Full Press Release Details
Catalyst Pharmaceuticals Reports Record Second Quarter and First Half 2025 Financial Results; Provides Business Update
Achieved Record Q2 2025 Total Revenues of $146.6 Million, an Increase of 19.4% YoY, Marking Another Quarter of Consecutive Growth
Reported Record First Half 2025 Total Revenues of $288.0 Million, an Increase of 30.2% Over Prior Year
Reaffirms Full-Year 2025 Total Revenue Guidance of $545 Million to $565 Million, Reflecting Broad-Based Growth and Sustained Demand
FIRDAPSE Q2 2025 Net Product Revenue of $84.8 Million, Up 9.7% YoY; First Half
2025 Net Product Revenue of $168.6 Million, a 16.9% Increase Over Prior Year, Underscoring Sustained Momentum and Confidence in Long-Term Growth
AGAMREE Q2 2025 Net Product Revenue of $27.4 Million, Up 212.9% YoY; First Half
2025 Net Product Revenue of $49.4 Million, a 398.0% Increase Over Prior Year, Highlighting Continued Product Momentum
FYCOMPA Q2 2025 Net Product Revenue of $34.3 Million; Slight Decrease YoY Due to Generic Entry Following Loss of Exclusivity
Strong Cash Position of $652.8 Million and No Funded Debt at the End of Q2 2025
Conference Call and Webcast to be Held on August 7, 2025, at 8:30 AM ET
CORAL GABLES, Fla., - Aug. 06, 2025 - Catalyst Pharmaceuticals, Inc. ( Catalyst or Company ) (Nasdaq: CPRX), today reported
record financial results for the second quarter and first half of 2025, and provided a business update.
Catalyst s record performance reflects
disciplined execution and sustained demand across our portfolio, highlighting the meaningful impact our therapies have for patients, said Richard J. Daly, president and chief executive officer of Catalyst. With portfolio momentum,
focused execution, and a disciplined approach to growth, we are well-positioned to achieve our 2025 guidance and remain confident in our ability to deliver value for patients, providers, and our stakeholders.
As expected, second-quarter results reflect a one-time timing anomaly stemming from last year s industry-wide
Change Health insurance claims processing disruption, which resulted in an increase in claims adjudications in Q2 2024. The underlying demand for FIRDAPSE remains strong despite this temporary impact. In the first half of 2025, FIRDAPSE net revenues
grew 16.9% over the same period in 2024, demonstrating the strength and resilience of our business. FIRDAPSE remains firmly on its multi-quarter growth trajectory.
AGAMREE extended its momentum with robust triple-digit growth of 212.9% over the second quarter 2024 and 398.0% for the first half of 2025, achieving record
revenue driven by accelerating physician adoption and continued uptake following its mid-March 2024 launch. FYCOMPA also delivered a strong revenue contribution and demonstrated durability following first
approval of a generic version of the tablets in late May.
Financial Highlights
| For the Three Months Ended June 30, | 2025 | 2024 | % Change | |||||||||
| (In thousands, except per share data) | ||||||||||||
| Product Revenue, Net | $ | 146,540 | $ | 122,653 | 19.5 | % | ||||||
| FIRDAPSE Product Revenue, Net | $ | 84,845 | $ | 77,372 | 9.7 | % | ||||||
| AGAMREE Product Revenue, Net | $ | 27,363 | $ | 8,746 | 212.9 | % | ||||||
| FYCOMPA Product Revenue, Net | $ | 34,332 | $ | 36,535 | (6.0 | %) | ||||||
| GAAP Net Income | $ | 52,108 | $ | 40,794 | 27.7 | % | ||||||
| Non-GAAP Net Income* | $ | 86,350 | $ | 69,631 | 24.0 | % | ||||||
| GAAP Net Income Per Share Basic | $ | 0.43 | $ | 0.35 | 22.9 | % | ||||||
| Non-GAAP Net Income Per Share Basic* | $ | 0.71 | $ | 0.59 | 20.3 | % | ||||||
| GAAP Net Income Per Share Diluted | $ | 0.41 | $ | 0.33 | 24.2 | % | ||||||
| Non-GAAP Net Income Per Share Diluted* | $ | 0.68 | $ | 0.56 | 21.4 | % | ||||||
| As of June 30, 2025, and December 31, 2024 (In thousands) | ||||||||||||
| Cash and Cash Equivalents | $ | 652,800 | $ | 517,553 | 26.1 | % |
Second Quarter and First Half 2025 Financial Highlights
The Company delivered another record performance in the second quarter and the first half of 2025, driven by disciplined commercial execution, sustained
portfolio demand, and the ongoing strength of the Company s long-term growth strategy.
The Company continued to advance its
strategic priorities, demonstrated by strong commercial execution and continued progress across key growth initiatives.
