Profit rises at Catalyst Pharmaceuticals (NASDAQ: CPRX) on Q1 2026 results

Rhea-AI Filing Summary

Catalyst Pharmaceuticals reported first quarter 2026 total revenues of $149.4 million, up 5.6% from $141.4 million a year earlier, driven by growth in key rare-disease drugs. Net product revenue from FIRDAPSE rose 18.1% to $98.9 million and AGAMREE revenue jumped 66.6% to $36.7 million, while FYCOMPA declined 61.3% to $13.8 million.

GAAP net income increased to $63.7 million ($0.50 diluted per share), with non-GAAP net income of $100.3 million ($0.79 diluted per share), reflecting margin expansion and lower cost of sales. Cash and cash equivalents reached $755.9 million with no funded debt as of March 31, 2026. The company stated it will not provide forward-looking guidance or host an earnings call for this quarter.

Positive

• Profits growing faster than revenue: Q1 2026 GAAP net income rose 12.3% to $63.7 million and non-GAAP net income increased 15.8% to $100.3 million, outpacing 5.6% revenue growth.
• Strong balance sheet with no funded debt: Cash and cash equivalents reached $755.9 million as of March 31, 2026, while the company reported no funded debt, supporting financial flexibility.

Negative

• None.

Insights

Biopharma equity analyst

Q1 shows solid profit growth, strong cash, and shifting product mix.

Catalyst Pharmaceuticals delivered Q1 2026 revenue of $149.4M, up 5.6% year over year, with operating income rising to $73.2M. Profit growth outpaced sales, as GAAP net income increased 12.3% to $63.7M and non-GAAP net income rose 15.8% to $100.3M.

Product performance was mixed. FIRDAPSE grew 18.1% and AGAMREE 66.6%, while FYCOMPA revenue fell 61.3%. Cost of sales declined, helped by the expiration of certain FIRDAPSE royalties, partially offset by a higher Jacobus royalty rate. This lowered overall FIRDAPSE U.S. royalty rates.

Liquidity appears robust, with cash and cash equivalents of $755.9M and no funded debt as of March 31, 2026. Management noted it will not provide forward-looking guidance or host an earnings call in light of a May 7, 2026 announcement, so investors will need to rely on future SEC filings for additional strategic clarity.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenues: $149.4 million FIRDAPSE product revenue: $98.9 million AGAMREE product revenue: $36.7 million +5 more

8 metrics

Total revenues $149.4 million Q1 2026 vs $141.4 million in Q1 2025

FIRDAPSE product revenue $98.9 million Q1 2026, up 18.1% year over year

AGAMREE product revenue $36.7 million Q1 2026, up 66.6% year over year

FYCOMPA product revenue $13.8 million Q1 2026, down 61.3% year over year

GAAP net income $63.7 million Q1 2026, up 12.3% from Q1 2025

Non-GAAP net income $100.3 million Q1 2026, up 15.8% from Q1 2025

Cash and cash equivalents $755.9 million As of March 31, 2026; no funded debt

Operating income $73.2 million Q1 2026 vs $63.4 million in Q1 2025

Key Terms

Non-GAAP net income, Operating income, Amortization of intangible assets, Effective income tax rate, +1 more

5 terms

Non-GAAP net income financial

"Non-GAAP net income for the first quarter of 2026 was $100.3 million"

Non-GAAP net income is a company's profit figure that excludes certain costs or income that are included in standard accounting methods. Companies often use it to show what their earnings might look like without one-time expenses or other unusual items, helping investors see the company's core performance more clearly.

Operating income financial

"Operating income for the first quarter of 2026 was $73.2 million"

Operating income is the profit a company earns from its regular business activities after subtracting the costs directly related to running the business, such as wages, rent, and supplies. It shows how well the core operations are performing, ignoring income or expenses from non-regular activities like investments or one-time events. Investors use it to assess the company's efficiency and profitability from its main work.

