reported a GAAP net income of $163.9 million for 2024, a 130% increase year over year [29] - Non-GAAP net income for 2024 was $276.3 million, representing a 95% increase from 2023 [30] - Research and development expenses decreased significantly in 2024 due to a one-time expense in 2023 [32] Q&A Session Summary Question: Can you provide more color on new patient adds and the low discontinuation rate for Firdapse? - Management noted over 500 pipeline leads for LEMS patients, contributing about 50% to new enrollments, with a steady discontinuation rate of 15% [40][42] Question: What is the plan for replacing revenue from Fycompa in 2026? - Management remains open to orphan and differentiated products, including potential epilepsy opportunities, but is focused on the orphan space [44][45] Question: What indications are being pursued with AGAMRI? - The company is further characterizing AGAMRI for its immunosuppressive capabilities in rare diseases [52] Question: How does the company view gene therapy opportunities? - Management is cautious about gene therapy, focusing on products that are close to market and have a clear need [53][55] Question: What is the expected impact of gross to net changes for Firdapse in 2025? - The company anticipates a gross to net change of 3% to 3.5% for 2025, influenced by the Inflation Reduction Act [61] Question: What factors are expected to drive demand for AGAMRI in 2025? - Management expects steady transitions from both prednisone and Emflaza segments, with a focus on accelerating enrollments mid-year [68] Question: How well has Firdapse penetrated the LEMS market? - Management did not provide specific penetration percentages but indicated strong market presence and growth potential [108]