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Dec 31, 2025
Catalyst Pharmaceuticals Q4 2025 Earnings Report
Catalyst Pharmaceuticals reported record fourth quarter and full year 2025 financial results, driven by strong organic growth of FIRDAPSE and AGAMREE.
Key Takeaways
Catalyst Pharmaceuticals achieved record revenues in Q4 2025, reaching $152.6 million, a 7.6% increase year-over-year. Growth was primarily driven by FIRDAPSE and the continued market uptake of AGAMREE, despite the entry of generic competitors for FYCOMPA. The company ended the year with a strong cash position of $709.2 million and provided optimistic 2026 guidance.
Q4 2025 total revenues reached $152.6 million, up 7.6% year-over-year, fueled by FIRDAPSE and AGAMREE growth.
FIRDAPSE Q4 revenue grew 18.3% to $97.6 million, while AGAMREE Q4 revenue surged 67.5% to $35.3 million.
FYCOMPA revenue declined to $19.6 million in Q4 due to the entry of multiple generic versions during the quarter.
The company announced a $200 million share repurchase program and has repurchased approximately $39.9 million to date.
Revenue by Segment
Forward Guidance
Catalyst expects 2026 total revenues between $615 million and $645 million, driven by continued growth in FIRDAPSE and AGAMREE.
Positive Outlook
- FIRDAPSE 2026 revenue expected to grow 21.4% to 25.6% YoY.
- AGAMREE 2026 revenue expected to grow 19.6% to 28.1% YoY.
- Significant reduction in FIRDAPSE royalty rates starting January 26, 2026.
- Strong cash position of $709.2 million to support business development.
- Expansion of business development strategy to include development-stage assets.
Challenges Ahead
- FYCOMPA revenue expected to decline significantly to $40M-$45M due to generic competition.
- Anticipated increase in SG&A expenses to support commercial activities.
- R&D expenses expected to rise to $17.5M-$22.5M due to SUMMIT study.
- Pending patent litigation against Hetero USA, Inc. scheduled for March 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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