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Catalyst's (CPRX) Q4 Earnings & Sales Top, Boosted by Firdapse
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Catalyst Pharmaceuticals, Inc. (CPRX - Free Report) reported earnings of 22 cents per share for the fourth quarter of 2022, marginally beating the Zacks Consensus Estimate of 21 cents. Earnings were also higher than our estimate of 19 cents. The company reported earnings of 9 cents in the year-ago quarter.
Adjusted earnings (adjusted for stock-based compensation, depreciation, amortization and tax provision) came in at 31 cents per share in the reported quarter compared with 13 cents a year ago. Adjusted earnings also beat our estimate of 28 cents per share.
Total revenues amounted to $60.8 million, beating both the Zacks Consensus Estimate of $59 million and our estimate of $55.3 million. Sales rose 58.6% from the year-ago quarter’s $38.3 million. The top line primarily comprised significant 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 94.1% in the past year against the industry’s decline of 17.3%.
Image Source: Zacks Investment Research
Quarter in Detail
Firdapse generated sales worth $60.7 million in the fourth quarter, up 58.6% year over year, primarily driven by organic sales growth of Firdapse and the transition of Ruzurgi patients to Firdapse treatment after the dispute settlement with Jacobus Pharmaceuticals. Firdapse sales beat our estimate of $55.2 million in the reported quarter.
License and other revenues were nominal at $0.07 million in the reported quarter, up from $0.04 million in the prior-year quarter.
Research and development expenses were $4.1 million, down from the $5 million reported in the year-ago quarter.
Selling, general and administrative expenses totaled $14.7 million, up from $13.2 million reported in the year-ago quarter.
As of Dec 31, 2022, CPRX had cash, cash equivalents and investments worth $298.3 million compared with $256.1 million as of Sep 30, 2022.
2022 Results
For the full year, the company reported earnings of 75 cents per share, up from 37 cents reported in the last year. Earnings beat both the Zacks Consensus Estimate of 73 cents per share and our estimate of 71 cents. Adjusted earnings came in at $1.02 per share, which is higher than the 55 cents recorded in the year December 2021. Adjusted earnings also beat our estimate of $1.00.
The total revenues recorded by Catalyst in 2022 is $214.20 million, up 52.1% from last year, but fell shy of the Zacks Consensus Estimate of $214.29 million. However, it beat our estimate of $208.7 million. Firdapse sales rose 55% in 2022 to $213.9 million, beating our estimate of $208.4 million.
2023 Guidance
Rolling into 2023, the company expects full-year 2023 total revenues to be in the range of $375 million to $385 million, marking a 75%-80% increase in total revenues from 2022. This guidance also includes the revenues generated from the sales of Fycompa CIII, which is expected to be $130 million for the 11 months ending December 2023.
Recent Updates
In January 2023, Catalyst announced the successful acquisition of the U.S. rights for Fycompa (perampanel) CIII, from Eisai Co., Ltd. This is expected to have increased Catalyst’s neurological footprint with an expanded product portfolio now containing a commercial-stage epilepsy asset. The closing of the acquisition is expected to boost sales in the upcoming quarters.
The company also plans to submit an application to the FDA to increase the approved Firdapse maximum daily dosage from 80mg to 100mg.
Catalyst, along with partner Dydo Pharma, is currently conducting a phase III registrational study in Japan, to evaluate the safety and efficacy of Firdapse as a treatment for LEMS patients. Both companies expect to complete the study by the end of 2023, consequently filing a regulatory application to market Firdapse in Japan in the second quarter of 2024.
Catalyst Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
A few stocks worth considering are Avalo Therapeutics (AVTX - Free Report) , Avita Medical (RCEL - Free Report) and Aziyo Biologics , all carrying a Zacks Rank #2 (Buy) at present.
In the last 90 days, Avalo’s loss estimates for the year 2023 have narrowed from $3.62 to $2.57 per share. In the past year, the shares of Avalo have plunged 72.2%.
AVTX beat estimates in two of the last three reported quarters, delivering an average earnings surprise of 37.83%.
In the last 90 days, Avita’s loss estimates for the year 2023 have narrowed from $1.26 to 99 cents per share. In the past year, the shares of Avita have shot up 67.3%.
RCEL beat estimates in three of the last four reported quarters, delivering an average earnings surprise of 22.16%.
In the last 90 days, Aziyo’s loss estimates for the year 2023 have narrowed from $2.14 to $2.01 per share. In the past year, the shares of Aziyo have fallen 3.7%.
AZYO beat estimates in one of the last four reported quarters, missing the mark on the other three occasions. The average loss surprise was 15.24%.
