Eton Pharmaceuticals, Inc. · NASDAQ:ETON
Eton Pharmaceuticals — Q4 2025 Earnings Presentation
23 slides from Eton Pharmaceuticals's earnings presentation, Mar 19, 2026
Slide 1: Corporate Presentation
Corporate Presentation Title of Presentation Date 2026 March Rare medicine, reimagined.
Slide 2: Safe Harbor
Safe Harbor Special note regarding forward-looking statements This document contains forward-looking statements concerning Eton Pharmaceuticals, Inc. (“Eton”, the “Company,” “we,” “us,” and “our”). The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “co
Slide 3: Our Vision
Our Vision To build the largest ultra rare disease portfolio in the United States - with a relentless commitment to patients and innovative therapies. Patients First Ultra-Rare Focus Largest Portfolio in America Clearing the path for better Making the greatest impact where Rapidly building the large
Slide 4: One of the Broadest Rare Disease Portfolios in the Industry
One of the Broadest Rare Disease Portfolios in the Industry CMC Development Phase III/Pivotal Study Submission Commercial 1 INCRELEX® - Severe Primary Insulin-Like Growth Factor 1 Deficiency 2 ALKINDI SPRINKLE® - Pediatric Adrenal Insufficiency 15 3 KHINDIVI - Pediatric Adrenal Insufficiency Product
Slide 5: Track Record of Commercial Excellence
Track Record of Commercial Excellence Rapid product sales growth expected to continue in 2026 and beyond 2026 Guidance: Revenue of >$110 million $110+ Adj EBITDA1 $77 Margin of >30% $39 $3 $26 $11 2021 2022 2023 2024 2025 2026 Annual product sales and royalty revenue, excludes licensing revenue (in
Slide 6: Rare Disease Commercial Strategy
Rare Disease Commercial Strategy Eton Cares support program for all Rx products | $0 co-pay for eligible patients, quick-start and bridge programs, nurse hotline, monthly patient check-in, and exclusive distribution through high-touch specialty pharmacy Meaningful partnerships with patient advocacy
Slide 7: 3-Pillar Growth Strategy
3-Pillar Growth Strategy Eton’s unique ability to execute across all three pillars should allow it to continue producing industry leading Acquisitions growth & Licensing Proven track record of high-ROI acquisitions (INCRELEX, GALZIN, Carglumic Acid, ALKINDI) Internal Pipeline & Development Internal
Slide 8: >$500 Million in Potential Peak Sales
Peak Sales >$500 Million in Potential Peak Sales Potential Eton’s current approved products plus label expansion and pipeline development programs have combined peak sales potential of >$500 million, before any additional business Targeting 2 acquisitions per year TBD development transactions ET-700
Slide 9: Well-Positioned for Sustained Organic Growth
Well-Positioned for Sustained Organic Growth Key products have captured relatively small percentage of target market opportunity, providing long runway for growth Launched March 2026 ~51% ~12% ~38% ~0% of 200 5,000 potential of 800+ of 3,000+ potential patients patients potential patients potential
Slide 10: Poised for Significant Margin Expansion
Poised for Significant Margin Expansion Leveraging SG&A Infrastructure Improving Adj. Gross Margins Expanding Adj. EBITDA Rapidly growing revenue with minimal Faster revenue from higher gross margin products, Adj. EBITDA margin expected to reach increase in Adj. SG&A spending driving favorable mix a
Slide 11: 2026 Goals & Critical Initiatives
2026 Goals & Critical Initiatives Goal or Initiative Timing 1 DESMODA approval and launch Approved Feb 25, Launched March 9 2 Acquire and relaunch HEMANGEOL Acquired; Relaunch planned for May 1 3 Initiation and completion of ET-700 pilot clinical study Initiating April, results expected Q3 2026 4 Su
Slide 12: Product Portfolio
Product Portfolio Title of Presentation Date Rare medicine, reimagined.
