Catalyst Pharmaceuticals (CPRX) Q4 2025 earnings summary

Executive summary

• Achieved record total revenues of $589 million in 2025, up 19.8% year-over-year, driven by strong commercial execution and organic growth in Firdapse and AGAMREE, with AGAMREE's first full year showing a 154.3% revenue increase.

• Fourth quarter 2025 revenues reached $152.6 million, a 7.6% increase year-over-year, with significant contributions from Firdapse and AGAMREE.

• Fycompa outperformed expectations in 2025 despite generic competition, but future revenues are expected to decline.

• Strategic focus remains on rare disease portfolio expansion, patient identification, and business development.

• Announced 2026 revenue guidance of $615–$645 million, reflecting continued confidence in core product franchises.

Financial highlights

• Full year 2025 net product revenue: $588.8 million, up 20.3% from 2024.

• Firdapse 2025 revenue: $358.4 million, up 17% year-over-year; Q4 2025 revenue up 18% vs. Q4 2024.

• AGAMREE 2025 revenue: $117.1 million, up 154.3% year-over-year; Q4 2025 revenue up 67.5% vs. Q4 2024.

• Fycompa 2025 revenue: $113.3 million, exceeding guidance despite loss of exclusivity and impacted by generic competition in Q4.

• GAAP net income for 2025: $214.3 million ($1.68/diluted share), up 30.8% year-over-year.

• Non-GAAP net income for 2025: $346.2 million ($2.83 basic EPS), up from $276.3 million in 2024.

• Ended 2025 with $709.2 million in cash and equivalents, up from $517.6 million at end of 2024.

Outlook and guidance

• 2026 total revenue guidance: $615 million–$645 million, with promoted product revenue projected to grow 20% or more.

• Firdapse 2026 revenue forecast: $435 million–$450 million, reflecting 21.4%–25.6% growth.

• AGAMREE 2026 revenue forecast: $140 million–$150 million, up 19.6%–28.1%.

• Fycompa 2026 revenue forecast: $40 million–$45 million due to generic erosion.

• R&D expenses for 2026 projected at $17.5 million–$22.5 million; SG&A expenses expected to increase due to expanded commercial activities.

• Effective tax rate anticipated to remain consistent with prior years.