Catalyst maintains FY23 revenue outlook
Natee Meepian/iStock via Getty Images
Catalyst Pharmaceuticals (NASDAQ:CPRX) reaffirmed its full-year 2023 total revenue and products outlook.
The company continues to expect FY23 revenue to be between $375M and $385M, growing 75% to 80% Y/Y (consensus $381.28M).
Catalyst also reaffirmed its outlook for the FY23 non-GAAP net income to be between $195M and $205M.
The company said the outlook reflects its confidence in sustained organic revenue growth for Firdapse combined with net product revenues from sales of Fycompa, a second commercial product for which it acquired U.S. rights in January from Eisai's (OTCPK:ESALF) (OTCPK:ESAIY).
"As we advance into the second quarter of 2023 with sustained momentum, we are on track to meet our guidance which is supported by our exceptional financial performance and strategic accomplishments," said Catalyst's Chairman and CEO Patrick McEnany.
The company expects Firdapse — used for treating a rare neuromuscular disorder called Lambert-Eaton myasthenic syndrome — net product revenues to be in the range of $245M to $255M, a 17% increase from the mid-point Y/Y.
Meanwhile, epilepsy drug Fycompa's net product revenues for 2023 are anticipated to be $130M for ~11 months of sales.
GAAP net income before income tax for the year is forecasted to be in the range of $150M to $155M, by the company.