Catalyst Pharmaceuticals Reports Record Fourth Quarter and Record Full Year 2025 Financial Results and Provides 2026 Financial Guidance

Rhea-AI Summary

Catalyst Pharmaceuticals (Nasdaq: CPRX) reported record full year 2025 total revenues of $589.0 million, a 19.8% increase, and Q4 2025 revenues of $152.6 million. GAAP net income was $214.3 million; cash and cash equivalents were $709.2 million at year-end.

The company provided 2026 guidance of $615 million to $645 million in total revenues, with FIRDAPSE expected at $435M–$450M and AGAMREE at $140M–$150M. Catalyst announced a $200 million share repurchase program and completed substantial buybacks in 2025.

Positive

• Total revenue +19.8% to $589.0 million in 2025
• GAAP net income $214.3 million, +30.8% YoY
• Cash balance $709.2 million as of Dec 31, 2025
• 2026 revenue guidance of $615M–$645M signals continued growth
• AGAMREE full‑year growth +154.3% to $117.1 million

Negative

• FYCOMPA product revenue down 17.4% to $113.3 million in 2025
• Multiple generic entrants for FYCOMPA disrupted Q4 2025 sales and margins
• FYCOMPA 2026 guidance falls to $40M–$45M, a material revenue decline versus 2025

Key Figures

2025 Total Revenues: $589.0M Q4 2025 Revenues: $152.6M 2025 GAAP Net Income: $214.3M +5 more

8 metrics

2025 Total Revenues $589.0M Full year 2025, 19.8% YoY growth

Q4 2025 Revenues $152.6M Fourth quarter 2025, 7.6% YoY increase

2025 GAAP Net Income $214.3M Full year 2025, 30.8% YoY increase

2025 Non-GAAP Net Income $346.2M Full year 2025, 25.3% YoY increase

Cash & Equivalents $709.2M As of December 31, 2025

2026 Revenue Guidance $615M–$645M Full year 2026 total revenues outlook

2026 FIRDAPSE Guidance $435M–$450M 2026 product revenue, net guidance

Share Repurchase Program $200M / $39.9M used Program size and amount spent to date

Market Reality Check

Price: $24.86 Vol: Volume 1,335,946 is 1.14x...

normal vol

$24.86 Last Close

Volume Volume 1,335,946 is 1.14x the 20-day average of 1,172,145, indicating slightly elevated trading interest ahead of earnings. normal

Technical Price $24.19 is trading above the 200-day MA at $22.30, reflecting a pre-news uptrend.

Peers on Argus

CPRX changed 0.33% with modestly above-average volume, while momentum-screened p...

2 Up

CPRX changed 0.33% with modestly above-average volume, while momentum-screened peers like ARQT and IBRX showed upward moves but sector momentum was flagged as stock-specific rather than broad-based.

Previous Earnings Reports

5 past events · Latest: Nov 05 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 05	Q3 2025 earnings	Positive	+0.2%	Raised 2025 revenue guidance after strong Q3 portfolio performance and cash build.
Aug 06	Q2 2025 earnings	Positive	-9.9%	Record Q2 revenues and solid income growth but shares fell post-report.
May 07	Q1 2025 earnings	Positive	-3.0%	Exceptional Q1 growth across products with reaffirmed guidance and strong cash.
Feb 26	FY 2024 earnings	Positive	+5.3%	Record 2024 revenues and initial 2025 guidance drove a positive price reaction.
Nov 06	Q3 2024 earnings	Positive	+2.4%	Strong Q3 2024 growth and guidance increase supported a modest share gain.

Pattern Detected

Earnings releases have generally been positive operationally, but share reactions have been mixed, with 3 aligned and 2 divergence events and an average move of -1.01% around earnings.

Recent Company History

Over the past five earnings-related announcements, Catalyst reported consistent revenue growth across FIRDAPSE, AGAMREE, and FYCOMPA, repeatedly using the term “record” for quarterly or annual results. Guidance has generally trended higher, with 2024 and 2025 revenue outlooks raised or reaffirmed. Cash balances stayed strong and debt-free, while a $200M repurchase program and patent litigation updates framed capital allocation and exclusivity. Today’s 2025 results and 2026 guidance continue this pattern of portfolio-driven growth and disciplined financial positioning.

