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Catalyst Pharmaceuticals, Inc. (CPRX - Free Report) reported earnings of 26 cents per share for the first quarter of 2023, missing the Zacks Consensus Estimate of 30 cents. However, earnings were higher than our estimate of 24 cents. The company reported earnings of 12 cents in the year-ago quarter.
Adjusted earnings (adjusted for stock-based compensation, depreciation, amortization and tax provision) came in at 41 cents per share in the reported quarter compared with 18 cents a year ago. Adjusted earnings also beat our estimate of 34 cents per share.
Total revenues amounted to $85.4 million, beating both the Zacks Consensus Estimate of $83 million and our estimate of $82.9 million. Sales rose 98% from the year-ago quarter’s $43.1 million. The top line primarily comprised product sales of Firdapse, the first-approved drug for the treatment of Lambert-Eaton myasthenic syndrome (LEMS), Fycompa (perampanel) CIII and nominal license and other revenues.
Catalyst’s shares jumped 2.6% in the aftermarket hours on Wednesday, following the better-than-expected revenue figures reported in the first quarter. In the past year, shares of Catalyst have skyrocketed 163.3% compared with the industry’s short climb of 1.3%.
Image Source: Zacks Investment Research
Quarter in Detail
Firdapse generated sales worth $57.5 million in the first quarter, up 34% 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 $54.9 million in the reported quarter.
Catalyst also started recording sales of its newest epilepsy asset, Fycompa, starting this quarter. In January, Catalyst acquired U.S. rights for Fycompa (perampanel) CIII, from Eisai Co., Ltd. This acquisition diversified Catalyst’s portfolio with the addition of a commercial-stage epilepsy asset.
Fycompa, which generated robust net product revenues of $27.8 million in approximately two months, is almost on par with our estimate of $28 million.
License and other revenues were nominal at $0.06 million in the reported quarter, being relatively flat year over year.
Research and development expenses were $3.6 million, slightly up from the $3.4 million reported in the year-ago quarter.
Selling, general and administrative expenses totaled $29.7 million, up 81.1% from $16.4 million reported in the year-ago quarter. This improvement in expenses is due to commercial and marketing activities related to the launch of Fycompa in the United States in the reported quarter.
As of Mar 31, 2023, CPRX had cash, cash equivalents and investments worth $148.2 million compared with $298.3 million as of Dec 31, 2022.
2023 Guidance Reaffirmed
Catalyst maintained its full-year 2023 total revenues guidance 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
Catalyst plans to submit a supplemental new drug application to the FDA to increase the approved Firdapse maximum daily dosage from 80mg to 100mg for the treatment of LEMS, early in the third quarter of 2023.
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.
During the quarter, the company also reported integrating a Fycompa commercial team in the United States, with the full integration of operations expected to be completed by the end of the second quarter of 2023.
Catalyst Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
In the past 90 days, the Zacks Consensus Estimate for Aziyo Biologics’ 2023 loss per share has narrowed from $2.01 to $1.95. In the past year, shares of Aziyo Biologics have fallen by 57.3%.
AZYO beat estimates in two of the trailing four reported quarters, missing the mark on two occasions and reported a positive earnings surprise of 42.4% in the quarter ended Dec 2022.
In the past 90 days, the Zacks Consensus Estimate for ImmunoGen’s 2023 loss per share has narrowed from 91 cents to 56 cents. In the past year, shares of ImmunoGen have rallied by 254.9%.
IMGN beat estimates in two of the trailing four quarters, missing the mark on the other two occasions, delivering an average earnings surprise of 7.09%.
In the past 90 days, the Zacks Consensus Estimate for Better Therapeutics’ 2023 loss per share has narrowed from $3.54 to $3.23. In the past year, shares of Better Therapeutics have decreased by 52.8%.
BTTX beat estimates in three out of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 2.04%.
