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Eton Pharmaceuticals, Inc., a pharmaceutical company, focuses on developing and commercializing treatments for rare diseases. Its commercial rare disease products include Increlex for the treatment of severe primary igf-1 deficiency; Alkindi Sprinkle for adrenal insufficiency; Khindivi for adrenocortical insufficiency; Galzin for Wilson disease; PKU Golike for phenylketonuria; Carglumic Acid for N-acetylglutamate synthase deficiency; Betaine Anhydrous for homocystinuria; and Nitisinone for tyrosinemia type 1. The company is also developing various product candidates, which are in late-stage development, including ET-600 for diabetes insipidus; Amglidia for neonatal diabetes mellitus; ET-700 for Wilson disease; ET-800 for adrenal insufficiency; and ZENEO hydrocortisone autoinjector for adrenal crisis. Eton Pharmaceuticals, Inc. was incorporated in 2017 and is based in Deer Park, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $80M | $3M | $-5M | $10M | -17.6% | 104.9% | - |
| 2024 | $39M | $-1M | $-4M | $-9M | -15.7% | 23.3% | - |
| 2023 | $32M | $-0M | $-1M | $6M | -6.0% | 48.9% | - |
| 2022 | $21M | $-6M | $-9M | $2M | -69.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 21.25 | 31.64 | 39.01 | 79.95 |
| Cost Of Revenue | 6.93 | 10.58 | 15.60 | 37.21 |
| Gross Profit | 14.32 | 21.06 | 23.41 | 42.74 |
| Operating Expense | 22.58 | 22.25 | 26.01 | 43.58 |
| Operating Income | -8.26 | -1.19 | -2.60 | -0.84 |
| EBITDA | -6.49 | -0.29 | -1.45 | 3.20 |
| EBIT | -8.26 | -1.19 | -2.60 | -0.84 |
| Pretax Income | -9.02 | -0.69 | -3.81 | -4.56 |
| Tax Provision | 0 | 0.25 | 0.01 | 0.04 |
| Net Income | -9.02 | -0.94 | -3.82 | -4.60 |
| Net Income Common Stockholders | -9.02 | -0.94 | -3.82 | -4.60 |
| Total Expenses | 29.51 | 32.83 | 41.61 | 80.79 |
| Research And Development | 4 | 3.32 | 3.25 | 7.76 |
| Selling General And Administration | 18.58 | 18.93 | 22.75 | 35.82 |
| Normalized EBITDA | -6.49 | -0.29 | -1.45 | 3.20 |
| Normalized Income | -9.02 | -0.94 | -3.82 | -4.60 |
| Basic EPS | -0.36 | -0.04 | -0.15 | 0 |
| Diluted EPS | -0.36 | -0.04 | -0.15 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 0 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -9.02 | -0.94 | -3.82 | -4.60 |
| Reconciled Depreciation | 1.77 | 0.90 | 1.15 | 4.04 |
| Reconciled Cost Of Revenue | 6.93 | 10.58 | 15.60 | 37.21 |
| Net Interest Income | -0.76 | 0.50 | -1.21 | -3.71 |
| Net Income From Continuing And Discontinued Operation | -9.02 | -0.94 | -3.82 | -4.60 |
| Total Operating Income As Reported | -8.26 | -1.19 | -2.60 | -0.84 |
| Diluted Average Shares | 25.15 | 25.64 | 25.89 | 0 |
| Basic Average Shares | 25.15 | 25.64 | 25.89 | 0 |
| Diluted NI Availto Com Stockholders | -9.02 | -0.94 | -3.82 | -4.60 |
| Net Income Including Noncontrolling Interests | -9.02 | -0.94 | -3.82 | -4.60 |
| Net Income Continuous Operations | -9.02 | -0.94 | -3.82 | -4.60 |
| Other Income Expense | 0 | 0 | 0 | 0 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Gain On Sale Of Ppe | 0 | 0 | 0 | 0 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -0.76 | 0.50 | -1.21 | -3.71 |
| Total Other Finance Cost | 0.76 | -0.50 | 1.21 | 3.71 |
| General And Administrative Expense | 18.58 | 18.93 | 22.75 | 35.82 |
| Other Gand A | 18.58 | 18.93 | 22.75 | 35.82 |
| Operating Revenue | 21.25 | 31.64 | 39.01 | 79.95 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Eton Pharmaceuticals, Inc.this co. | ETON | $645M | - | 24.38 | -17.6% | 73.07 |
| Solid Biosciences Inc. | SLDB | $694M | - | 3.09 | -96.8% | -2.97 |
| Ironwood Pharmaceuticals, Inc. | IRWD | $683M | 27.67 | -2.58 | -9.2% | 8.78 |
| Bioventus Inc. | BVS | $654M | 29.30 | 3.52 | 10.0% | 12.31 |
| HealthStream, Inc. | HSTM | $641M |
| 34.05 |
| 1.76 |
| 5.2% |
| 9.46 |
| Prime Medicine, Inc. | PRME | $638M | - | 5.17 | -166.4% | -2.81 |
| Arvinas, Inc. | ARVN | $628M | - | 1.44 | -18.6% | 0.43 |
| Aclaris Therapeutics, Inc. | ACRS | $624M | - | 5.23 | -63.0% | -6.08 |
| CorMedix Inc. | CRMD | $591M | 3.67 | 1.46 | 40.2% | 3.38 |
| Peer Median | - | 28.48 | 2.43 | -13.9% | 1.91 | |