Historical Comparison

-1.0% avg move · In the past five earnings releases, CPRX averaged a -1.01% move, with mixed alignment between strong...

earnings

-1.0%

Average Historical Move earnings

In the past five earnings releases, CPRX averaged a -1.01% move, with mixed alignment between strong results and share reaction, suggesting occasional sell-the-news behavior.

Earnings releases show steady revenue expansion from 2024 into 2025, growing contributions from AGAMREE, resilient FIRDAPSE growth, and rising cash balances alongside initiation of a $200M repurchase program and ongoing patent protection efforts.

Market Pulse Summary

This announcement highlights record $589.0M 2025 revenues, solid GAAP and non-GAAP earnings growth, ...

Analysis

This announcement highlights record $589.0M 2025 revenues, solid GAAP and non-GAAP earnings growth, and 2026 revenue guidance of $615M–$645M, supported by FIRDAPSE and AGAMREE momentum. Cash and equivalents of $709.2M and an authorized $200M repurchase program underscore balance sheet strength. Historically, earnings have triggered mixed share reactions, so investors may focus on execution versus guidance, competitive dynamics, royalty step-downs, and progress of AGAMREE’s SUMMIT study and business development efforts.

Key Terms

non-GAAP, restricted stock units, New Drug Submission, Lambert-Eaton myasthenic syndrome, +4 more

8 terms

non-GAAP financial

"Non-GAAP net income for full year 2025 was $346.2 million..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

restricted stock units financial

"687 restricted stock units vested and converted into an equal number..."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

New Drug Submission regulatory

"Health Canada approval of AGAMREE New Drug Submission, marking the first therapy..."

A new drug submission is a formal package of scientific data and paperwork sent to a health authority to request permission to sell a medicine. For investors it signals a key milestone: approval opens the door to sales and revenue, while rejection or delays can cut expected value — think of it like applying for a building permit that determines whether and when a new product can be put on the market.

Lambert-Eaton myasthenic syndrome medical

"for the indication of improving muscle weakness in patients living with Lambert-Eaton myasthenic syndrome"

An autoimmune disorder where the immune system damages nerve endings that release the chemical signals muscles need, causing muscle weakness and tiredness; think of it like a frayed electrical connection that can’t deliver full power to a motor. It matters to investors because the condition’s link to certain cancers, ongoing drug development, clinical trial results, or regulatory approvals can directly affect healthcare company revenues and risk profiles.

Duchenne muscular dystrophy medical

"first therapy approved in Canada to treat Duchenne muscular dystrophy (DMD)..."

A rare, inherited condition that progressively weakens muscles, Duchenne muscular dystrophy causes the body’s muscle fibers to break down over time, often leading to severe disability. For investors, it matters because the small, well-defined patient population, high unmet medical need and complex regulatory and pricing dynamics mean successes or failures in clinical trials, approvals, or therapies can have outsized effects on a company’s valuation and future revenue prospects.

open-label medical

"Continued enrollment in the SUMMIT study, an open-label, five-year follow-up study..."

Open-label describes a situation where everyone involved in a study or process knows the full details, such as who is receiving a treatment or intervention. For investors, understanding whether a project or product is open-label helps gauge the level of transparency and potential biases, influencing trust and decision-making. It’s like knowing whether a test or experiment is conducted openly or behind closed doors.

royalty financial

"the royalty on net U.S. sales that the Company previously paid to Catalyst’s licensor..."

A royalty is a payment made to the owner of a resource or asset—such as a patent, mineral rights, or creative work—whenever others use or profit from it. For investors, royalties provide a steady stream of income without owning the entire asset, similar to earning a small commission each time a product is sold or a service is used. This makes royalties an important factor in valuing certain types of investments.

FDA approval regulatory

"due to seven years passing from the date of the FDA approval of FIRDAPSE..."

