Business
Catalyst Pharmaceuticals Announces Third Quarter 2020 Financial Results and Provides Business Update
- Firdapse® Third Quarter Net Revenues of $29.2 Million - Company Ends Third Quarter with $127.1 Million in Cash and Investments - U.S. Patent Issued for
About this update from Catalyst Pharmaceuticals, Inc.
[{"type":"text","content":"- Firdapse® Third Quarter Net Revenues of $29.2 Million\n - Company Ends Third Quarter with $127.1 Million in Cash and Investments - U.S. Patent Issued for Firdapse® and Expires April 7, 2034 - Firdapse® Approved in Canada in the Third Quarter and Recently Launched - Company to Host Quarterly Conference Call at 8:30 am ET Tomorrow CORAL GABLES, Fla., Nov. 09, 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 third quarter ended September 30, 2020 and provided a business update. “I am pleased to report on a very productive third quarter and on our continued commercial execution under challenging conditions and remain confident that we will continue to see more success as physicians and other providers adapt to this virtual working environment. Also, we are very encouraged by the number of new LEMS patient starts that were initiated over the past 2 months and are hopeful that this is the beginning of a trend,” said Patrick J. McEnany, Chairman and Chief Executive Officer of Catalyst Pharmaceuticals. Mr. McEnany added, “Additionally, during the third quarter we were excited to announce the issuance of our U.S. patent for Firdapse®, which we believe significantly fortifies our intellectual property position. We continue to work diligently alongside partners to protect Firdapse® and to ensure that we are able to advance and make available therapeutics for patients suffering from rare neurological conditions.” Q3-20 Financial Results Product revenue, net in the third quarter of 2020 was $29.2 million, compared to $30.9 million for the third quarter of 2019.Operating income for the third quarter of 2020 was $11.7 million, compared to $13.8 million in the third quarter of 2019.Reported net income of $43.3 million, or $0.42 per basic and $0.41 per diluted share, in the third quarter of 2020, compared with net income of $13.6 million, or $0.13 per basic and diluted share, for the third quarter of 2019.Net income in the third quarter of 2020 includes $31.3 million ($0.30 per basic and $0.29 per diluted share) of benefit from recording of deferred tax asset, upon reversal of valua...