Achieved Total Q1 2024 Revenues of $98.5 Million, a 15.4% YoY Increase, Underscored by Exceptional Execution and Continued Demand for Commercial Products FIRDAPSE® Q1 2024 Net Product Revenues of $66.8 Million, a 16.2% YoY Increase Robust Revenue Momentum for FIRDAPSE® Successfully Commenced the U.S. Launch of AGAMREE® on March 13, 2024 Reported AGAMREE® Q1 2024 Net Product Revenues of $1.2 Million for the First Two Weeks of Commercial Availability Early AGAMREE® Launch Indicators Highlight Promising Product Uptake Surpassing Initial Expectations Q1 2024 GAAP Net Income of $23.3 Million, $0.19 Per Share Diluted Q1 2024 Non-GAAP Net Income of $46.8 Million, $0.38 Per Share Diluted Reaffirm Full Year 2024 Total Revenue Guidance Between $455 Million and $475 Million Conference Call and Webcast to be Held on May 9, 2024, at 8:30 AM ET CORAL GABLES, Fla., May 08, 2024 (GLOBE NEWSWIRE) -- Catalyst Pharmaceuticals, Inc. ("Catalyst" or "Company") (NASDAQ:CPRX) today reported financial results for the first quarter of 2024 and provided a business update. "Our strong performance in the first quarter provides us with the momentum for continued growth throughout the year," stated Richard Daly, President and Chief Executive Officer of Catalyst. "The successful U.S. launch of AGAMREE and sustained double-digit growth of FIRDAPSE are a testament to our team's commitment to serving patients through innovative products and outstanding execution. Building on the positive indicators observed during the initial phase of AGAMREE's launch further strengthens our confidence for accelerated growth of this critically important product." Financial Highlights For the Three Months Ended March 31,   2024       2023     % Change (In thousands, except per share data)       Product Revenue, net $ 98,441     $ 85,304       15.4 % FIRDAPSE Product Revenue, net $ 66,842     $ 57,526       16.2 % FYCOMPA Product Revenue, net** $ 30,425     $ 27,778       9.5 % AGAMREE Product Revenue, net $ 1,174       N/A     N/A GAAP Net Income $ 23,275     $ 29,568       (21.3 %) Non-GAAP Net Income *** $ 46,767     $ 46,805       (0.1 %)         GAAP Net Income Per Share - Basic $ 0.20     $ 0.28       (28.6 %) Non-GAAP Net Income Per Share – Basic*** $ 0.40     $ 0.44       (9.1 %)         GAAP Net Income Per Share – Diluted $ 0.19     $ 0.26       (26.9 %) Non-GAAP Net Income Per Share – Diluted*** $ 0.38     $ 0.41       (7.3 %)         As of March 31, 2024 and December 31, 2023(In thousands)Cash and Cash Equivalents $ 310,411     $ 137,636       125.5 %                         _________________________________** For Q1 2023, represents product revenue, net from the date of acquisition of the product rights. *** Statements made in this press release include non-GAAP financial measures. Such information is provided as additional information and not as an alternative to Catalyst's financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP). These non-GAAP financial measures are intended to enhance an overall understanding of Catalyst's current financial performance. Catalyst believes that the non-GAAP financial measures presented in this press release provide investors and prospective investors with an alternative method for assessing Catalyst's operating results in a manner that Catalyst believes is focused on the performance of ongoing operations and provides a more consistent basis for comparison between periods. Non-GAAP financial measures should not be considered in isolation or as a substitute for comparable GAAP accounting. Further, non-GAAP measures of net income used by Catalyst may be different from and not directly comparable to similarly titled measures used by other companies. The non-GAAP financial measure included in this press release excludes from the calculation of net income (i) the expense associated with non-cash stock-based compensation, (ii) non-cash depreciation expense, (iii) non-cash amortization of intangible assets expense, and (iv) the provision for income taxes. Non-GAAP net income per share is calculated by dividing non-GAAP net income by the weighted average shares outstanding. See the "Reconciliation of Non-GAAP Metrics" table below. Recent Business Highlights Achieved solid performance with Q1 2024 total revenues of $98.5 million, reflecting a 15.4% increase compared to Q1 2023, driven by the persistent demand for the Company's innovative commercial products. Promptly implemented measures to ensure uninterrupted patient access to treatment amidst external third-party prescription processing disruptions while sustaining the compelling product growth momentum. Delivered outstanding growth performance for FIRDAPSE, achieving net product revenues of $66.8 million for Q1 2024, representing growth of 16.2% compared to Q1 2023, despite transient revenue impact by external disruptions in prescription processing during the period. Achieved FYCOMPA net product revenues of $30.4 million for Q1 2024, representing growth of 9.5% compared to Q1 2023. Revenue growth reflects the full quarter for Q1 2024, compared to the partial Q1 2023 period, due to the timing of the acquisition. Successfully commenced the U.S. AGAMREE commercial launch, an innovative corticosteroid for the treatment of Duchenne muscular dystrophy in patients aged two years and older, on March 13, 2024. Early indicators for the AGAMREE U.S. launch show strong demand exceeding initial expectations. Reported AGAMREE net product revenues of $1.2 million for Q1 2024, reflecting approximately the first two weeks of U.S. commercial availability. Endorsed the inaugural Lambert-Eaton myasthenic syndrome ("LEMS") Awareness Day, now officially observed annually on March 30th, marking a significant milestone for the LEMS community. Strong cash position of $310.4 million as of March 31, 2024, fortified by the approximately $140.7 million in net proceeds yielded from the 10 million shares of common stock offering in January 2024. Reaffirm the 2024 full-year total revenue guidance in the range of $455 million and $475 million. First Quarter 2024 Financial Results Total revenues: In the first quarter of 2024, total revenues were $98.5 million, compared to $85.4 million for the ...