Catalyst Pharmaceuticals trounced Wall Street's third-quarter forecasts and raised its full-year outlook, giving CPRX stock a boost on Thursday.
The company makes Firdapse, a treatment for Lambert-Eaton myasthenic syndrome, or LEMS. In this rare condition — which often impacts lung cancer patients — the muscles don't contract properly. This leads to weakness.
During the September quarter, Firdapse generated a record $57.2 million in sales. Sales surged more than 59% year over year and easily beat forecasts for $53.7 million, according to FactSet. Earnings more than doubled vs. this time last year to 22 cents per share and topped expectations by 3 cents.
"The extraordinary execution across all segments of our business underscores our core competencies and adds further confidence that we are on the right path to achieving our long-term goals," Chief Executive Patrick McEnany said in a written statement.
On today's stock market, CPRX stock surged 6.3% to 15.73. Shares are forming a cup base with a buy point at 17.32, according to MarketSmith.com. In a bullish sign, CPRX stock has perfect ratings across the board from IBD Digital.
CPRX Stock: Raised Guidance For 2022
Catalyst also raised its outlook for the year. Now, the company expects $205 million to $210 million in full-year sales. Three months ago, Catalyst Pharma guided to $195 million to $205 million in sales for the year. CPRX stock analysts forecast $205 million in sales.
On a year-over-year basis, sales would soar 38%-45%, Catalyst said in its news release.
Notably, CPRX stock is also a Tech Leader.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