Second Quarter 2025 and First Half 2025 Financial Results
Cost of Sales: Cost of sales was $20.6 million in Q2 2025, compared to $15.4 million in Q2 2024, representing an increase of approximately
33.8%, primarily due to higher product sales volumes. For the first half of 2025, cost of sales totaled $38.5 million, compared to $27.9 million in the first half of 2024, an increase of approximately 38.0%. As previously disclosed,
royalty percentages and sales-based milestone obligations related to AGAMREE will increase as net sales grow on an annual basis with the first tier of increases occurring at $100 million of net product revenue. FYCOMPA royalties to the licensor
will commence after the loss of patent protection, with tiered rates based on annual net sales and timing of generic entry.
Research and Development
(R&D) Expenses: R&D expenses were $4.4 million in Q2 2025, compared to $3.0 million in Q2 2024, representing an increase of approximately 46.0%. For the first half of 2025, R&D expenses totaled $8.2 million,
compared to $5.6 million in the first half of 2024, an increase of approximately 48.1%.
Selling, General, and Administrative (SG&A)
Expenses: SG&A expenses were $45.9 million in Q2 2025, compared to $40.7 million in Q2 2024, an increase of approximately 12.8%. For the first half of 2025, SG&A expenses totaled $92.9 million, compared to
$87.7 million in the same period of 2024, representing an increase of approximately 5.9%.
Amortization of Intangible Assets: Amortization
expense was $9.3 million in both Q2 2025 and 2024. For the first half of both 2025 and 2024, amortization expense totaled $18.7 million.
Operating Income: Operating income was $66.3 million in Q2 2025, compared to $54.2 million in Q2 2024, an increase of approximately 22.2%.
For the first half of 2025, operating income totaled $129.7 million, compared to $81.4 million in the first half of 2024, an increase of approximately 59.3%.
GAAP Net Income: GAAP net income for Q2 2025 was $52.1 million ($0.43 per basic share and $0.41 per diluted share), compared to $40.8 million
($0.35 per basic share and $0.33 per diluted share) in Q2 2024, an increase of approximately 27.7%. For the first half of 2025, GAAP net income was $108.8 million ($0.89 per basic share and $0.86 per diluted share), compared to
$64.1 million ($0.55 per basic share and $0.52 per diluted share) in the same period of 2024, an increase of approximately 69.9%.
Non-GAAP Net Income: Non-GAAP net income for Q2 2025 was $86.4 million ($0.71 per basic share and $0.68 per diluted share), compared to $69.6 million ($0.59 per
basic share and $0.56 per diluted share) in Q2 2024, representing an increase of approximately 24.0%. For the first half of 2025, non-GAAP net income totaled $172.9 million ($1.42 per basic share and
$1.36 per diluted share), compared to $116.4 million ($0.99 per basic share and $0.94 per diluted share) in the first half of 2024, an increase of approximately 48.6%.
Non-GAAP net income for all periods excludes stock-based compensation, depreciation, amortization of intangible
assets, and the income tax provision.
Cash and cash equivalents: Cash and cash equivalents were $652.8 million as
More detailed financial information and analysis of our financial condition and results of operations can be found in our Form 10-Q for the second quarter of 2025, which was filed with the U.S. Securities and Exchange Commission on August 6, 2025.
Conference Call & Webcast Details
| Date: | August 7, 2025 | |
| Time: | 8:30 AM ET | |
| US/Canada Dial-in Number: | (877) 407-8912 | |
| International Dial-in Number: | (201) 689-8059 |
The webcast will be accessible under the Investors section on the Company s website at www.catalystpharma.com. A
webcast replay will be available on Catalyst s website for at least 30 days following the date of the event.
About Catalyst Pharmaceuticals
Catalyst Pharmaceuticals, Inc. (Nasdaq: CPRX), is a biopharmaceutical company committed to improving the lives of patients with rare diseases. With a
proven track record of bringing life-changing treatments to the market, we focus on in-licensing, commercializing, and developing innovative therapies. Guided by our deep commitment to patient care, we
prioritize accessibility, ensuring patients receive the care they need through a comprehensive suite of support services designed to provide seamless access and ongoing assistance. Catalyst maintains a well-established U.S. presence, which remains
the cornerstone of our commercial strategy, while continuously evaluating strategic opportunities to expand our global footprint. Catalyst, headquartered in Coral Gables, Fla., was recognized on the Forbes 2025 list as one of America s Most
Successful Mid-Cap Companies and on the 2024 Deloitte Technology Fast 500 list as one of North America s Fastest-Growing Companies.
For more information, please visit Catalyst s website at www.catalystpharma.com.
Forward-Looking Statements
This press release contains
forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Catalyst s actual results in future
periods to differ materially from forecasted results. A number of factors, including (i) whether Catalyst s revenue forecasts for 2025 that are included in this press release will prove to be accurate, (ii) whether Catalyst will
continue to be profitable and cash flow positive in 2025 and beyond, (iii) whether Catalyst will complete any acquisitions of additional products, and the timing of any such acquisitions, (iv) the impact of the pending Paragraph IV
litigation relating to FIRDAPSE if the results of these litigation matters are adverse, and (v) those factors described in Catalyst s Annual Report on Form 10-K for the 2024 fiscal year,
Catalyst s Quarterly Report on Form 10-Q for the second quarter of 2025, and its subsequent filings with the U.S. Securities and Exchange Commission ( SEC ), could adversely affect Catalyst.
