Catalyst Pharmaceuticals Q2 2025: Unpacking Contradictions in FIRDAPSE Growth, LEMS Treatment, and AGAMREE Strategy

FIRDAPSE growth expectations, diagnosis and treatment of LEMS patients, sales force strategy and uptake impact, AGAMREE indication and market opportunity, AGAMREE discontinuation rate drivers are the key contradictions discussed in Catalyst Pharmaceuticals' latest 2025Q2 earnings call.



Revenue and Financial Performance:
- Catalyst Pharmaceuticals reported revenue of $146.6 million for Q2 2025, up 19.4% year-over-year.
- The growth was driven by strong performance across its portfolio, with particular contributions from FIRDAPSE and AGAMREE.

FIRDAPSE and Market Expansion:
- FIRDAPSE generated net product revenue of $84.8 million in Q2 2025, a 9.7% year-over-year increase.
- The expansion strategy centered on education of HCPs, updated NCCN guidelines, and broader access to VGCC antibody testing.

AGAMREE's Rapid Growth:
- AGAMREE achieved net product revenue of $27.4 million in Q2 2025, a 213% year-over-year increase.
- This growth was driven by sustained patient retention, increasing prescriber engagement, and transitions from prednisone and EMFLAZA.

Implications of FYCOMPA Generic Competition:
- FYCOMPA's revenue was $34.3 million in Q2 2025, reflecting a 6% year-over-year decrease.
- The impact of generic competition is anticipated to continue, but revenue guidance remains unchanged.