Eton Pharmaceuticals experienced substantial revenue growth and strong performance from key products, leading to positive cash flow generation and profitability. However, the company faced challenges with net income, patient count for INCRELEX, and FDA restrictions on KHINDIVI. Despite these challenges, the overall outlook remains positive with strategic initiatives underway.

Company Guidance

During the Eton Pharmaceuticals Third Quarter 2025 Financial Results Conference Call, the company reported a robust 129% year-over-year increase in third-quarter product revenue to $22.5 million, marking their 19th consecutive quarter of sequential revenue growth. Key growth drivers included ALKINDI SPRINKLE and Carglumic Acid, alongside newly acquired products INCRELEX and GALZIN. The company also generated $12 million in cash from operations during the quarter. They reported an adjusted EBITDA of $2.9 million, influenced by nonrecurring costs related to INCRELEX's ex-U.S. transition. Eton Pharmaceuticals aims for significant margin expansion, with expectations to achieve a 70% adjusted gross margin in the upcoming quarter. The CEO highlighted ongoing efforts to expand their market reach, including initiatives to harmonize the INCRELEX label between the U.S. and the EU and plans to conduct a bioequivalency study for KHINDIVI to potentially expand its label. The company also emphasized their commitment to business development, exploring opportunities to acquire additional products in strategically aligned ultra-rare disease markets.

Record Revenue Growth

Eton Pharmaceuticals reported third-quarter product revenue of $22.5 million, representing an increase of 129% year-over-year and 19% from the second quarter. This marks the 19th consecutive quarter of sequential product revenue growth.

Strong Performance of Key Products

ALKINDI SPRINKLE and Carglumic Acid contributed significantly to revenue growth, with new patient additions boosting sales. INCRELEX and GALZIN, recently acquired products, are also performing ahead of projections.

Cash Generation and Profitability

Eton Pharmaceuticals generated $12 million in cash from operations and reported an adjusted EBITDA of $2.9 million. Operating expenses were controlled, resulting in a reduction in adjusted SG&A expense from the second to the third quarter.

Successful Product Launches and Developments

The company successfully launched three high-value commercial products and submitted an NDA for ET-600. Eton also plans to expand the market for INCRELEX through harmonization of labels in the U.S. and EU.

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
Mar 12, 2026	2025 (Q4)	0.20 / -	-0.02	―	―	―
Nov 06, 2025	2025 (Q3)	0.09 / 0.04	0.02	100.00% (+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)	―

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
Nov 06, 2025	$19.14	$16.90	-11.70%
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%

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.