FDA approval is the U.S. Food and Drug Administration’s formal authorization for a drug, vaccine, or medical device to be marketed and sold after reviewers determine it meets standards for safety and effectiveness. For investors it’s a pivotal milestone because it opens the door to legal, large-scale sales and can sharply boost revenue potential while reducing regulatory uncertainty—like receiving a safety certificate that lets a new bridge carry traffic and tolls.

AI-generated analysis. Not financial advice.

Full Year 2025 Total Revenues of $589.0 Million, Representing 19.8% Year-Over-Year Growth and Marking Another Year of Record Total Revenues

Q4 2025 Total Revenues of $152.6 Million, Fueled by 18.3% FIRDAPSE^® (amifampridine) Growth and 67.5% Growth of AGAMREE^® (vamorolone), Reflecting Continued Adoption

Full Year 2026 Total Revenues Expected to be Between $615 Million and $645 Million, Reflecting Confidence in Strength and Durability of FIRDAPSE and AGAMREE Franchises

Promoted Product Revenue, Net Expected to Grow by 20% or More in 2026

Conference Call and Webcast to be Held on February 26, 2026, at 8:30 AM ET

CORAL GABLES, Fla., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Catalyst Pharmaceuticals, Inc. (“Catalyst” or “Company”) (Nasdaq: CPRX) today reported financial results for fourth quarter and full year 2025 and provided full year 2026 financial guidance.

“Our 2025 performance is a reflection of Catalyst’s organic growth of our promoted products, FIRDAPSE and AGAMREE, and our continued commercial success. Achieving total revenues for 2025 of $589.0 million demonstrates the strength of our scalable business model and our continued dedication to patient care,” said Rich Daly, President and CEO, Catalyst. “Looking forward, our core commercial capabilities and our exploration of lifecycle management opportunities within our portfolio will continue to create value. We also continue to execute our business development strategy, which includes recently widening our aperture to look at products in development that have an established proof of concept. Based on our recent progress and considering the growth opportunities that we see for both FIRDAPSE and AGAMREE, we anticipate 2026 will prove to be another exceptional year, as reflected in our 2026 revenue guidance.”

Financial Highlights

For the Years Ended December 31,		2025		2024	% Change
(in thousands, except per share data)
Product Revenue, Net	$588,807		$489,327		20.3%
FIRDAPSE Product Revenue, Net	$358,380		$306,035		17.1%
FYCOMPA Product Revenue, Net	$113,341		$137,251		(17.4%)
AGAMREE Product Revenue, Net	$117,086		$46,041		154.3%
GAAP Net Income	$214,326		$163,889		30.8%
Non-GAAP Net Income**	$346,166		$276,288		25.3%
GAAP Net Income Per Share – Basic	$1.75		$1.38		26.8%
Non-GAAP Net Income Per Share – Basic**	$2.83		$2.33		21.5%
GAAP Net Income Per Share – Diluted	$1.68		$1.31		28.2%
Non-GAAP Net Income Per Share – Diluted**	$2.72		$2.21		23.1%
As of December 31, (in thousands) Cash and Cash Equivalents	$709,171		$517,553		37.0%

**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.

Fourth Quarter 2025 Financial Highlights:
Fourth quarter 2025 financial performance was driven by ongoing organic product growth and the accelerating market uptake of AGAMREE.

• Fourth quarter 2025 total revenues were $152.6 million, a 7.6% YoY increase
• FIRDAPSE Q4 2025 product revenue, net was $97.6 million, an 18.3% YoY increase
• AGAMREE Q4 2025 product revenue, net was $35.3 million, a 67.5% YoY increase
• FYCOMPA^® Q4 2025 product revenue, net was $19.6 million, due to the entry of multiple generic versions of FYCOMPA during the quarter
  
  

Full Year 2025 Financial Highlights:
Full year 2025 financial results underscore robust performance, supported by sustained organic momentum and operational discipline.

