Eton Pharmaceuticals Reports Second Quarter 2024 Financial Results
Intellectia.AI1970-01-01
Eton Pharmaceuticals Reports Second Quarter 2024 Financial Results
Eton Pharmaceuticals, Inc. (NASDAQ: ETON), an innovative pharmaceutical company focused on treatments for rare diseases, reported financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | QoQ Change | YoY Change | Consensus Estimate |
|---|---|---|---|---|---|
| Total Revenue | $9.1 million | $12.0 million | +14% | -24.2% | $8.8 million |
| Product Sales & Revenue | $9.1 million | $6.5 million | +14% | +40% | |
| Earnings Per Share (EPS) | -$0.11 | $0.18 | N/A | N/A | -$0.07 |
Interpretation: Eton Pharmaceuticals experienced significant year-over-year growth in product sales and revenue (+40%). However, the total revenue dropped from the previous year's substantial $12.0 million, as last year's revenue included a one-time $5.5 million licensing payment. The company's EPS was below consensus estimates, reflecting considerable expenses, including a one-time NDA filing fee.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q1 2024 Revenue | YoY Change | Previous Guidance |
|---|---|---|---|---|
| ALKINDI SPRINKLE | Not separately disclosed | Not separately disclosed | +63% | |
| Carglumic Acid | Not separately disclosed | Not separately disclosed | Strong Growth | |
| PKU GOLIKE | Not separately disclosed | Launched Q2 2024 | Early reception positive | Not provided |
Interpretation: Both ALKINDI SPRINKLE and Carglumic Acid showed robust growth, with ALKINDI SPRINKLE achieving a remarkable 63% year-over-year increase. The new PKU GOLIKE product launched in Q2 2024 and has been well received by its target community.
Key Operational Data
| Metric | Q2 2024 Value | Notable Mention |
|---|---|---|
| Cash Flow from Operations | $1.3 million | Includes $2.0 million NDA filing fee |
| Total Cash Position | $17.7 million | |
| ET-400 NDA PDUFA Date | Feb. 28, 2025 | |
| ET-600 Pivotal Study | Q3 2024 |
Comments from Company Officers
Sean Brynjelsen, CEO of Eton Pharmaceuticals, highlighted strong performance from existing products and expressed optimism about future growth driven by the company's pipeline. He indicated the company's preparations for the launch of ET-400 following expected FDA approval in early 2025 and the readiness of ET-600 to begin pivotal studies.
Dividends or Share Repurchase Program
There was no mention of any announced dividends or share repurchase programs in the provided report.
Forward Guidance
Eton Pharmaceuticals expects continued sequential quarter-over-quarter growth in product sales through the remainder of 2024 and beyond. The company anticipates ET-600's NDA submission in early 2025, potentially enhancing long-term growth prospects.
Stock Price Movement
Following the earnings release, Eton Pharmaceuticals' stock price increased by 3.72%, indicating a positive market reaction to the company's financial performance and future outlook.
For further details and questions, investors are welcome to join the conference call at 4:30pm ET or access the live webcast on Eton's investor relations website.
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