What guidance did Catalyst's management provide for the next earnings period?

What were the key takeaways from Catalyst's earnings call?

What is Catalyst's latest dividend and current dividend yield?

Did Catalyst beat or miss consensus estimates last quarter?

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What were the key takeaways from Catalyst’s earnings call?

- **Revenue Growth**: 19.8% YoY to $589M, driven by FIRDAPSE (+17%) and AGAMREE (+154%).
- **2026 Outlook**: FIRDAPSE up 21-26%, AGAMREE up 19-28%, FYCOMPA down to $40-45M.
- **Strategic Initiatives**: 600+ LEMS patients in pipeline, 21% VGCC test growth, and 12% reduction in FIRDAPSE discontinuations.
- **Financial Strength**: $709M cash, Non-GAAP EPS $2.72, and 37% YoY cash growth.
- **Pipeline Potential**: SUMMIT trial enrollment for AGAMREE, Phase 1a immunosuppression study, and 100+ BD opportunities.

**【CEO Summary Section】**
- **2025 Revenue Growth**: Total revenue reached $589 million, up 19.8% YoY, exceeding guidance. FIRDAPSE and AGAMREE drove 20.3% and 154.3% growth, respectively.
- **2026 Guidance**: FIRDAPSE ($435M-$450M), AGAMREE ($140M-$150M), FYCOMPA ($40M-$45M). Focus on idiopathic LEMS (30% penetration) and cancer-associated LEMS (under 10%).
- **Business Development**: 100+ assessments in 2025, prioritizing $500M+ rare disease assets with clear regulatory paths.

**【CFO Financial Commentary】**
- **2025 Financials**: GAAP net income $214.3M ($1.68 EPS), Non-GAAP $346.2M ($2.72 EPS). Cash increased to $709.2M, up 37% YoY.
- **2026 Outlook**: FIRDAPSE gross-to-net impact from IRA; AGAMREE royalties escalating with sales. R&D spend expected to rise to $17.5M-$22.5M for life cycle management.
- **Cost Management**: SG&A up 11.6% YoY due to headcount and business dev, but 5% of revenue saved via operational efficiency.

**【Q&A Key Highlights】**
- **FIRDAPSE Growth Drivers**: 600+ identified LEMS patients (50% conversion rate), 21% YoY VGCC test growth, and 12% reduction in discontinuations via pharmacy program.
- **AGAMREE Momentum**: 85%+ reimbursement rate, 45% of patients switching from prednisone/EMFLAZA, and SUMMIT trial enrollment on track for long-term data.
- **Business Development**: 90% inbound deals in 2025; 2026 focus on low-risk, near-market assets with $500M+ peak sales potential.
- **FYCOMPA Transition**: 2026 sales expected to remain meaningful ($40M-$45M) despite generics entry.


Catalyst Pharmaceuticals, Inc.(CPRX)-20260226-2025 Q4 Earnings call transcript

- **Revenue Growth**: Q3 2025 revenue up 15.3% to $148.4M, driven by FIRDAPSE (+16.2%), AGAMREE (+115.2%), and FYCOMPA (+17.4%).
- **Strategic Expansion**: Cancer-associated LEMS testing and NCCN guideline updates position 2026 growth; AGAMREE adoption at 85% of DMD centers.
- **Financial Strength**: $689.9M cash, no debt; Non-GAAP net income $86.1M (+21.4% YoY).
- **Risk Management**: FYCOMPA generic erosion expected, but 85% patient retention; FIRDAPSE IP defense ongoing.
- **Share Buyback**: $200M program announced to return capital to shareholders.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 total revenue of $148.4 million, up 15.3% YoY, driven by FIRDAPSE ($92.2M, +16.2%), AGAMREE ($32.4M, +115.2%), and FYCOMPA ($23.8M, +17.4%).
- **Strategic Initiatives**: Expanded oncology-focused LEMS testing, NCCN guideline updates, and $200M share buyback program announced.
- **Guidance Update**: Full-year 2025 revenue raised to $565-585M, with FIRDAPSE ($355-360M), AGAMREE ($105-115M), and FYCOMPA ($100-110M) targets.
- **Cash Position**: $689.9M cash, no debt, supporting R&D and business development.

