Eton Pharmaceuticals (ETON) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $37.6 million, up 99% year-over-year, driven by HEMANGEOL relaunch and broad portfolio growth.

• Adjusted EBITDA reached $16.2 million (43% of revenue), up from $3.6 million (16%) in prior year.

• Raised full-year 2026 revenue guidance to exceed $145 million and adjusted EBITDA margin to at least 35%.

• Expanded rare disease portfolio with acquisitions of ASN-001 and exclusive U.S. commercialization rights to IMPAVIDO.

• Maintained strong financial position, ending Q2 with $26.8 million in cash after debt prepayment.

Financial highlights

• Q2 2026 revenue: $37.6 million (+99% YoY); gross profit: $25.4 million (+113% YoY); adjusted gross margin: 73%.

• Adjusted EBITDA: $16.2 million (43% margin); net income: $11.6 million ($0.35/diluted share); non-GAAP net income: $14.3 million ($0.43/diluted share).

• R&D expenses: $1 million (down from $3.7 million YoY); G&A expenses: $11.6 million (+20% YoY).

• Cash and cash equivalents at June 30, 2026: $26.8 million.

Outlook and guidance

• Full-year 2026 revenue expected to exceed $145 million (previously $120 million+); adjusted EBITDA margin expected to exceed 35%.

• Full-year adjusted gross margin expected to exceed 70%.

• Long-term targets: $200 million annualized revenue run rate by end of 2027, 50% adjusted EBITDA margin in 2028, $500 million annual revenue by 2030.

• Full-year R&D expenses projected at $10–14 million, with increased second-half spending.