Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) Q3 2023 Results Conference Call November 9, 2023 8:30 AM ET

Company Participants

Ali Grande - Chief Financial Officer

Patrick McEnany - Chairman and Chief Executive Officer

Steven Miller - Chief Operating Officer and Chief Scientific Officer

Jeffrey Del Carmen - Chief Commercial Officer

Conference Call Participants

Les Sulewski - Truist Securities

Charles Duncan - Cantor Fitzgerald

Joe Catanzaro - Piper Sandler

Scott Henry - ROTH Capital Partners

Operator

Hello, and welcome to the Catalyst Pharmaceuticals Third Quarter 2023 Financial Results Conference Call and Webcast [Operator Instructions]. As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Chief Financial Officer, Ali Grande. Please go ahead, Ali.

Ali Grande

Good morning, everyone. And thank you for joining our conference call to discuss Catalyst's third quarter 2023 financial results and corporate highlights. Leading the call today is Patrick McEnany, Chairman and Chief Executive Officer. We are also joined on today's call by Dr. Steven Miller, our Chief Operating Officer and Chief Scientific Officer; and Jeffrey Del Carmen, our Chief Commercial Officer.

Before we begin, I would like to remind you that in our remarks this morning and in the Q&A session, we will make statements about expected future results, which may be forward-looking statements for purposes of federal securities laws. These statements relate to our current expectations, estimates and projections and are not guarantees of future performance. They involve risks, uncertainties and assumptions that are difficult to predict and may prove not to be accurate. Actual results may vary from the expectations contained in our forward-looking statements. These forward-looking statements should be considered only in conjunction with the detailed information contained in our SEC filings, including the risk factors described in our 2022 annual report on Form 10-K.

At this time, I'll turn the call over to Pat.

Patrick McEnany

Thanks, Ali. Good morning. And welcome everyone to our third quarter 2023 financial results conference call. We are pleased to report another quarter marked by exceptional financial results and the completion of another significant acquisition, further shaping the future of the company. First, I'd like to review key financial highlights from the third quarter of 2023. We achieved total product revenues of $102.6 million, representing a year-over-year increase of 79.5%, driven by continued revenue growth for our FIRDAPSE and FYCOMPA franchises. We reported yet another new all time high net revenue of FIRDAPSE for $66.2 million, reflecting an increase of 15.8% year-over-year and year-to-date through the third quarter, FIRDAPSE revenues increased by 23.1% over the same period last year. This strong performance underscores another quarter of our outstanding organic growth for FIRDAPSE. Our overall revenue performance was fortified by FYCOMPA net product revenues of $36.4 million, establishing a favorable 5.3% third quarter increase compared to the second quarter of this year, underscoring an important contribution to our growing revenue base. This should serve as a testament to our exceptional execution across all business fronts and our ability to successfully integrate the acquisition of strategic products. As a result of our year-to-date progress, we are raising our 2023 total revenue guidance to between $390 million and $395 million from our previous guidance of $380 million to $390 million.