• Full year 2025 total revenues were $589.0 million, a 19.8% YoY increase
• FIRDAPSE full year 2025 product revenue, net was $358.4 million, a 17.1% YoY increase
• AGAMREE full year 2025 product revenue, net was $117.1 million, reflecting the strong commercial launch of the product in March 2024
• FYCOMPA full year product revenue, net was $113.3 million
  
  

2025 Business Highlights:

• The Company experienced another successful year in 2025 with record revenues and record earnings, driven by organic growth of its flagship product, FIRDAPSE, and the first full year of AGAMREE sales.
• Announced updated guidelines for Small Cell Lung Cancer (“SCLC”) treatment published by the National Comprehensive Cancer Network^® (NCCN) including VGCC antibody screening of SCLC patients for cancer-associated Lambert-Eaton myasthenic syndrome (LEMS) and use of amifampridine (FIRDAPSE) as a supportive care treatment for SCLC patients also diagnosed with LEMS, helping to broaden clinical awareness, enhance diagnostic rates, and drive treatment of cancer-associated LEMS in SCLC oncology care.
• Settled FIRDAPSE patent litigation with Teva Pharmaceuticals USA, Inc. and Teva Pharmaceuticals, Inc. (collectively Teva) and Lupin Pharmaceuticals, Inc., leaving only one patent case pending against Hetero USA, Inc. The trial is currently scheduled to start on March 23, 2026, which is prior to the expiration of the automatic 30-month stay (which expires on May 26, 2026). There can be no assurance as to the outcome of this matter.
• Sub-licensee KYE Pharmaceuticals, Inc., announced Health Canada approval of AGAMREE New Drug Submission, marking the first therapy approved in Canada to treat Duchenne muscular dystrophy (DMD) and address a significant unmet need for DMD patients in Canada.
• Announced launch of FIRDAPSE tablets 10 mg in Japan for the indication of improving muscle weakness in patients living with Lambert-Eaton myasthenic syndrome ("LEMS") by sub-licensee DyDo Pharma.
• Continued enrollment in the SUMMIT study, an open-label, five-year follow-up study which seeks to further demonstrate the clinical value of AGAMREE and evaluate its use as a monotherapy and in combination with other treatment options.
• Catalyst reviewed and evaluated over 100 prospective clinical stage acquisition targets during 2025. The Company continues to focus its efforts on identifying immediate and near-term accretive rare disease (orphan) assets, including development-stage opportunities with established proof of concept, that provide a clinically differentiated profile and address unmet medical needs. Catalyst continues to employ a disciplined, comprehensive and exhaustive approach to evaluate opportunities that it believes will add significant value. However, no such agreements were entered into in 2025.
• In the fourth quarter of 2025, Catalyst announced a $200 million share repurchase program, reflecting the Company’s strong balance sheet and confidence in its long-term financial outlook. Additionally, Catalyst purchased 1,124,948 shares of its outstanding common stock at an average price of $22.49 per share. To date, Catalyst has repurchased 1,740,713 shares at an average price of $22.91 for approximately $39.9 million.
  
  

2025 Industry Recognitions:

• Recognized in the Deloitte Technology Fast 500™ as one of North America's Fastest-Growing Companies
• Ranked 11^th on Forbes' 2026 list of America's Most Successful Small-Cap Companies
• Recognized among BioSpace’s Best Places to Work in 2026
  
  

Fourth Quarter 2025 and Full Year 2025 Financial Results

Revenues: Total revenues for the fourth quarter of 2025 were $152.6 million, compared to $141.8 million for the fourth quarter of 2024, representing an increase of approximately 7.6% YoY. Full year 2025 total revenues were $589.0 million, compared to $491.7 million for full year 2024, representing an increase of approximately 19.8% YoY. Total revenues includes license and other revenues of $0.2 million and $0.1 million, respectively, in the 2025 fiscal year and 2025 fourth quarter, compared to $2.4 million and $11,000, respectively, in 2024.

Research and development expenses: In the fourth quarter of 2025, research and development expenses were $1.8 million, compared to $3.8 million in the fourth quarter of 2024.  Research and development expenses for full year 2025 were $12.7 million, compared to $12.6 million for full year 2024.

