Eton Pharmaceuticals demonstrated strong revenue growth and successful product launches, particularly with Increlex and Galzin. Financial performance was solid with significant cash flow and EBITDA gains. However, Khindivi's limited age approval and the need for further clinical studies for Increlex present challenges that could affect future growth.

Company Guidance -

Q3 2025

During Eton Pharmaceuticals' Q2 2025 earnings call, the company provided robust guidance, indicating a significant growth trajectory. Eton reported a 108% year-over-year revenue increase, reaching $18.9 million, driven by strong performances from Alkindi Sprinkle, Increlex, and Galzin. The company now anticipates achieving an $80 million annual revenue run rate by Q3 2025, three months ahead of schedule. Increlex exceeded expectations by reaching 100 active patients five months early, and Eton aims for 110 patients by year-end. The launch of Khindivi, approved on May 28, fulfills a critical unmet need, although its current label limits pediatric use to those five years and older. Eton plans to address this with a revised formulation expected for FDA submission in the first half of 2026. The company also highlighted a strategic focus on expanding market opportunities, including potential harmonization of severe primary IGF-1 deficiency definitions between the U.S. and EU, which could expand Increlex's market from $60 million to $300 million annually. Furthermore, Eton generated $8 million in operating cash flow and reported $3.1 million in adjusted EBITDA, emphasizing their commitment to profitability and future acquisitions.

Record Revenue Growth

Eton Pharmaceuticals reported Q2 2025 revenue of $18.9 million, a 108% increase from the same period in 2024, driven by product sales from Alkindi, Increlex, and Galzin.

Strong Product Launches

The company successfully relaunched Increlex and Galzin, leading to record product sales and more than 100% revenue growth year-over-year. FDA approval and immediate launch of Khindivi also marked a significant milestone.

Positive Financial Performance

Eton generated $8 million in cash flow from operations and achieved $3.1 million in adjusted EBITDA. The company also has over $30 million in cash on hand.

Accelerated Revenue Projections

Eton now anticipates reaching an $80 million annual revenue run rate in Q3 2025, three months earlier than previously projected.

Eton Pharmaceuticals (ETON) Earnings, Revenues Date & History

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ETON Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 12, 2025	2025 (Q3)	0.09 / -	0.02	―	―	―
Aug 07, 2025	2025 (Q2)	-0.04 / -0.10	-0.12	16.67% (+0.02)	―
May 13, 2025	2025 (Q1)	0.05 / -0.06	-0.03	-100.00% (-0.03)	―
Mar 18, 2025	2024 (Q4)	>-0.01 / -0.02	-0.09	77.78% (+0.07)	―	―
Nov 12, 2024	2024 (Q3)	-0.01 / 0.02	-0.02	200.00% (+0.04)	―
Aug 08, 2024	2024 (Q2)	-0.07 / -0.12	0.18	-166.67% (-0.30)	―
May 09, 2024	2024 (Q1)	-0.07 / -0.03	-0.1	70.00% (+0.07)	―
Mar 14, 2024	2023 (Q4)	-0.04 / -0.09	0.04	-325.00% (-0.13)	―
Nov 09, 2023	2023 (Q3)	-0.10 / -0.02	-0.12	83.33% (+0.10)	―
Aug 10, 2023	2023 (Q2)	-0.09 / 0.18	-0.06	400.00% (+0.24)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ETON Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$15.26	$17.14	+12.32%
May 13, 2025	$17.07	$17.12	+0.29%
Mar 18, 2025	$15.29	$14.68	-3.99%
Nov 12, 2024	$9.17	$10.60	+15.59%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.