Catalyst Pharmaceuticals, Inc. (CPRX), a commercial-stage biopharmaceutical company, reported total revenues of $589.0 million for the fiscal year ended December 31, 2025. This figure includes $588.8 million in net product revenue, primarily from sales in the United States. In comparison, the company's total revenues for the fiscal year ended December 31, 2024, were $491.7 million, including $489.3 million in net product revenue. The increase in revenue was primarily driven by the commercialization of AGAMREE® and increased sales volumes of FIRDAPSE®.
FIRDAPSE® net product revenue reached $358.4 million in 2025, up from $306.0 million in 2024, representing a 17.1% increase. AGAMREE® net product revenue was $117.1 million for the fiscal year 2025, compared to $46.0 million for the period between its commercial launch on March 13, 2024, and December 31, 2024. FYCOMPA® net product revenue decreased to $113.3 million in 2025 from $137.3 million in 2024, a 17.4% decline, due to generic competition following the loss of exclusivity in 2025. The company anticipates a continued decrease in FYCOMPA® revenue due to this generic competition. Cost of sales for 2025 was $87.3 million, compared to $68.8 million in 2024, primarily consisting of royalty payments.
The company's operating costs and expenses totaled $331.2 million in 2025, compared to $296.6 million in 2024. Selling, general, and administrative expenses increased to $193.8 million in 2025 from $177.7 million in 2024, driven by increased employee compensation and business development activities. Research and development expenses remained relatively stable at $12.7 million in 2025 and $12.6 million in 2024. Amortization of intangible assets was approximately $37.5 million for the fiscal year ended December 31, 2025 compared to $37.4 million for fiscal year ended December 31, 2024. Other income, net, primarily from interest on cash and cash equivalents, increased to $25.7 million in 2025 from $21.1 million in 2024, due to higher invested balances and an increase in the fair value of the company's investment in Santhera.
Catalyst Pharmaceuticals reported net income of $214.3 million, or $1.75 per basic share and $1.68 per diluted share, for the year ended December 31, 2025, compared to $163.9 million, or $1.38 per basic share and $1.31 per diluted share, for the year ended December 31, 2024. As of December 31, 2025, the company held $709.2 million in cash and cash equivalents. The Board of Directors authorized a share repurchase program to repurchase up to $200 million of shares of common stock between October 1, 2025, and December 31, 2026. As of February 23, 2026, the company had repurchased 1,740,713 shares for approximately $39.9 million. The company believes it has sufficient funds to support operations for at least the next 12 months, absent significant business development activities.
About CATALYST PHARMACEUTICALS, INC.
Catalyst Pharmaceuticals, Inc. is a biopharmaceutical company specializing in in-licensing, developing, and commercializing treatments for rare and difficult-to-treat diseases. Its core products include FIRDAPSE® for Lambert-Eaton myasthenic syndrome, FYCOMPA® for epilepsy, and AGAMREE® for Duchenne muscular dystrophy. Catalyst targets niche patient populations through specialized sales forces, personalized patient support programs, and partnerships, focusing on orphan drug markets with strong intellectual property protections.
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