Business
Catalyst Pharmaceuticals Announces First Quarter 2021 Financial Results and Provides Business Update
-Firdapse® Q1 2021 Net Revenues of $30.2 Million -First Quarter 2021 GAAP Net Income of $7.7 Million; Non-GAAP Net Income of $11.6 Million -Recently Received
About this update from Catalyst Pharmaceuticals, Inc.
[{"type":"text","content":"-Firdapse® Q1 2021 Net Revenues of $30.2 Million -First Quarter 2021 GAAP Net Income of $7.7 Million; Non-GAAP Net Income of $11.6 Million -Recently Received Orphan Drug Designation for Firdapse® in Japan -$143.3 Million in Cash and Investments and no Funded Debt at end of Q1-2021 -Catalyst to Host Quarterly Conference Call at 8:30 AM ET Tomorrow CORAL GABLES, Fla., May 10, 2021 (GLOBE NEWSWIRE) -- Catalyst Pharmaceuticals, Inc. (Catalyst) (Nasdaq:CPRX), a commercial-stage, patient-centric biopharmaceutical company focused on in-licensing, developing and commercializing novel high-quality medicines for patients living with rare diseases, today reported financial results for the first quarter ended March 31, 2021 and provided a business update. “I am extremely pleased with the execution of our operational plan for 2021 despite some continued headwinds due to the on-going COVID-19 pandemic. We are encouraged to see physician practices in many parts of the country opening their offices for in-person visits, but there are parts of the country that have been slow to re-open. What is most important is that our team has adapted and executed to ensure that all LEMS patients continue to have uninterrupted access to Firdapse®” said Patrick J. McEnany, Chairman and Chief Executive Officer of Catalyst Pharmaceuticals. “As for the remainder of 2021, we are optimistic that we will continue to see the number of new patient enrollments accelerate which in turn will generate a strong uptake in Firdapse® revenues. At the same time we are advancing our other programs for the Firdapse® brand and are extremely focused on diversifying our product pipeline through acquisition or in-licensing activities that reflect our new strategic plan.” Q1-21 Financial Results Total net revenue in Q1-21 was $30.2 million, compared to $29.1 million for Q1-20.Operating income in Q1-21 was $9.8 million, compared to $10.7 million in Q1-20.GAAP net income in Q1-21 was $7.7 million, or $0.07 per basic and diluted share, compared with net income in Q1-20 of $10.4 million, or $0.10 per basic and diluted share.Research and development expenses for the first quarter of 2021 were $3.0 million as compared to $4.2 million for the first quarter of 2020.Selling, general and administrative expenses for the first quarter of 2021 totaled $12.7 million as compared to $10.1 million in...