It has been about a month since the last earnings report for Catalyst Pharmaceutical (CPRX Quick QuoteCPRX - Free Report) . Shares have lost about 2.5% in that time frame, outperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Catalyst due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Catalyst Pharmaceuticals, Inc. before we dive into how investors and analysts have reacted as of late.

Catalyst Pharmaceuticals Q4 Earnings Beat, Firdapse Revenues Rise Y/Y

Catalystreported adjusted earnings of 68 cents per share for the fourth quarter of 2025, beating the Zacks Consensus Estimate of 42 cents. The company had recorded adjusted earnings of 70 cents in the year-ago quarter.

Total revenues, the majority of which comprised product revenues, amounted to $152.6 million in the reported quarter, representing growth of 8% year over year. The recorded figure surpassed the Zacks Consensus Estimate of $140 million.

CPRX’s Q4 Results in Detail

Firdapse generated sales worth $97.6 million in the reported quarter, up 18% year over year, driven by organic sales growth. The reported figure beat the Zacks Consensus Estimate of $96.4 million as well as our estimate of $95.8 million. The drug has been witnessing strong demand, increasing prescription rates from LEMS patients and continued diagnosis of new LEMS patients.

In the reported quarter, Agamree generated revenues worth $35.3 million, up 68% year over year. The reported figure beat the Zacks Consensus Estimate of $31.3 million and our estimate of $33 million.

Fycompa generated net product revenues of $19.6 million, down significantly year over year, as tablet generics began hitting the market in May 2025 following the expiration of its first U.S. patent, with another slated to expire in July 2026. Catalyst Pharmaceuticals also lost exclusivity for the oral suspension version of Fycompa in December 2025. As a result, revenues from this product are expected to further decline in future periods as additional generic competition enters the market. The reported figure beat the Zacks Consensus Estimate of $12.3 million as well as our model estimate of $10.6 million.

Research and development expenses were $1.8 million in the reported quarter, down 52% year over year. Selling, general and administrative expenses totaled $53.4 million, up 21% year over year.

As of Dec. 31, 2025, Catalyst Pharmaceuticals had cash, cash equivalents and investments worth $709.2 million compared with $689.9 million as of Sept. 30, 2025.

CPRX’s Full-Year Results

In 2025, Catalyst Pharmaceuticals recorded total revenues of $589 million, up 20% year over year, beating the Zacks Consensus Estimate of $576.4 million, driven by higher product sales.

The company recorded adjusted earnings per share of $2.72 in 2025, which also surpassed the Zacks Consensus Estimate of $2.46. In 2024, CPRX recorded an earnings per share of $2.21.

CPRX’s 2026 Financial Guidance

In 2026, Catalyst Pharmaceuticals expects total revenues between $615 million and $645 million, reflecting continued growth in product revenues from Firdapse and Agamree.

Firdapse revenues are expected between $435 million and $450 million. Agamree revenues are anticipated between $140 million and $150 million in the current year. Per management, the guidance reflects its continued market adoption and commercial momentum.

Fycompa revenues are projected between $40 million and $45 million in 2026, driven by market demand despite the loss of patent exclusivity for Fycompa tablets, which currently has three generic competitors, and for Fycompa oral suspension, which currently has one generic competitor.

Catalyst Pharmaceuticals expects its R&D expenses to be between $17.5 million and $22.5 million in 2026. 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 in 2025. The company further anticipates that its effective tax rate will be relatively consistent for 2026 compared with 2025 and 2024.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 9.43% due to these changes.

VGM Scores

Currently, Catalyst has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Catalyst has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Catalyst belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Corcept Therapeutics (CORT Quick QuoteCORT - Free Report) , has gained 7.7% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

Corcept reported revenues of $202.13 million in the last reported quarter, representing a year-over-year change of +11.1%. EPS of $0.20 for the same period compares with $0.26 a year ago.

Corcept is expected to post a loss of $0.30 per share for the current quarter, representing a year-over-year change of -276.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -12.7%.

Corcept has a Zacks Rank #4 (Sell) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.