Copies of Catalyst s filings with the SEC are available from the SEC, may be found on Catalyst s website, or may be obtained upon request from Catalyst. Catalyst does not undertake any obligation to update the information contained herein,
which speaks only as of this date.
CATALYST PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except share and per share data)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues: | ||||||||||||||||
| Product revenue, net | $ | 146,540 | $ | 122,653 | $ | 287,940 | $ | 221,094 | ||||||||
| License and other revenue | 23 | 57 | 44 | 125 | ||||||||||||
| Total revenues | 146,563 | 122,710 | 287,984 | 221,219 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Cost of sales (a) | 20,614 | 15,405 | 38,525 | 27,925 | ||||||||||||
| Research and development | 4,358 | 2,985 | 8,245 | 5,566 | ||||||||||||
| Selling, general and administrative (a) | 45,949 | 40,730 | 92,860 | 87,668 | ||||||||||||
| Amortization of intangible assets | 9,344 | 9,344 | 18,689 | 18,688 | ||||||||||||
| Total operating costs and expenses | 80,265 | 68,464 | 158,319 | 139,847 | ||||||||||||
| Operating income | 66,298 | 54,246 | 129,665 | 81,372 | ||||||||||||
| Other income, net | 2,995 | 1,542 | 10,914 | 3,505 | ||||||||||||
| Net income before income taxes | 69,293 | 55,788 | 140,579 | 84,877 | ||||||||||||
| Income tax provision | 17,185 | 14,994 | 31,734 | 20,808 | ||||||||||||
| Net income | $ | 52,108 | $ | 40,794 | $ | 108,845 | $ | 64,069 | ||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 0.43 | $ | 0.35 | $ | 0.89 | $ | 0.55 | ||||||||
| Diluted | $ | 0.41 | $ | 0.33 | $ | 0.86 | $ | 0.52 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 122,163,212 | 118,180,396 | 121,819,748 | 117,493,257 | ||||||||||||
| Diluted | 127,543,284 | 124,655,999 | 127,261,527 | 124,028,752 |
CATALYST PHARMACEUTICALS, INC.
RECONCILIATION OF NON-GAAP METRICS (unaudited)
(in thousands, except share and per share data)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| GAAP net income | $ | 52,108 | $ | 40,794 | $ | 108,845 | $ | 64,069 | ||||||||
| Non-GAAP adjustments: | ||||||||||||||||
| Stock-based compensation expense | 7,597 | 4,408 | 13,447 | 12,656 | ||||||||||||
| Depreciation | 116 | 91 | 231 | 177 | ||||||||||||
| Amortization of intangible assets | 9,344 | 9,344 | 18,689 | 18,688 | ||||||||||||
| Income tax provision | 17,185 | 14,994 | 31,734 | 20,808 | ||||||||||||
| Non-GAAP net income | $ | 86,350 | $ | 69,631 | $ | 172,946 | $ | 116,398 | ||||||||
| Non-GAAP net income per share: | ||||||||||||||||
| Basic | $ | 0.71 | $ | 0.59 | $ | 1.42 | $ | 0.99 | ||||||||
| Diluted | $ | 0.68 | $ | 0.56 | $ | 1.36 | $ | 0.94 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 122,163,212 | 118,180,396 | 121,819,748 | 117,493,257 | ||||||||||||
| Diluted | 127,543,284 | 124,655,999 | 127,261,527 | 124,028,752 |
CATALYST PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2025 (unaudited) | December 31, 2024 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 652,800 | $ | 517,553 | ||||
| Accounts receivable, net | 65,863 | 65,476 | ||||||
| Inventory, net | 18,650 | 19,541 | ||||||
| Prepaid expenses and other current assets | 21,426 | 21,039 | ||||||
| Total current assets | 758,739 | 623,609 | ||||||
| Operating lease right-of-use asset, net | 2,084 | 2,230 | ||||||
| Property and equipment, net | 1,149 | 1,354 | ||||||
| License and acquired intangibles, net | 137,983 | 156,672 | ||||||
| Deferred tax assets, net | 50,704 | 45,982 | ||||||
| Investment in equity securities | 21,256 | 21,564 | ||||||
| Total assets | $ | 971,915 | $ | 851,411 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 5,528 | $ | 16,593 | ||||
| Accrued expenses and other liabilities | 107,479 | 104,085 | ||||||
| Total current liabilities | 113,007 | 120,678 | ||||||
| Operating lease liability, net of current portion | 2,572 | 2,786 | ||||||
| Other non-current liabilities | 309 | 315 | ||||||
| Total liabilities | 115,888 | 123,779 | ||||||
| Total stockholders equity | 856,027 | 727,632 | ||||||
| Total liabilities and stockholders equity | $ | 971,915 | $ | 851,411 |
Source: Catalyst Pharmaceuticals, Inc.
Contact information:
Mary Coleman, Catalyst Pharmaceuticals,
David Schull, Russo Partners