Eton beats, ups gidance

 

Eton beats Q2 2026 estimates with non-GAAP EPS $0.43 (+530% YoY), revenue $37.6M (+99% YoY), raises 2026 revenue guidance above $145M and expands margins

• Revenue $37.6M, up 99% YoY, driven by Hemangiol relaunch and pediatric endocrinology growth.
• Adjusted EBITDA margin expanded to 43% from 16%, with guidance raised above 35% for 2026.
• Full-year 2026 revenue guidance increased to >$145M from >$120M, reflecting outperformance and sustained momentum.
• Hemangiol already Eton’s largest product; ~95% patient transition completed, now targeting off-label conversion growth.
• ASN001 topical hemangioma therapy acquired; single low-risk bridging study planned before 2027 NDA submission.
• Desmoda launch tracking ahead of internal patient targets; peak sales view $40–50M unchanged.
• Galzin and Wilson disease franchise growing; ET-700 extended-release zinc shows >$100M potential pending pivotal success.
• Impavido leishmaniasis drug added via low-upfront deal; expect multi-million revenue contribution despite profit-sharing.
• Balance sheet solid with $26.8M cash; prioritizing business development and accelerated debt repayment.
• Key risks: Hemangiol patent expiry 2028, negative-margin ex-US Increlex sales, rising R&D for pipeline.
• Main concern: Maintaining growth and profitability as Hemangiol faces 2028 patent expiry and pipeline investment ramps.
• Strong quarter, driven by Hemangiol-fueled revenue growth and substantial operating leverage across the rare disease portfolio.

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