Selling, general, and administrative expenses: Selling, general, and administrative expenses for the fourth quarter of 2025 were $53.4 million, compared to $44.2 million in the fourth quarter of 2024. Selling, general, and administrative expenses for full year 2025 were $193.8 million, compared to $177.7 million for full year 2024.

Amortization of intangible assets: Amortization of intangible assets was $9.5 million in the fourth quarter of 2025, compared to $9.3 million in the fourth quarter of 2024. Amortization of intangible assets was $37.5 million in full year 2025, compared to $37.4 million for full year 2024.

Operating income: Operating income for the fourth quarter of 2025 was $61.8 million, compared to $62.8 million in the fourth quarter of 2024, representing a decrease of approximately 1.6%. Full year 2025 operating income was $257.8 million, compared to $195.1 million for full year 2024, representing an increase of approximately 32.1%. Operating income, GAAP net income and non-GAAP net income were all impacted by the entry of multiple generic versions of FYCOMPA during the fourth quarter of 2025.

GAAP net income: GAAP net income for the fourth quarter of 2025 was $52.7 million ($0.43 per basic and $0.41 per diluted share), compared to GAAP net income of $55.9 million ($0.47 per basic and $0.44 per diluted share) for the fourth quarter of 2024. GAAP net income for full year 2025 was $214.3 million ($1.75 per basic and $1.68 per diluted share), compared to full year 2024 GAAP net income of $163.9 million ($1.38 per basic and $1.31 per diluted share).

Non-GAAP net income: Non-GAAP net income for the fourth quarter of 2025 was $87.1 million ($ 0.71 per basic and $0.68 per diluted share), compared to non-GAAP net income of $88.8 million ($0.74 per basic and $0.70 per diluted share) for the fourth quarter of 2024. Non-GAAP net income for full year 2025 was $346.2 million ($2.83 per basic and $2.72 per diluted share), compared to full year 2024 non-GAAP net income of $276.3 million ($2.33 per basic and $2.21 per diluted share). Non-GAAP net income in all periods excludes from net income stock-based compensation, depreciation, amortization of intangible assets, and the income tax provision.

Cash and cash equivalents: Cash and cash equivalents were $709.2 million as of December 31, 2025. The cash and cash equivalents balance at December 31, 2025, was impacted by a change in the payment terms resulting from the renegotiation of a contract between the Company and a customer. Under the revisions to the contract with this customer, among other changes, the Company is now paying reduced fees to the customer (which are recorded as a reduction in gross-to-net expenses), but the customer is paying amounts due on its obligations to Catalyst on a monthly basis rather than a semi-monthly basis (as required under the previous contract terms). As a result of this change, a payment of approximately $27.0 million that the Company would have received at the end of December 2025, based upon the previous due date (under the previous contract terms) was received in early January 2026. Additionally, during the fourth quarter of 2025, the amount invested in the Company’s shares through the announced $200 million share repurchase program was approximately $25.3 million at an average price per share of $22.49, resulting in a reduction of 1,124,948 million shares outstanding.

More detailed financial information and analysis of our financial condition and results of operations can be found in our Annual Report on Form 10-K for fiscal year 2025, which was filed with the U.S. Securities and Exchange Commission on February 25, 2026.

Full Year 2026 Outlook

For full year 2026, the Company forecasts total revenues to be between $615 million and $645 million, reflecting continued robust growth in product revenue, net from both FIRDAPSE and AGAMREE.

FIRDAPSE’s product revenue, net for fiscal 2026 is expected to be between $435 million and $450 million, growth of between 21.4% and 25.6% compared to 2025, driven by our life-cycle management initiatives in Idiopathic and Cancer-Associated LEMS.

AGAMREE’s product revenue, net for 2026 is expected to be between $140 million and $150 million, growth of between 19.6% and 28.1% compared to 2025, reflecting the product’s continued market adoption and commercial momentum.

FYCOMPA’s product revenue, net for 2026 is expected to be between $40 million and $45 million, driven by ongoing market demand despite the loss of patent exclusivity at the end of May 2025, for FYCOMPA tablets, which currently has three generic competitors, and December 2025 for FYCOMPA oral suspension, which currently has one generic competitor.