Amortization of intangible assets financial

"Amortization of intangible assets for the first quarter of 2026 were $9.7 million"

Amortization of intangible assets is the accounting practice of spreading the purchase cost of non-physical items—like patents, trademarks, or customer lists—over their expected useful life. Investors care because this non-cash charge reduces reported profits and book value over time, affecting earnings trends and valuation, even though it does not immediately change the company’s cash; think of it as paying off a large one-time purchase in small, regular amounts on the books.

Effective income tax rate financial

"The Company’s effective income tax rate was 24.3% and 20.4% for the three months ended March 31, 2026, and 2025"

The effective income tax rate is the share of a company’s pre-tax profit that it actually pays in income taxes, calculated by dividing total tax expense by pre-tax income. For investors, it shows how much tax reduces a company’s earnings — like knowing the difference between a car’s sticker price and what you actually pay after fees and discounts — and helps compare profitability and cash available for growth or dividends.

Cash and cash equivalents financial

"Cash and cash equivalents were $755.9 million as of March 31, 2026"

Cash and cash equivalents are the money a company has on hand plus very short-term, low-risk investments that can be quickly turned into cash, like bank deposits or government bills. Investors watch this figure because it shows a company’s immediate ability to pay bills, cover unexpected costs, and fund operations or growth — like a household’s checking account and emergency fund that keeps daily life running smoothly.

Earnings Snapshot

Total revenues: $149.4 million · Guidance included

Q1 2026

Total revenues $149.4 million +5.6% year over year

GAAP net income $63.7 million +12.3% year over year

Non-GAAP net income $100.3 million +15.8% year over year

Guidance

The company stated it will not be providing forward-looking guidance or updates to previously issued guidance.

Understanding 8-K Material Events →

NASDAQ false 0001369568 0001369568 2026-05-11 2026-05-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): May 11, 2026

CATALYST PHARMACEUTICALS, INC.

(Exact Name Of Registrant As Specified In Its Charter)

Delaware		001-33057		76-0837053
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)
355 Alhambra Circle
Suite 801
Coral Gables, Florida				33134
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (305) 420-3200

Not Applicable

Former Name or Former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Name of Exchange on Which Registered		Ticker Symbol
Common Stock, par value $0.001 per share		NASDAQ Capital Market		CPRX

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this Chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events

On May 11, 2026, the Company issued a press release announcing its results of operations for the three months ended March 31, 2026 and providing a business update. A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1		Press release issued by the Company on May 11, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Catalyst Pharmaceuticals, Inc.
By:		/s/ Michael Kalb
		Michael Kalb
		Executive Vice President and CFO

Dated: May 11, 2026

3

Exhibit 99.1

Catalyst Pharmaceuticals Reports First Quarter 2026 Financial Results

Delivered Q1 2026 Total Revenues of $149.4 Million

Results include 28% YoY Increase in Net Product Revenues from FIRDAPSE^® & AGAMREE^®

Reported Cash and Cash Equivalents of $755.9 Million and No Funded Debt as of March 31, 2026

CORAL GABLES, Fla., - May 11, 2026 - 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, a 5.6% year-over-year increase. Promoted products, FIRDAPSE^® & AGAMREE^®, totaled $135.6 million, a 28.2% year-over-year increase.

• FIRDAPSE Q1 2026 product revenue, net was $98.9 million, an 18.1% 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, a 61.3% 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 $14.5 million, compared to $17.9 million in the first quarter of 2025. In addition to the reductions to FIRDAPSE royalties that occurred at the end of 2025, in January 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% to 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%. As a result, the overall royalty rate that the Company pays to its upstream licensors for net U.S. sales of FIRDAPSE is 6%, which is down from a previous maximum rate of 18.5%.

Royalties on AGAMREE include a base royalty of 7% of net sales up to $250 million with additional increases as net sales increase. This base royalty is due to the Company’s licensor, which reflects obligations owed by the licensor to its upstream licensors as well as an additional royalty of 7% of net sales in excess of $100 million and up to $200 million with additional increases as net sales increase. This additional royalty is due to the licensor under the Company’s agreement.

