Press release
Eton Pharmaceuticals Reports Second Quarter 2023 Financial Results
Total Q2 revenue of $12.0 million and net income of $4.6 millionProduct sales and royalty revenue of $6.5 million up 175% from Q2 2022 and 22% from Q1
About this update from Eton Pharmaceuticals, Inc.
[{"type":"text","content":"Total Q2 revenue of $12.0 million and net income of $4.6 millionProduct sales and royalty revenue of $6.5 million up 175% from Q2 2022 and 22% from Q1 2023$21.6 million of cash on handLaunched Betaine AnhydrousManagement to hold conference call today at 4:30pm ET DEER PARK, Ill., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Eton Pharmaceuticals, Inc (“Eton” or “the Company”) (Nasdaq: ETON), an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases, today reported financial results for the quarter ended June 30, 2023. “With record product sales, the launch of Betaine Anhydrous, and positive cash flow and earnings, Eton’s second quarter was exceptional. It was the company’s tenth straight quarter of sequential product revenue growth, driven by robust demand and record results for ALKINDI SPRINKLE® and Carglumic Acid. Given our strong performance through the first half of the year, we have increased our revenue expectation and now anticipate reaching approximately $30 million in total revenue this year,” said Sean Brynjelsen, CEO of Eton Pharmaceuticals. “With attractive growth prospects for our existing commercial products, the targeted 2024 launch of ET-400, and the financial resources to continue adding new products, Eton is very well positioned to deliver long-term growth and achieve our goal of having 10 commercial rare disease products on the market by the end of 2025,” concluded Brynjelsen. Second Quarter and Recent Business Highlights Tenth straight quarter of sequential growth in product sales and royalty revenue. Eton reported second quarter 2023 product sales and royalty revenue of $6.5 million, representing 175% growth over the prior year period and 22% growth over the first quarter of 2023. Record sales of ALKINDI SPRINKLE. ALKINDI SPRINKLE saw another record revenue quarter. The Company’s goal is to reach 400 active patients by the end of the year. Record sales of Carglumic Acid. Carglumic Acid also posted another quarter of record revenue. The product is benefiting from the Company’s recently expanded sales force as well as the launch of Betaine Anhydrous, which shares the same prescriber base and has resulted in increased interactions with metabolic geneticists. Strong launch of Betaine Anhydrous. Betaine Anhydrous was launched in May and has already seen strong adoption by pat...