Catalyst Pharmaceuticals (CPRX) Q2 2024 earnings summary

Executive summary

• Q2 2024 total revenues reached $122.7 million, up 23.2% year-over-year, driven by strong organic growth from Firdapse, a successful Agamree launch, and stable Fycompa performance.

• Net income for Q2 2024 was $40.8 million ($0.33 per diluted share), up 8% year-over-year; non-GAAP net income was $69.6 million ($0.56 per diluted share).

• Cash and cash equivalents at June 30, 2024, were $375.7 million, up from $137.6 million at year-end 2023, strengthened by a $140.7 million capital raise and $96.1 million from operations.

• Strategic focus remains on execution, portfolio diversification, and ex-U.S. expansion, including a new license agreement for Agamree in Canada.

• Patent settlements for Firdapse and Fycompa extend protection against generic competition.

Financial highlights

• Firdapse Q2 net sales were $77.4 million, up 19.2% year-over-year; Fycompa Q2 net revenues were $36.5 million, up 5.7%; Agamree Q2 net revenues reached $8.7 million.

• Operating income for Q2 2024 was $54.2 million, up 16.2% year-over-year.

• Cost of sales rose to $15.4 million, mainly due to increased royalties as Firdapse sales exceeded $100 million.

• SG&A expenses increased to $40.7 million, up 43% year-over-year, reflecting Agamree launch support and higher headcount.

• R&D expenses were $3 million, down 25% year-over-year.

Outlook and guidance

• Full-year 2024 revenue guidance reaffirmed at the upper end of $455 million–$475 million.

• Firdapse full-year guidance reiterated at $295 million–$310 million; Fycompa at $130 million–$135 million.

• Agamree full-year guidance raised to $35 million–$40 million due to strong launch and demand.