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Catalyst Pharmaceuticals Q1 Earnings Beat, Firdapse Revenues Rise Y/Y

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Catalyst Pharmaceuticals (CPRX - Free Report) reported adjusted earnings of 68 cents per share for the first quarter of 2025, beating the Zacks Consensus Estimate of 53 cents. The company had recorded adjusted earnings of 38 cents in the year-ago quarter.

Total revenues, the majority of which comprised product revenues, amounted to $141.4 million in the reported quarter, representing growth of 44% year over year. The recorded figure also surpassed the Zacks Consensus Estimate of $130 million.

Catalyst Pharmaceuticals’ top line primarily comprised revenues from the sale of Firdapse, the first approved drug for the treatment of Lambert-Eaton myasthenic syndrome (LEMS), and the epilepsy drug Fycompa (perampanel) CIII. Revenues generated from the sale of the newly launched muscle disease drug, Agamree (vamorolone), also contributed to the top line. (Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.)

CPRX’s Q1 Results in Detail

Firdapse generated sales worth $83.7 million in the reported quarter, up 25% year over year. The reported figure beat the Zacks Consensus Estimate of $77.4 million and our estimate of $73.9 million, driven by the organic sales growth of Firdapse. The drug has been witnessing strong demand, increasing prescription rates from LEMS patients and continued diagnosis of new LEMS patients.

In 2023, Catalyst Pharmaceuticals acquired the U.S. rights for Fycompa (perampanel) CIII from Eisai Co., Ltd. This acquisition diversified the company’s portfolio by adding a commercial-stage epilepsy asset. Catalyst Pharmaceuticals started recording sales of Fycompa in 2023.

Fycompa generated net product revenues of $35.6 million in first-quarter 2025, which surpassed the Zacks Consensus Estimate of $31.8 million and matched our model estimate. Fycompa sales recorded year-over-year growth of 17%.

Year to date, shares of CPRX have gained 12.4% against the industry’s 3.1% decline.

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In 2023, Catalyst Pharmaceuticals acquired exclusive rights to manufacture and supply Agamree from Santhera Pharmaceuticals through a licensing agreement. In late 2023, the FDA approved Agamree for treating Duchenne Muscular Dystrophy (DMD) in patients aged two years and older, which gave the company a third approved product. The drug was commercially launched in the United States in the middle of March 2024.

In the reported quarter, Agamree generated revenues worth $22 million, up significantly year over year. The reported figure beat the Zacks Consensus Estimate of $20 million and our estimate of $19.5 million.

Research and development (R&D) expenses were $3.9 million in the reported quarter, up 51% year over year. Selling, general and administrative (SG&A) expenses totaled $46.9 million, relatively flat year over year.

As of March 31, 2025, Catalyst Pharmaceuticals had cash, cash equivalents and investments worth $580.7 million compared with $517.6 million as of Dec. 31, 2024.

CPRX Reaffirms 2025 Financial Guidance

In 2025, Catalyst Pharmaceuticals continues to expect total revenues between $545 million and $565 million, reflecting continued growth in product revenues from Firdapse and Agamree.

Firdapse revenues are expected between $355 million and $360 million. Agamree revenues are anticipated to be between $100 million and $110 million in the current year. Per management, the guidance reflects its continued market adoption and commercial momentum.

Fycompa revenues are projected between $90 million and $95 million, which reflects the anticipated impact of the loss of market exclusivity for the tablets in May 2025 and the oral suspension in December 2025.

Catalyst Pharmaceuticals expects its R&D expenses to be between $15 million and $20 million in 2025 due to investments in the SUMMIT study evaluating the long-term efficacy and safety of Agamree over other DMD treatments. The higher R&D expense projection is also due to CPRX’s efforts to investigate Agamree’s potential for future label expansion. However, management stated that the expenses may shoot up in the event of an acquisition by the company. Although no numbers have been provided, CPRX expects its SG&A expenses to rise “modestly” in 2025. The company further anticipates that its effective tax rate will be relatively consistent for 2025 compared with 2024 and 2023.

CPRX’s Zacks Rank & Stocks to Consider

Catalyst Pharmaceuticals currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Bayer (BAYRY - Free Report) , ADMA Biologics Inc. (ADMA - Free Report) and Beam Therapeutics Inc. (BEAM - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the past 60 days, estimates for Bayer’s earnings per share have increased from $1.17 to $1.23 for 2025. During the same time, earnings per share have increased from $1.27 to $1.31 for 2026. Year to date, shares of Bayer have gained 36.3%. 

BAYRY’s earnings matched estimates in two of the trailing three quarters while missing the same on the remaining occasion, the average negative surprise being 19.61%. 

In the past 60 days, estimates for ADMA Biologics’ earnings per share have increased from 70 cents to 71 cents for 2025. During the same time, earnings per share estimates for 2026 have remained constant at 93 cents. Year to date, shares of ADMA have rallied 37.7%.

ADMA’s earnings beat estimates in two of the trailing four quarters while missing the same on the other two occasions, the average surprise being 14.68%.

In the past 60 days, estimates for Beam Therapeutics' loss per share have narrowed from $4.45 to $4.30 for 2025. During the same time, loss per share estimates for 2026 have narrowed from $4.94 to $4.65. Year to date, shares of BEAM have lost 34.6%.

BEAM’s earnings beat estimates in two of the trailing four quarters while missing the same on the other two occasions, delivering an average negative surprise of 3.14%.

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