Cost of sales: On January 25, 2026, the Company completed seven years from the date of first commercial sale of FIRDAPSE in the U.S. On that date, the royalty on net U.S. sales that the Company previously paid to Catalyst’s licensor at a tiered rate of 7-10% of net U.S. sales of FIRDAPSE expired. Also, on January 1, 2026, as part of the Company's acquisition and license agreement regarding RUZURGI^® (amifampridine) with Jacobus, the royalty rate the Company pays Jacobus on net U.S. sales of any amifampridine product increased from 1.5% to 2.5%. In addition to these two changes, there was also another change in FIRDAPSE royalties owed by the Company on net U.S. sales that occurred in November 2025. On November 28, 2025, due to seven years passing from the date of the FDA approval of FIRDAPSE, the royalty on net U.S. sales of FIRDAPSE that the Company owes to its licensor to satisfy its licensor’s royalty obligations to another third-party licensor decreased from 7% of net U.S. sales to 3.5%. As a result, beginning on January 26, 2026, the overall royalty rate that the Company will pay to its upstream licensors for net U.S. sales of FIRDAPSE will be 6%, which is down from a previous maximum rate of 18.5%.   

AGAMREE royalties are expected to remain relatively flat as a percentage of product revenue, net and there will be a full year of the sales-based milestone payment based on the achievement of the milestone in the fourth quarter of 2025. Further, the Company will be required to pay a 6% royalty, based on net product revenue, to the product licensor for FYCOMPA starting in July 2026.

Research and development expenses: Due to the ongoing activities relating to the SUMMIT study as well as life cycle management evaluation for AGAMREE, the Company anticipates research and development expenses in 2026, absent another acquisition, to be between $17.5 million and $22.5 million. If the Company completes an acquisition, its R&D expenses may become more significant, particularly if it acquires rights to a product prior to that product receiving regulatory approval.

Selling, general, and administrative expenses: The Company anticipates an increase in selling, general and administrative expenses in 2026 compared to 2025, primarily driven by increased commercial activities to continue to support FIRDAPSE and AGAMREE as well as continued support of its business development strategy, which has been expanded for 2026 to include development opportunities with established proof of concept and a clear regulatory path.

Tax rate: The Company anticipates that its effective tax rate will be relatively consistent for 2026 compared to 2025 and 2024.

Conference Call & Webcast Details
Date:	February 26, 2026
Time:	8:30 AM ET
US/Canada Dial-in Number:	(800) 715-9871
International Dial-in Number:	(646) 307-1963

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's revenue forecasts for 2026 that are included in this press release will prove to be accurate, (ii) whether Catalyst will continue to be profitable and cash flow positive in 2026 and beyond, (iii) whether Catalyst will complete any acquisitions of additional products, and the timing of any such acquisitions, (iv) the impact of the pending Paragraph IV litigation relating to FIRDAPSE if the results of these litigation matters are adverse, (v) the potential impairment of the Company’s intangible asset relating to the acquisition of FYCOMPA if revenues from sales of this product decline more than currently expected, and (vi) those factors described in Catalyst's Annual Report on Form 10-K for the 2025 fiscal year 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.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

	(Unaudited) For the Three Months Ended December 31,						For the Years Ended December 31,
		2025			2024			2025			2024
Product revenue, net	$	152,502		$	141,809		$	588,807		$	489,327
License and other revenue		111			11			182			2,407
Total revenues		152,613			141,820			588,989			491,734
Operating costs and expenses:
Cost of sales (a)		26,074			21,643			87,253			68,845
Research and development		1,807			3,798			12,709			12,648
Selling, general and administrative (a)		53,421			44,192			193,751			177,740
Amortization of intangible assets		9,465			9,344			37,498			37,377
Total operating costs and expenses		90,767			78,977			331,211			296,610
Operating income		61,846			62,843			257,778			195,124
Other income, net		10,055			11,338			25,737			21,139
Net income before income taxes		71,901			74,181			283,515			216,263
Income tax provision		19,203			18,245			69,189			52,374
Net income	$	52,698		$	55,936		$	214,326		$	163,889
Net income per share:
Basic	$	0.43		$	0.47		$	1.75		$	1.38
Diluted	$	0.41		$	0.44		$	1.68		$	1.31
Weighted average shares outstanding:
Basic		122,907,933			119,892,062			122,290,866			118,457,673
Diluted		127,425,644			126,280,116			127,257,929			124,943,603

