HRMY . NEXT 1000X BAGGER????

I’ve been digging into Harmony Biosciences and it’s confusing me because it doesn’t behave like most biotech names. Most are dog poop and sketchy with a ton of cash from investors..... Financially, it actually looks like a normal profitable company. Revenue has been growing consistently, they’re solidly profitable, and they have \~$700M+ in cash with relatively low debt. No dilution (fucking 0.05B FLOAT) , no constant capital raises, none of the usual biotech red flags. The entire business is basically built around WAKIX for narcolepsy, which is already FDA approved and generating all their revenue. I still gotta do a deep dive into their patents tho. Where I’m less confident is evaluating the pipeline and regulatory risk. They’re running trials for additional indications like idiopathic hypersomnia and a few rare disorders. My question is: how should a value investor think about this? Is this more like a stable pharma company with optional upside, or is it still fundamentally a “pipeline bet” where future trial outcomes are make-or-break (Like a typical pharma company)... It seems like WAKIK with its potential patent coming to an end is not like a super valuable cancer killing drug, but a boring stable thing.... Specifically wondering: – How real is the patent protection, is this drug even worth it besides the patent? – How should I think about probability of success for new indications using an already approved drug? – What are the biggest risks here that might not be obvious just from looking at financials? Or are the test they are doing being a flop the worst case scenario for a company with solid financials but no real competitive moat? (mannn now I gotta do a competitor analysis) From a pure numbers perspective it looks cheap for a profitable, growing pharma company with a strong balance sheet, but I know biotech has risks that don’t show up in standard financial metrics. Would appreciate insight from anyone with pharma or biotech investing experience.