Research and development expenses: Research and development expenses for the first quarter of 2026 were $2.7 million, compared to $3.9 million in the first quarter of 2025.

Selling, general, and administrative expenses: Selling, general, and administrative (SG&A) expenses for the first quarter of 2026 were $49.3 million, compared to $46.9 million in the first quarter of 2025.

Amortization of intangible assets: Amortization of intangible assets for the first quarter of 2026 were $9.7 million, compared to $9.3 million in the first quarter of 2025.

Operating income: Operating income for the first quarter of 2026 was $73.2 million, compared to $63.4 million in the first quarter of 2025, representing an increase of approximately 15.6%.

GAAP net income: GAAP net income for the first quarter of 2026 was $63.7 million ($0.52 per basic and $0.50 per diluted share), compared to GAAP net income of $56.7 million ($0.47 per basic and $0.45 per diluted share) in the first quarter of 2025.

Non-GAAP net income: Non-GAAP net income for the first quarter of 2026 was $100.3 million ($0.82 per basic and $0.79 per diluted share), compared to non-GAAP net income of $86.6 million ($0.71 per basic and $0.68 per diluted share) in the first quarter of 2025. Non-GAAP net income for all periods excludes from net income stock-based compensation, depreciation, amortization of intangible assets, and the income tax provision.

Tax rate: The Company’s effective income tax rate was 24.3% and 20.4% for the three months ended March 31, 2026, and 2025, respectively. Differences in the effective tax and the statutory federal income tax rate of 21% are driven by state income taxes and anticipated annual permanent differences offset by equity compensation deductions.

Cash and cash equivalents: Cash and cash equivalents were $755.9 million as of March 31, 2026.

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:			122,254,171				121,472,468
Basic
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

FAQ

How did Catalyst Pharmaceuticals (CPRX) perform financially in Q1 2026?

Catalyst reported Q1 2026 total revenues of $149.4 million, up 5.6% year over year. GAAP net income increased to $63.7 million, while non-GAAP net income reached $100.3 million, indicating profits grew faster than sales during the quarter.

What were Catalyst Pharmaceuticals (CPRX) key product revenue trends in Q1 2026?

In Q1 2026, FIRDAPSE net revenue rose 18.1% to $98.9 million and AGAMREE revenue surged 66.6% to $36.7 million. FYCOMPA revenue declined 61.3% to $13.8 million, showing a shift toward FIRDAPSE and AGAMREE as primary growth drivers.

What was Catalyst Pharmaceuticals (CPRX) earnings per share in Q1 2026?

For Q1 2026, GAAP diluted earnings per share were $0.50, up from $0.45 a year earlier. Non-GAAP diluted earnings per share were $0.79, compared with $0.68 in Q1 2025, reflecting higher profitability on an adjusted basis.

How strong is Catalyst Pharmaceuticals (CPRX) balance sheet after Q1 2026?

As of March 31, 2026, Catalyst held $755.9 million in cash and cash equivalents and reported no funded debt. Total assets were $1.15 billion and stockholders’ equity was $1.01 billion, highlighting a strong capital position entering the remainder of 2026.

Did Catalyst Pharmaceuticals (CPRX) change its royalty obligations in early 2026?

Yes. After seven years of FIRDAPSE U.S. sales, a royalty of 7%–10% on net sales expired, reducing the overall FIRDAPSE U.S. royalty rate to 6%. Separately, the royalty to Jacobus on U.S. amifampridine sales increased from 1.5% to 2.5% starting January 1, 2026.

Is Catalyst Pharmaceuticals (CPRX) providing forward-looking guidance for 2026?

The company stated it will not provide forward-looking guidance or updates to previously issued guidance for now. It also will not host an earnings conference call or webcast for Q1 2026, citing its May 7, 2026 announcement as the reason.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 83.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 17.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.0 KB