(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 December 31,							For the Years Ended December 31,
		2025				2024				2025			2024
GAAP net income:	$	52,698			$	55,936			$	214,326		$	163,889
Non-GAAP adjustments:
Stock-based compensation expense		5,661				5,171				24,778			22,251
Depreciation		72				114				375			397
Amortization of intangible assets		9,465				9,344				37,498			37,377
Income tax provision		19,203				18,245				69,189			52,374
Non-GAAP net income	$	87,099			$	88,810			$	346,166		$	276,288
Non-GAAP net income per share:
Basic	$	0.71			$	0.74			$	2.83		$	2.33
Diluted	$	0.68			$	0.70			$	2.72		$	2.21
Weighted average shares outstanding:
Basic		122,907,933				119,892,062				122,290,866			118,457,673
Diluted		127,425,644				126,280,116				127,257,929			124,943,603

CATALYST PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

	December 31, 2025			December 31, 2024
Assets
Current Assets:
Cash and cash equivalents	$	709,171		$	517,553
Accounts receivable, net		126,477			65,476
Inventory, net		37,166			19,541
Prepaid expenses and other current assets		21,216			21,039
Total current assets		894,030			623,609
Operating lease right-of-use asset, net		1,935			2,230
Property and equipment, net		1,037			1,354
License and acquired intangibles, net		131,674			156,672
Deferred tax assets, net		52,767			45,982
Investment in equity securities		22,536			21,564
Total assets	$	1,103,979		$	851,411
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	11,202		$	16,593
Accrued expenses and other liabilities		135,950			104,085
Total current liabilities		147,152			120,678
Operating lease liability, net of current portion		2,350			2,786
Other non-current liabilities		209			315
Total liabilities		149,711			123,779
Total stockholders’ equity		954,268			727,632
Total liabilities and stockholders’ equity	$	1,103,979		$	851,411

Source: Catalyst Pharmaceuticals, Inc.

Contact information:

Investor Contact
Melissa Kendis, Catalyst Pharmaceuticals, Inc.
(305) 420-3200
IR@catalystpharma.com

Media Contact
Ignacio Guerrero-Ros, Ph.D., Russo Partners, LLC
(646) 249-6817
Ignacio.Guerrero-Ros@russopartnersllc.com  

FAQ

What did Catalyst Pharmaceuticals (CPRX) report for full year 2025 total revenue?

Catalyst reported $589.0 million in total revenues for full year 2025, a 19.8% increase year-over-year. According to the company, growth was driven by FIRDAPSE organic sales and the first full year of AGAMREE commercial revenue.

What is Catalyst's (CPRX) revenue guidance for full year 2026?

Catalyst projected full year 2026 total revenues between $615 million and $645 million. According to the company, guidance reflects expected continued growth from FIRDAPSE and AGAMREE and lifecycle management initiatives for both franchises.

How much did AGAMREE (CPRX) earn in 2025 and what drove its growth?

AGAMREE generated $117.1 million in product revenue for full year 2025, up 154.3% year-over-year. According to the company, the increase reflects strong commercial launch momentum and accelerating market adoption since its March 2024 introduction.

What does the $200 million share repurchase program mean for CPRX shareholders?

The $200 million repurchase program signals management confidence and can support EPS through share reduction. According to the company, approximately $39.9 million was spent in 2025, repurchasing 1,740,713 shares to date.

How have FYCOMPA generics affected Catalyst (CPRX) financials and outlook?

Entry of multiple generic FYCOMPA versions reduced FYCOMPA Q4 sales and impacted margins in late 2025. According to the company, FYCOMPA revenue fell 17.4% in 2025 and is forecast at $40M–$45M for 2026 amid ongoing generic competition.