**【CFO Financial Commentary】**
- **Profitability**: GAAP net income $52.8M ($0.42/share), +20.3% YoY; Non-GAAP net income $86.1M ($0.68/share), +21.4% YoY.
- **Cost Management**: SG&A expenses $47.5M (+3.5% YoY), R&D $2.7M, reflecting disciplined spending.
- **Liquidity**: Generated $163.8M cash from operations, supporting long-term growth.
- **One-Time Cash Impact**: $24.9M accelerated payment from a customer contract affecting Q3 timing.

**【Q&A Highlights】**
- **FIRDAPSE Oncology Expansion**: 90% of cancer-associated LEMS patients undiagnosed; NCCN guideline adoption and VGCC testing initiatives driving 2026 growth.
- **FYCOMPA Brand Loyalty**: 25.8% YoY decline due to generics, but 85% patient retention; expect continued erosion as more generics enter.
- **AGAMREE Adoption**: 43% of DMD centers transitioned from prednisone/EMFLAZA; 257 prescribers enrolled, targeting full conversion.
- **IP Defense**: FIRDAPSE patent litigation with Hetero set for March 2026 trial; no material changes from Markman hearing.
- **AGAMREE Royalties**: 5% of net sales up to $100M, 7% above, with $12.5M milestone payment due once annual revenue hits $100M.

Catalyst Pharmaceuticals, Inc. (CPRX) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 2025 total revenue up 19.4% YoY to $146.6 million, driven by FIRDAPSE (+9.7% YoY) and AGAMREE (+213% YoY). Full-year 2025 guidance reaffirmed at $545-565 million.
- **FIRDAPSE Expansion**: 16.9% H1 2025 growth to $168.6 million, with 90%+ prescription approval rates. Oncology-focused strategy targeting undiagnosed cancer-associated LEMS patients expected to boost 2026+ growth.
- **AGAMREE Momentum**: 93% DMD center engagement, 85% reimbursement success, and 43% patient transitions from steroids. Full-year 2025 guidance at $100-110 million.
- **FYCOMPA Challenges**: 6% YoY decline due to generic competition, with full-year guidance unchanged at $90-95 million.
- **Financial Strength**: Q2 2025 non-GAAP EPS $0.68, cash position $652.8 million, supporting strategic initiatives.

**【CEO Summary Section】**
- **Record Q2 2025 Performance**: Total revenue reached $146.6 million, up 19.4% YoY, with H1 2025 revenue at $288 million (+30.2% YoY). FIRDAPSE net product revenue was $84.8 million (+9.7% YoY), AGAMREE $27.4 million (+213% YoY), and FYCOMPA $34.3 million (-6% YoY). Full-year 2025 guidance remains $545-565 million.
- **FIRDAPSE Growth Drivers**: 16.9% H1 2025 growth to $168.6 million, with 90%+ prescription approval rates. Expansion strategy includes NCCN guideline updates, oncology-focused education, and VGCC antibody testing access. 2026+ growth expected from undiagnosed cancer-associated LEMS patients.
- **AGAMREE Momentum**: 93% of top DMD centers engaged, 85% reimbursement success, and 43% patient transitions from prednisone/EMFLAZA. Full-year 2025 guidance reaffirmed at $100-110 million.
- **FYCOMPA Challenges**: 6% YoY decline due to generic competition, with full-year guidance unchanged at $90-95 million.
- **Strategic Initiatives**: New CMO Will Andrews leading AGAMREE real-world evidence studies; 2025 ESG report published; patent litigation with first filers expected in Q4 2025/Q1 2026.

**【CFO Financial Commentary】**
- **GAAP Results**: Q2 2025 net income $52.1 million (+27.7% YoY), EPS $0.41. H1 2025 effective tax rate 22.6%.
- **Non-GAAP Metrics**: Q2 2025 non-GAAP net income $86.4 million (+24.2% YoY), EPS $0.68.
- **Cost Structure**: SG&A $45.9 million (+12.8% YoY) due to sales force expansion; R&D $4.4 million (+46% YoY) for AGAMREE studies.
- **Cash Position**: $652.8 million at Q2 end, up $135.2 million YoY, supporting strategic initiatives.

