Business
Catalyst Pharmaceuticals Announces First Quarter 2020 Financial Results and Provides Corporate Update
Firdapse® Q1 2020 Net Revenues of $29.1 MillionFirst Quarter 2020 GAAP Net Income of $10.4 MillionCatalyst Withdraws Previous 2020 Revenue Guidance Due to
About this update from Catalyst Pharmaceuticals, Inc.
[{"type":"text","content":"Firdapse® Q1 2020 Net Revenues of $29.1 MillionFirst Quarter 2020 GAAP Net Income of $10.4 MillionCatalyst Withdraws Previous 2020 Revenue Guidance Due to COVID-19 UncertaintiesCatalyst to Host Quarterly Conference Call at 8:30 AM ET Tomorrow CORAL GABLES, Fla., May 11, 2020 (GLOBE NEWSWIRE) -- Catalyst Pharmaceuticals, Inc. (Catalyst) (Nasdaq:CPRX), a commercial-stage biopharmaceutical company focused on developing and commercializing innovative therapies for people with rare debilitating, chronic neuromuscular and neurological diseases, today reported financial results for the first quarter ended March 31, 2020 and provided a corporate update.\n “I am very proud of the way that the entire Catalyst team has quickly responded and adapted in these challenging and unprecedented times to ensure the safety of all employees, while still providing uninterrupted access to Firdapse® for LEMS patients and continuing our support with their healthcare providers, albeit remotely” said Patrick J. McEnany, Chairman and Chief Executive Officer of Catalyst Pharmaceuticals. “We entered 2020 with a very clear operational plan to drive the growth of the Firdapse franchise, advance our clinical development programs, including MuSK antibody positive Myasthenia Gravis, and secure our supply chain and safety stock of Firdapse. We have made progress against all of these objectives and our first quarter results reflect the solid execution of this plan.” Q1-20 Financial Results Reported net product revenue of $29.1 million in the first quarter 2020 compared to $12.4 million in the first quarter of 2019, an increase of $16.7 million, or 134%.Reported GAAP net income of $10.4 million, or $0.10 per basic and diluted share, for the first quarter of 2020, compared with a GAAP net loss of $645 thousand, or $0.01 per basic and diluted share, for the first quarter of 2019.Research and development expenses for the first quarter of 2020 were $4.2 million as compared to $3.3 million for the first quarter of 2019.Selling, general and administrative expenses for the first quarter of 2020 totaled $10.1 million as compared to $8.4 million in the first quarter of 2019.Ended March 31, 2020 with $101.8 million in cash and investments and no funded debt. Recent Developments and Highlights In the first quarter nearly doubled the size of our field sales force and contracted ...