Catalyst Pharmaceutical Partners (CPRX)
NASDAQ:CPRX
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Catalyst Pharma
(NASDAQ:CPRX)
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Rating:84Outperform
Price Target:
$36.00
▲(37.09% Upside)
Action:Reiterated
Date:05/14/26
CPRX scores well primarily due to strong financial quality (high margins, minimal leverage, solid cash generation) and supportive earnings outlook, reinforced by major corporate developments (cash acquisition and extended Firdapse exclusivity). The main constraints on the score are slowing recent growth/FCF trajectory and near-term overbought technical signals.
Positive Factors
High Profitability & Margins
Sustained very high gross and net margins indicate durable pricing power and low incremental cost structure typical of specialty pharmaceuticals. This margin profile supports robust cash generation and reinvestment capacity, cushioning the business versus cyclical sales swings.
Negative Factors
Decelerating Revenue Growth
Revenue growth has slowed sharply from prior years to near-flat TTM levels, indicating the core commercial ramp may be maturing. Without new indications, durable label expansions, or successful BD deals, top-line stagnation could constrain long-term earnings growth and return expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability & Margins
Sustained very high gross and net margins indicate durable pricing power and low incremental cost structure typical of specialty pharmaceuticals. This margin profile supports robust cash generation and reinvestment capacity, cushioning the business versus cyclical sales swings.
Read all positive factors
Catalyst Pharma (CPRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.82B
Dividend YieldN/A
Average Volume (3M)2.64M
Price to Earnings (P/E)11.9
Beta (1Y)0.70
Revenue Growth11.65%
EPS Growth9.67%
CountryUS
Employees181
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.80
Shares Outstanding122,380,990
10 Day Avg. Volume4,001,454
30 Day Avg. Volume2,639,301
Financial Highlights & Ratios
PEG Ratio0.50
Price to Book (P/B)2.99
Price to Sales (P/S)4.85
P/FCF Ratio13.68
Enterprise Value/Market Cap0.80
Enterprise Value/Revenue5.14
Enterprise Value/Gross Profit6.24
Enterprise Value/Ebitda9.78
Forecast
1Y Price Target
$33.10Price Target Upside26.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.92
Revenue Forecast (FY)$632.92M
Catalyst Pharma Business Overview & Revenue Model
Company Description
Catalyst Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on developing and commercializing therapies for people with rare debilitating, chronic neuromuscular, and neurological diseases in the United States. It offers F...
How the Company Makes Money
Catalyst primarily makes money by selling its FDA-approved prescription drugs, with revenue largely driven by net product sales of FIRDAPSE in the United States. This revenue model depends on specialty pharmaceutical commercialization: setting a l...
Catalyst Pharma Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive performance narrative: strong double-digit revenue growth, record product and portfolio performance (notably FIRDAPSE and AGAMREE), robust profitability and cash generation, clear commercial execution improvements (patient identification, diagnostics, enrollment, and retention), and a constructive 2026 guidance range. Challenges were acknowledged—FYCOMPA's loss of exclusivity and revenue erosion, ongoing patent litigation, increasing royalties/milestones and gross-to-net pressure from IRA, and the need for additional label-supporting data for AGAMREE—all of which are being actively managed. On balance, highlights meaningfully outweigh the lowlights.Positive Updates
Record Full-Year Revenues Exceed Guidance
Total revenues for FY2025 were $589.0 million, up 19.8% year-over-year, exceeding the company's prior guidance range of $565 million to $585 million. Net product revenue for 2025 was $588.8 million, an increase of 20.3% versus 2024.
Negative Updates
FYCOMPA Loss of Exclusivity and Revenue Erosion
FYCOMPA faced generic competition beginning May 2025. Management forecasts 2026 net product revenue for FYCOMPA of $40 million to $45 million (material decline from $113.3 million in 2025) and has discontinued personal promotion and assistance programs as of year-end.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Revenues Exceed Guidance
Total revenues for FY2025 were $589.0 million, up 19.8% year-over-year, exceeding the company's prior guidance range of $565 million to $585 million. Net product revenue for 2025 was $588.8 million, an increase of 20.3% versus 2024.