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Catalyst's (CPRX) Q1 Earnings Lag, Sales Boost Revenues
Catalyst Pharmaceuticals, Inc. (CPRX - Free Report) reported earnings of 26 cents per share for the first quarter of 2023, missing the Zacks Consensus Estimate of 30 cents. However, earnings were higher than our estimate of 24 cents. The company reported earnings of 12 cents in the year-ago quarter.
Adjusted earnings (adjusted for stock-based compensation, depreciation, amortization and tax provision) came in at 41 cents per share in the reported quarter compared with 18 cents a year ago. Adjusted earnings also beat our estimate of 34 cents per share.
Total revenues amounted to $85.4 million, beating both the Zacks Consensus Estimate of $83 million and our estimate of $82.9 million. Sales rose 98% from the year-ago quarter’s $43.1 million. The top line primarily comprised product sales of Firdapse, the first-approved drug for the treatment of Lambert-Eaton myasthenic syndrome (LEMS), Fycompa (perampanel) CIII and nominal license and other revenues.
Catalyst’s shares jumped 2.6% in the aftermarket hours on Wednesday, following the better-than-expected revenue figures reported in the first quarter. In the past year, shares of Catalyst have skyrocketed 163.3% compared with the industry’s short climb of 1.3%.
Image Source: Zacks Investment Research
Quarter in Detail
Firdapse generated sales worth $57.5 million in the first quarter, up 34% 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 $54.9 million in the reported quarter.
Catalyst also started recording sales of its newest epilepsy asset, Fycompa, starting this quarter. In January, Catalyst acquired U.S. rights for Fycompa (perampanel) CIII, from Eisai Co., Ltd. This acquisition diversified Catalyst’s portfolio with the addition of a commercial-stage epilepsy asset.
Fycompa, which generated robust net product revenues of $27.8 million in approximately two months, is almost on par with our estimate of $28 million.
License and other revenues were nominal at $0.06 million in the reported quarter, being relatively flat year over year.
Research and development expenses were $3.6 million, slightly up from the $3.4 million reported in the year-ago quarter.
Selling, general and administrative expenses totaled $29.7 million, up 81.1% from $16.4 million reported in the year-ago quarter. This improvement in expenses is due to commercial and marketing activities related to the launch of Fycompa in the United States in the reported quarter.
As of Mar 31, 2023, CPRX had cash, cash equivalents and investments worth $148.2 million compared with $298.3 million as of Dec 31, 2022.
2023 Guidance Reaffirmed
Catalyst maintained its full-year 2023 total revenues guidance 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
Catalyst plans to submit a supplemental new drug application to the FDA to increase the approved Firdapse maximum daily dosage from 80mg to 100mg for the treatment of LEMS, early in the third quarter of 2023.
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.
During the quarter, the company also reported integrating a Fycompa commercial team in the United States, with the full integration of operations expected to be completed by the end of the second quarter of 2023.
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 currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the drugs market are Aziyo Biologics , Immunogen and Better Therapeutics (BTTX - Free Report) , all carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the Zacks Consensus Estimate for Aziyo Biologics’ 2023 loss per share has narrowed from $2.01 to $1.95. In the past year, shares of Aziyo Biologics have fallen by 57.3%.
AZYO beat estimates in two of the trailing four reported quarters, missing the mark on two occasions and reported a positive earnings surprise of 42.4% in the quarter ended Dec 2022.
In the past 90 days, the Zacks Consensus Estimate for ImmunoGen’s 2023 loss per share has narrowed from 91 cents to 56 cents. In the past year, shares of ImmunoGen have rallied by 254.9%.
IMGN beat estimates in two of the trailing four quarters, missing the mark on the other two occasions, delivering an average earnings surprise of 7.09%.
In the past 90 days, the Zacks Consensus Estimate for Better Therapeutics’ 2023 loss per share has narrowed from $3.54 to $3.23. In the past year, shares of Better Therapeutics have decreased by 52.8%.
BTTX beat estimates in three out of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 2.04%.