Catalyst Pharmaceuticals, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $128.7 million for the three months ended September 30, 2024, a notable increase from $102.7 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $349.9 million, up from $287.6 million year-over-year. This growth was primarily driven by increased sales of its key products, particularly FIRDAPSE® and AGAMREE®.
FIRDAPSE® generated net sales of approximately $79.3 million for the third quarter of 2024, compared to $66.2 million in the prior year. For the nine-month period, sales were approximately $223.5 million, up from $188.6 million. AGAMREE®, which launched in March 2024, contributed approximately $15 million in sales during the third quarter and $25 million for the nine months since its launch. Conversely, FYCOMPA® sales slightly decreased to $32.1 million in Q3 2024 from $36.4 million in Q3 2023, but remained stable at approximately $99 million for the nine-month period.
Catalyst's operating income surged to $50.9 million for the third quarter of 2024, a stark contrast to an operating loss of $37.2 million in the same quarter of 2023. Net income for the third quarter was $43.9 million, or $0.37 per share, compared to a net loss of $30.8 million in Q3 2023. For the nine months ended September 30, 2024, net income was $108 million, significantly up from $36.6 million in the prior year.
The company’s cash and cash equivalents increased dramatically to $442.3 million as of September 30, 2024, compared to $137.6 million at the end of 2023. This increase was bolstered by a public offering completed in January 2024, which raised approximately $140.7 million.
Strategically, Catalyst has made several key acquisitions, including the U.S. rights to FYCOMPA® in January 2023 for $160 million and the exclusive North American license for AGAMREE® in July 2023 for $75 million. The company also terminated its collaboration with Endo, Inc. in July 2024, which is not expected to materially impact its financials.
Research and development expenses saw a significant decrease, dropping to approximately $3.3 million in Q3 2024 from $83.7 million in Q3 2023, primarily due to a one-time $81.5 million expense related to the AGAMREE® acquisition in the previous year. Selling, general, and administrative expenses increased to $45.9 million in Q3 2024, reflecting higher costs associated with the commercialization of AGAMREE® and increased employee compensation.
Overall, Catalyst Pharmaceuticals is positioned for continued growth, supported by a robust product pipeline and a strong financial foundation.
About CATALYST PHARMACEUTICALS, INC.
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