Catalyst Pharmaceuticals, Inc. reported significant financial growth in its latest 10-K filing for the fiscal year ending December 31, 2024. The company generated total revenues of approximately $491.7 million, a notable increase from $398.2 million in the previous year. This growth was primarily driven by product sales, with FIRDAPSE® net sales reaching approximately $306.0 million, up from $258.4 million in 2023. The launch of AGAMREE® in March 2024 contributed approximately $46.0 million to the revenue, while FYCOMPA® sales were approximately $137.3 million, slightly down from $138.1 million in the previous year due to changes in variable consideration.
The company’s profitability also improved, with net income rising to approximately $163.9 million, or $1.38 per basic share, compared to $71.4 million, or $0.67 per basic share, in 2023. This increase in profitability was attributed to higher sales volumes and net price increases for FIRDAPSE®, as well as the successful commercialization of AGAMREE®. Catalyst's cash and investments stood at approximately $517.6 million as of December 31, 2024, providing a solid financial foundation for future operations.
Strategically, Catalyst has made significant moves to expand its product portfolio. The company completed the acquisition of U.S. rights to FYCOMPA® from Eisai in January 2023 for $160 million, which included a transition services agreement and a supply agreement for at least seven years. Additionally, Catalyst entered into a license and collaboration agreement with Santhera Pharmaceuticals for AGAMREE®, making a $75 million upfront payment and a subsequent $36 million milestone payment following FDA approval. The company is also focusing on expanding its market presence in Canada and Japan, with plans to launch AGAMREE® in Canada in early 2025.
Operationally, Catalyst has been enhancing its sales and marketing efforts, employing approximately 41 field personnel for FIRDAPSE® and 27 for FYCOMPA®. The company plans to split its commercial field-based force into two dedicated teams for FIRDAPSE® and AGAMREE® to better target their respective markets. Catalyst is also expanding its digital marketing initiatives and collaborating with rare disease advocacy organizations to increase awareness and support for patients.
Looking ahead, Catalyst remains optimistic about its growth trajectory, although it acknowledges potential challenges. The company faces uncertainties regarding the continued successful commercialization of its products, particularly as patent protections for FYCOMPA® are set to expire in May 2025, which may lead to increased competition from generic alternatives. Catalyst is committed to maintaining compliance with regulatory requirements and is actively exploring opportunities for further product acquisitions to enhance its portfolio in the rare disease market.
About CATALYST PHARMACEUTICALS, INC.
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