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Catalyst's (CPRX) Q3 Earnings In Line, Revenues Beat Estimates
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Catalyst Pharmaceuticals, Inc. (CPRX - Free Report) reported earnings of 10 cents per share for the third quarter of 2021, which was in line with the Zacks Consensus Estimate. The company had reported earnings of 41 cents in the year-ago quarter.
Adjusted earnings (adjusted for stock-based compensation, depreciation and tax provision) came in at 14 cents per share in the reported quarter compared with 12 cents a year ago.
Total revenues of $35.9 million also beat the Zacks Consensus Estimate of $34 million and rose 22.5% from the year-ago quarter’s $29.3 million. The top line comprised sales of Firdapse (amifampridine), the company’s first approved drug for the treatment of Lambert-Eaton myasthenic syndrome (LEMS), and nominal license and other revenues.
Shares of Catalyst have rallied 84.7% in the year so far against the industry’s decrease of 12.5%.
Image Source: Zacks Investment Research
Quarter in Detail
Firdapse generated sales worth $35.9 million in the third quarter, up 23.1% year over year. License and other revenues were nominal at $0.06 million in the reported quarter. Firdapse sales were driven by solid patient persistency and new patient enrollments, reflecting a 6.7% increase sequentially.
Research and development (R&D) expenses of $4.5 million increased from $3.7 million reported in the year-ago quarter.
Selling, general and administrative (SG&A) expenses totaled $12.2 million, up from $10 million reported in the year-ago quarter.
As of Sep 30, 2021, Catalyst had cash, cash equivalents and investments worth $174.8 million compared with $155.3 million as of Jun 30, 2021.
Update on Firdapse
Apart from LEMS, Catalyst is working on developing Firdapse for other indications.
The company is focused on expanding the commercialization of Firdapse in the United States. Development of the long-acting formulation of amifampridine phosphate, for the treatment of LEMS, also remains on track.
Catalyst plans to file a supplemental new drug application for Firdapse for treating pediatric patients with LEMS.
In June 2021, Catalyst entered into an exclusive license and supply agreement with DyDo Pharma to develop/commercialize Firdapse for the treatment of LEMS in Japan.
Along with earnings release, the company announced that it is ending the development program for Firdapse for the treatment of muscle-specific tyrosine kinase myasthenia gravis or MuSK-MG.
Catalyst Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Crinetics Pharmaceuticals’ loss per share estimates have narrowed 3.2% for 2021 and 14.1% for 2022 over the past 60 days. The stock has skyrocketed 99.3% year to date.
Foghorn Therapeutics’ loss per share estimates have narrowed 0.8% for 2021 and 0.9% for 2022 over the past 60 days.
Gemini Therapeutics’ loss per share estimates have narrowed 1.5% for 2021 and 7.4% for 2022 over the past 60 days.
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Catalyst's (CPRX) Q3 Earnings In Line, Revenues Beat Estimates
Catalyst Pharmaceuticals, Inc. (CPRX - Free Report) reported earnings of 10 cents per share for the third quarter of 2021, which was in line with the Zacks Consensus Estimate. The company had reported earnings of 41 cents in the year-ago quarter.
Adjusted earnings (adjusted for stock-based compensation, depreciation and tax provision) came in at 14 cents per share in the reported quarter compared with 12 cents a year ago.
Total revenues of $35.9 million also beat the Zacks Consensus Estimate of $34 million and rose 22.5% from the year-ago quarter’s $29.3 million. The top line comprised sales of Firdapse (amifampridine), the company’s first approved drug for the treatment of Lambert-Eaton myasthenic syndrome (LEMS), and nominal license and other revenues.
Shares of Catalyst have rallied 84.7% in the year so far against the industry’s decrease of 12.5%.
Quarter in Detail
Firdapse generated sales worth $35.9 million in the third quarter, up 23.1% year over year. License and other revenues were nominal at $0.06 million in the reported quarter. Firdapse sales were driven by solid patient persistency and new patient enrollments, reflecting a 6.7% increase sequentially.
Research and development (R&D) expenses of $4.5 million increased from $3.7 million reported in the year-ago quarter.
Selling, general and administrative (SG&A) expenses totaled $12.2 million, up from $10 million reported in the year-ago quarter.
As of Sep 30, 2021, Catalyst had cash, cash equivalents and investments worth $174.8 million compared with $155.3 million as of Jun 30, 2021.
Update on Firdapse
Apart from LEMS, Catalyst is working on developing Firdapse for other indications.
The company is focused on expanding the commercialization of Firdapse in the United States. Development of the long-acting formulation of amifampridine phosphate, for the treatment of LEMS, also remains on track.
Catalyst plans to file a supplemental new drug application for Firdapse for treating pediatric patients with LEMS.
In June 2021, Catalyst entered into an exclusive license and supply agreement with DyDo Pharma to develop/commercialize Firdapse for the treatment of LEMS in Japan.
Along with earnings release, the company announced that it is ending the development program for Firdapse for the treatment of muscle-specific tyrosine kinase myasthenia gravis or MuSK-MG.
Catalyst Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Catalyst Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Catalyst Pharmaceuticals, Inc. Quote
Zacks Rank & Other Stocks to Consider
Catalyst currently carries a Zacks Rank #2 (Buy). Other stocks worth considering in the same sector include Crinetics Pharmaceuticals, Inc. (CRNX - Free Report) , Foghorn Therapeutics Inc. (FHTX - Free Report) and Gemini Therapeutics, Inc. , all carrying the same Zacks Rank #2 at present.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Crinetics Pharmaceuticals’ loss per share estimates have narrowed 3.2% for 2021 and 14.1% for 2022 over the past 60 days. The stock has skyrocketed 99.3% year to date.
Foghorn Therapeutics’ loss per share estimates have narrowed 0.8% for 2021 and 0.9% for 2022 over the past 60 days.
Gemini Therapeutics’ loss per share estimates have narrowed 1.5% for 2021 and 7.4% for 2022 over the past 60 days.