The combination of strong revenue growth, significant margin expansion from royalty reductions, and solid cash generation makes CPRX a compelling growth story. Traders should monitor the execution of 2026 guidance and the outcome of the remaining FIRDAPSE patent litigation with Hetero USA.
Price Chart
Executive Summary
Catalyst Pharmaceuticals reported record financial results for Q4 and full year 2025, with total revenues of $589.0 million (up 19.8% YoY) and GAAP net income of $214.3 million (up 30.8% YoY), driven by strong growth in FIRDAPSE and AGAMREE. The company provided 2026 revenue guidance of $615–645 million and announced favorable royalty changes for FIRDAPSE that will improve margins starting in 2026.
Key Facts
- Full year 2025 total revenues were $589.0 million, up 19.8% YoY
- GAAP net income was $214.3 million, up 30.8% YoY
- Q4 2025 revenues were $152.6 million, up 7.6% YoY
- FIRDAPSE net revenue grew 17.1% YoY to $358.4 million in 2025
- AGAMREE net revenue grew 154.3% YoY to $117.1 million in 2025
- 2026 revenue guidance set at $615–645 million (up 11.1–16.4% from 2025)
- FIRDAPSE royalty rate will drop from 18.5% to 6% starting January 26, 2026, significantly improving margins
- Cash and cash equivalents increased 37% to $709.2 million as of December 31, 2025
Financial Impact
2026 revenue guidance of $615–645 million implies 11.1–16.4% growth; FIRDAPSE royalty reduction from 18.5% to 6% will significantly improve gross margins and profitability starting in 2026
Risk Factors
- Remaining patent litigation with Hetero USA, Inc. scheduled for trial on March 23, 2026
- Decline in FYCOMPA revenue due to generic competition (down 17.4% in 2025)
- Execution risk on business development strategy and potential acquisitions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-071702 |
| Document: d108222d8k.htm | 0001193125-26-071702 |
| Document: 0001193125-26-071702-index-headers.html | 0001193125-26-071702 |
| Document: 0001193125-26-071702-index.html | 0001193125-26-071702 |
| Document: 0001193125-26-071702.txt | 0001193125-26-071702 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 22, 2026 5w ago | Institutional Cluster | — | awaiting T+5 | — | — |
Jul 24, 2026 9w ago | 15-12G | $31.49 awaiting T+5 | awaiting T+5 | — | — |
Jul 17, 2026 11w ago | EFFECT | $31.49 $31.49 | · 0.00% | ▼ −0.59% | — |
Jul 15, 2026 11w ago | 25-NSE | $31.49 $31.49 | · 0.00% | ▼ −0.98% | — |
Jul 8, 2026 12w ago | 8-K | $31.47 $31.49 | ▲ +0.06% | ▲ +0.20% | — |
Jun 30, 2026 13w ago | DEFA14A | $31.44 $31.49 | ▲ +0.16% | ▼ −0.10% | — |
Jun 30, 2026 13w ago | 8-K | $31.44 $31.49 | ▲ +0.16% | ▼ −0.10% | — |
May 28, 2026 18w ago | PREM14A | $31.23 $31.28 | ▲ +0.16% | ▲ +0.45% | — |
May 12, 2026 20w ago | DEFA14A | $31.14 $31.23 | ▲ +0.29% | ▲ +0.21% | — |
May 11, 2026 20w ago | Press Release | $31.14 $31.23 | ▼ −0.29% | ▼ −0.21% | — |
US Market Status
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