**【Q&A Highlights】**
- **FIRDAPSE Oncology Strategy**: Frictionless VGCC testing, NCCN guideline updates, and care pathway partnerships targeting 90% undiagnosed cancer-associated LEMS patients. Growth expected in 2026+.
- **AGAMREE Switching Study**: Phase I data expected late 2025/early 2026 to inform switching algorithms and life cycle management.
- **FYCOMPA Generic Impact**: Teva's 180-day exclusivity may limit near-term erosion, but additional generics expected by Q4 2025.
- **Manufacturing Strategy**: AGAMREE U.S. manufacturing transition underway to mitigate tariffs; FIRDAPSE production in U.S./Canada remains tariff-protected.
- **Business Development**: Actively evaluating opportunities in rare diseases, with 80% of pipeline inbound. Focus on assets aligning with long-term portfolio strategy.

Catalyst Pharmaceuticals, Inc. (CPRX) Q2 2025 Earnings Call Transcript

- **Q1 Revenue Surge**: $141.4 million total revenue (+43.6% YoY), driven by FIRDAPSE (+25.3%), AGAMREE (+1,733x YoY), and FYCOMPA (+17.1%).
- **FIRDAPSE Leadership**: 90%+ prescription approvals, 15% YoY growth, and 100mg dose expansion boosting adherence.
- **AGAMREE Momentum**: 93% DMD center engagement, 85% reimbursement success, and $100–110 million 2025 forecast.
- **FYCOMPA Transition**: 85% tablet dominance, 2025 guidance of $90–95 million despite May 2025 generic entry.
- **Cash Flexibility**: $580.7 million to fund R&D, international expansion, and strategic acquisitions.

**【CEO Opening Remarks】**
- Total net revenue for Q1 2025 reached $141.4 million, up 43.6% YoY, driven by strong performance across all products.
- FIRDAPSE revenue grew 25.3% YoY to $83.7 million, fueled by new patient starts and a 100mg dose expansion.
- AGAMREE delivered $22 million in Q1, marking its first full year of commercialization with 93% of top DMD centers engaged.
- FYCOMPA revenue rose 17.1% YoY to $35.6 million, despite nearing generic entry on May 23, 2025.
- Full-year 2025 revenue guidance reaffirmed at $545–565 million.

**【Chief Commercial Officer Highlights】**
- FIRDAPSE maintains 90%+ prescription approval rates, with 500+ pipeline patients representing 50% of quarterly new starts.
- AGAMREE transitions 44% of patients from prednisone and 44% from Emflaza, with 85% successful reimbursements.
- FYCOMPA expects a measured decline post-patent expiry, with 2025 guidance of $90–95 million.
- Commercial restructuring enhances focus on FIRDAPSE and AGAMREE with dedicated sales teams.

**【CFO Financial Breakdown】**
- GAAP net income of $56.7 million ($0.47 EPS) and non-GAAP EPS of $0.71, both exceeding expectations.
- Cost of sales rose to $17.9 million due to AGAMREE royalties, with potential $12.5 million milestone payment pending.
- R&D expenses increased to $3.9 million, supporting the SUMMIT Study and future label expansion efforts.
- Cash reserves of $580.7 million provide flexibility for strategic initiatives and business development.

**【Q&A Key Takeaways】**
- FIRDAPSE growth excludes Change Healthcare impact, maintaining 15–20% YoY target.
- FYCOMPA tablet/suspension split is 85%/15%, with plans to minimize brand erosion post-generic entry.
- Cancer-associated LEMS diagnosis initiatives aim to address 90% of undiagnosed small cell lung cancer patients.
- Business development remains disciplined, prioritizing accretive rare disease assets in a volatile market.
- AGAMREE's SUMMIT Study focuses on long-term bone health and cardiomyopathy outcomes in DMD patients.

