Pulling SEC filings + quote and writing the call…

CATALYST PHARMACEUTICALS, INC.
Next earnings Aug 4, 2026 · consensus $0.49 EPS, $158M rev
Cash-rich rare-disease cash machine at 18.7x earnings with 30%+ EPS growth and a real patent overhang — buy with eyes open.
Sources: SEC EDGAR (CIK 0001369568, latest 10-Q filed 2026-05-11) · EODHD · analysis by claude-code · as of 6/25/2026, 1:14:32 PM.
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Quality fundamentals and an attractive price line up (~103% below fair value) — the rarer case where both the business and the entry look good.
Catalyst Pharmaceuticals is a textbook high-quality small-cap specialty pharma: FY2025 revenue grew 19.8% to $589M while net income jumped 30.8% to $214M, driving a 43.8% operating margin, 36.4% net margin, and 22.5% ROE. The five-year trajectory (revenue $141M→$589M, net income $39.5M→$214M from FY2021→FY2025) shows operating leverage from a three-drug portfolio — FIRDAPSE (LEMS), AGAMREE (DMD), and FYCOMPA — and management's R&D spend remains tiny ($12.7M) because the development heavy lift is behind it. The balance sheet is fortress-grade: $709M cash, $954M equity against only $150M liabilities (0.16x), and retained earnings up 66% to $474M. At $31.42 the stock trades at just 18.7x earnings and 6.5x sales — a reasonable multiple for a company compounding earnings at ~30%.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $141M | $214M | $398M | $492M | $589M |
| Gross profit | — | — | — | — | — |
| Operating income | $52.4M | $102M | $86.8M | $195M | $258M |
| Net income | $39.5M | $83.1M | $71.4M | $164M | $214M |
| Diluted EPS | $0.37 | $0.75 | $0.63 | $1.31 | $1.68 |
| Net margin | 28.0% | 38.8% | 17.9% | 33.3% | 36.4% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Routine Other Events disclosure; no material financial impact signaled
Q1'26 10-Q: FIRDAPSE/AGAMREE drive growth, cash builds toward $700M+
Q1'26 10-Q: FIRDAPSE/AGAMREE drive growth, cash builds toward $700M+
New material agreement + bylaw amendment; corporate action expanding optionality
10-K amendment (likely Part III proxy info); no restatement
Amendment to prior 8-K; clarifies earlier disclosure
Update ahead of March 23 Hetero FIRDAPSE Paragraph IV trial; outcome pending
FY25 rev $589M (+20%), EPS $1.68 (+28%), $709M cash, $200M buyback authorized
FY25 rev $589M (+20%), EPS $1.68 (+28%), $709M cash, $200M buyback authorized
1072 tracked peers · median
| 2026-06-03 | Andrews William T. Chief Medical Officer | Exercise | 3.05K | |
| 2026-06-03 | Andrews William T. Chief Medical Officer | Tax | 743.00 | |
| 2026-02-17 | Russo Gregg Chief HR Officer | Exercise | 687.00 | |
| 2026-02-17 | Russo Gregg Chief HR Officer | Tax | 211.00 | |
| 2026-01-05 | Kalb Michael Wayne Executive Vice President & CFO | Exercise | 7.14K | |
| 2026-01-05 | Kalb Michael Wayne Executive Vice President & CFO | Tax | 2.08K | |
| 2026-01-05 | Daly Richard J President and CEO | Exercise | 42.1K | |
| 2026-01-05 | Daly Richard J President and CEO | Tax | 10.6K | |
| 2025-12-29 | DENKHAUS DONALD A Director | Exercise | 1.33K | |
| 2025-12-29 | Elsbernd Brian Chief Compliance/Legal Officer | Exercise | 6.67K | |
| 2025-12-29 | Elsbernd Brian Chief Compliance/Legal Officer | Tax | 2.62K | |
| 2025-12-29 | Tierney David S Director | Exercise | 1.33K |
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.