Catalyst Pharmaceuticals Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Catalyst Pharmaceuticals (Nasdaq:CPRX) reported Q1 2026 net product revenue of $149.3 million, up 5.6% year over year. FIRDAPSE and AGAMREE combined revenue rose 28.2% to $135.6 million, while FYCOMPA declined 61.3% after loss of exclusivity.
GAAP net income was $63.7 million ($0.50 diluted EPS), and non-GAAP net income was $100.3 million ($0.79 diluted EPS). Cash and equivalents reached $755.9 million with no funded debt. Catalyst will not provide forward-looking guidance or hold a Q1 earnings call.
AI-generated analysis. Not financial advice.
Positive
- Total Q1 2026 net product revenue up 5.6% year over year to $149.3M
- FIRDAPSE revenue grew 18.1% year over year to $98.9M
- AGAMREE revenue increased 66.6% year over year to $36.7M
- Q1 2026 GAAP net income rose to $63.7M, up 12.3%
- Non-GAAP net income increased 15.8% year over year to $100.3M
- Cash and cash equivalents reached $755.9M with no funded debt outstanding
- Overall FIRDAPSE U.S. royalty rate reduced to 6% from prior maximum 18.5%
- Cost of sales declined to $14.5M from $17.9M year over year
Negative
- FYCOMPA revenue fell 61.3% year over year to $13.8M after loss of exclusivity
- Selling, general, and administrative expenses increased to $49.3M from $46.9M
- Effective income tax rate rose to 24.3% from 20.4% year over year
- Company will not provide forward-looking guidance or update prior guidance
- Company will not host a Q1 2026 earnings conference call or webcast
Key Figures
Market Reality Check
Peers on Argus
CPRX was roughly flat (-0.05%) while peers were mixed: FOLD (+0.07%), CGON (+1.04%), TVTX (-1.89%), CELC (+0.27%), IBRX (+7.99%). Moves do not indicate a unified sector trend.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 25 | Earnings & guidance | Positive | +2.8% | Record 2025 results, strong cash, and 2026 revenue guidance with buyback plan. |
| Nov 05 | Quarterly earnings | Positive | -1.8% | Q3 2025 revenue growth, raised full‑year guidance, and strong cash position. |
| Aug 06 | Quarterly earnings | Positive | -9.9% | Q2 2025 revenue up 19.4% YoY with broad portfolio growth and no debt. |
| May 07 | Quarterly earnings | Positive | -3.0% | Q1 2025 revenues up 43.6% YoY, strong product growth, and reaffirmed guidance. |
| Feb 26 | Annual earnings | Positive | +5.3% | Record 2024 revenues, strong net income, and detailed 2025 product guidance. |
Across recent earnings, strong financial updates often met with mixed to negative next-day moves, suggesting a tendency for partial profit-taking around results.
Recent history shows CPRX delivering consistent revenue and earnings growth, highlighted by record 2024–2025 results and robust cash generation. Prior earnings in 2025–2026 emphasized expanding FIRDAPSE and AGAMREE sales, FYCOMPA pressure from generics, and sizeable cash balances. The current Q1 2026 report continues this pattern: higher product revenues, strong GAAP and non-GAAP profitability, and cash of $755.9M, while FYCOMPA declines post‑LOE. This slots into a multi‑quarter trajectory of profitable rare‑disease growth.
Historical Comparison
Past five earnings releases averaged a -1.33% next-day move despite generally strong results. This Q1 2026 earnings update fits the pattern of steady revenue growth, high profitability, and a robust cash balance.
Earnings reports from 2024 through early 2026 show rising total revenues, expanding FIRDAPSE and AGAMREE contributions, shrinking FYCOMPA sales after loss of exclusivity, and growing cash reserves with no funded debt.
Market Pulse Summary
This announcement reports steady Q1 2026 growth, with total revenues of $149.4M, GAAP net income of $63.7M, and non‑GAAP net income of $100.3M. FIRDAPSE and AGAMREE posted strong gains, while FYCOMPA declined 61.3% year over year after loss of exclusivity. Cash reached $755.9M with no funded debt and a reduced 6% FIRDAPSE royalty rate. Investors may watch future product mix, expense trends, and integration with the pending Angelini transaction.
Key Terms
gaap financial
non-gaap financial measures financial
royalty financial
amortization of intangible assets financial
effective income tax rate financial
form 10-q regulatory
AI-generated analysis. Not financial advice.
Delivered Q1 2026 Total Revenues of
Results include
Reported Cash and Cash Equivalents of
CORAL GABLES, Fla., May 11, 2026 (GLOBE NEWSWIRE) -- Catalyst Pharmaceuticals, Inc. ("Catalyst" or "Company") (Nasdaq: CPRX), today reported financial results for the first quarter of 2026 and provided a business update.