Slide 13: HEMANGEOL: An Additional Major 2026 Product Launch
HEMANGEOL: An Additional Major 2026 Product Launch Indication: Treatment of proliferating infantile hemangioma requiring systemic therapy Acquired February 2026 The only FDA-approved treatment for infantile hemangiomas Ultra rare population, estimated 5,000-10,000 infants per year Adds third
Slide 14: Dual Product Strategy for Pediatric Adrenal Insufficiency
Dual Product Strategy for Pediatric Adrenal Insufficiency Indication: Replacement therapy for adrenocortical insufficiency in pediatric patients Indication: Replacement therapy in pediatric patients 5 years of age and older with adrenocortical insufficiency Commercial Launch: November 2020 Commercia
Slide 15: Adrenal Insufficiency Franchise
Adrenal Insufficiency Franchise Large Market Opportunity Continued Steady Growth Large Expansion Opportunity On pace to reach >1,000 active patients long-term, Large demand for FDA-approved oral liquid ~10,000 total pediatric patients in U.S., expected to accelerate with KHINDIVI label in patients a
Slide 16: DESMODA: High-Value 2026 Pediatric Endocrinology Product Launch
DESMODA: High-Value 2026 Pediatric Endocrinology Product Launch Indication: Management of central diabetes insipidus as antidiuretic replacement therapy for adults and pediatric patients Approved Feb 25th, launched March 9th Synergistic Pediatric Endocrinology call point – 97% overlap with ALKIN
Slide 17: INCRELEX: Growth Opportunity Supported by Underpenetrated Market and Label Expansion Potential
INCRELEX: Growth Opportunity Supported by 1,000+ Underpenetrated Market and Label Expansion Potential Indication: Treatment of growth failure in pediatric patients 2 years of Historic and Current Patient Count vs Potential age and older with Severe Primary IGF-1 Deficiency (SPIGFD) Market Opportunit
Slide 18: GALZIN: A Significant Growth Driver within Eton's Metabolic Portfolio
GALZIN: A Significant Growth Driver within Eton’s Metabolic Portfolio GALZIN has demonstrated superior efficacy, but a historic lack of promotion, access challenges, high co-pays, and a supply shortage drove majority of zinc patients to use OTC products rather than FDA-approved GALZIN Indication: Ma
Slide 19: ET-700: Compelling $100MM+ Revenue Opportunity
ET-700: Compelling $100MM+ Revenue Opportunity Extended-release zinc product candidate under development to improve treatment for Wilson disease Historic Status Eton Solution Improved formulation with potential for a 2027 NDA submission and $100MM+ of peak sales potential 42% of patients have diffic
Slide 20: Other Pipeline Candidates: Significant Long-Term Revenue Potential
Other Pipeline Candidates: Significant Long-Term Revenue Potential Amglidia® (glyburide) ET-800 (hydrocortisone) ZENEO® Hydrocortisone Oral Suspension Injection Autoinjector injection Indication: Neonatal diabetes mellitus Indication: Emergency treatment for adrenal crisis Indication: Emergency trea
Slide 21: Appendix
Appendix Title of Presentation Date Rare medicine, reimagined.
Slide 22: Experienced Leadership Team
Experienced Leadership Team Proven track record of successfully developing and commercializing products Sean Brynjelsen James Gruber, CPA David Krempa Ipek Erdogan-Trinkaus Chief Executive Officer & Director Chief Financial Officer Chief Business Officer Chief Commercial Officer Scott Grossenbach Da
Slide 23: Non-GAAP Adjustments
Non-GAAP Adjustments 2022 2023 2024 2025 Selling, General, and Administrative (SG&A) Expense (GAAP) $ 18,582 $ 18,931 $ 22,753 $ 35,873 Adjustments: Stock-Based Compensation $ 4,049 $ 2,864 $ 2,889 $ 5,329 Acquisition/Divestiture Related Costs $ - $ - $ 415 $ 581 Severance Expense $ - $ - $ - $ 335