Short answer
CATALYST PHARMACEUTICALS, INC. (CPRX) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $589M (+19.8% year over year) and net income of $214M.
- Top risk flagged: Paragraph IV litigation with Hetero USA on FIRDAPSE® patents expiring 2032–2037, trial scheduled March 23, 2026
FY2025 key financial metrics · XBRL
- Revenue
- $589M
- +19.8% YoY
- Net income
- $214M
- +30.8% YoY
- Operating margin
- 43.8%
- +4.1 pp YoY
- EPS (diluted)
- $1.68
- +28.2% YoY
- ROE
- 22.5%
- −0.1 pp YoY
- Operating cash flow
- $209M
- −13.0% YoY
Source: XBRL data from the CATALYST PHARMACEUTICALS, INC. (CPRX) FY2025 10-K on SEC EDGAR. USD.
CATALYST PHARMACEUTICALS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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