Catalyst Pharmaceuticals (CPRX) Q1 2025 earnings summary

Executive summary

• Q1 2025 net revenues rose 43.6% year-over-year to $141.4 million, driven by strong demand for FIRDAPSE, AGAMREE, and FYCOMPA, with AGAMREE contributing $22 million in its first full quarter.

• Net income increased to $56.7 million ($0.47 basic/$0.45 diluted EPS), more than doubling year-over-year.

• The company reaffirmed its full-year 2025 total product revenue guidance of $545 million-$565 million.

• Maintained a robust cash position of $580.7 million and no debt as of March 31, 2025.

• Settled key patent litigations, securing FIRDAPSE market exclusivity until at least 2035 and FYCOMPA until December 2025.

Financial highlights

• Q1 2025 total revenues: $141.4 million, up 43.6% from $98.5 million in Q1 2024.

• FIRDAPSE Q1 revenue: $83.7 million (+25.3% year-over-year); AGAMREE: $22 million (vs. $1.2 million in Q1 2024); FYCOMPA: $35.6 million (+17.1% year-over-year).

• GAAP net income: $56.7 million ($0.47 basic/$0.45 diluted per share), up 144% year-over-year; non-GAAP net income: $86.6 million ($0.71 basic/$0.68 diluted per share), up from $46.8 million in Q1 2024.

• Operating income: $63.4 million, up 133.6% year-over-year.

• Cash and cash equivalents at quarter-end: $580.7 million, up from $517.6 million at year-end 2024.

Outlook and guidance

• Full-year 2025 total product revenue guidance reaffirmed at $545 million-$565 million.

• FIRDAPSE 2025 net product revenue forecast: $355 million-$360 million; AGAMREE: $100 million-$110 million; FYCOMPA: $90 million-$95 million, with anticipated revenue decline post-patent expiry.

• R&D expenses for 2025 expected between $15 million-$20 million, excluding acquisitions.

• Sufficient funds to support operations for at least the next 12 months, with ongoing profitability and positive cash flow expected.

• Focus remains on expanding the rare disease portfolio and global footprint, with active business development initiatives.