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Catalyst Pharmaceuticals (CPRX) investor relations material
Catalyst Pharmaceuticals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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