Biotech Drug Report Generated Jul 1, 2026

FYCOMPA

CPRX·CATALYST PHARMACEUTICALS, INC.

BEARISH

Drug Impact Rating3/10

Trial Phase: Approved
Time to Market: Already marketed (approved by FDA in 2012)
Why 3/10: FYCOMPA is an already-approved, off-patent drug in rapid revenue decline with no upcoming FDA decision or pivotal readout. The company (CPRX) is being acquired by Angelini Pharma for $31.50/share (expected close Q3 2026), but that is a company-level M&A event, not a drug-specific binary catalyst for FYCOMPA.

Actionable Insight BEARISH

FYCOMPA is a fading revenue contributor for Catalyst, falling from $137M (2024) to a projected $40-45M (2026) as generics have entered. With active promotion discontinued, the drug is essentially being harvested for residual cash flow. The stock is trading near the $31.50 acquisition price — the spread reflects the risk the Angelini deal fails to close, not any FYCOMPA-specific dynamic.

Price Chart

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Executive Summary

FYCOMPA (perampanel) is an anti-epileptic drug originally developed by Eisai and first FDA-approved in 2012. Catalyst Pharmaceuticals acquired U.S. commercial rights in January 2023 for $160M upfront. The drug generated $137.3M in 2024 revenue for Catalyst, but its patent on tablets expired May 2025 (three generics now on market) and oral suspension patent expired December 2025 (one generic). FYCOMPA is now a declining asset — Catalyst guided just $40-45M in 2026 revenue and discontinued active promotion. The broader company story shifted in May 2026 when Angelini Pharma agreed to acquire Catalyst for $31.50/share (~$4.1B), with a shareholder vote set for July 2026 and expected close in Q3 2026.

How It Works

FYCOMPA (perampanel) is a once-daily anti-epileptic pill that works by blocking AMPA receptors in the brain — think of it as turning down the "excitatory volume" on hyperactive neurons that trigger seizures. It is a Schedule III controlled substance with a boxed warning for serious psychiatric and behavioral reactions including aggression and hostility.

Trial Status

No active clinical trials for FYCOMPA under Catalyst; the drug is fully approved and in commercial use. Catalyst discontinued active promotion in 2026 after generics entered the market.

The Two-Sided Case

▲ Bull Case3

FYCOMPA still generates meaningful cash flow ($40-45M guided for 2026) with zero promotion cost — effectively free cash flow from a legacy prescription base.

The drug treats serious epilepsy conditions (partial-onset seizures and tonic-clonic seizures) with no perfect substitute for all patients, so some residual demand persists even with generics.

For acquirer Angelini Pharma, FYCOMPA adds a CNS/epilepsy product to its brain health portfolio with established U.S. commercial infrastructure — it's a bolt-on, not a core value driver.

▼ Bear Case4

Generic competition from Teva (approved May 2025), MSN (approved July 2025), and others has destroyed pricing power — FYCOMPA revenue is projected to collapse ~70% from $137M (2024) to $40-45M (2026).

Catalyst has discontinued active promotion of FYCOMPA, confirming management sees no path to defending the franchise against generics.

FYCOMPA carries a boxed FDA warning for serious psychiatric and behavioral adverse reactions (aggression, hostility), and is a Schedule III controlled substance, limiting prescriber appetite.

The drug's revenue trajectory is overwhelmingly negative and no new indications, formulations, or label expansions are being pursued.

Upcoming Catalysts

Angelini Pharma acquisition shareholder vote — July 2026
Angelini deal expected closing — Q3 2026
FYCOMPA quarterly revenue reports (continued decline expected)

Source Filing

The SecBot filing or press-release report that triggered this drug report:

CATALYST PHARMACEUTICALS, INC. DEFA14A CPRX ·Originating report

Sources · 10

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1 biopharmadive.com2 fiercepharma.com3 natlawreview.com4 theglobeandmail.com5 sec.gov6 sec.gov7 rttnews.com8 drugs.com9 drugpatentwatch.com10 marketscreener.com