Eton Pharma (ETON) Q3 2025 Earnings Transcript

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• Eton will launch at least two additional products in 2026

  80% confidence

• ET600, if approved, would be the first oral liquid desmopressin formulation for pediatric central diabetes insipidus

  80% confidence

• Eton is a company that prides itself on pricing products appropriately

  80% confidence

• Less favorable payer mix in Q3 resulted in lower Incralex revenue per patient

  80% confidence

• Harmonizing the US and EU Incralex label could potentially increase the Incralex market opportunity roughly fivefold

  80% confidence

• $900,000 in Q3 revenue from finish goods Incralex sales in Europe and $2.4 million in semi-finished inventory supplied to Astevi are not expected to recur regularly

  80% confidence

• Alkindi and Kindivy can combine for peak sales of more than $50 million with the current Kindivy label and ultimately higher levels if the label is expanded

  80% confidence

• European patient registry data spanning 15 years supports Incralex safety and efficacy for IGF-1 levels between -2 and -3 standard deviations

  80% confidence

• Less than 15% of the estimated 5,000 target patients have converted to Alkindi/Kindivy

  80% confidence

• Core US adjusted gross margin excluding ex-US Incralex was just over 70% for Q3

  80% confidence

• Q4 US product sales expected to grow sequentially versus Q3; total product sales may be flat or slightly decline due to nonrecurring ex-US Incralex revenue

  80% confidence

• In late-stage discussions with two parties for potential acquisitions, hoping to get something done before the end of the year

  80% confidence

• Estimated 5,000 US target patients for adrenal insufficiency franchise (Alkindi/Kindivy)

  80% confidence

• Approximately 200 estimated US patients meet current Incralex label criteria

  80% confidence

• FDA indicated they would be receptive to a label expansion for Kindivy revised formulation

  80% confidence

• Eton can achieve gross margin north of 75% by 2028

  80% confidence

• 2026 expected to show significant revenue growth, increased profitability, and margin expansion

  80% confidence

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