Catalyst Pharma (CPRX)
NASDAQ:CPRX
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Catalyst Pharma
(NASDAQ:CPRX)
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Rating:84Outperform
Price Target:
$29.00
▲(16.05% Upside)
Action:ReiteratedDate:02/27/26
The score is driven primarily by strong financial performance (rapid revenue scaling, high profitability, low leverage, and solid cash generation) and a constructive earnings outlook supported by 2026 revenue guidance and strong product momentum. Technicals add support via an ongoing uptrend, while valuation appears reasonable on earnings but is tempered by no dividend and acknowledged business risks (FYCOMPA decline, litigation, and gross-to-net/cost pressures).
Positive Factors
Conservative balance sheet
Catalyst maintains minimal funded debt and scaled equity/assets, producing strong returns on equity (~18%–44%). Low leverage provides durable financial flexibility to fund commercial investment, M&A or adverse scenarios without near-term refinancing risk, supporting multi‑year resilience.
Negative Factors
FYCOMPA revenue erosion
Loss of exclusivity on FYCOMPA materially reduces revenue diversification and increases reliance on FIRDAPSE and AGAMREE. The expected multi‑year decline narrows commercial buffers and heightens sensitivity to execution and reimbursement trends for the remaining franchise.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Catalyst maintains minimal funded debt and scaled equity/assets, producing strong returns on equity (~18%–44%). Low leverage provides durable financial flexibility to fund commercial investment, M&A or adverse scenarios without near-term refinancing risk, supporting multi‑year resilience.
Read all positive factors
Catalyst Pharma (CPRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.05B
Dividend YieldN/A
Average Volume (3M)1.23M
Price to Earnings (P/E)13.3
Beta (1Y)0.67
Revenue Growth25.56%
EPS Growth44.42%
CountryUS
Employees181
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.41
Shares Outstanding122,123,886
10 Day Avg. Volume1,201,823
30 Day Avg. Volume1,225,902
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 Cap0.77
Enterprise Value/Revenue4.02
Enterprise Value/Gross Profit4.71
Enterprise Value/Ebitda7.55
Forecast
1Y Price Target
$34.50Price Target Upside38.06% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.85
Revenue Forecast (FY)$629.83M
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 Pharmaceuticals generates revenue primarily through the sales of its approved drug, Firdapse. The company employs a direct-to-consumer sales model, leveraging a specialized sales force to reach healthcare providers and patients. Key reven...
Catalyst Pharma Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 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
90
Very Positive
Balance Sheet
94
Very Positive
Cash Flow
86
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 588.99M | 491.73M | 398.20M | 214.20M | 140.83M |
| Gross Profit | 501.74M | 422.89M | 346.24M | 179.81M | 118.95M |
| EBITDA | 321.01M | 232.90M | 119.69M | 103.08M | 52.58M |
| Net Income | 214.33M | 163.89M | 71.41M | 83.08M | 39.48M |
Balance Sheet | |||||
| Total Assets | 1.11B | 851.41M | 470.11M | 375.63M | 237.79M |
| Cash, Cash Equivalents and Short-Term Investments | 709.17M | 517.55M | 137.64M | 298.39M | 191.27M |
| Total Debt | 2.79M | 3.19M | 3.56M | 3.89M | 4.20M |
| Total Liabilities | 152.54M | 123.78M | 82.23M | 75.21M | 30.96M |
| Stockholders Equity | 954.27M | 727.63M | 387.88M | 300.42M | 206.83M |
Cash Flow | |||||
| Free Cash Flow | 208.61M | 239.25M | 61.86M | 116.02M | 59.35M |
| Operating Cash Flow | 208.67M | 239.81M | 143.60M | 116.05M | 60.37M |
| Investing Cash Flow | -58.00K | -556.00K | -293.50M | 9.21M | -11.02M |
| Financing Cash Flow | -16.99M | 140.66M | -10.86M | 1.69M | -8.14M |
Catalyst Pharma Technical Analysis
Positive
24.99
Price Trends
24.12
Positive
23.70
Positive
22.24
Positive
Market Momentum
0.23
Negative
59.19
Neutral
88.16
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 24.99 is above the 20-day moving average (MA) of 23.81, above the 50-day MA of 24.12, and above the 200-day MA of 22.24, indicating a bullish trend. The MACD of 0.23 indicates Negative momentum. The RSI at 59.19 is Neutral, neither overbought nor oversold. The STOCH value of 88.16 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 46 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 | $3.05B | 13.32 | 24.32% | ― | 25.56% | 44.42% | |
59 Neutral | $4.54B | -161.97 | -12.02% | ― | 21.28% | 87.30% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $7.05B | -5.18 | 64.30% | ― | 1025.95% | 52.91% | |
49 Neutral | $3.29B | -43.06 | -209.33% | ― | 343.41% | 11.91% | |
48 Neutral | $1.82B | -8.55 | -71.66% | ― | -9.21% | -8.84% | |
47 Neutral | $2.92B | -67.82 | -79.16% | ― | 114.22% | 77.02% |
* Healthcare Sector Average
CPRX
Catalyst Pharma
24.99
2.25
9.89%
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Catalyst Pharma Corporate Events
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...
Business Operations and StrategyFinancial Disclosures
Catalyst Pharma Highlights Growth Strategy at J.P. Morgan Conference
Positive
Jan 12, 2026
On January 12, 2026, Catalyst Pharmaceuticals outlined its growth strategy and operating profile at the 44th Annual J.P. Morgan Healthcare Conference, emphasizing its status as a profitable rare disease therapeutics player with seven consecutive y...
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.