Financial Highlights
| For the Three Months Ended March 31, | 2026 | 2025 | % Change | |||
| (In thousands, except per share data) | ||||||
| Product Revenue, net | $ | 149,343 | $ | 141,400 | 5.6 | % |
| FIRDAPSE Product Revenue, net | $ | 98,859 | $ | 83,731 | 18.1 | % |
| AGAMREE Product Revenue, net | $ | 36,713 | $ | 22,042 | 66.6 | % |
| FYCOMPA Product Revenue, net | $ | 13,771 | $ | 35,627 | (61.3 | %) |
| GAAP Net Income | $ | 63,734 | $ | 56,737 | 12.3 | % |
| Non-GAAP Net Income * | $ | 100,262 | $ | 86,596 | 15.8 | % |
| GAAP Net Income Per Share - Basic | $ | 0.52 | $ | 0.47 | 10.6 | % |
| Non-GAAP Net Income Per Share – Basic* | $ | 0.82 | $ | 0.71 | 15.5 | % |
| GAAP Net Income Per Share – Diluted | $ | 0.50 | $ | 0.45 | 11.1 | % |
| Non-GAAP Net Income Per Share – Diluted* | $ | 0.79 | $ | 0.68 | 16.2 | % |
| As of March 31, 2026 and December 31, 2025 (In thousands) Cash and Cash Equivalents | $ | 755,859 | $ | 709,171 | 6.6 | % |
_________________________________
*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.
First Quarter 2026 Financial Highlights
The Company delivered strong first quarter 2026 results.
- Total Q1 2026 product revenue, net was
$149.3 million , a5.6% year-over-year increase. Promoted products, FIRDAPSE® & AGAMREE®, totaled$135.6 million , a28.2% year-over-year increase. - FIRDAPSE Q1 2026 product revenue, net was
$98.9 million , an18.1% year-over-year increase, primarily driven by increases in sales volumes. - AGAMREE Q1 2026 product revenue, net was
$36.7 million , compared to product revenue, net of$22.0 million in Q1 2025. The results underscore continued sales volume growth and increasing prescriber engagement. - FYCOMPA® Q1 2026 product revenue, net was
$13.8 million , a61.3% year-over-year decrease following loss of exclusivity in 2025.
First Quarter 2026 Additional Financial Results
Cost of sales: Cost of sales for the first quarter of 2026 was
Royalties on AGAMREE include a base royalty of
Research and development expenses: Research and development expenses for the first quarter of 2026 were
Selling, general, and administrative expenses: Selling, general, and administrative (SG&A) expenses for the first quarter of 2026 were
Amortization of intangible assets: Amortization of intangible assets for the first quarter of 2026 were
Operating income: Operating income for the first quarter of 2026 was
GAAP net income: GAAP net income for the first quarter of 2026 was
Non-GAAP net income: Non-GAAP net income for the first quarter of 2026 was
Tax rate: The Company’s effective income tax rate was
Cash and cash equivalents: Cash and cash equivalents were
The Company’s Form 10-Q for the first quarter of 2026, filed with the U.S. Securities and Exchange Commission on May 11, 2026, provides more detailed financial information and analysis of our financial condition and results of operations.
Business Outlook and Conference Call
In light of the Company's May 7, 2026 announcement, Catalyst will not be providing forward-looking guidance or updates to previously issued guidance. In addition, the Company will not host an earnings conference call or webcast reporting on its first quarter 2026 results.
About Catalyst Pharmaceuticals, Inc.
Catalyst Pharmaceuticals, Inc. (Nasdaq: CPRX), is a biopharmaceutical company committed to improving the lives of patients with rare diseases. With a proven track record of bringing life-changing treatments to the market, we focus on in-licensing, commercializing, and developing innovative therapies. Guided by our deep commitment to patient care, we prioritize accessibility, ensuring patients receive the care they need through a comprehensive suite of support services designed to provide seamless access and ongoing assistance. Catalyst maintains a well-established U.S. presence, which remains the cornerstone of our commercial strategy, while continuously evaluating strategic opportunities to expand our global footprint. Catalyst, headquartered in Coral Gables, Fla., has been recognized by Forbes as one of America’s Most Successful Company in 2023, 2024, and 2025, and on the 2025 Deloitte Technology Fast 500™ list as one of North America’s Fastest-Growing Companies.
For more information, please visit Catalyst's website at www.catalystpharma.com.
Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Catalyst's actual results in future periods to differ materially from forecasted results. A number of factors, including (i) whether Catalyst will continue to be profitable and cash flow positive in 2026 and beyond, (ii) whether Catalyst will complete any acquisitions of additional products, and the timing of any such acquisitions, and (iii) those factors described in Catalyst's Annual Report on Form 10-K for the 2025 fiscal year, Catalyst's Current Report on Form 8-K filed on May 7, 2026, Catalyst's Quarterly Report on Form 10-Q for the first quarter of 2026, and its subsequent filings with the U.S. Securities and Exchange Commission ("SEC"), could adversely affect Catalyst. Copies of Catalyst's filings with the SEC are available from the SEC, may be found on Catalyst's website, or may be obtained upon request from Catalyst. Catalyst does not undertake any obligation to update the information contained herein, which speaks only as of this date.
CATALYST PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except share and per share data)
| For the Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Revenues: | |||||||
| Product revenue, net | $ | 149,343 | $ | 141,400 | |||
| License and other revenue | 47 | 21 | |||||
| Total revenues | 149,390 | 141,421 | |||||
| Operating costs and expenses: | |||||||
| Cost of sales (a) | 14,475 | 17,911 | |||||
| Research and development | 2,661 | 3,887 | |||||
| Selling, general and administrative (a) | 49,319 | 46,911 | |||||
| Amortization of intangible assets | 9,703 | 9,345 | |||||
| Total operating costs and expenses | 76,158 | 78,054 | |||||
| Operating income | 73,232 | 63,367 | |||||
| Other income, net | 10,997 | 7,919 | |||||
| Net income before income taxes | 84,229 | 71,286 | |||||
| Income tax provision | 20,495 | 14,549 | |||||
| Net income | $ | 63,734 | $ | 56,737 | |||
| Net income per share: | |||||||
| Basic | $ | 0.52 | $ | 0.47 | |||
| Diluted | $ | 0.50 | $ | 0.45 | |||
| Weighted average shares outstanding: | |||||||
| Basic | 122,254,171 | 121,472,468 | |||||
| Diluted | 126,903,391 | 126,957,982 | |||||
_________________________________________
(a) exclusive of amortization of intangible assets
CATALYST PHARMACEUTICALS, INC.
RECONCILIATION OF NON-GAAP METRICS (unaudited)
(in thousands, except share and per share data)
| For the Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| GAAP net income | $ | 63,734 | $ | 56,737 | |||
| Non-GAAP adjustments: | |||||||
| Stock-based compensation expense | 6,260 | 5,850 | |||||
| Depreciation | 70 | 115 | |||||
| Amortization of intangible assets | 9,703 | 9,345 | |||||
| Income tax provision | 20,495 | 14,549 | |||||
| Non-GAAP net income | $ | 100,262 | $ | 86,596 | |||
| Non-GAAP net income per share: | |||||||
| Basic | $ | 0.82 | $ | 0.71 | |||
| Diluted | $ | 0.79 | $ | 0.68 | |||
| Weighted average shares outstanding: | |||||||
| Basic | 122,254,171 | 121,472,468 | |||||
| Diluted | 126,903,391 | 126,957,982 | |||||
CATALYST PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| March 31, 2026 | December 31, 2025 | ||||
| (unaudited) | |||||
| ASSETS | |||||
| Current Assets: | |||||
| Cash and cash equivalents | $ | 755,859 | $ | 709,171 | |
| Accounts receivable, net | 130,834 | 126,477 | |||
| Inventory | 34,930 | 37,166 | |||
| Prepaid expenses and other current assets | 18,767 | 21,216 | |||
| Total current assets | 940,390 | 894,030 | |||
| Operating lease right-of-use asset, net | 1,858 | 1,935 | |||
| Property and equipment, net | 994 | 1,037 | |||
| License and acquired intangibles, net | 121,971 | 131,674 | |||
| Deferred tax assets, net | 55,111 | 52,767 | |||
| Investment in equity securities | 27,286 | 22,536 | |||
| Total assets | $ | 1,147,610 | $ | 1,103,979 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Current Liabilities: | |||||
| Accounts payable | $ | 7,151 | $ | 11,202 | |
| Accrued expenses and other liabilities | 125,247 | 135,950 | |||
| Total current liabilities | 132,398 | 147,152 | |||
| Operating lease liability, net of current portion | 2,235 | 2,350 | |||
| Other non-current liabilities | 280 | 209 | |||
| Total liabilities | 134,913 | 149,711 | |||
| Total stockholders' equity | 1,012,697 | 954,268 | |||
| Total liabilities and stockholders' equity | $ | 1,147,610 | $ | 1,103,979 | |
Source: Catalyst Pharmaceuticals, Inc.
Investor Contact Melissa Kendis, Catalyst Pharmaceuticals, Inc. (305) 420-3200 IR@catalystpharma.com Media Contact Jed Repko / Mahmoud Siddig Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449