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Catalyst's (CPRX) Q4 Earnings & Sales Top, Boosted by Firdapse
Catalyst Pharmaceuticals, Inc. (CPRX - Free Report) reported earnings of 22 cents per share for the fourth quarter of 2022, marginally beating the Zacks Consensus Estimate of 21 cents. Earnings were also higher than our estimate of 19 cents. The company reported earnings of 9 cents in the year-ago quarter.
Adjusted earnings (adjusted for stock-based compensation, depreciation, amortization and tax provision) came in at 31 cents per share in the reported quarter compared with 13 cents a year ago. Adjusted earnings also beat our estimate of 28 cents per share.
Total revenues amounted to $60.8 million, beating both the Zacks Consensus Estimate of $59 million and our estimate of $55.3 million. Sales rose 58.6% from the year-ago quarter’s $38.3 million. The top line primarily comprised significant 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 94.1% in the past year against the industry’s decline of 17.3%.
Image Source: Zacks Investment Research
Quarter in Detail
Firdapse generated sales worth $60.7 million in the fourth quarter, up 58.6% year over year, primarily driven by organic sales growth of Firdapse and the transition of Ruzurgi patients to Firdapse treatment after the dispute settlement with Jacobus Pharmaceuticals. Firdapse sales beat our estimate of $55.2 million in the reported quarter.
License and other revenues were nominal at $0.07 million in the reported quarter, up from $0.04 million in the prior-year quarter.
Research and development expenses were $4.1 million, down from the $5 million reported in the year-ago quarter.
Selling, general and administrative expenses totaled $14.7 million, up from $13.2 million reported in the year-ago quarter.
As of Dec 31, 2022, CPRX had cash, cash equivalents and investments worth $298.3 million compared with $256.1 million as of Sep 30, 2022.
2022 Results
For the full year, the company reported earnings of 75 cents per share, up from 37 cents reported in the last year. Earnings beat both the Zacks Consensus Estimate of 73 cents per share and our estimate of 71 cents. Adjusted earnings came in at $1.02 per share, which is higher than the 55 cents recorded in the year December 2021. Adjusted earnings also beat our estimate of $1.00.
The total revenues recorded by Catalyst in 2022 is $214.20 million, up 52.1% from last year, but fell shy of the Zacks Consensus Estimate of $214.29 million. However, it beat our estimate of $208.7 million. Firdapse sales rose 55% in 2022 to $213.9 million, beating our estimate of $208.4 million.
2023 Guidance
Rolling into 2023, the company expects full-year 2023 total revenues to be in the range of $375 million to $385 million, marking a 75%-80% increase in total revenues from 2022. This guidance also includes the revenues generated from the sales of Fycompa CIII, which is expected to be $130 million for the 11 months ending December 2023.
Recent Updates
In January 2023, Catalyst announced the successful acquisition of the U.S. rights for Fycompa (perampanel) CIII, from Eisai Co., Ltd. This is expected to have increased Catalyst’s neurological footprint with an expanded product portfolio now containing a commercial-stage epilepsy asset. The closing of the acquisition is expected to boost sales in the upcoming quarters.
The company also plans to submit an application to the FDA to increase the approved Firdapse maximum daily dosage from 80mg to 100mg.
Catalyst, along with partner Dydo Pharma, is currently conducting a phase III registrational study in Japan, to evaluate the safety and efficacy of Firdapse as a treatment for LEMS patients. Both companies expect to complete the study by the end of 2023, consequently filing a regulatory application to market Firdapse in Japan in the second quarter of 2024.
Catalyst Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Catalyst Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Catalyst Pharmaceuticals, Inc. Quote
Zacks Rank and Stocks to Consider
Catalyst Pharmaceuticals currently has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
A few stocks worth considering are Avalo Therapeutics (AVTX - Free Report) , Avita Medical (RCEL - Free Report) and Aziyo Biologics , all carrying a Zacks Rank #2 (Buy) at present.
In the last 90 days, Avalo’s loss estimates for the year 2023 have narrowed from $3.62 to $2.57 per share. In the past year, the shares of Avalo have plunged 72.2%.
AVTX beat estimates in two of the last three reported quarters, delivering an average earnings surprise of 37.83%.
In the last 90 days, Avita’s loss estimates for the year 2023 have narrowed from $1.26 to 99 cents per share. In the past year, the shares of Avita have shot up 67.3%.
RCEL beat estimates in three of the last four reported quarters, delivering an average earnings surprise of 22.16%.
In the last 90 days, Aziyo’s loss estimates for the year 2023 have narrowed from $2.14 to $2.01 per share. In the past year, the shares of Aziyo have fallen 3.7%.
AZYO beat estimates in one of the last four reported quarters, missing the mark on the other three occasions. The average loss surprise was 15.24%.