Catalyst Pharmaceuticals CEO told investors that its rare-disease drug is doing "better than expected" amid public outrage over the $375,000 price tag, according to a STAT news report.
Firdapse, a formerly inexpensive drug used to treat a neuromuscular disorder called Labert-Eaton myasthenic syndrome, received the hefty price hike last December, when Catalyst gained FDA approval. Although it was the first therapy for this disease approved in the U.S., patients had been using an unapproved version. Patients had received the off-label drug for free from Jacobus Pharmaceuticals or found it at a compounding pharmacy for about $300 to $500 per month.
The $375,000 list price has caused patients to ration the drug. It also prompted Sen. Bernie Sanders, I-Vt., to protest its cost.
"Catalyst's decision to set the annual list price at $375,000 is not only a blatant fleecing of American taxpayers, but is also an immoral exploitation of patients who need this medication," Mr. Sanders said.
On a call with analysts, Catalyst CEO Patrick McEnany disclosed that 250 patients are currently being treated with the medication in the U.S. Additionally, he also said that most patients are paying about $10 a month, due to assistance programs, and payers are responding to the high price "better than expected."
Mr. McEnany said that "all signs point to a strong Firdapse launch," according to STAT.
Catalyst expects Firdapse to generate $41 million in sales this year, nearly $93 million next year and $310 million by 2024.