Financial Guidance for Full Year 2023
The Company’s 2023 financial guidance reflects considerations reported in its Form 10-Q filed on May 10, 2023, as well as its performance to date in the 2023 second quarter. Based on these considerations, the Company believes that it is now in a position to provide more detailed financial guidance for the full year 2023 on both a GAAP and a non-GAAP basis.
- Full-year 2023 total revenues are forecasted to be in the range of between $375 million and $385 million, representing a 75% – 80% increase in total revenues as compared to 2022.
- FIRDAPSE® net product revenues for 2023 are forecasted to be between $245 million to $255 million, a 17% increase from the mid-point year over year.
- FYCOMPA® net product revenues for 2023 are forecasted to be approximately $130 million for approximately 11 months of sales. The Company’s acquisition of this product closed on January 24, 2023.
- Cost of goods sold is expected to be approximately 13% of aggregate net product revenues.
- GAAP operating expenses are forecasted to be between $175 million and $185 million in 2023. This includes (i) approximately $57 million of expenses directly related to our FYCOMPA program, which includes approximately $10.3 million for one-time transition services fees ($6.7 million in Q1-2023 and estimated $3.6 million in Q2-2023), and (ii) amortization of intangible assets of approximately $32 million (approximately $8.5 million per quarter for the second, third and fourth quarter of 2023).
- GAAP net income before income tax for 2023 is forecasted to be between $150 million and $155 million.
- Non-GAAP net income for 2023 is forecasted to be between $195 million and $205 million.
