FINANCIAL MODEL

Catalyst Pharmaceuticals

CPRX · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	0	0	0	0	102	119	141	214	398	492	589
Cost of Goods Sold	0	0	0	0	15	17	22	34	52	69	87
Gross Profit
SG&A	9	8	7	16	37	44	50	58	134	178	194
R&D	12	11	11	20	19	16	17	20	93	13	13
EBITDA
D&A			0	0	0	0	0	1	33	38	38
EBIT (Operating Income)	-20	-19	-19	-35	32	41	52	102	87	195	258
Interest Expense
Pre-Tax Income	-20	-18	-18	-34	33	42	53	105	95	216	284
Tax Expense	0	0	0	0	2	-33	13	22	23	52	69
Net Income	-20	-18	-18	-34	32	75	39	83	71	164	214
Diluted EPS	-0.25	-0.22	-0.21	-0.33	0.30	0.71	0.37	0.75	0.63	1.31	1.68
Diluted Shares (M)	80.9	82.9	85.8	102.6	106.0	106.2	107.8	111.4	113.8	124.9	127.3
Balance Sheet
Total Cash & Equivalents		14	57	17	90	130	171	298	138	518	709
Short-term Debt	0	0	0	0	0	0	0	0	0	0	0
Long-term Debt	0	0	0	0	0	0	0	0	0	0	0
Total Debt
Net Debt
Total Current Assets				55	111	159	210	321	219	624	894
Total Current Liabilities				10	24	23	27	58	76	121	147
Total Assets	60	42	85	60	112	192	238	376	470	851	1,104
Total Liabilities	5	2	4	10	25	23	31	75	82	124	150
Shareholders' Equity	55	39	81	51	88	170	207	300	388	728	954
Minority Interest
Intangibles & Goodwill							0	32	194	157	132
PP&E			0	0	0	0	1	1	1	1	1
Receivables				0	11	6	7	10	54	65	126
Payables				2	4	4	3	4	15	17	11
Inventory				0	2	5	8	7	16	20	37
Retained Earnings		-108	-127	-161	-129	-54	-26	50	121	285	474
Cash Flow
Cash from Operations			-14	-26	35	45	60	116	144	240	209
Capital Expenditures			0	0	0	0	1	0	0	1	0
Free Cash Flow
Stock-Based Compensation			2	4	4	6	6	8	14	22	25
Dividends Paid
Share Repurchases							12	7			25