Catalyst Pharmaceuticals Q1 Revenues Rise 5.6% to $149.3M as AGAMREE Jumps 66.6%
Catalyst Pharmaceuticals posted Q1 2026 product revenues of $149.3 million, a 5.6% year-over-year increase, driven by FIRDAPSE revenue rising 18.1% to $98.9 million and AGAMREE surging 66.6% to $36.7 million, while FYCOMPA dropped 61.3% to $13.8 million. GAAP net income reached $63.7 million, and cash reserves climbed 6.6% to $755.9 million with no funded debt.
1. Q1 2026 Product Revenue Performance
For the quarter ended March 31, 2026, Catalyst delivered total net product revenue of $149.3 million, up 5.6% from Q1 2025. FIRDAPSE net sales rose 18.1% to $98.9 million, AGAMREE climbed 66.6% to $36.7 million, and FYCOMPA declined 61.3% to $13.8 million following loss of exclusivity.
2. Profitability and Financial Position
GAAP net income grew 12.3% to $63.7 million, while non-GAAP net income increased 15.8% to $100.3 million. The balance sheet strengthened with cash and cash equivalents of $755.9 million, up 6.6% sequentially, and no funded debt as of March 31, 2026.
3. Cost Structure and Royalty Adjustments
Cost of sales declined to $14.5 million from $17.9 million in Q1 2025, reflecting the expiration of the FIRDAPSE royalty tier in January 2026. The effective royalty rate on FIRDAPSE fell to 6% from a previous maximum of 18.5%, partially offset by an increased 2.5% royalty to Jacobus for amifampridine products.
4. Expense Trends and Operational Efficiency
Research and development expenses decreased to $2.7 million, while selling, general, and administrative expenses rose to $49.3 million. Amortization of intangible assets totaled $9.7 million, with operating leverage from revenue growth driving margin expansion.