Catalyst Pharmaceuticals (CPRX) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached $149.4 million, up 5.6% year-over-year, driven by strong sales of FIRDAPSE® and AGAMREE®, partially offset by a sharp decline in FYCOMPA® revenue due to generic competition.

• Net income for Q1 2026 was $63.7 million (GAAP), with basic EPS of $0.52 and diluted EPS of $0.50; non-GAAP net income was $100.3 million.

• Cash and cash equivalents stood at $755.9 million as of March 31, 2026, with no funded debt.

• On May 6, 2026, a merger agreement was signed with Angelini Pharma S.p.A.; shareholders will receive $31.50 per share in cash upon closing.

Financial highlights

• FIRDAPSE® revenue grew 18.1% year-over-year to $98.9 million; AGAMREE® revenue rose 66.6% to $36.7 million.

• FYCOMPA® revenue declined 61.3% to $13.8 million due to loss of exclusivity and generic entry.

• Operating income increased to $73.2 million from $63.4 million year-over-year.

• Cost of sales decreased to $14.5 million from $17.9 million year-over-year, reflecting lower FIRDAPSE® royalties.

Outlook and guidance

• Management expects continued revenue growth from FIRDAPSE® and AGAMREE®, while FYCOMPA® revenue is expected to decline further due to generic competition.

• Sufficient liquidity is projected to support operations for at least the next 12 months.

• No forward-looking guidance or updates to previously issued guidance provided for Q1 2026.