Read all positive updates
Company Guidance
Catalyst guided 2026 total revenues of $615–645 million, driven by product-level forecasts of FIRDAPSE $435–450M (implying ~21.4%–25.6% growth vs. 2025), AGAMREE $140–150M (~19.6%–28.1% growth) and FYCOMPA $40–45M (post-generic); the FIRDAPSE range reflects an increasing IRA-driven gross-to-net impact on Medicare Part D that management expects to grow annually. They also forecast 2026 R&D of $17.5–22.5M and said SG&A will tick up slightly from 2025’s $193.8M; beginning July 2026 FYCOMPA royalties of 6% to the licensor will apply. For context, 2025 results were total revenue $589.0M (+19.8% YoY), net product revenue $588.8M (+20.3%), FIRDAPSE $358.4M (+17% YoY; Q4 $97.6M, +18.3% YoY), AGAMREE $117.1M (+154.3% YoY; Q4 $35.3M, +67.5% YoY), FYCOMPA $113.3M, and year-end cash of $709.2M.Catalyst Pharma Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 596.96M | 588.99M | 491.73M | 398.20M | 214.20M | 140.83M |
| Gross Profit | 491.44M | 501.74M | 422.89M | 346.24M | 179.81M | 118.95M |
| EBITDA | 313.67M | 295.65M | 232.90M | 119.69M | 103.08M | 52.58M |
| Net Income | 221.32M | 214.33M | 163.89M | 71.41M | 83.08M | 39.48M |
Balance Sheet | ||||||
| Total Assets | 1.15B | 1.11B | 851.41M | 470.11M | 375.63M | 237.79M |
| Cash, Cash Equivalents and Short-Term Investments | 755.86M | 709.17M | 517.55M | 137.64M | 298.39M | 191.27M |
| Total Debt | 2.68M | 2.79M | 3.19M | 3.56M | 3.89M | 4.20M |
| Total Liabilities | 134.91M | 152.54M | 123.78M | 82.23M | 75.21M | 30.96M |
| Stockholders Equity | 1.01B | 954.27M | 727.63M | 387.88M | 300.42M | 206.83M |
Cash Flow | ||||||
| Free Cash Flow | 208.13M | 208.61M | 239.25M | 61.86M | 116.02M | 59.35M |
| Operating Cash Flow | 208.21M | 208.67M | 239.81M | 143.60M | 116.05M | 60.37M |
| Investing Cash Flow | -85.00K | -58.00K | -556.00K | -293.50M | 9.21M | -11.02M |
| Financing Cash Flow | -32.93M | -16.99M | 140.66M | -10.86M | 1.69M | -8.14M |
Catalyst Pharma Technical Analysis
Positive
26.26
Price Trends
26.58
Positive
25.25
Positive
23.29
Positive
Market Momentum
1.41
Positive
73.36
Negative
84.07
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CPRX, the sentiment is Positive. The current price of 26.26 is below the 20-day moving average (MA) of 29.78, below the 50-day MA of 26.58, and above the 200-day MA of 23.29, indicating a bullish trend. The MACD of 1.41 indicates Positive momentum. The RSI at 73.36 is Negative, neither overbought nor oversold. The STOCH value of 84.07 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CPRX.
Catalyst Pharma Risk Analysis
Catalyst Pharma disclosed 50 risk factors in its most recent earnings report. Catalyst Pharma reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Catalyst Pharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $3.82B | 11.87 | 23.65% | ― | 11.65% | 9.67% | |
71 Outperform | $5.07B | 15.71 | 46.82% | ― | 1936.66% | ― | |
66 Neutral | $3.99B | -18.39 | -26.79% | ― | 96.03% | 82.27% | |
52 Neutral | $8.38B | -3.11 | 138.69% | ― | 351.53% | -54.81% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.83B | -5.36 | -64.55% | ― | -12.76% | -26.75% |
* Healthcare Sector Average
CPRX
Catalyst Pharma
31.21
6.53
26.46%
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42.26
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140.66%
OCUL
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7.99
0.39
5.13%
IBRX
ImmunityBio
7.76
4.86
167.59%
LQDA
Liquidia Technologies
59.98
42.96
252.41%
Catalyst Pharma Corporate Events
Business Operations and StrategyFinancial Disclosures
Catalyst Pharma Reports Higher Revenue, Suspends Earnings Guidance
Positive
May 11, 2026
Catalyst Pharmaceuticals reported that for the quarter ended March 31, 2026, total net product revenue rose 5.6% year over year to $149.3 million, driven by strong growth in FIRDAPSE and AGAMREE, while FYCOMPA sales declined sharply after loss of ...
Business Operations and StrategyLegal ProceedingsM&A Transactions
Catalyst Pharma Settles Firdapse Patent Litigation With Hetero
Positive
May 7, 2026
On May 6, 2026, Catalyst Pharmaceuticals agreed to be acquired by Italy’s Angelini Pharma in an all-cash deal valuing the company at about $4.1 billion, or $31.50 per share, a premium to its prior trading levels. Under the merger, expected t...
Legal Proceedings
Catalyst Pharma Patent Trial Against Hetero USA Delayed
Neutral
Mar 18, 2026
On March 18, 2026, the District Court for the District of New Jersey postponed the start of Catalyst Pharmaceuticals’ bench trial against Hetero USA, Inc. from March 23, 2026, to May 18, 2026. The case centers on the validity of CatalystR...
Business Operations and StrategyFinancial Disclosures
Catalyst Pharma Posts Record 2025 Results, Raises 2026 Outlook
Positive
Feb 25, 2026
On February 26, 2026, Catalyst Pharmaceuticals reported record fourth-quarter and full-year 2025 results, with total 2025 revenues rising 19.8% year-on-year to $589.0 million and GAAP net income up 30.8% to $214.3 million. Growth was driven by FIR...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.