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Eton Pharmaceuticals (ETON) investor relations material

Eton Pharmaceuticals Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Achieved record Q2 2025 revenue of $18.9M, up 108% year-over-year, driven by strong commercial execution and product launches including ALKINDI SPRINKLE, INCRELEX, and GALZIN.

  • Outperformed expectations with INCRELEX, reaching 100 active patients ahead of target, and advanced multiple pipeline programs.

  • FDA approval and rapid launch of Candivy/KHINDIVI, plus NDA submission and acceptance for ET600, set up additional near-term growth.

  • Generated $8M in operating cash flow and $3.1M in adjusted EBITDA, demonstrating profitability and capital strength.

  • Maintains over $25M in cash as of June 30, 2025, with a post-quarter $4.6M inflow from INCRELEX licensing.

Financial highlights

  • Q2 2025 revenue was $18.9M, a 108% increase year-over-year, with all growth from product sales.

  • Adjusted gross profit was $14.1M (75% margin), up from $5.9M (65%) year-over-year; gross profit reported at $11.9M.

  • Adjusted EBITDA was $3.1M, compared to negative $1.6M in the prior year period.

  • Net loss narrowed to $2.6M ($0.10/share) from $3.0M ($0.12/share) year-over-year; non-GAAP net income was $1.5M.

  • Cash and equivalents stood at $25.4M as of June 30, 2025, with $8M operating cash flow in the quarter.

Outlook and guidance

  • Projected to reach $80M annual revenue run rate in Q3 2025, one quarter ahead of previous guidance.

  • Full-year 2025 adjusted gross margin expected at ~70%, with a long-term target of 75% by 2028.

  • Sequential revenue growth to continue, but at a slower pace due to one-time launch effects.

  • Adjusted G&A expenses expected to remain flat or decline in H2 2025; no significant new SG&A investments planned.

  • Management expects existing cash and revenues to fund operations and capital expenditures for at least twelve months.

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Frequently asked questions

Eton Pharmaceuticals, Inc., a specialty pharmaceutical company, focuses on developing and commercializing pharmaceutical products for rare diseases. Its lead product candidate is Etonogestrel/Ethinyl Estradiol (ETN/EE) Vaginal Contraceptive System (VCS), an FDA approved Class 4 non-biodegradable contraceptive vaginal ring for the treatment of female contraception. The company was founded in 2013 and is based in Bloomingdale, Illinois.

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