Eton Pharmaceuticals, Inc. (ETON) Q1 2025 Earnings Call Transcript
Revenue $17.3 million (up 117% year-over-year from $8.0 million) due to increased sales of Alkindi Sprinkle and the addition of Increlex.
Product Sales $14.0 million (up 76% year-over-year from $8.0 million) driven primarily by increased sales of Alkindi Sprinkle and the addition of Increlex.
Gross Profit $9.9 million (up from $5.0 million year-over-year) primarily due to increased product sales.
Adjusted Gross Profit $12.0 million (69.5% of total revenue) compared to $5.2 million (65.6% of total revenue) in the prior year, driven by growth of higher-margin Alkindi Sprinkle and higher-margin licensing revenue.
R&D Expenses $1.2 million (up from $0.7 million year-over-year) primarily due to increased expenses associated with ET-700 and ET-800 project development activities.
General and Administrative Expenses $9.2 million (up from $5.2 million year-over-year) due to planned investments in infrastructure to support growth, including a new metabolic sales team and commercial investments for product relaunches.
Adjusted EBITDA $3.7 million (up from $0.5 million year-over-year) reflecting improved operational performance.
Net Loss $1.6 million (compared to a net loss of $0.8 million in the prior year) due to increased expenses.
Non-GAAP Net Income $2.4 million (compared to $0.2 million in the prior year) with diluted earnings per share of $0.07 compared to $0.00 in the prior year.
Cash on Hand $17.4 million at the end of the quarter.
Operating Cash Flow $2.1 million generated during the quarter.
Trade with 70% Backtested Accuracy
Analyst Views on ETON
About ETON
About the author

- FDA Drug Approval: On January 13, 2026, Sentynl Therapeutics' Zycubo received FDA approval as the first treatment for pediatric patients with Menkes disease, representing a significant breakthrough in the treatment of rare neurodegenerative disorders and is expected to enhance patient quality of life.
- Food Labeling Reform: On January 21, 2026, the U.S. regulator issued a Request for Information aimed at improving gluten ingredient disclosure in foods, particularly focusing on allergic reactions to rye and barley, which could drive significant changes in food industry labeling transparency.
- Future Review Outlook: As February 2026 approaches, several drugs are set for FDA review, with the industry eagerly anticipating the regulatory outcomes, as successful approvals could present substantial market opportunities for related biotech firms.
- Biotech Stock Focus: The FDA's review decisions will directly impact the performance of biotech stocks, prompting investors to closely monitor the upcoming review results to assess market dynamics and investment strategies.

- Executive Meeting Arrangement: Eton Pharmaceuticals' executive leadership team will host an investor meeting on December 4, 2025, at the Lotte Palace in New York, aimed at enhancing communication with investors and increasing market visibility.
- Product Line Overview: Eton currently has eight commercial rare disease treatment products, including KHINDIVI™ and INCRELEX®, which have generated stable revenue streams and strengthened the company's market position.
- R&D Progress: The company is also developing five late-stage product candidates, such as ET-600 and Amglidia®, which will further enrich Eton's product portfolio and potentially drive future revenue growth.
- Industry Impact: By participating in the Piper Sandler Annual Healthcare Conference, Eton not only showcases its innovative capabilities in the rare disease sector but may also attract more investor attention, thereby enhancing the company's market valuation and investor confidence.

Company Announcement: Eton Pharmaceuticals will host 1x1 meetings at the 16th Annual Craig-Hallum Alpha Select Conference on November 18, 2025, in New York, NY.
Focus on Rare Diseases: Eton Pharmaceuticals specializes in developing and commercializing treatments for rare diseases, currently offering eight commercial products and five additional candidates in late-stage development.
Implied Volatility in Options Market: Eton Pharmaceuticals' stock is experiencing high implied volatility, particularly with the Nov. 21, 2025 $10.00 Put option, indicating that investors expect significant price movement, potentially due to an upcoming event.
Analyst Sentiment and Earnings Estimates: Eton Pharmaceuticals holds a Zacks Rank of #5 (Strong Sell), with no analysts increasing earnings estimates recently and two revising them downward, leading to a decrease in the consensus estimate for the current quarter from 15 cents to 13 cents per share.
Company Announcement: Eton Pharmaceuticals will host 1x1 meetings at the 2025 Wells Fargo Healthcare Conference from September 3-5, 2025, in Boston, MA.
Focus on Rare Diseases: Eton is dedicated to developing and commercializing treatments specifically for rare diseases, with eight products currently available.
Product Pipeline: The company has five additional product candidates in late-stage development, including ET-600 and ZENEO hydrocortisone autoinjector.
Contact Information: Interested parties can schedule meetings through their Wells Fargo institutional sales representative or contact investor relations for more details.







