CATALYST PHARMACEUTICALS, INC. (CPRX) FY2025 10-K Annual Report
CATALYST PHARMACEUTICALS, INC. (CPRX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CATALYST PHARMACEUTICALS, INC. FY2025 10-K Analysis
Business Overview
- • Core business model: Pharmaceutical development and commercialization, primarily focused on therapies for rare neuromuscular diseases
- • New emphasis: $200 million share repurchase program initiated October 2025, aimed at returning capital to shareholders
- • Strategic shift: Active capital return via stock buybacks after previous years without dividends or repurchases
- • Quantitative highlight: Repurchased 1,124,948 shares at average prices $20.74–$23.52 during Q4 2025, with $174.7 million remaining authorization
- • Noteworthy fact: Company’s stock outperformed Nasdaq Composite and Biotechnology indices over 5 years, reaching 698.8 vs Nasdaq Biotech’s 124.75 by end 2025
Management Discussion & Analysis
- • Revenue $589.0M in 2025, up $97.3M YoY from $491.7M; net product revenue $588.8M vs $489.3M, driven by AGAMREE® launch and FIRDAPSE® volume growth
- • Operating margin implied by net income $214.3M (up from $163.9M) on revenues $589.0M, net income margin ~36.4% vs ~33.3% in 2024
- • Best segment AGAMREE® up $71.1M to $117.1M, worst FYCOMPA® down $24M to $113.3M due to generic competition
- • Cash and cash equivalents $709.2M up from $517.6M; repurchased 1.74M shares for $39.9M in buybacks; no dividend disclosed; R&D stable at $12.7M; SG&A increased to $193.8M from $177.7M
- • Management expects FYCOMPA® revenue to decline further with generic entry; 2026 revenues from KYE and DyDo collaborations expected immaterial; ongoing focus on FIRDAPSE® and AGAMREE® growth and potential acquisitions
Risk Factors
- • Paragraph IV litigation with Hetero USA on FIRDAPSE® patents expiring 2032–2037, trial scheduled March 23, 2026
- • Exposure to Most Favored Nation pricing proposals under GUARD and GLOBE Medicare projects, impacting realized drug sale prices
- • Reliance on third-party suppliers and contract manufacturers to meet product supply and maintain cGMP compliance
- • Generic FYCOMPA® tablets and oral suspension entered market, reducing FYCOMPA® revenue and risking intangible asset impairment
- • Dependence on continued sales of FIRDAPSE®, AGAMREE®, and FYCOMPA® with risk from potential generic approvals after orphan exclusivity expiration November 26, 2025
CATALYST PHARMACEUTICALS, INC. FY2025 Key Financial MetricsXBRL
Revenue
$589M
▲ +19.8% YoY
Net Income
$214M
▲ +30.8% YoY
Operating Margin
43.8%
▲ +409bp YoY
Net Margin
36.4%
▲ +306bp YoY
ROE
22.5%
▼ -6bp YoY
Total Assets
$1.1B
▲ +29.7% YoY
EPS (Diluted)
$1.68
▲ +28.2% YoY
Operating Cash Flow
$209M
▼ -13.0% YoY
Source: XBRL data from CATALYST PHARMACEUTICALS, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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