Business
Catalyst Pharmaceuticals Announces Second Quarter 2021 Financial Results and Provides Corporate Update
-Q2 2021 Total Net Revenues of $36.4 Million Reflect Strong Quarter over Quarter Growth -Q2 2021 GAAP Net Income of $12.2 Million; Non-GAAP Net Income of
About this update from Catalyst Pharmaceuticals, Inc.
[{"type":"text","content":"-Q2 2021 Total Net Revenues of $36.4 Million Reflect Strong Quarter over Quarter Growth -Q2 2021 GAAP Net Income of $12.2 Million; Non-GAAP Net Income of $17.4 Million -$155.3 Million in Cash and Investments and no Funded Debt at End of Q2-2021 -Catalyst to Host Quarterly Conference Call at 8:30 AM ET Tomorrow CORAL GABLES, Fla., Aug. 09, 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 second quarter ended June 30, 2021 and provided a corporate update. “I am very pleased that our operational plan for 2021 and year to date financial results continue to deliver as originally planned, despite not yet being back to pre-Covid conditions. I believe that this portends well for the balance of the year, as we anticipate that patient access to physician practices will continue to improve. This should lead to abbreviated diagnostic times for new Lambert-Eaton Myasthenic Syndrome (LEMS) patients, which will mean that these patients will have access to Firdapse® much sooner,” said Patrick J. McEnany, Chairman and Chief Executive Officer of Catalyst Pharmaceuticals. “Additionally, in line with our strategic objectives we have recently expanded our senior leadership team with highly regarded pharmaceutical executives to help us accelerate our business and portfolio development activities and continue the transformation of the company.” Q2-21 Financial Results Total revenues in Q2 2021 were $36.4 million, a 23% increase from $29.6 million for Q2 2020.Total Firdapse® product revenue, net in Q2 2021 was $33.6 million, a 14% increase from $29.6 million, net for Q2 2020.Operating income in Q2 2021 was $15.8 million, up from $10.3 million in Q2 2020.GAAP net income in Q2 2021 was $12.2 million, or $0.12 per basic and $0.11 per diluted share, compared with GAAP net income in Q2 2020 of $9.8 million, or $0.09 per basic and diluted share.Research and development expenses were $4.5 million for Q2 2021 compared to $4.4 million for Q2 2020.Selling, general and administrative expenses for Q2 2021 totaled $11.5 million compared to $10.8 million for Q2 2020.During Q2 2021, repurchased 732,951 shares o...