Catalyst Pharmaceuticals, Inc. (CPRX) Q1 2025 Earnings Call Transcript

- **Record 2024 Growth**: Total revenue up 23.5% to $491.7 million, driven by FIRDAPSE (+18.4%), AGAMREE ($46M first year), and FYCOMPA ($137.3M). Q4 revenue hit $141.8M (+28.3% YoY).
- **2025 Outlook**: $545-$565M revenue target, with FIRDAPSE on track for >15% growth and AGAMREE targeting $100-$110M.
- **Strong Cash Position**: $517.6M cash at year-end, no debt, supporting strategic initiatives.
- **AGAMREE Momentum**: 93% DMD COE adoption, 44% Prednisone transitions, and SUMMIT study underway for long-term data.
- **FYCOMPA Transition**: Expected generic entry in Q2 2025, with gradual revenue decline offset by patient retention strategies.
- **Strategic Focus**: Rare disease M&A, Japan expansion, and LEMS market penetration with 500+ undiagnosed patients.


**【CEO Summary Section】**
- Full-year 2024 total revenue reached $491.7 million, up 23.5% YoY, driven by FIRDAPSE (+18.4% to $306 million), AGAMREE ($46 million in first full year), and FYCOMPA ($137.3 million). Q4 2024 revenue hit $141.8 million, +28.3% YoY.
- 2025 revenue forecast: $545-$565 million, with FIRDAPSE targeting $355-$360 million (15%+ growth), AGAMREE $100-$110 million, and FYCOMPA $90-$95 million post-patent expiry.
- Strong cash position of $517.6 million at year-end, no debt.
- FIRDAPSE shows 14 consecutive quarters of >15% YoY growth, with 90%+ prescription approval rates and <15% patient discontinuation rate.
- AGAMREE adopted in 93% of top 45 DMD Centers of Excellence, with 44% of new patients transitioning from Prednisone and 43% from EMFLAZA.
- FYCOMPA expected to face generic competition in Q2 2025, with gradual revenue decline anticipated.
- $81.5 million IPR&D expense in 2023 for AGAMREE acquisition impacts non-GAAP metrics.

**【CFO Financial Commentary】**
- 2024 GAAP net income: $163.9 million ($1.38 EPS), +130% YoY. Non-GAAP net income: $276.3 million ($2.33 EPS), +95% YoY.
- R&D expenses declined to $12.6 million (vs. $93.2 million in 2023 due to one-time AGAMREE IPR&D charge).
- SG&A expenses rose to $177.7 million (+33% YoY) to support AGAMREE launch and commercial expansion.
- 2025 guidance: FIRDAPSE net product revenue $355-$360 million (including IRA-related gross-to-net increases), AGAMREE $100-$110 million, FYCOMPA $90-$95 million.
- Cash flow provided by operations: $240 million in 2024, with $380 million total cash increase.

**【Q&A Highlights】**
- **FIRDAPSE pipeline**: 500+ diagnosed LEMS patients not yet on therapy, contributing ~50% of new enrollments monthly.
- **AGAMREE adoption**: SUMMIT study to generate real-world data on long-term benefits; 20% of patients on 100mg dose post-label expansion.
- **FYCOMPA strategy**: Personalized patient support and payer contracting to mitigate generic erosion.
- **M&A focus**: Rare disease assets with clinical differentiation and clear commercialization paths; cautious on gene therapy due to CMC challenges.
- **Japan expansion**: FIRDAPSE launched by sublicensee DyDo in Q1 2025, with potential for global partner network.
- **IRA impact**: 2025 FIRDAPSE gross-to-net rate expected to increase 3-3.5% annually, offsetting revenue growth.
- **Cancer-associated LEMS**: 90% of small cell lung cancer LEMS patients undiagnosed; field force pivot to community oncologists in 2025.


Actual											0.1	0.09	0.41	0.11	0.07	0.11	0.1	0.09	0.12	0.2	0.2	0.22	0.26	0.33	-0.29	0.31	0.19	0.33	0.35	0.44	0.45	0.41	0.42	0.41
Forecast											0.0867	0.085	0.096	0.09	0.086	0.096	0.104	0.116	0.136	0.17	0.19	0.21	0.322	0.254	-0.3	0.265	0.1983	0.228	0.304	0.3386	0.34	0.392	0.332	0.344
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+15.34%	+5.88%	+327.08%	+22.22%	-18.60%	+14.58%	-3.85%	-22.41%	-11.76%	+17.65%	+5.26%	+4.76%	-19.25%	+29.92%	+3.33%	+16.98%	-4.19%	+44.74%	+15.13%	+29.95%	+32.35%	+4.59%	+26.51%	+19.19%

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