Overview

• U.S. biopharmaceutical firm's Q1 revenue rose 5.6% yr/yr, slightly beating analyst expectations

• Adjusted EPS and net income for Q1 increased yr/yr

• Company ended Q1 with $755.9 mln in cash and no funded debt

Outlook

• Company will not provide forward-looking guidance or updates to previously issued guidance

Result Drivers

• PROMOTED PRODUCT GROWTH - Revenue from FIRDAPSE and AGAMREE rose 28% yr/yr, driven by higher sales volumes and increased prescriber engagement

• FYCOMPA DECLINE - FYCOMPA revenue fell 61% yr/yr after loss of exclusivity in 2025

• LOWER FIRDAPSE ROYALTIES - Royalty expenses on FIRDAPSE dropped after expiration of certain obligations, reducing cost of sales

Company press release: ID:nGNX5S5lp1

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Beat*	$149.4 mln	$148.17 mln (7 Analysts)
Q1 Net Income		$63.7 mln
Q1 Operating Income		$73.2 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Catalyst Pharmaceuticals Inc is $33.00, about 5.9% above its May 8 closing price of $31.15

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 14 three months ago

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