Eton Pharmaceuticals, Inc. (ETON) Q2 2025 Earnings Call Transcript
Revenue $18.9 million in Q2 2025, a 108% increase year-over-year. The growth was driven by increased sales of Alkindi Sprinkle and the addition of Increlex and Galzin.
Cash Flow from Operations $8 million generated in Q2 2025. This highlights the company's commitment to profitability and provides additional capital for future acquisitions.
Adjusted EBITDA $3.1 million in Q2 2025, compared to negative $1.6 million in Q2 2024. This improvement reflects the company's strong financial performance.
Gross Profit $11.9 million in Q2 2025, compared to $5.6 million in Q2 2024. Adjusted gross profit was $14.1 million or 75% of total revenue, up from $5.9 million or 65% of total revenue in the prior year period. The improvement was driven by higher-margin products like Alkindi Sprinkle and Increlex.
R&D Expenses $3.7 million in Q2 2025, up from $3.0 million in Q2 2024. The increase was due to a $2.2 million NDA application fee for ET-600 and a $0.5 million licensing payment for Amglidia.
General and Administrative Expenses $9.7 million in Q2 2025, up from $5.6 million in Q2 2024. The increase was driven by the expansion of the sales force, marketing costs for product launches, and increased compensation and benefits for additional corporate headcount.
Net Loss $2.6 million in Q2 2025, compared to $3.0 million in Q2 2024. On a non-GAAP basis, net income was $1.5 million in Q2 2025, compared to a net loss of $1.9 million in Q2 2024.
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- 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.








