Catalyst Pharmaceuticals Posts 19.8% Revenue Gain to $589M, Guides $615–645M
Catalyst Pharmaceuticals achieved full year 2025 revenues of $589.0 million, up 19.8% year-over-year, with GAAP net income rising 30.8% to $214.3 million and cash balances hitting $709.2 million. Fourth quarter sales reached $152.6 million and the company guides 2026 revenues of $615–645 million with promoted product growth over 20%.
1. Record Full Year 2025 Results
In full year 2025, Catalyst generated $589.0 million in revenue, a 19.8% increase year-over-year, with GAAP net income at $214.3 million, up 30.8%, and cash and equivalents reaching $709.2 million.
2. Q4 2025 Revenue Drivers
Fourth quarter revenues totaled $152.6 million, driven by FIRDAPSE product sales of $97.6 million (up 18.3%) and AGAMREE revenue of $35.3 million (up 67.5%), while FYCOMPA net revenue declined to $19.6 million following generic competition.
3. Strategic Milestones
Key strategic developments include updated clinical guidelines incorporating amifampridine for small cell lung cancer-associated LEMS patients and the settlement of FIRDAPSE patent disputes, leaving one case pending with trial set for March 23, 2026.
4. 2026 Outlook
For 2026, Catalyst forecasts total revenues of $615 million to $645 million and expects promoted product revenue net to grow by more than 20%, with a conference call scheduled for February 26.